Caledonia Mining Corporation Plc ("Caledonia" or the
"Company") (NYSE AMERICAN, AIM and VFEX: CMCL) is pleased to
report further encouraging results from the deep level drilling
programme at Blanket Mine which is currently evaluating the
continuity of the mineralised zones on the Blanket and Eroica ore
bodies in anticipation of delineating an increased overall
resource. These results follow the Eroica ore body drilling
results published on July 10, 2023. A total of 7,652 metres of
drilling from June 2023 to end of December 2023 indicates that the
existing Blanket and Eroica ore bodies have grades and widths which
are generally better than expected. Total drilling for 2023 was
13,280 metres.
Highlights of the results include:
Holes Identifier |
Orebody Name |
Orebody Intersection |
Core Length (m) |
True width (m) |
Grade (g/t) |
Orebody Intersection depth from surface (m) |
*E.O.H(m) |
From (m) |
To(m) |
ERC750EX2308 |
ERCN_FW |
350.00 |
358.40 |
8.40 |
5.80 |
4.95 |
1108.40 |
392.40 |
BLK 930EX2308 |
BQR_HW |
176.03 |
200.63 |
24.60 |
13.33 |
5.92 |
1130.63 |
304.25 |
BLK 930EX2310 |
BLK2HW |
181.30 |
217.30 |
36.00 |
16.31 |
6.12 |
1147.30 |
293.50 |
BLK870EX2303 |
BLK4_5 |
28.60 |
39.40 |
10.80 |
4.27 |
8.80 |
909.40 |
272.20 |
ARS1110EX2304 |
BQR |
3.00 |
18.00 |
15.00 |
8.22 |
3.62 |
1128.00 |
161.00 |
*End of hole depth
The complete long hole drilling results for June
2023 to December 2023 are provided in Appendix 1.
Mark Learmonth, Caledonia’s Chief Executive Officer,
commented:
“Our ongoing drilling campaign continues to
demonstrate encouraging results, further improving our confidence
in the Blanket resource. We anticipate that the positive grades and
widths will result in an increased overall resource, which in due
course should result in the extension of the existing life of the
mine. We have invested heavily in Blanket over the last seven years
to increase production capacity, resulting in a mine infrastructure
that can sustain production beyond the current production
horizon.
"Drilling is currently focussed on the Blanket
and Eroica ore bodies, where crosscuts have been mined to allow
optimal access to drill the deeper zones of the steeply-dipping ore
bodies. These results are extremely promising, and we look forward
to the next phase of drilling and to updating the market
accordingly.”
Commentary
These results, along with the outcome of further
planned exploration, will be reflected in a revised mineral
resource and mineral reserve statement which the Company expects to
publish in the second quarter of 2024 together with a revised life
of mine plan. It is anticipated that a portion of the
existing inferred mineral resources will be upgraded to measured or
indicated mineral resources together with the addition of new
inferred mineral resources. It is expected that this will result in
the existing life of mine being extended, rather than an increase
in the target annual production rate.
Drillholes at Eroica,
drilled from 750 metres below surface, have intersected the
orebodies to depths of 1,110 metres below surface, the lowest level
of main infrastructure being developed from Central Shaft.
Similarly, drillholes at Blanket from 750 metres below surface have
intersected orebodies down to 1,110 metres below surface.
Drillholes from 930 metres below surface at Blanket and from 1,110
metres below surface on AR South have intersected the orebodies
below 1,110 metres, which is encouraging for Blanket's longer-term
development.
Further data on each drill hole is set out at
Appendix 2 and pictorial representations of the holes are included
below.
