Caledonia Mining Corporation Plc has filed technical reports supporting its August 28, 2026, mineral resource estimates for Blanket Mine and the Motapa gold project, with an updated mineral reserve estimate for Blanket expected before the end of the year, Mining Zimbabwe can report.
By Rudairo Mapuranga
The reports, prepared in accordance with Canada’s National Instrument 43-101 (NI 43-101), cover Blanket’s underground mineral resources, its maiden surface resource estimate and the maiden resource estimate for Motapa. They are available through the company’s profile on SEDAR+.
Caledonia said the filings do not materially change the scientific or technical information contained in its August 28 announcements.
The next major milestone for Blanket is the completion of its life-of-mine plan, which is expected to underpin an updated mineral reserve estimate.
The assessment will establish how the mine’s updated resource base translates into economically mineable gold, subject to the relevant technical, operational and economic considerations. Mineral resources do not automatically qualify as mineral reserves, and the latest estimates do not, on their own, establish an extension of the mine’s operating life.
Blanket Underground Resources Increase
Caledonia’s August resource update reported a 22% increase in measured and indicated underground mineral resources at Blanket to 2.178 million ounces of gold, contained in 17.7 million tonnes at an average grade of 3.83 grammes per tonne (g/t).
Measured resources increased by 48%, while inferred underground resources declined by 30% to 748,000 ounces.
The changes reflect the updated resource estimate, although the extent to which reclassification, additional exploration and other factors contributed to the movements should be assessed against the technical report.
The updated reserve estimate will be important in determining how much of the reported resource can be economically extracted under the mine’s planned operating conditions.
Maiden Surface Resource Opens Additional Option
The company also reported its first mineral resource estimate for material at surface at Blanket, comprising 30,000 ounces of indicated gold resources from 1.251 million tonnes grading 0.76 g/t and 14,000 ounces of inferred resources from 492,000 tonnes grading 0.89 g/t.
The estimate covers oxide, transitional and sulphide material.
Metallurgical test work on the oxide material indicated heap-leach gold recoveries of up to 67%. Caledonia is evaluating a trial heap-leach operation with a proposed processing rate of 40,000 tonnes per month and targeted first oxide production in the first half of 2027, subject to environmental approvals.
The proposed operation would provide a potential route for processing surface material, although the test results do not necessarily represent the recovery rate that would be achieved under operating conditions.
Motapa Adds to Zimbabwe Gold Portfolio
At Motapa, which is wholly owned by Caledonia, the maiden mineral resource estimate identified 379,000 ounces of measured and indicated gold resources from 7.8 million tonnes grading 1.51 g/t.
A further 131,000 ounces of inferred resources were reported from 2.7 million tonnes grading 1.48 g/t. The estimates were calculated using a cut-off grade of 0.5 g/t.
Caledonia also reported a combined exploration discovery and acquisition cost of approximately US$40.45 per measured and indicated ounce.
The Motapa estimate adds to the company’s reported gold resource base in Zimbabwe, while further exploration is planned across the property’s northern, central and southern areas.
Blanket Deepening Study Progresses
Alongside the reserve update, Caledonia is advancing a separate technical study examining options for deepening Blanket Mine, where mineralisation has been reported below the current mining depth of approximately 1,100 metres.
The study is well advanced and expected to be published towards the end of 2026, according to the company.
Its findings could help clarify the technical and operational requirements for accessing deeper mineralisation, although the implications for future production, capital expenditure and mine life will depend on the study’s conclusions.
Caledonia is also advancing the Bilboes Gold Project towards its targeted first gold production at the end of 2028.
For Blanket, the immediate priority remains completion of the life-of-mine plan and the resulting mineral reserve estimate, which will provide a clearer basis for assessing the mine’s future production potential.
