Andrew
Online Reporter
GWANDA-BASED gold producer, Blanket Mine produced 67 476 ounces (oz) of gold last year, up from 57 899oz in the prior comparable period.
The improved output came on the back of the commissioning of the Central Shaft in the first quarter of 2021.
Meanwhile, the final stages of underground development and infrastructure are now being completed.
Said Caledonia CEO, Mr Steve Curtis:
“Production in the year was 67 476 ounces, which was above the top end of the guidance range and was a new record for annual production. The robust operating performance was supported by good cost control and gross profit for the year was US$54,1 million – 16 per cent higher than 2020.
“Now that the Central Shaft is commissioned, we expect further increases in production: guidance for 2022 is a range of 73 000 to 80 000 ounces while from 2023 onwards it is 80 000 ounces – 38 per cent higher than in 2020.”
During the fourth quarter of 2021, parent company, Caledonia Mining Corporation completed the acquisition of the mining claims at Maligreen in the Zimbabwe midlands which is estimated to host a NI 43-101 compliant inferred mineral resource of approximately 940 000oz of gold in 15,6 million tonnes at a grade of 1.88g/t.
“Our immediate focus on this asset (Maligreen) is to improve the confidence level of the existing resource base and we are currently re-assaying historic drill cores.
“Thereafter we expect to prepare a feasibility study to commercialise the existing resource before we engage in further exploration on the claims area along strike, at depth and at a previously unexplored zone in the claims area,” said the CEO.
“Our approach to new projects is highly disciplined: after further evaluation, the company has decided not to exercise the options to acquire the Connemara North property as it does not meet our investment criteria. During the year, we also divested non-core assets in the vicinity of Blanket.”
Online Reporter