REG - Caledonia Mining Crp - Encouraging results from drilling at Blanket Mine
30/01/2024 07:00
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RNS Number : 2810B Caledonia Mining Corporation PLC 30 January 2024
Caledonia Mining Corporation Plc
Encouraging results from deep level drilling at Blanket Mine
Better than expected grades and widths from deep level drilling anticipated to
support increased overall resource at Blanket
(NYSE AMERICAN, AIM and VFEX: CMCL)
St Helier, January 30 , 2024 - Caledonia Mining Corporation Plc ("Caledonia"
or the "Company") 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 from surface (m) E.O.H (m)
From To
(m) (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 UTM Easting UTM Northing UTM Elevation (m)
(°) (°) (m) (m) (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 Learmonth Tel: +44 1534 679 800
Camilla Horsfall Tel: +44 7817 841 793
Cavendish Capital Markets Limited (Nomad and Joint Broker)
Adrian Hadden
Tel: +44 207 397 1965
Pearl Kellie
Tel: +44 131 220 9775
Liberum Capital Limited (Joint Broker)
Scott Mathieson/Kane Collings Tel: +44 20 3100 2000
Camarco, Financial PR (UK) Tel: +44 20 3757 4980
Gordon Poole
Julia Tilley
Elfie Kent
3PPB (Financial PR, North America) Tel: +1 917 991 7701
Patrick Chidley Tel: +1 203 940 2538
Paul Durham
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
(http://www.sedar.com) or on EDGAR at www.sec.gov. (http://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.
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