REG - Caledonia Mining Crp - Updated Mineral Resources for Maligreen

Caledonia MiningAnnouncement

07/11/2022 07:00

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RNS Number : 4371F  Caledonia Mining Corporation PLC  07 November 2022

Caledonia Mining Corporation Plc

Updated Mineral Resources and Technical Report for Maligreen

(NYSE AMERICAN: CMCL; AIM: CMCL; VFEX: CMCL)

 

St Helier, November 7, 2022 - Caledonia Mining Corporation Plc ("Caledonia" or
the "Company") is pleased to announce an update to the NI 43-101 compliant
Mineral Resources statement at the Company's 100% owned Maligreen project in
the Zimbabwe Midlands ("Maligreen") and the publishing of an updated technical
report with an effective date of September 30, 2022  (the "2022 Technical
Report") 1 . The 2022 Technical Report replaces the previous technical report
filed on SEDAR in November 2021 as the current technical report for the
Maligreen project. Since Caledonia acquired the Maligreen claims in November
2021 it has been focused on reviewing the geological work conducted at the
property with a view to upgrading the Mineral Resources in 2022.

 

Highlights

·    Measured and Indicated Mineral Resources of 8.03 million tonnes at a
grade of 1.71g/t containing approximately 442 thousand ounces of gold 2 

·    Inferred Mineral Resources of 6.17 million tonnes at a grade of
2.12g/t containing approximately 420 thousand ounces of gold2

 

Table of Mineral Resources

 Mineral Resources Effective Dates  August 31, 2021 3                               September 30, 2022
                                    Tonnes (Mt)  Grade (g/t)  Contained Gold (koz)  Tonnes (Mt)  Grade (g/t)  Contained Gold (koz)
 Measured                           -            -            -                     1.65         2.37         125.5
 Indicated                          -            -            -                     6.37         1.55         316.8
 Total Measured & Indicated         -            -            -                     8.03         1.71         442.3
 Inferred                           15.59        1.88         940                   6.17         2.12         420.3

 

Caledonia will continue to evaluate the potential of Maligreen with a view to
developing the project within the context of the Company's project pipeline
taking strategic priorities into account, specifically the recently announced
Bilboes project, also located in the Zimbabwe Midlands, which is a far more
advanced project.

 

Commenting on the announcement, Mark Learmonth, Chief Executive Officer, said:

 

"We are pleased to announce an upgrade to the Mineral Resources at Maligreen.
Today's announcement which improves the geological confidence of approximately
half the Mineral Resources from Inferred to Measured and Indicated Mineral
Resources supports our confidence in the project and its geological
prospectivity. We expect to continue our evaluation work on the project, in
line with other strategic and capital priorities for the business into the
future as we build an attractive project and exploration pipeline in
Zimbabwe."

 

This news release has been approved by Mr Dana Roets (B Eng (Min.), MBA,
Pr.Eng., FSAIMM, AMMSA), Chief Operating Officer, the Company's qualified
person as defined by Canada's National Instrument 43-101 - Standards of
Disclosure for Mineral Projects ("NI 43-101"). Mr. Uwe Engelmann (BSc (Zoo.
& Bot.), BSc Hons (Geol.), Pr.Sci.Nat. No. 400058/08, MGSSA) of Minxcon
(Pty) Ltd has verified the data disclosed herein, including sampling,
analytical and test data informing the mineral resources estimate by reviewing
the methodologies, results and all procedures undertaken in a manner
consistent with industry practice, and all matters were consistent and
accurate according to his professional judgement. There were no limitations
on the verification process.

