Caledonia lifts Blanket Mine resources 22%

Caledonia Mining reports a 22% increase in Blanket Mine’s underground measured and indicated resources to 2.178 million ounces, driven by deep drilling and development, with additional surface oxide and sulphide resources expanding near-term potential and supporting a revised life-of-mine plan. The company also notes plans to restate its reserves alongside the updated resource base and to pursue heap-leach trials for oxide ore, enhancing flexibility. Separately, Caledonia announces a maiden NI 43-101 mineral resource estimate for its Motapa property of 7.8 million tonnes at 1.51 g/t gold (379,000 oz Measured & Indicated) and 2.7 million tonnes at 1.48 g/t (131,000 oz Inferred), with SEDAR+ filing expected within 45 days. Motapa sits adjacent to the Bilboes Gold Project, which is under development with first production anticipated by the end of 2028, a fact highlighted by Caledonia’s CEO to illustrate value from exploration and strategic acquisitions. The resource assessments underscore Caledonia’s broader growth push across Zimbabwe, with continued exploration and potential expansion across Motapa North, Motapa Central, and Motapa South as Bilboes funding and construction proceed. These developments collectively reflect Caledonia’s strategy to grow gold resources and extend mine life while advancing adjacent projects in the Bilboes belt.