Caledonia Mining Corporation Plc (“Caledonia” or the
“Company”) (NYSE AMERICAN: CMCL; AIM: CMCL; VFEX: CMCL) is
pleased to announce an update to the NI 43-101 compliant Mineral
Resources and Reserves estimates at its 64 per cent owned
subsidiary, the Blanket Mine in Zimbabwe (“Blanket”)1. The total
Measured and Indicated Mineral Resources estimate (“M&I”) at
Blanket, inclusive of Mineral Reserves, has increased by fifty-two
percent to 1,095,000 ounces of gold and the total Mineral Reserves
estimate at Blanket has increased by one percent to 395,000 ounces
of gold, in each case as compared to the adjusted figures explained
further below2.
Minxcon (Pty) Ltd were
commissioned by the Company to produce updated Mineral Resources
and Mineral Reserves estimates based upon existing data, reflecting
the completion of Central Shaft, and the migration to fully digital
estimation protocols. The report was commissioned based upon data
struck at March 31, 2022 for Mineral Resources and September 1,
2022 for Mineral Reserves.
Commenting on
the Mineral Resources and Mineral Reserves update, Mark Learmonth,
Chief Executive Officer said:
“I am delighted to be publishing this report
reflecting the completion of Central Shaft which not only has
increased M&I by 52% to over 1 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 M&I, but also reflects the constrained deep
level exploration due to sinking and equipping Central Shaft. We
are pleased to have established new drilling platforms with resumed
drilling.”
“In 2022, the Company achieved its long-term
target of producing 80,000 ounces of gold at Blanket - this,
coupled with a high gold price, puts the Company in a good position
to start to progress our new portfolio of assets supported by cash
generated from stable production at Blanket.”
The tables below
compare the new NI 43-101 Mineral Resources estimate at March 31,
2022 and Mineral Reserves estimate at September 1, 2022 to the 1300
S-K TRS Mineral Resources and Reserves which were stated with an
effective date of December 31, 2021 (see footnote 2 above for an
explanation of column B below).
Mineral Resources Comparison |
|
A |
B |
C |
Variance % (B to C) |
Effective Date |
December 31, 2021 |
December 31, 2021 |
March 31, 2022 |
|
Source |
1300 S-K TRS |
1300 S-K TRS butcalculated at 100% |
NI-43-101 to bepublished on SEDAR |
|
Basis |
Inclusive of MineralReserves64%
Attributable |
Inclusive of TotalMineral
ReservesNon-Attributable |
Inclusive of TotalMineral
ReservesNon-Attributable |
|
Mineral Resources Classification |
Tonnes |
Grade |
AuContent |
Tonnes |
Grade |
AuContent |
Tonnes |
Grade |
AuContent |
Tonnes |
Grade |
AuContent |
kt |
g/t |
koz |
kt |
g/t |
koz |
kt |
g/t |
koz |
kt |
g/t |
koz |
Measured |
1,215 |
3.06 |
119 |
1,899 |
3.06 |
187 |
5,065 |
3.32 |
541 |
167 |
% |
8 |
% |
190 |
% |
Indicated |
3,347 |
3.18 |
342 |
5,229 |
3.18 |
535 |
5,659 |
3.04 |
554 |
8 |
% |
-4 |
% |
4 |
% |
Total M&I |
4,562 |
3.15 |
462 |
7,129 |
3.15 |
721 |
10,724 |
3.18 |
1,095 |
50 |
% |
1 |
% |
52 |
% |
Inferred |
5,419 |
3.17 |
552 |
8,467 |
3.17 |
863 |
8,995 |
2.92 |
844 |
6 |
% |
-8 |
% |
-2 |
% |
Mineral Resources (March 31, 2022)Notes:
- Cut-off applied
1.5 g/t.
- No geological
loss applied for Measured, 5% for Indicated and Inferred.
- Gold price:
USD1,600/oz.