Appendix 1
Holes Identifier |
Orebody Name |
Orebody Intersection |
Core Length (m) |
True width (m) |
Grade (g/t) |
Orebody Intersection depth fromsurface
(m) |
E.O.H (m) |
From(m) |
To(m) |
ERC750EX2307 |
ERCN_HW |
330.45 |
332.25 |
1.80 |
1.50 |
0.72 |
1082.25 |
356.25 |
ERC750EX2308 |
ERCN_HW |
302.60 |
306.80 |
4.20 |
3.50 |
5.97 |
1056.80 |
392.40 |
ERC750EX2308 |
ERCN_FW |
350.00 |
358.40 |
8.40 |
5.80 |
4.95 |
1108.40 |
392.40 |
ERC750EX2309 |
ERCN_HW |
304.80 |
307.80 |
3.00 |
1.66 |
3.62 |
1057.80 |
347.40 |
ERC750EX2310 |
ERCN_HW |
303.60 |
304.20 |
0.60 |
0.48 |
5.49 |
1054.20 |
324.50 |
ERC750EX2312 |
ERC _South |
|
|
Traces |
|
|
|
287.20 |
ERC750EX2313 |
ERC _South |
|
|
Traces |
|
|
|
279.60 |
BLK870EX2301 |
BLK4_5 |
38.20 |
50.20 |
12.00 |
3.58 |
5.10 |
920.20 |
287.40 |
BLK870EX2302 |
BLK4_5 |
34.10 |
40.10 |
6.00 |
3.92 |
7.46 |
910.10 |
272.30 |
BLK870EX2303 |
BLK4_5 |
28.60 |
39.40 |
10.80 |
4.27 |
8.80 |
909.40 |
272.20 |
BLK870EX2303 |
BLK2FW |
241.00 |
242.80 |
1.80 |
1.27 |
4.35 |
1112.80 |
275.50 |
BLK870EX2304 |
BLK4_5 |
26.20 |
40.60 |
14.40 |
7.74 |
4.14 |
910.60 |
275.50 |
BLK 930EX2301 |
BQR_HW |
148.60 |
152.80 |
4.20 |
5.12 |
2.85 |
1082.80 |
299.20 |
BLK 930EX2301 |
BLK3HW |
220.60 |
226.00 |
5.40 |
4.39 |
4.41 |
1156.00 |
299.20 |
BLK 930EX2302 |
BQR_HW |
130.60 |
133.00 |
2.40 |
1.86 |
2.42 |
1063.00 |
299.20 |
BLK 930EX2303 |
BQR_HW |
134.30 |
139.10 |
4.80 |
3.20 |
2.39 |
1069.10 |
233.30 |
BLK 930EX2304 |
BQR_HW |
205.70 |
219.50 |
13.80 |
8.32 |
3.63 |
1149.50 |
251.30 |
BLK 930EX2305 |
BQR_HW |
197.90 |
209.30 |
11.40 |
7.69 |
3.99 |
1139.30 |
259.30 |
BLK 930EX2305 |
BLK1HW |
230.30 |
255.30 |
25.00 |
16.69 |
3.16 |
1185.30 |
259.30 |
BLK 930EX2306 |
BQR_HW |
170.90 |
179.90 |
9.00 |
4.02 |
5.38 |
1109.90 |
275.30 |
BLK 930EX2306 |
BLK2HW |
181.10 |
203.30 |
22.20 |
8.18 |
3.75 |
1133.30 |
275.30 |
BLK 930EX2307 |
BQR_HW |
157.80 |
169.80 |
12.00 |
6.57 |
4.05 |
1099.80 |
259.30 |
BLK 930EX2308 |
BQR_HW |
176.03 |
200.63 |
24.60 |
13.33 |
5.92 |
1130.63 |
304.25 |
BLK 930EX2309 |
BQR_HW |
205.00 |
210.40 |
5.40 |
2.24 |
12.44 |
1140.40 |
287.30 |
BLK 930EX2310 |
BQR_HW |
165.10 |
170.50 |
5.40 |
3.01 |
10.02 |
1100.50 |
293.50 |
BLK 930EX2310 |
BLK2HW |
181.30 |
217.30 |
36.00 |
16.31 |
6.12 |
1147.30 |
293.50 |
BLK 930EX2311 |
BQR_HW |
247.90 |
261.10 |
13.20 |
6.97 |
4.28 |
1191.10 |
293.40 |
BLK 930EX2313 |
BQR_HW |
152.00 |
159.80 |
7.80 |
4.43 |
2.23 |
1089.80 |
312.95 |
BLK 930EX2313 |
BLK2HW |
202.40 |
238.40 |
36.00 |
20.56 |
2.90 |
1168.40 |
312.95 |
ARS1110EX2301 |
BQR |
3.00 |
9.00 |
6.00 |
4.16 |
4.23 |
1119.00 |
158.20 |
ARS1110EX2301 |
BLK1HW |
104.20 |
106.60 |
