(Kitco News) - Caledonia Mining (NYSE: CMCL) announced today that the total updated measured and indicated mineral resources (M&I) estimate at its Blanket gold mine in Zimbabwe, inclusive of mineral reserves, has increased by 52% to 1,095,000 ounces of gold and the total mineral reserves estimate has increased by 1% to 395,000 ounces of gold.
Blanket's updated inferred gold resources amounted to 844,000 ounces, which is a slight decrease over the previous estimate (863,000 ounces).
Commenting on the mineral resources and mineral reserves update, CEO Mark Learmonth said, “I am delighted to be publishing this report reflecting the completion of Central Shaft which not only has increased M&I by 52% to over 1 million ounces, but also increased mineral reserves by 1% 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.”
Caledonia’s primary asset is the Blanket gold mine in Zimbabwe. Since November 2021, it has also acquired Maligreen, Motapa and Bilboes projects. The company’s vision is to become a multi asset gold producer.
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