Gold production up 1% at Blanket mine

Gold down 3%, way off $2,000 target after blockbuster U.S. jobs report By Investing.com

Zim Now Writer

Caledonia Mining Corporation has recorded an increase in gold reserves by 1% to 395,000 ounces at Blanket mine in Matabeleland South.

The total measured and indicated resources estimate at Blanket, inclusive of reserves, has increased by 52% to 1.095 mln ounces of gold.

Caldonia chief executive officer, Mark Learmonth, said the company is pleased to have established new drilling platforms with drilling having been resumed.

"I am delighted to be publishing this report reflecting the completion of the central shaft which not only has increased measured and indicated by 52% to over one 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 measured and indicated, but also reflects the constrained deep-level exploration due to sinking and equipping the Central Shaft," he said.

Caledonia commissioned Minxcon (Pty) Ltd to produce updated resources and reserves estimates based on existing data, reflecting the recent completion of construction of the central shaft, and a migration to fully digital estimation protocols.

Caledonia recently attained a new resource base at Bilboes in Bulawayo.

In 2022, Caledonia achieved its long-term target of producing 80,000 ounces of gold at Blanket.