2.40 |
1.70 |
4.48 |
1216.60 |
158.30 |
ARS1110EX2302 |
BQR |
6.00 |
12.00 |
6.00 |
4.44 |
7.15 |
1122.00 |
158.30 |
ARS1110EX2302 |
BLK1HW |
43.80 |
61.20 |
17.40 |
12.37 |
8.76 |
1171.20 |
158.20 |
ARS1110EX2303 |
BQR |
6.00 |
9.00 |
3.00 |
2.09 |
8.29 |
1119.00 |
149.00 |
ARS1110EX2303 |
BLK1HW |
25.20 |
32.20 |
7.00 |
3.36 |
5.27 |
1142.20 |
149.00 |
ARS1110EX2304 |
BQR |
3.00 |
18.00 |
15.00 |
8.22 |
3.62 |
1128.00 |
161.00 |
ARS1110EX2304 |
BLK1HW |
65.00 |
78.80 |
13.80 |
7.15 |
6.45 |
1188.80 |
161.00 |
* ERCN_HW – Eroica North Hanging wall, ERCN_FW –
Eroica North Footwall, ERC_STH – Eroica South, BQR – Blanket Quartz
Reef, BLK1HW – Blanket 1 Hanging wall, BLK2HW – Blanket 2 Hanging
wall, BLK2FW – Blanket 2 Footwall, BLK3HW – Blanket 3 Hanging wall,
BLK4_5 – Blanket 4 and 5, ARS EXT – AR South Extension
Appendix 2
Underground exploration drill hole; azimuth, dip,
drilled length, and collar location (UTM NAD83)
Hole Identifier |
Azimuth(°) |
Dip(°) |
Drilled Length(m) |
UTM Easting(m) |
UTM Northing(m) |
UTM Elevation (m) |
ERC750EX2307 |
31 |
- 75 |
356.3 |
697 206.3 |
7 694 516.0 |
388.1 |
ERC750EX2308 |
89 |
- 67 |
392.4 |
697 206.0 |
7 694 516.2 |
388.2 |
ERC750EX2309 |
124 |
- 81 |
374.4 |
697 205.5 |
7 694 512.7 |
388.0 |
ERC750EX2310 |
118 |
- 65 |
324.5 |
697 206.6 |
7 694 512.0 |
388.0 |
ERC750EX2312 |
150 |
- 56 |
287.2 |
697 312.7 |
7 694 284.6 |
387.0 |
ERC750EX2313 |
141 |
- 58 |
204.6 |
697 313.2 |
7 694 285.1 |
387.1 |
BLK870EX2301 |
65 |
- 71 |
287.4 |
698 043.0 |
7 692 507.8 |
263.6 |
BLK870EX2302 |
45 |
- 69 |
272.3 |
698 043.0 |
7 692 508.0 |
263.7 |
BLK870EX2303 |
28 |
- 63 |
272.2 |
698 043.0 |
7 692 508.0 |
263.7 |
BLK870EX2304 |
12 |
- 63 |
275.2 |
698 042.2 |
7 692 508.7 |
263.6 |
BLK930EX2301 |
37 |
- 61 |
299.2 |
697 784.1 |
7 692 827.9 |
206.4 |
BLK930EX2302 |
81 |
- 61 |
275.2 |
697 784.0 |
7 692 830.2 |
206.4 |
BLK930EX2303 |
76 |
- 72 |
233.3 |
697 784.4 |
7 692 826.4 |
206.5 |
BLK930EX2304 |
28 |
- 77 |
251.3 |
697 783.2 |
7 692 829.4 |
206.5 |
BLK930EX2305 |
23 |
- 69 |
259.3 |
697 782.9 |
7 692 829.9 |
206.4 |
BLK930EX2306 |
127 |
- 74 |
275.3 |
697 784.5 |
7 692 825.4 |
206.5 |
BLK930EX2307 |
35 |
- 79 |
272.4 |
697 783.5 |
7 692 828.4 |
206.5 |
BLK930EX2308 |
122 |
- 67 |
304.3 |
697 784.8 |
7 692 825.9 |
206.3 |
BLK930EX2309 |
133 |
- 76 |
287.3 |
697 784.5 |
7 692 825.7 |
206.5 |
BLK930EX2310 |
85 |
- 86 |
293.5 |
697 784.2 |
7 692 825.8 |
206.4 |
BLK930EX2311 |
21 |
- 81 |
293.4 |
697 783.4 |
7 692 828.7 |
206.9 |
BLK930EX2313 |
25 |
- 76 |
313.0 |
697 783.2 |
7 692 829.4 |
206.5 |
ARS1110EX2301 |
93 |
- 64 |
158.2 |
697 765.7 |
7 693 020.3 |
25.4 |
ARS1110EX2302 |
54 |
- 65 |
