The Company also announces that today it is filing with the
Highlights
- Increase in Blanket’s 1300 S-K mineral reserve and mineral resource ounces by 111% and 36% respectively, with a 7% and 23% increase in mineral reserve and mineral resource grade respectively.
- Increase in Blanket’s NI 43-101 mineral reserve and measured and indicated (“M&I”) mineral resource ounces by 106% and 63% respectively, with a 5% and 14% increase in mineral reserve and M&I mineral resource grade respectively.
- Increase in Blanket’s NI 43-101 inferred mineral resource ounces by 26% with an increase in inferred mineral resource grade of 28%.
- Blanket’s life of mine is estimated, based only on the updated mineral reserves estimate, to 2034. Management believes that the inferred mineral resources may, based on past successful conversion rates, further extend the life of mine past 2040.
- Release of 1300 S-K mineral reserves and resources estimates at the
Bilboes Gold Project (“Bilboes”) for the first time, which, using the same methodology, are similar to current NI 43-101 mineral reserves and mineral resources estimates.
Commenting on the increased mineral resources and mineral reserves estimates at Blanket, Mark Learmonth, Chief Executive Officer, said:
"Our 2023 drilling campaign at Blanket yielded excellent results, with better than expected grades and widths indicated from our deep level drilling programme. I am delighted that the 2023 campaign has resulted in a significant increase to Blanket’s mineral resources and mineral reserves estimates. Measured and indicated mineral resources, reported under NI 43-101, have increased by 63% to 1,789k ounces and mineral reserves by 106% to 812k ounces.
“Blanket’s mine life is estimated to 2034 based only on the updated mineral reserves estimate, thus securing the future of our flagship asset and demonstrating its continued prospectivity and potential at higher production levels. Management believes that the inferred mineral resources may, based on past successful conversion rates, further extend the life of mine past 2040.”
Further details
The total 1300
A comparison of the 1300 S-K measured, indicated and inferred mineral resources estimates as at
% Variance | |||||||||
Mineral Resource Classification (1300 S-K) | Tonnes | Au | Ounces | Tonnes | Au | Ounces | Tonnes | Au | Ounces |
kt | g/t | koz | kt | g/t | koz | kt | g/t | koz | |
Measured Total | 1,855 | 3.10 | 185 | 2,700 | 3.72 | 323 | 46 | 20 | 75 |
Indicated Total | 2,363 | 2.89 | 220 | 2,726 | 3.23 | 283 | 15 | 12 | 29 |
M&I Total | 4,218 | 2.98 | 405 | 5,426 | 3.47 | 606 | 29 | 16 | 50 |
Inferred Total | 5,748 | 2.92 | 539 | 5,646 | 3.74 | 679 | -2 | 28 | 26 |
Grand total | 9,967 | 2.94 | 944 | 11,072 | 3.61 | 1,285 | 11 | 23 | 36 |
Notes:
- Cut-off applied 1.5 g/t.
- 2022 - No geological loss applied for measured, 5% for indicated and inferred.
- 2023 – Geological loss for measured 2.5%, indicated 5%, inferred 10%.
- 2022 - Commodity price of
$1,800 /oz. - 2023 – Commodity price of
$2,150 /oz. - Mineral resources are reported as 64% attributable to Caledonia.
- All orebodies are depleted for mining.
- Mineral resources are stated exclusive of mineral reserves.
- Plant recovery factor of 93.64% applied.
A comparison of the 1300 S-K mineral reserves estimates as at
% Variance | ||||||||||||
Mineral Reserve Classification (1300 S-K) | Tonnes | Grade | Au Content | Tonnes | Grade | Au Content | Tonnes | Grade | Au Content | |||
kt | g/t | kg | koz | kt | g/t | kg | koz | kt | g/t | kg | koz | |
Proven | 1,191 | 3.23 | 3,842 | 124 | 1,363 | 3.21 | 4,377 | 141 | 14 | -1 | 14 | 14 |
Probable | 1,300 | 2.92 | 3,801 | 123 | 3,555 | 3.31 | 11,782 | 379 | 173 | 14 | 210 | 208 |
Total | 2,491 | 3.07 | 7,643 | 246 | 4,918 | 3.29 | 16,158 | 519 | 97 | 7 | 111 | 111 |
Notes (December 31,2023):
- Mineral reserve cut-off of 2.1 g/t applied.
- The gold price that has been utilised in the economic analysis to convert diluted measured and indicated mineral resources in the life or mine (“LoM”) plan to mineral reserves is an average real term price of
USD1,877 /oz over the LoM, using the forecast prices as per economic analysis. - The mineral reserve estimation utilises the depleted 2023 mineral resource estimation and the 2023 mine design and LoM plan.
- Mineral reserves are reported as 64% attributable to Caledonia.
- Totals may not add due to rounding.