- Mineral
Resources for NI 43-101 are stated inclusive of Mineral
Reserves.
- Mineral
Resources for NI 43-101 are reported as total Mineral Resources and
are not attributed.
- All orebodies
are depleted for mining.
Mineral Reserves Comparison |
|
A |
B |
C |
Variance % (B to C) |
Effective Date |
December 31, 2021 |
December 31, 2021 |
September 1, 2022 |
|
Source |
SK-1300 TRS |
1300 S-K TRS butcalculated at 100% |
NI-43-101 to bepublished on SEDAR |
|
Basis |
64% Attributable MineralReserves |
Total Mineral
ReservesNon-Attributable |
Total Mineral
ReservesNon-Attributable |
|
Mineral Reserves Classification |
Tonnes |
Grade |
AuContent |
Tonnes |
Grade |
AuContent |
Tonnes |
Grade |
AuContent |
Tonnes |
Grade |
AuContent |
kt |
g/t |
koz |
kt |
g/t |
koz |
kt |
g/t |
koz |
kt |
g/t |
koz |
Proven |
656 |
3.11 |
66 |
1,025 |
3.11 |
103 |
1,978 |
3.30 |
210 |
93 |
% |
6 |
% |
105 |
% |
Probable |
1,751 |
3.30 |
186 |
2,736 |
3.30 |
290 |
1,964 |
2.94 |
185 |
-28 |
% |
-11 |
% |
-36 |
% |
Total |
2,407 |
3.25 |
251 |
3,761 |
3.25 |
393 |
3,942 |
3.12 |
395 |
5 |
% |
-4 |
% |
1 |
% |
Mineral Reserves
(September 1, 2022)Notes:
- Mineral Reserve
cut-off of 2.1 g/t applied.
- The gold price
that has been utilised in the economic analysis to convert diluted
Measured and Indicated Mineral Resources in the life of mine plan
(“LOMP”) to Mineral Reserves is an average real term price of
USD1,650/oz over the LOMP, as compared to USD1,622/oz for the 1300
S-K TRS.
- Mineral Reserves
are reported as total Mineral Reserves and are not attributed in
the NI 43-101.
Enquiries:
Caledonia Mining Corporation PlcMark
LearmonthCamilla Horsfall |
Tel: +44 1534 679 800Tel: +44 7817 841793 |
Cenkos Securities plc (Nomad and Joint
Broker)Adrian HaddenNeil McDonaldPearl Kellie |
Tel: +44 207 397 1965Tel: +44 131
220 9771Tel: +44 131 220 9775 |
Liberum Capital Limited (Joint Broker)Scott
Mathieson/Kane Collings |
Tel: +44 20 3100 2000 |
BlytheRay Financial PRTim Blythe/Megan Ray |
Tel: +44 207 138 3204 |
3PPBPatrick ChidleyPaul Durham |
Tel: +1 917 991 7701Tel: +1 203
940 2538 |
Curate Public Relations (Zimbabwe)Debra
Tatenda |
Tel: +263 77802131 |
IH Securities (Private) Limited (VFEX Sponsor –
Zimbabwe)Dzika DhanaLloyd Mlotshwa |
Tel: +263 (242) 745
119/33/39 |
|
|
The information contained within this announcement is
deemed by the Company to constitute inside information under the
Market Abuse Regulation (EU) No. 596/2014.
