Caledonia Mining Corporation PLC has reported encouraging results from the deep level drilling program at Blanket Mine. The drilling, which took place from June 2023 to the end of December 2023, has indicated that the existing Blanket and Eroica ore bodies have grades and widths generally better than expected. The company's CEO, Mark Learmonth, expressed confidence in the Blanket resource, anticipating an increased overall resource and an extension of the mine's existing life.
The drilling campaign is focused on the Blanket and Eroica ore bodies, with the results expected to be reflected in a revised mineral resource and mineral reserve statement, which the company plans to publish in the second quarter of 2024. It is anticipated that a portion of the existing inferred mineral resources will be upgraded to measured or indicated mineral resources, potentially extending the existing life of the mine.
Drillholes at Eroica and Blanket have intersected the orebodies to depths of 1,110 meters below the surface, indicating promising longer-term development prospects for Blanket. The complete long hole drilling results for June 2023 to December 2023 are provided in the news release.
The company's CEO highlighted the positive grades and widths from the drilling, expressing optimism about the next phase of drilling and the subsequent market updates. The results, along with the outcome of further planned exploration, will be crucial in shaping the revised mineral resource and mineral reserve statement, as well as the life of mine plan.