The total NI 43-101 M&I mineral resource estimates at Blanket, inclusive of mineral reserves (as reported in the New Blanket NI 43-101), have increased from the estimates set out in the technical report entitled “NI 43-101 Technical Report on the
The following table shows a comparison of the new measured, indicated and inferred mineral resources estimates under the New Blanket NI 43-101 with those set out in the Previous Blanket NI 43-101:
% Variance | |||||||||
Mineral Resource Classification (NI 43-101) | Tonnes | Au | Ounces | Tonnes | Au | Ounces | Tonnes | Au | Ounces |
kt | g/t | koz | kt | g/t | koz | kt | g/t | koz | |
Measured Total | 5,065 | 3.32 | 541 | 6,161 | 3.72 | 737 | 22 | 12 | 36 |
Indicated Total | 5,659 | 3.04 | 554 | 9,112 | 3.59 | 1,052 | 61 | 18 | 90 |
M&I Total | 10,724 | 3.18 | 1,095 | 15,273 | 3.64 | 1,789 | 42 | 14 | 63 |
Inferred Total | 8,995 | 2.92 | 844 | 8,821 | 3.74 | 1,061 | -2 | 28 | 26 |
Mineral resources (
Notes:
- Cut-off applied 1.5 g/t.
- Geological loss applied: measured 2.5%, indicated 5.0%, inferred 10.0%.
- Commodity price utilised:
USD2,150 /oz. - Mineral resources are stated inclusive of mineral reserves.
- Mineral resources are reported as total mineral resources and are not attributed.
- All orebodies are depleted for mining.
- Totals may not add due to rounding.
The following table shows a comparison of the new mineral reserves estimates under the New Blanket NI 43-101 with those set out in the Previous Blanket NI 43-101:
% Variance | ||||||||||||
Mineral Reserve Classification (NI 43-101) | Tonnes | Grade | Au Content | Tonnes | Grade | Au Content | Tonnes | Grade | Au Content | |||
kt | g/t | kg | koz | kt | g/t | kg | koz | kt | g/t | kg | koz | |
Proven | 1,978 | 3.30 | 6,534 | 210 | 2,129 | 3.21 | 6,838 | 220 | 8 | -3 | 5 | 5 |
Probable | 1,964 | 2.94 | 5,763 | 185 | 5,555 | 3.31 | 18,409 | 592 | 183 | 13 | 219 | 220 |
Total | 3,942 | 3.12 | 12,298 | 395 | 7,684 | 3.29 | 25,247 | 812 | 95 | 5 | 106 | 106 |
.
Mineral reserves (
Notes:
- Mineral reserve cut-off of 2.1 g/t applied.
- The gold price that has been utilised in the economic analysis to convert diluted measured and indicated mineral resources in the LoM plan to mineral reserves is an average real term price of
USD1,877 /oz over the LoM. - Mineral reserves are reported as total mineral reserves and are not attributed.
- Totals may not add due to rounding.
Publication of Annual Report and Technical Report Summaries
As mentioned above, the Annual Report includes a technical report summary (“TRS”) for each of the
Similarly to the announcements made by the Company on
Whilst there are TRSs for Blanket in previous annual reports to compare its new 1300 S-K mineral resources and mineral reserves estimates with, this Annual Report is the first report in which Bilboes’ mineral resources and mineral reserves estimates have been reported pursuant to 1300 S-K. In terms of the differences in the mineral resources and mineral reserves estimates between the Bilboes NI 43-101 Report and the Annual Report/Bilboes TRS, these are insignificant if the 1300 S-K methodology (e.g. excluding mineral reserves from mineral resources) is applied to the estimates in the Bilboes NI 43-101 Report. The mineral resources and mineral reserves estimates in the Bilboes TRS are slightly reduced after taking into account oxide mining depletion during 2023 and reclassification of oxide material to transitional or sulphide material due to grade control drilling undertaken in 2023.