Glossary
Unit |
Definition |
% |
Percent |
/ |
Per |
± or ~ |
Approximately |
° |
Degrees |
°C |
Degrees Celsius |
a |
Year |
cm |
Centimetre |
d |
Day |
g |
Grammes |
g/cm3 |
Grammes per cubic centimetre |
g/t |
Grammes per tonne |
Ga |
Billion years (1,000,000,000 years) |
ha |
Hectares |
hr |
Hour |
kg |
Kilogram (1,000 g) |
kL |
Kilolitres (1,000 l) |
km |
Kilometre (1,000 m) |
km2 |
Square kilometres |
koz |
Kilo ounces (1,000 oz) |
kt |
Kilotonnes (1,000 t) |
ktpm |
Kilo tonnes per month |
kV |
Kilovolt (1,000 volts) |
kVA |
Kilovolt ampere |
kW |
Kilowatt (1,000 W) |
l |
Litre |
m |
Metre |
m2 |
Square metres |
m3 |
Cubic metres |
mm |
Millimetre |
Moz |
Million ounces (1,000,000 oz) |
Mt |
Million tonnes (1,000,000 t) |
Mtpa |
Million tonnes per annum |
MVA |
Megavolt ampere |
oz |
Troy Ounces |
t |
Tonne |
t/m³ |
Tonnes per cubic meter |
tpd |
Tonnes per day |
V |
Volts |
x |
By / Multiplied by |
|
|
The following abbreviations were used
in the Report:
Abbreviation |
Description |
2018 Report |
National Instrument 43-101 Technical Report on the Blanket Mine,
Gwanda Area, Zimbabwe (Updated February 2018) |
AC |
Asbestos Cement |
amsl |
Above Mean Sea Level |
BETS |
Employee Trust for the benefit of the present and future employees
of Blanket Mine |
BIF |
Banded Iron Formation |
Blanket Mine Company |
Blanket Mine (1983) (Pvt) Ltd |
Blanket or the Mine |
Blanket Gold Mine |
BQR |
Blanket Quartz Reef |
Caledonia or the Company |
Caledonia Mining Corporation Plc |
CAPM |
Capital Asset Pricing Model |
CBDZ |
Colleen Bawn Deformation Zone |
CIL |
Carbon-in-Leach |
CIM |
Canadian Institute of Mining, Metallurgy and Petroleum |
CMS |
Central Main Shaft |
CPI |
Consumer Price Indices |
CRM |
Certified Reference Material |
DCF |
Discounted Cash Flow |
DSR |
Disseminated Sulphide Reefs |
DSR |
Disseminated Sulphide Reefs |
EIA |
Environmental Impact Assessment |
EM Act |
Environmental Management Act (Chapter 20:27) No. 13/2002 |
EMA |
Environmental Management Agency |
Epoch |
Epoch Resources (Pty) Ltd |
FCFE |
Free Cash Flow to Equity |
FCFF |
Free Cash Flow to Firm |
Fidelity |
Fidelity Printers and Refiners Limited |
Fremiro |
Fremiro Investments (Private) Limited |
FW |
Footwall |
G&A |
General and Administrative |
GCSOT |
Gwanda Community Share Ownership Trust |
GGB |
Gwanda Greenstone Belt |
GMS |
Greenstone Management Services (Pty) Limited |
HG |
High Grade |
HW |
Hanging Wall |
IL |
Intensive Leach |
Kinross |
Kinross Gold Corporation |
KNA |
Kriging Neighbourhood Analysis |
LG |
Low Grade |
LIMS |
Laboratory Information Management System |
LoM |
Life of Mine |
Minxcon |
Minxcon (Pty) Ltd |
ML40 |
Mining Lease with registered number 40 |
MMA |
Mines and Minerals Act (Chapter 21:05) of 1961 |
MMCZ |
Minerals Marketing Corporation of Zimbabwe |
MSO |
GEOVIA Stope Shape Optimiser |
NI 43-101 |
National Instrument 43-101, Form 43-101 F1 and the Companion Policy
Document 43-101CP |
NIEEF |
National Indigenisation and Economic Empowerment Fund |
NIR |
Not-In-Reserve |
NMD |
Nominal Maximum Demand |
NPV |
Net Present Value |
NSR |
Net Smelter Royalty |
NWGDZ |
Northwest Gwanda Deformation Zone |
OHL |
Overhead Powerlines |
PEM |
Prospectivity Enhancement Multiplier |
PPE |
Personal Protective Equipment |
PSA |
Pressure Swing Absorption |
QAQC |
Quality Assurance and Quality Control |
QP |
Qualified Person |
RoM |
Run of Mine |
RoR |
Rate of Rise |
SG |
Specific Gravity |
SGDZ |
South Gwanda Deformation Zone |
SoR |
Slope of Regression |
The Act |
Indigenisation and Economic Empowerment Act |
this Report |
NI 43-101 Technical Report on the Blanket Gold Mine, Zimbabwe” with
an effective date of 1 January 2023 |
TMM |
Trackless Mobile Machinery |
TSF |
Tailings Storage Facility |
WACC |
Weighted Average Cost of Capital |
ZESA |
Zimbabwe Electricity Supply Authority |
ZINWA |
Zimbabwe National Water Authority |
ZMDC |
Zimbabwe Mining Development Corporation |
|
|
Cautionary Note Concerning
Forward-Looking Information
Information and statements contained in this
news release that are not historical facts are forward-looking
information and forward-looking statements (collectively,
