CALEDONIA Mining Corporation Plc has announced a maiden mineral resource estimate of approximately 510,000 ounces of gold at its Motapa property, potentially strengthening the long-term growth case for its neighbouring Bilboes Gold Project, Mining Zimbabwe can report.
By Rudairo Mapuranga
The maiden estimate includes 379,000 ounces of gold in the measured and indicated resource categories and a further 131,000 ounces classified as inferred.
Motapa, which is wholly owned by Caledonia, lies adjacent to the company’s Bilboes Gold Project, creating the potential for the two properties to support a larger mining operation in the future, subject to further exploration, technical studies and economic evaluation.
The mineral resource estimate was reported in accordance with Canada’s National Instrument 43-101 and comprises 7.788 million tonnes grading 1.51 grammes of gold per tonne in the measured and indicated categories.
The inferred resource contains a further 2.741 million tonnes grading 1.48g/t gold.
The estimate was reported using a 0.5g/t gold cut-off grade.
Caledonia Chief Executive Officer Mark Learmonth said the maiden estimate represented an important milestone following several years of exploration at the property.
“The maiden MRE at Motapa is a significant milestone for Caledonia and demonstrates the value created through our exploration activities over the past two years,” said Learmonth.
“The identification of 379,000 ounces in the measured and indicated mineral resource categories, together with a further 131,000 ounces in the inferred mineral resource category, demonstrates the value created by the exploration work completed to date.”
Caledonia acquired Motapa in November 2022 for US$8.25 million in cash and loan notes and subsequently invested US$7.084 million in exploration between 2023 and 2025.
Based on the combined acquisition and exploration expenditure, Caledonia said the cost equates to approximately US$40.45 per measured and indicated resource ounce.
The bulk of the maiden resource is located at Motapa North, the most advanced of three principal shear zones on the property.
Motapa North lies immediately adjacent to Bilboes, while the company has also begun exploration work at Motapa Central and Motapa South.
The maiden estimate is based on exploration focused largely on sulphide mineralisation below historic open pits at Motapa North and does not include results from the ongoing 2026 exploration programme.
Caledonia said exploration is continuing at Motapa North while work has expanded to the Central and South shear zones.
| Mineral Resource Classification | Tonnes | Grade (g/t) | Gold Ounces |
|---|---|---|---|
| Measured | 982,000 | 1.63 | 52,000 |
| Indicated | 6,806,000 | 1.50 | 327,000 |
| Measured & Indicated | 7,788,000 | 1.51 | 379,000 |
| Inferred | 2,741,000 | 1.48 | 131,000 |
Totals may not add due to rounding.
The Motapa discovery could have broader implications for Caledonia’s long-term strategy around Bilboes, one of Zimbabwe’s major undeveloped gold projects.
Bilboes hosts proven and probable mineral reserves of 1.75 million ounces of gold, and Caledonia believes the proximity of Motapa could ultimately provide opportunities to expand the broader mining complex.
Learmonth said Motapa should be viewed within the context of Caledonia’s ownership of the neighbouring Bilboes project.
“This maiden mineral resource estimate supports our view that the combined Bilboes and Motapa properties may ultimately support a larger operation and/or extend the current planned production profile for Bilboes of 1.5 million ounces over a 10.8-year life of mine,” he said.
However, Caledonia said considerable work remains before Motapa’s full economic potential can be determined, including further exploration, metallurgical test work, technical studies and economic evaluation.
The immediate priority remains advancing Bilboes, while exploration at Motapa is expected to continue as Caledonia further assesses the potential of the wider gold district.
The Motapa estimate represents a mineral resource and should not be confused with a mineral reserve, as further technical and economic work is required to demonstrate economic viability.