158.3 |
697 761.5 |
7 693 022.4 |
25.2 |
ARS1110EX2303 |
10 |
- 46 |
149.0 |
697 765.5 |
7 693 022.3 |
25.0 |
ARS1110EX2304 |
125 |
- 44 |
161.0 |
697 765.7 |
7 693 019.1 |
25.8 |
Eroica Orebody – Drilling from 750 metres below
surface
Blanket Orebodies – Drilling from 930 metres below
surface
Blanket Orebodies – Drilling from 870 metres below
surface
AR South – Drilling from 1,110 metres below
surface
Enquiries:
Caledonia Mining Corporation Plc |
|
Mark LearmonthCamilla Horsfall |
Tel: +44 1534 679 800Tel: +44
7817 841 793 |
|
|
|
|
Cavendish Capital Markets
Limited (Nomad and Joint Broker)Adrian Hadden Pearl
Kellie |
Tel: +44 207 397 1965Tel: +44 131
220 9775 |
|
|
|
|
Liberum Capital Limited
(Joint Broker)Scott Mathieson/Kane Collings |
Tel: +44 20 3100 2000 |
|
|
Camarco, Financial PR
(UK) |
|
Gordon PooleJulia TilleyElfie
Kent |
Tel: +44 20 3757 4980 |
|
|
3PPB (Financial PR, North
America) |
|
Patrick ChidleyPaul Durham |
Tel: +1 917 991 7701Tel: +1 203
940 2538 |
|
|
Curate Public Relations
(Zimbabwe) |
|
Debra Tatenda |
Tel: +263 77802131 |
|
|
|
Tel: +263 (242) 745
119/33/39 |
Qualified Persons
Craig James Harvey, MGSSA, MAIG, Caledonia Vice
President, Technical Services, has reviewed and approved the
scientific and technical information contained in this news
release. Craig James Harvey is a “Qualified Person” as defined by
each of (i) the Canadian Securities Administrators’ National
Instrument 43-101 - Standards of Disclosure for Mineral Projects
and (ii) sub-part 1300 of Regulation S-K of the U.S. Securities
Act.
Quality Assurance and Quality
Control
Access to Blanket Mine premises is controlled by
security personnel on the first gate. On the second gate, in
addition to security, entry is gained by biometric entry system.
Diamond drilling is performed by qualified diamond drillers under
the supervision of a diamond drill foreperson. Drilled core is
routinely brought to surface to the core shed where it is received
and laid down. A qualified geological technician performs
geotechnical logging while a qualified geologist logs the core and
marks the portions for splitting. The core is split in half along
the core axis using an electric core cutter equipped with a diamond
saw cutter. The geologist marks the sample intervals, put tickets,
insert standards and blanks. One half of the sample is put into a
plastic sample bag and sealed with cable ties. The sampling
information is entered into the database. The other half of the
core is marked with sample intervals and sample numbers and
returned to the core box and retained for future reference. The
samples are put in marked grain bags and tied with cable ties.
