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Caledonia Mining Announces Upgrade to Resource Base at Blanket Mine in Zimbabwe

Mining News - Published on Mon, 24 Sep 2018

Image Source: resource-capital.ch
Caledonia Mining Corporation Plc announced an upgrade to the resource base at its 49 per cent owned subsidiary, the Blanket Mine in Zimbabwe (“Blanket”). Based on development and diamond core drilling that has been completed up to the end of July 2018 and combined with improvements to the geological model, the total Measured and Indicated gold ounces at Blanket mine have increased by 13 per cent from 714,000 ounces, in August 2017, to 805,000 ounces, as at July 2018. Total Measured and Indicated resources now stand at 6.74 million tonnes at a grade of 3.72 grammes per tonne (“g/t”). Inferred gold resources at Blanket have been increased by nine per cent from 887,000 ounces, in August 2017, to 963,000 ounces, as at July 2018. Total Inferred resources now stand at 6.63 million tonnes at a grade of 4.52g/t.

The upgrade has resulted in a modest decline in the average grade of the resources in the Indicated and Inferred categories as a result of additional infill drilling data, improvements in the definition of the geological models, additional lower grade resources in peripheral areas, and upward movements of resources between categories. However, the average resource grade remains well above the current mill feed grade of 3.3g/t. Caledonia expects the mined grade to trend upwards over time as higher-grade resources are accessed at depth.

The increase in Measured and Indicated resources has increased the Proven reserves and Indicated resources that may be used in the life of mine plan by 10 per cent from 4.52 million tonnes used for the Technical Report published in December 2017, to 4.98 million tonnes currently.

The resource upgrade announced today marks the seventh successive year of sustained resource growth at Blanket mine. Blanket mine’s resources have grown by approximately 86 per cent since 2011 despite mining over 300,000 ounces over this period. Blanket mine’s resources have increased both in terms of Measured and Indicated as well as Inferred resources; see current totals in the following table.

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Posted By : Rabi Wangkhem on Mon, 24 Sep 2018
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