Why Midas Minerals (ASX:MM1) Is Reporting Thick Copper Intercepts From Its Deblin Drilling in Namibia

Sonal Goyal

15 October 2026 10:45 PM AEDT

Why Midas Minerals (ASX:MM1) Is Reporting Thick Copper Intercepts From Its Deblin Drilling in Namibia

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Diamond hole DBDD008 returned 7.0 metres at 4.89% copper from 438.8 metres, and RC hole DBRC031 returned 24 metres at 1.84% copper including 3 metres at 8.24%.
Not every hole intersected the target, and results for several holes are still pending; no Mineral Resource Estimate has been reported for Deblin.
The company targets an initial Mineral Resource Estimate for Deblin and Spaatzu in the first quarter of calendar 2027.

Drilling results from Deblin

Midas Minerals Ltd (ASX:MM1) has reported assay results from its ongoing drilling at the Deblin deposit, which forms part of the Otavi Copper Project in Namibia. The company describes the work as exploration and resource drilling, and no Mineral Resource Estimate has yet been reported for Deblin. The announcement covers three diamond core holes and a series of reverse circulation (RC) holes, with copper the primary Commodity and silver, gold and molybdenum reported as accompanying metals.

In diamond hole DBDD008, the company reported 7.0 metres at 4.89% copper from 438.8 metres, followed by 6.2 metres at 3.47% copper from 471.3 metres and 9.8 metres at 1.92% copper from 486.5 metres. Hole DBDD006 returned 8.2 metres at 3.22% copper, 17.0 grams per tonne silver and 0.60 grams per tonne gold from 498.4 metres. In RC hole DBRC031, Midas reported 24 metres at 1.84% copper from 169 metres, including 3 metres at 8.24% copper from 170 metres. Hole DBDD007 returned several narrower intervals at roughly 0.4% to 0.5% copper.

All intercepts are down-hole lengths, and the company states that true widths have not yet been determined. Not every hole intersected the target: RC holes DBRC020 and DBRC023 to DBRC025 did not reach the volcaniclastics target, DBRC026 returned no significant assays, and results for DBRC021 and DBRC022 are still pending.

Geology and project scale

According to the company, shallow mineralisation at Deblin sits in carbonate rocks with chalcopyrite and calcite alteration, while deeper mineralisation is hosted in a shear zone within the Askevold Volcanics and at the carbonate contact, with bornite and sericite alteration. Gold and silver are described as associated with the sheared chalcopyrite. Midas describes the target corridor as at least 1,000 metres along strike and at least 600 metres vertically.

Deblin lies about 18 kilometres south-east of Otavi town and about 25 kilometres west-south-west of the Kombat copper mine. The only resource currently reported across the project is the T-13 Inferred Mineral Resource of 10.5 million tonnes at 1.6% copper and 21 grams per tonne silver, which sits some 70 kilometres from Deblin.

Drilling activity and sampling

Midas says three core rigs are operating at Deblin and eight rigs are active across the Otavi Project, with more under consideration. Nineteen core holes have been completed at Deblin, with assays pending for eleven of them. Hole DBDD006 is being extended, and several other holes are to be deepened to test for parallel zones.

Samples were prepared in Okahandja, Namibia, and assayed by ALS in South Africa. The company reports intervals using a 0.25% copper cut-off over at least two metres, or 0.5% copper over at least one metre, or 0.1 grams per tonne gold over at least two metres, and includes internal dilution of up to four metres. Metal equivalents are not reported. The announcement contains some internal inconsistencies, including a 0.3% copper cut-off cited in one section and differing dates given for the T-13 estimate, which readers may wish to note when reviewing the original document.

Risks and what is next

Drill intercepts are not a resource, and the grades and thicknesses reported may not translate into an economic deposit. Assay results remain outstanding for a number of holes, and some holes did not intersect the targeted unit, illustrating the variability inherent in exploration drilling.

Midas says it will complete assays for pending holes, continue deepening DBDD006 and add rigs at Deblin if the target grows. Sighter metallurgical test work on Deblin samples, which are currently held in Australia, is expected to begin within about two weeks. The company is targeting an initial Mineral Resource Estimate for Deblin and Spaatzu, together with an updated T-13 estimate, in the first quarter of calendar 2027, and expects a steady flow of drilling results through the second half of 2026 and into 2027. These timetables are the company's own expectations and may change.

FAQs

Q: What did the Deblin drilling return?

A: Highlights include 7.0 metres at 4.89% copper, 6.2 metres at 3.47% copper and 9.8 metres at 1.92% copper in diamond hole DBDD008, and 24 metres at 1.84% copper in RC hole DBRC031. All intercepts are down-hole lengths and true widths have not been determined.

Q: Is there a resource at Deblin?

A: No. The announcement states no Mineral Resource Estimate has yet been reported for Deblin. The only resource currently reported across the project is the T-13 Inferred Mineral Resource of 10.5 million tonnes at 1.6% copper, about 70 kilometres from Deblin.

Q: What is next?

A: Midas says it will complete assays for pending holes, continue deepening DBDD006, add rigs if the target grows and begin sighter metallurgical test work. It targets an initial Mineral Resource Estimate in the first quarter of calendar 2027.

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