Blanket Mine mineral resources and mineral reserves increase

Judith Phiri , Business Reporter

STOCK exchange listed Caledonia Mining Corporation Plc says its Zimbabwe-based gold mine, Blanket has increased its mineral resources and mineral reserves projecting positive prospects for the gold mining giant.

Mineral resources increased by 52 percent while mineral reserves have a percentage increase.

In a statement, Caledonia Mining Corporation said the total measured and indicated mineral resources estimate (M&I) at Blanket, inclusive of mineral reserves, has increased by 52 percent to 1 095 000 ounces of gold and the total mineral reserves estimate increased by one percent to 395 000 ounces of gold.

The company said Minxcon (Pty) Ltd was commissioned to produce updated mineral resources and mineral reserves estimates based upon existing data.

The results reflected on the completion of Central Shaft, and the migration to fully digital estimation protocols.

Commenting on the mineral resources and mineral reserves update, Caledonia Mining Corporation chief executive officer (CEO) Mr. Mark Learmonth said the increase secured a long-term future of Blanket Mine.

“I am delighted to be publishing this report reflecting the completion of Central Shaft which not only has increased M&I by 52 percent to over 1 million ounces, but also increased Mineral Reserves by 1 percent to 395 000 ounces, thus securing the long-term future of Blanket. 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 M&I, but also reflects the constrained deep-level exploration due to sinking and equipping Central Shaft. We are pleased to have established new drilling platforms with resumed drilling.”

He said in 2022, the company achieved its long-term target of producing 80 000 ounces of gold at Blanket Mine this, coupled with a high gold price, puts the company in a good position to start to progress their new portfolio of assets supported by cash generated from stable production at Blanket.

Caledonia Mining Corporation holds a 64 percent shareholding in the Gwanda-based mine, while the community via the Gwanda Community Share Ownership Trust (GCSOT) holds a 10 percent ownership