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Senior Business Reporter

GIANT global investor, Caledonia Mining Corporation Plc, which owns Blanket Gold Mine in Gwanda has confirmed that its mineral resource estimate is pegged at 1,095,000 ounces, securing the long-term future of the business.

Last year in  November,  President Mnangagwa officially commissioned a US$64 million Central Shaft investment project, one of the flagship gold investments and deepest shafts in Zimbabwe, with a depth of 1 200 metres from the surface.

In an update today, the firm said it has now filed a new NI 43-101 technical report on SEDAR in support of its mineral resources and reserves estimates announced on 6 February this year.

Detailing the highlights, it gave a total measured and indicated mineral resources estimate at Blanket, inclusive of mineral reserves, of 1,095,000 ounces of gold in 10.72 million tonnes at 3.18g/t.

Total mineral reserves estimated at Blanket is 395,000 ounces of gold in 3.94 million tonnes at 3.12g/t.

Blanket mine recorded gold production in 2022 of 80,775 ounces, which exceeded the top end of the company’s guidance and achieved its long-standing production target.

In February, the mining giant said not only has the mineral resources estimate increased by 52 percent to over one million ounces, but also increased mineral reserves by one percent to 395,000 ounces, thus securing the long-term future of Blanket.

According to the update, the total Measured and Indicated Mineral Resources estimate (“M&I”) at Blanket, inclusive of mineral reserves increased by 52 percent to 1,095,000 ounces of gold while the total mineral reserves estimate also grew by one percent to 395,000 ounces.

Minxcon (Pty) Ltd was commissioned to produce updated Mineral Resources and Mineral Reserves estimates based upon existing data, reflecting the completion of Central Shaft, and the migration to fully digital estimation protocols.

It said the report was commissioned based upon data struck at 31 March last year for Mineral Resources and 1 September for Mineral Reserves.