Caledonia Mining increased Blanket Mine’s underground measured and indicated gold resources by 22% to 2.178 million ounces. The estimate covers 17.7 million tonnes at 3.83 g/t and will support a revised Life of Mine Plan and future mineral reserve update, while the company says it increases confidence in Blanket’s long-term production profile.

Key Highlights

  • Measured mineral resources at Blanket increased by 48%.
  • Surface resources include 22 thousand ounces of oxide and transitional gold.
  • Caledonia invested $3.733 million in underground exploration after the Central Shaft was commissioned.

Caledonia Mining Corp Plc (AMEX: CMCL) increased Blanket Mine’s underground measured and indicated gold resources by 22% to 2.178 million ounces.

Blanket Resource Estimate Expands

Measured resources rose by 48%, reflecting the conversion of resources into higher-confidence categories. The underground total compares with 1.789 million ounces at December 31, 2023.

Blanket’s surface estimate adds 22 thousand ounces of gold in oxide and transitional material, contained in 1,024 kt of ore grading 0.69 g/t.

Caledonia prepared the estimates under Canada’s National Instrument 43-101 on a 100% project basis. The company plans to submit a technical report through SEDAR+ covering the revised Blanket resource estimates, a restated Life of Mine Plan and a new mineral reserve estimate.

Revised Life of Mine Plan to Follow

Caledonia said the expanded estimates provide increased confidence in Blanket’s long-term production profile.

The company said it restarted underground exploration after commissioning the Central Shaft in 2021, using the increased operating capacity to support the work. Caledonia invested $3.733 million in the underground exploration programme.

Source(s)

  • https://www.sec.gov/Archives/edgar/data/766011/000168316826006764/caledonia_6k.htm