Transportation is by road using mine vehicle to
a SADCAS accredited testing laboratory (accreditation number
TEST-05 0030) in Kwekwe, some 330km from Blanket Mine. A delivery
note is signed as proof of dispatch.
Gold is analysed by a 50 grams fire assay with
an Atomic Absorption (AA) finish. The laboratory also has internal
quality control (“QC”) programs that include insertion of reagent
blanks, reference materials, and pulp duplicates.
Blanket Mine inserts QC samples (blanks and
reference materials) at regular intervals to monitor laboratory
performance. When results are received, the assay results are
painted against the sample numbers on the core retained.
Note: This announcement contains inside
information which is disclosed in accordance with the Market Abuse
Regulation (EU) No. 596/2014 (“MAR”) as it forms part of UK
domestic law by virtue of the European Union (Withdrawal) Act 2018
and is disclosed in accordance with the Company's obligations under
Article 17 of MAR.
Cautionary Note Concerning
Forward-Looking Information
Information and statements contained in this
news release that are not historical facts are “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”, “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: planned exploration programs, focuses,
strategies, drilling targets and work, potential for further
exploration of certain areas, potential drilling results and
related expectations, costs and expenditures, including with
respect to the cost of development and production, project
economics, gold price assumptions, potential mineralization,
projected ore grades, opportunities to add near mine and further
high-grade mineral reserves and resources, expectations regarding
the mine plan, sustaining capital and value of operations and other
statements and information that is based on forecasts and
projections of future operational, geological or financial results,
estimates of amounts not yet determinable and assumptions of
management. 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. Such factors and assumptions include,
but are not limited to: failure to establish estimated resources
and reserves, the grade and recovery of ore which is mined varying
from estimates, success of future exploration and drilling
programs, reliability of drilling, sampling and assay data,
assumptions regarding the representativeness of mineralization
being inaccurate, success of planned metallurgical test-work,
capital and operating costs varying significantly from estimates,
delays in obtaining or failures to obtain required governmental,
environmental or other project approvals, inflation, changes in
exchange rates, fluctuations in commodity prices, delays in the
development of projects and other factors.
Exploration results that include geophysics,
sampling, and drill results on wide spacings may not be indicative
of the occurrence of a mineral deposit. Such results do not provide
assurance that further work will establish sufficient grade,
continuity, metallurgical characteristics and economic potential to
be classed as a category of mineral resource. A mineral resource
that is classified as "inferred" or "indicated" has a great amount
of uncertainty as to its existence and economic and legal
feasibility. It cannot be assumed that any or part of an "indicated
mineral resource" or "inferred mineral resource" will ever be
upgraded to a higher category of mineral resource. Investors are
cautioned not to assume that all or any part of mineral deposits in
these categories will ever be converted into proven and probable
mineral reserves.
Security holders, potential security holders 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 statements. 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, 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. Security holders,
potential security holders and other prospective investors 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.
For a more detailed discussion of such risks and
other factors that may affect the Company’s ability to achieve the
expectations set forth in the forward-looking statements contained
in this news release, see the Company’s latest 20-F and
Management’s Discussion and Analysis, each under the heading “Risk
Factors”, available on the SEDAR website at www.sedar.com or on
EDGAR at www.sec.gov. The foregoing should be reviewed in
conjunction with the information and risk factors and assumptions
found in this news release.
This news release is not an offer of the shares
of Caledonia for sale in the United States or elsewhere. This news
release shall not constitute an offer to sell or the solicitation
of an offer to buy, nor shall there be any sale of the shares of
Caledonia, in any province, state or jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of such province, state
or jurisdiction.
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/87aa791f-ef43-4538-9427-6aed9831ee16
https://www.globenewswire.com/NewsRoom/AttachmentNg/d810303f-4c02-4f93-8eff-03615b62fe1f
https://www.globenewswire.com/NewsRoom/AttachmentNg/7dd88873-2cc2-4bfb-b3f6-727c3ba49f7a
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