Caledonia Mining Corporation PLC has announced a significant increase in mineral resources and mineral reserves estimates at Blanket Mine in Zimbabwe. The company has filed its Annual Report on Form 20-F for the fiscal year ended December 31, 2023, with the U.S. Securities and Exchange Commission. The report includes estimates of mineral resources and reserves for each of the company's mineral projects, including Blanket Mine.
The highlights of the announcement include a 111% increase in Blanket's 1300 S-K mineral reserve ounces and a 36% increase in mineral resource ounces. Additionally, there is a 7% increase in mineral reserve grade and a 23% increase in mineral resource grade. The life of the mine is estimated to be until 2034 based on the updated mineral reserves estimate, with potential for extension based on inferred mineral resources.
The company's CEO, Mark Learmonth, expressed delight at the results, stating that the 2023 drilling campaign at Blanket yielded excellent results, leading to a significant increase in mineral resources and reserves estimates. He also mentioned that the inferred mineral resources may further extend the life of the mine past 2040 based on past successful conversion rates.
The total 1300 S-K M&I mineral resource estimate at Blanket, exclusive of mineral reserves and at 64% attributable ownership to Caledonia, has increased by 50% to 606k ounces of gold in 5,426k tonnes with a 16% improvement in grade. The total mineral reserves estimate at Blanket has increased by 111% to 519k ounces of gold in 4,918k tonnes with a 7% improvement in grade. The inferred mineral resource has also seen a 26% increase to 679k ounces of gold in 5,646k tonnes, with a 28% increase in grade.
The comparison of the 1300 S-K measured, indicated, and inferred mineral resources estimates as at December 31, 2022, with those as at December 31, 2023, at Blanket shows a significant increase in mineral resources and reserves. The company's mineral resources and reserves estimates at the Bilboes Gold Project have also been released for the first time, showing similarities to current NI 43-101 mineral reserves and mineral resources estimates.
The announcement reflects Caledonia Mining Corporation PLC's commitment to providing detailed and transparent information about its mineral resources and reserves, showcasing the company's growth and potential for the future.