The tables below compare the mineral resources and mineral reserves estimates in the Bilboes NI 43-101 Report as at
Mineral Resources Comparison | |||||||||||||||
A | B | C | Variance % (B to C) | ||||||||||||
Effective Date | December 31, 2023 | December 31, 2023 | |||||||||||||
Source | Annual Report (1300 S-K) | Annual Report (1300 S-K) | Bilboes NI-43-101 Report | ||||||||||||
Basis | Exclusive of Mineral Reserves (i.e. as per 1300 S-K) | Inclusive of Mineral Reserves (i.e. not as per 1300 S-K) | Inclusive of Mineral Reserves | ||||||||||||
Mineral Resources Classification | Tonnes | Grade | Au Content | Tonnes | Grade | Au Content | Tonnes | Grade | Au Content | Tonnes | Grade | Au Content | |||
kt | g/t | koz | kt | g/t | koz | kt | g/t | koz | kt | g/t | koz | ||||
Measured | 241 | 1.85 | 14 | 6,120 | 2.51 | 495 | 6,128 | 2.51 | 495 | 0 | % | 0 | % | 0 | % |
Indicated | 8,475 | 1.79 | 488 | 27,522 | 2.23 | 1,976 | 29,052 | 2.21 | 2,061 | -6 | % | 1 | % | -4 | % |
Total M&I | 8,716 | 1.79 | 502 | 33,650 | 2.28 | 2,470 | 35,180 | 2.26 | 2,555 | -5 | % | 1 | % | -3 | % |
Inferred | 9,118 | 1.91 | 560 | 9,118 | 1.91 | 560 | 9,475 | 1.89 | 577 | -4 | % | 1 | % | -3 | % |
Mineral Reserves Comparison | ||||||||||||
Effective Date | Variance % | |||||||||||
Source | Annual Report (1300 S-K) | Bilboes NI-43-101 Report | ||||||||||
Mineral Reserves Classification | Tonnes | Grade | Au Content | Tonnes | Grade | Au Content | Tonnes | Grade | Au Content | |||
kt | g/t | koz | kt | g/t | koz | kt | g/t | koz | ||||
Proven | 5,900 | 2.42 | 455 | 5,858 | 2.42 | 456 | 1 | % | 0 | % | 0 | % |
Probable | 19,100 | 2.31 | 1,418 | 20,785 | 2.26 | 1,509 | -9 | % | 2 | % | -6 | % |
Total | 24,900 | 2.34 | 1,873 | 26,644 | 2.29 | 1,964 | -7 | % | 2 | % | -5 | % |
Shareholder webinar
Shareholders are invited to a Zoom webinar for management to discuss the updates to the mineral resources and mineral reserves estimates. The details are as follows:
When:
Topic: Shareholder call to discuss resource update
Register in advance for this webinar:
https://caledoniamining.zoom.us/webinar/register/WN_z3uiy4INQLOqRpfUrASIIw
After registering, you will receive a confirmation email containing information about joining the webinar.
.
Enquiries: | Tel: +44 1534 679 800 Tel: +44 7817 841 793 |
Cavendish | Tel: +44 207 397 1965 Tel: +44 131 220 9775 |
Tel: +44 20 3100 2000 | |
Camarco, Financial PR ( | Tel: +44 20 3757 4980 |
3PPB (Financial PR, | Tel: +1 917 991 7701 Tel: +1 203 940 2538 |
Curate Public Relations ( | Tel: +263 77802131 |
Lloyd Mlotshwa | Tel: +263 (242) 745 119/33/39 |
The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014.
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: the estimates of mineral resources, mineral reserves, gold price, cut-off grade, costs, life of mine and other economic projections contained in this news release, the Annual Report and the technical reports described herein, and the potential of inferred mineral resources to extend Blanket’s life of mine. 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: 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.
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.
This news release has been approved by Mr Craig James Harvey, MGSSA, MAIG, Caledonia Vice President, Technical Services, the Company's qualified person as defined by Canada's National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") who has verified the data disclosed herein, including sampling, analytical and test data informing the mineral resources and mineral reserves estimates, 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.
Glossary
Unit | Definition |
% | Percent |
/ | Per |
± or ~ | Approximately |
a | Year |
g | Grammes |
g/t | Grammes per tonne |
k | Thousands (1,000) |
kg | Kilogram (1,000 g) |
km | Kilometre (1,000 m) |
koz | Kilo ounces (1,000 oz) |
kt | Kilotonnes (1,000 t) |
ktpm | Kilo tonnes per month |
m | Metre |
Moz | Million ounces (1,000,000 oz) |
Mt | Million tonnes (1,000,000 t) |
Mtpa | Million tonnes per annum |
oz | Troy Ounces |
t | Tonne |
tpd | Tonnes per day |
x | By / Multiplied by |
The following abbreviations were used in the Reports:
Abbreviation | Description |
amsl | Above Mean Sea Level |
Bilboes | |
Bilboes NI43-101 Report | Bilboes Gold Project Feasibility Study with effective date |
Blanket Mine (1983) (Pvt) Ltd | |
Blanket or the Mine | |
BQR | Blanket Quartz Reef |
Caledonia or the Company | |
CIM | |
EDGAR | Electronic Data Gathering, Analysis, and Retrieval system |
Form 20-F | Annual Report on Form 20-F pursuant to the Securities Exchange Act of 1934 |
LoM | Life of Mine |
M&I | Measured and Indicated mineral Resources |
Minxcon | |
NI 43-101 | National Instrument 43-101, Form 43-101 F1 and the Companion Policy Document 43-101CP |
NPV | Net Present Value |
QAQC | Quality Assurance and Quality Control |
QP | Qualified Person |
RoM | Run of Mine |
SEDAR | System for Electronic Document Analysis and Retrieval |
SK-1300 | Sub part 1300 of Regulation S-K of the |
New Blanket Ni43-101 | NI 43-101 Technical Report on the Blanket Gold Mine, Zimbabwe" with an effective date of 31 December 2023 |
TRS | Technical Report Summary |
TSF | Tailings Storage Facility |
Source:
2024 GlobeNewswire, Inc., source