Midas Minerals Ltd (ASX:MM1) has reported further high-grade copper-silver drill results from the Main Zone of its T-13 deposit at the Otavi Copper Project in Namibia, including an intercept that the company said shows mineralisation remains open to the west, according to an announcement released on 6 October 2026.

The key intercepts

The standout result came from hole T13DD034, which returned 22.6 metres at 6.01% copper equivalent (CuEq), made up of 4.67% copper and 70.9 grams per tonne silver, from 347.5 metres down hole. That included 10.0 metres at 11.55% CuEq (8.83% copper and 143.7 g/t silver) from 355.5 metres.

Hole T13DD030 returned 33.2 metres at 2.51% CuEq (1.96% copper and 29.3 g/t silver) from 310.3 metres, including 23.6 metres at 3.11% CuEq from 318.9 metres.

The company also reported results from four further holes, T13DD026, T13DD027, T13DD029 and T13DD031, with narrower or lower-grade intercepts. Midas noted that intervals in T13DD029 were reduced because of core loss, with only recovered core included.

All intercepts are down-hole lengths. Midas estimates true widths at between 90% and 95% of the intercept width for most holes, and 80% to 85% for T13DD030. Intercepts were reported above a 0.4% copper lower cut-off, and nominal drill spacing on the Main Zone high-grade corridor is 40 metres.

Managing director Mark Calderwood said: "Infill drilling on the T-13 Main Zone continues to exceed expectations as the high-grade portion of the deposit exhibits stronger continuity than initially anticipated."

He added that in T13DD034 "the zone remains open towards the west."

How the copper-equivalent figures are calculated

The CuEq values combine copper and silver using assumed prices of US$11,906 per tonne of copper and US$2.254 per gram of silver, with equal metallurgical recoveries of 85% for both metals based on 2024 sighter testwork. Midas said it considers that all elements in the calculation have a reasonable potential to be recovered and sold. Because silver contributes materially, the copper-only grades are a useful cross-check on headline CuEq numbers.

Resource context and next steps

Midas's initial Inferred Mineral Resource for T-13 is 10.5 million tonnes at 1.6% copper and 21 g/t silver, or 2.0% CuEq. Inferred is the lowest-confidence JORC category, and the company confirmed that the assumptions underpinning that estimate continue to apply.

The company said it has completed more than 15,000 metres of core drilling, with results pending for 16 holes. It aims to complete infill drilling of much of T-13 before an updated Mineral Resource Estimate, expected in the first quarter of 2027, alongside initial estimates for the Deblin and Spaatzu deposits. Seven rigs are drilling across the project, with an eighth expected to arrive this week.

Midas holds 100% of the roughly 1,776 square kilometre Otavi Copper Project, subject to a 1% Royalty to Nexa Resources, according to the announcement.