Caledonia Mining Corporation says gold resource base up 52%

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By Alois Vinga

CALEDONIA Mining Corporation Plc says its gold resource base has increased by 52% on the back of lucrative surging gold output as the miner’s productivity profile continues to surge.

The company said it has boosted the gold resource base at its 64%-owned Blanket Mine in Zimbabwe.

The total measured and indicated resources estimate at Blanket, inclusive of reserves, has increased by 52% to 1.095mln ounces of gold. Total reserves have increased by 1% to 395,000 ounces of gold.

Minxcon (Pty) Ltd was commissioned by Caledonia to produce updated resources and reserves estimates based upon existing data, reflecting the recent completion of construction of the central shaft, and a migration to fully digital estimation protocols.

Caledonia’s chief executive officer, Mark Learmonth expressed gratitude in sharing details on the increased mineral reserves.

“I am delighted to be publishing this report reflecting the completion of the central shaft which not only has increased measured and indicated by 52% to over one million ounces, but also increased mineral reserves by 1% to 395,000 ounces, thus securing the long-term future of Blanket,” he said.

He said the slight reduction in inferred mineral resources is partly due to our long track record of growing mineral resources and successfully converting inferred mineral resources into measured and indicated, but also reflects the constrained deep-level exploration due to sinking and equipping the Central Shaft.

“We are pleased to have established new drilling platforms with resumed drilling,” he added.