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Midas Minerals Ltd (ASX:MM1)

ALERT: Price-sensitive ASX Announcement for MM1
Current share price for MM1 : $0.850 0.225 (36%)+
Announcement
Release
12 Jan 2026 9:31AM
Price at Release
$0.625
Full Release
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Summary
Midas Minerals Ltd has announced significant initial results from its drilling at the Spaatzu Prospect, part of the Otavi Copper Project in Namibia. The initial drilling at the Spaatzu Prospect intersected high-grade copper and silver mineralization, notably including 16 meters at 2.55% copper and 72.6 grams per ton silver. This prospect is part of a larger 2.5-kilometer geochemical anomaly, with the potential for extensive mineralization given its geological setting. Located only 12 kilometers west of the high-grade T-13 copper-silver deposit, the Spaatzu site is significant due to its favorable geological and structural settings on the northern flank of the Merwe dome. Midas is currently operating multiple drill rigs in the area and is well-funded for continued exploration, with about $9 million in cash as of the end of December 2025. The company is optimistic about the project's potential, given the early results and the geological similarities to the T-13 deposit.
Key Points
  • Midas Minerals Ltd announced significant new high-grade copper-silver discovery at Otavi.
  • Initial drilling intersected high-grade zones including 16m at 2.55% Cu and 72.6g/t Ag.
  • The Spaatzu Prospect extends over a 2.5km geochemical anomaly.
  • Drilling results suggest potential significance due to favorable geological settings.
  • Midas has three rigs operating, with plans for a fourth to accelerate exploration.
  • The company remains well-funded with about $9M in cash as of December 2025.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.