“forward-looking information”) within the meaning of applicable
securities legislation that involve risks and uncertainties
relating, but not limited, to Caledonia’s current expectations,
intentions, plans, and beliefs. Forward-looking information
can often be identified by forward-looking words such as
“anticipate”, “envisage”, “believe”, “expect”, “goal”, “plan”,
“target”, “intend”, “estimate”, “could”, “should”, “may” and “will”
or the negative of these terms or similar words suggesting future
outcomes, or other expectations, beliefs, plans, objectives,
assumptions, intentions or statements about future events or
performance. Examples of forward-looking information in this news
release include: estimates of Mineral Resources and Mineral
Reserves; the projections used in developing such estimates; the
filing of a new NI 43-101 technical report; future production and
cash generation at Blanket; and the progression of the Company’s
assets. This forward-looking information is based, in
part, on assumptions and factors that may change or prove to be
incorrect, thus causing actual results, performance or achievements
to be materially different from those expressed or implied by
forward-looking information, including interpretations of
exploration results and assumptions relating to future costs and
commodity prices.
Securityholders, potential securityholders and
other prospective investors should be aware that these statements
are subject to known and unknown risks, uncertainties and other
factors that could cause actual results to differ materially from
those suggested by the forward-looking information. Such
factors include, but are not limited to: risks relating to
estimates of Mineral Reserves and Mineral Resources proving to be
inaccurate, fluctuations in gold price, increases in capital or
operating costs, risks and hazards associated with the business of
mineral exploration, development and mining, risks relating to the
credit worthiness or financial condition of suppliers, refiners and
other parties with whom the Company does business; inadequate
insurance, or inability to obtain insurance, to cover these risks
and hazards, employee relations; relationships with and claims by
local communities and indigenous populations; political risk; risks
related to natural disasters, terrorism, civil unrest, public
health concerns (including health epidemics or outbreaks of
communicable diseases such as the coronavirus (COVID-19));
availability and increasing costs associated with mining inputs and
labour; the speculative nature of mineral exploration and
development, including the risks of obtaining or maintaining
necessary licenses and permits, diminishing quantities or grades of
Mineral Reserves as mining occurs; global financial condition, the
actual results of current exploration activities, changes to
conclusions of economic evaluations, and changes in project
parameters to deal with unanticipated economic or other factors,
risks of increased capital and operating costs, environmental,
safety or regulatory risks, expropriation, the Company’s title to
properties including ownership thereof, increased competition in
the mining industry for properties, equipment, qualified personnel
and their costs, risks relating to the uncertainty of timing of
events including targeted production rate increase and currency
fluctuations, and the other risk factors discussed in the Company’s
reports filed with the SEC on www.sec.gov and with Canadian
securities regulators on www.sedar.com. Shareholders are
cautioned not to place undue reliance on forward-looking
information. By its nature, forward-looking information
involves numerous assumptions, inherent risks and uncertainties,
both general and specific, that contribute to the possibility that
the predictions, forecasts, projections and various future events
will not occur. Caledonia undertakes no obligation to update
publicly or otherwise revise any forward-looking information
whether as a result of new information, future events or other such
factors which affect this information, except as required by
law.
