Caledonia Mining Corporation Plc (LON:CMCL) has announced an update to the NI 43-101 compliant Mineral Resources statement at the Company’s 100% owned Maligreen project in the Zimbabwe Midlands and the publishing of an updated technical report with an effective date of September 30, 2022[1]. The 2022 Technical Report replaces the previous technical report filed on SEDAR in November 2021 as the current technical report for the Maligreen project. Since Caledonia acquired the Maligreen claims in November 2021 it has been focused on reviewing the geological work conducted at the property with a view to upgrading the Mineral Resources in 2022.
Highlights
· Measured and Indicated Mineral Resources of 8.03 million tonnes at a grade of 1.71g/t containing approximately 442 thousand ounces of gold[2]
· Inferred Mineral Resources of 6.17 million tonnes at a grade of 2.12g/t containing approximately 420 thousand ounces of gold2
Table of Mineral Resources
| Mineral Resources Effective Dates | August 31, 2021[3] Tonnes (Mt) | August 31, 2021[3] Grade (g/t) | August 31, 2021[3] Contained Gold (koz) | September 30, 2022 Tonnes (Mt) | September 30, 2022 Grade (g/t) | September 30, 2022 Contained Gold (koz) |
| Measured | – | – | – | 1.65 | 2.37 | 125.5 |
| Indicated | – | – | – | 6.37 | 1.55 | 316.8 |
| Total Measured & Indicated | – | – | – | 8.03 | 1.71 | 442.3 |
| Inferred | 15.59 | 1.88 | 940 | 6.17 | 2.12 | 420.3 |
Caledonia will continue to evaluate the potential of Maligreen with a view to developing the project within the context of the Company’s project pipeline taking strategic priorities into account, specifically the recently announced Bilboes project, also located in the Zimbabwe Midlands, which is a far more advanced project.
Commenting on the announcement, Mark Learmonth, Caledonia Mining Chief Executive Officer, said:
“We are pleased to announce an upgrade to the Mineral Resources at Maligreen. Today’s announcement which improves the geological confidence of approximately half the Mineral Resources from Inferred to Measured and Indicated Mineral Resources supports our confidence in the project and its geological prospectivity. We expect to continue our evaluation work on the project, in line with other strategic and capital priorities for the business into the future as we build an attractive project and exploration pipeline in Zimbabwe.”