 

 Caledonia Mining Corporation Plc

 Mark Learmonth                                             Tel: +44 1534 679 802

 Camilla Horsfall                                           Tel: +44 7817 841793
 Cenkos Securities plc (Nomad and Joint Broker)

 Adrian Hadden                                              Tel: +44 207 397 1965

 Neil McDonald                                              Tel: +44 131 220 9771

 Pearl Kellie                                               Tel: +44 131 220 9775
 Liberum Capital Limited (Joint Broker)

 Scott Mathieson/Kane Collings                              Tel: +44 20 3100 2000
 BlytheRay Financial PR

 Tim Blythe/Megan Ray                                       Tel: +44 207 138 3204
 3PPB

 Patrick Chidley                                            Tel: +1 917 991 7701

 Paul Durham                                                Tel: +1 203 940 2538
 Curate Public Relations (Zimbabwe)

 Debra Tatenda                                              Tel: +263 77802131
 IH Securities (Private) Limited (VFEX Sponsor - Zimbabwe)

 Dzika Dhana

 Lloyd Mlotshwa                                             Tel: +263 (242) 745 119/33/39

 

Note: The information contained within this announcement is deemed by the
Company to constitute inside information under 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. The forward-looking information
contained in this news release 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: the establishment of estimated resources and
reserves, the grade and recovery of minerals which are mined varying from
estimates, success of future exploration and drilling programs, reliability of
drilling, sampling and assay data, the representativeness of mineralization
being accurate, success of planned metallurgical test-work, capital
availability and accuracy of estimated operating costs, obtaining required
governmental, environmental or other project approvals, inflation, changes in
exchange rates, fluctuations in commodity prices, delays in the development of
projects and Caledonia's experience of project development in Zimbabwe and
other factors.

 

To the extent any forward-looking information herein constitutes a financial
outlook or future oriented financial information,

any such statement is made as of the date hereof and included herein to
provide prospective investors with an understanding of the Company's plans and
assumptions. 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.

 

National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI
43-101") is a rule of the Canadian Securities Administrators which establishes
standards for all public disclosure an issuer makes of scientific and
technical information concerning mineral projects.  Unless otherwise
indicated, all reserves and resource estimates contained in this press release
have been prepared in accordance with NI 43-101 and the Canadian Institute of
Mining, Metallurgy and Petroleum Classification System.  These standards
differ from the requirements of the U.S. Securities and Exchange Commission
(the "SEC"), and reserve and resource information contained in this press
release may not be comparable to similar information disclosed by U.S.
companies.  The requirements of NI 43-101 for identification of reserves and
resources are also not the same as those of the SEC, and any reserves or
resources reported in compliance with NI 43-101 may not qualify as "reserves"
or "resources" under SEC standards.  Accordingly, the mineral reserve and
resource information set forth herein may not be comparable to information
made public by companies that report in accordance with United States
standards.

 

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.

 

 1  Refer to technical report entitled "Caledonia Mining Corporation Plc
Updated NI 43-101 Mineral Resource Report on the Maligreen Gold Project,
Zimbabwe dated November 3, 2022 prepared by Minxcon (Pty) Ltd and being filed
on SEDAR (www.sedar.com (http://www.sedar.com/) ) today.

 

 2  The following assumptions were applied in estimating the Mineral
Resources:

1 - Gold price of USD1,800/oz used to determine cut-offs

2 - Mineral Resources have been depleted for surface mining that has occurred

3 - Mineral Resources cut-off of 0.4g/t Au for open pit (<220m below
surface) and 1.5g/t Au for underground (>220m below surface) was applied

4 - Densities utilised were 2.57 t/m³ for oxide and transitional and 2.65
t/m³ for sulphide material

5 - Geological losses applied of 5% for Measured, 10% for Indicated and 15%
for Inferred Mineral Resources

6 - Mineral Resources reported as total Mineral Resources and are not
attributed

7 - All tonnages are reported in metric tonnes and gold content conversion
calculations based on a conversion of 1kg = 32.15076 oz

 

 3  Refer to technical report entitled "Caledonia Mining Corporation Plc NI
43-101 Mineral Resource Report on the Maligreen Gold Project, Zimbabwe dated
November 2, 2021 prepared by Minxcon (Pty) Ltd and filed on SEDAR
(www.sedar.com (http://www.sedar.com/) ) on November 4, 2021.

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