National Instrument
43-101 - Standards of Disclosure for Mineral Projects (“NI 43-101”)
is a rule of the Canadian Securities Administrators which
establishes standards for all public disclosure an issuer makes of
scientific and technical information concerning mineral projects.
Unless otherwise indicated, all Reserves and Resource estimates
contained in this press release have been prepared in accordance
with NI 43-101 and the Canadian Institute of Mining, Metallurgy and
Petroleum Classification System. These standards differ from the
requirements of 1300 S-K adopted by the SEC, and Reserve and
Resource information contained in this press release may not be
comparable to similar information disclosed by U.S. companies. The
requirements of NI 43-101 for identification of Reserves and
Resources are also not the same as those of 1300 S-K, and any
Reserves or Resources reported in compliance with NI 43-101 may not
qualify as “Reserves” or “Resources” under 1300 S-K. Accordingly,
the Mineral Reserve and Resource information set forth herein may
not be comparable to information made public by companies that
report in accordance with United States standards.
1 This news release has been approved by
Mr Dana Roets (B Eng (Min.), MBA, Pr.Eng., FSAIMM,
AMMSA), Chief Operating Officer, the Company’s qualified person as
defined by Canada’s National Instrument 43-101
- Standards of Disclosure for Mineral Projects (“NI
43-101”). The Company’s independent qualified persons as defined by
NI 43-101, Mr Uwe Engelmann (BSc (Zoo. & Bot.), BSc Hons
(Geol.), Pr.Sci.Nat. No. 400058/08, FGSSA) in respect of the
Mineral Resources estimate and Mr Daniel van Heerden (B Eng (Min.),
MCom (Bus. Admin.), MMC) in respect of the Mineral Reserves
estimate each of Minxcon (Pty) Ltd have verified the data
disclosed herein, including sampling, analytical and test data
informing the Mineral Resources and Mineral Reserves estimates, by
reviewing the methodologies, results and all procedures undertaken
in a manner consistent with industry practice, and all matters were
consistent and accurate according to their professional judgement.
There were no limitations on the verification process. A
technical report prepared in accordance with NI 43-101 for Blanket
will be filed by the Company on SEDAR (www.sedar.com) within 45
days of this news release.
2 The percentage
changes are based on the Technical Report Summary on Blanket Mine
(the “1300 S-K TRS”) prepared in compliance with the SEC’s
technical disclosure requirements for mining companies under new
subpart 1300 of Regulation S-K (“1300 S-K”) which was filed as
exhibit 15.4 to the Annual Report on Form 20-F of the Company that
had an effective date of December 31, 2021 and which was filed on
EDGAR (www.sec.gov/edgar) on May 17, 2022, and which contains the
Company’s most recently published Mineral Resources and Reserves
estimates. Mineral Resources and Reserves are stated in the 1300
S-K TRS pursuant to 1300 S-K on an attributable basis (i.e. 64%,
based on the Company’s percentage ownership of Blanket Mine) and
Mineral Resources are stated exclusive of Mineral Reserves. Given
that under NI 43-101 Mineral Resources and Reserves are stated on a
100% (i.e. non attributable basis) and Mineral Resources are
inclusive of Mineral Reserves, the estimates in the 1300 S-K TRS
(the “TRS Mineral Resources and Reserves”) as shown in this
announcement and to which the new estimates have been compared have
also been grossed up to 100% (i.e. non attributable) and are shown
on an inclusive basis in order to correlate with the methodology
used to estimate the new NI 43-101 Mineral Resources and Reserves
and thus provide a meaningful comparison to the previously
published estimates in the 1300 S-K TRS – see table below with full
details.
Caledonia Mining (AMEX:CMCL)
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