Midas identifies multiple high-grade copper zones at Deblin

Midas Minerals announced that drilling at its Deblin exploration deposit, located 18 kilometres south-east of Otavi in northern Namibia, has identified up to three separate high-grade copper zones, suggesting the underground copper-bearing system could be significantly larger than previously indicated by drilling.

Outstanding drill results

The latest results include a three-metre section of rock grading 8.24% copper, with deeper drilling revealing several copper-rich zones within the same geological formation. Key intersections include:

• DBDD008: 7 metres at 4.89% copper and 5.6 g/t silver from 438.8 metres; a second intersection of 6.2 metres at 3.47% copper, 5.6 g/t silver and 0.24 g/t gold from 471.3 metres; and a third intersection of 9.8 metres at 1.92% copper and 4.1 g/t silver from 486.5 metres. The second and third intersections also contained molybdenum.
• DBDD006: 8.2 metres at 3.22% copper, 17 g/t silver and 0.60 g/t gold from 498.4 metres, with the hole currently being extended to test for further mineralisation at depth.
• DBRC031: 24 metres at 1.84% copper from 169 metres, including a three-metre section grading 8.24% copper.

These results build on earlier significant intersections, including 35.6 metres at 3.35% copper from 367 metres in DBDD001 and **10.9 metres at 5.1% copper**, including 5.7 metres at 8.85% copper, in DBDD002.

A multi-zone copper system

The most significant development is the identification of three separate copper-rich zones within a single drill hole, indicating that mineralisation at Deblin is not confined to a single underground layer. Mineralisation has now been traced along a corridor extending at least one kilometre, with copper-bearing rock occurring from surface to a vertical depth of at least 600 metres.

Midas managing director Mark Calderwood said the results point to the potential for a substantial copper system.

“Drilling to date indicates significant potential for a large-scale mineralised system at Deblin, comprising multiple high-grade zones of copper sulphide that appear to be both structurally controlled, with indications of a possible stratabound component,” Mr Calderwood said.

“Each of the sub-zones at Deblin exhibit moderate to broad intervals ranging from 5m to 30m in width and grading between 1.5% to 5% copper, accompanied by variable gold, silver and molybdenum.”

While earlier drilling identified copper mineralisation associated with dolomite and volcanic rocks, the latest holes have revealed additional mineralised zones within the Askevold volcanic sequence, including altered volcanic sediments and underlying lava formations. The copper minerals identified are predominantly chalcopyrite and bornite, both important sources of copper in commercial mining operations.

Expanded drilling programme underway

Midas has completed 19 diamond drill holes at Deblin, with laboratory results still outstanding for 11 holes. Three drilling rigs are currently operating at the deposit, with the company considering the addition of one or two further rigs as the area under investigation continues to expand. Several previously completed holes, including DBDD001 through DBDD005, may also be extended to test for deeper mineralisation.

Preliminary samples have been dispatched to Australia for metallurgical testing, expected to commence within two weeks. These tests will provide an early indication of how the copper-bearing rock responds to processing and whether the minerals can be efficiently separated to produce a copper concentrate.

Otavi Copper Project  –  Building a significant copper inventory

Deblin is one of three copper deposits being advanced within Midas’ 100%-owned Otavi Copper Project, which covers approximately 1,776 square kilometres. Across the broader project, eight drilling rigs are operating at Deblin, Spaatzu and T-13, where drilling is underway to establish or expand mineral resources.

Initial mineral resource estimates for Deblin and Spaatzu, together with an updated estimate for T-13, are expected during the first quarter of 2027. T-13 is currently the most advanced deposit, with an initial Inferred Mineral Resource of 10.5 million tonnes grading 1.6% copper and 21 g/t silver announced in April 2026.

Deblin is situated approximately 25 kilometres west-southwest of the Kombat copper mine and 70 kilometres east-southeast of the T-13 deposit. Results from Deblin and Spaatzu could become important additions to Midas’ existing copper inventory if further drilling confirms the continuity and scale of the mineralised zones.

Midas also holds options to acquire interests in additional exploration properties across northern Namibia, including the South Otavi Project (approximately 195 square kilometres, option for 80% interest) and the West Otavi, Khorixas West and Otjiwarongo projects (options for interests of up to 85%). The company considers much of the Otavi region underexplored, with modern exploration having covered less than 40% of its Otavi project area.

No mineral resource has yet been established at Deblin. With further drilling underway, additional rigs under consideration and results from 11 completed holes still outstanding, the coming months will be pivotal in defining the scale of the discovery.