Midas Minerals (ASX:MM1) said it completed an initial inferred mineral resource estimate for the T-13 copper-silver deposit on the Otavi copper-silver-gold project, Namibia, according to a Thursday Australian bourse filing.

The estimate clocked in at 10.5 million tonnes at 1.6% grade of copper, 21 grams per tonne grade of silver, containing 169,000 tonnes of copper and 7.1 million ounces of silver or 2% grade of copper-equivalent for 211,000 tonnes of copper-equivalent.

The estimate was based on pre-acquisition drilling only, and it began a multi-rig drilling program to define further resources on additional target areas and to potentially increase resources on the T-13 deposit.

The firm said it received firm commitments for a AU$28 million single-tranche placement at AU$0.75 per share, according to a separate filing. It will issue 37.3 million new fully paid ordinary shares under the placement under its existing capacity.

It will use proceeds to expand exploration and drilling, begin initial feasibility work at the Otavi project, and for working capital.

Its shares rose 5% in recent trading on Thursday.