Sign up USA
Proactive Investors - Run By Investors For Investors

Caledonia Mining ups resources at Blanket mine for sixth successive year

The miner is modifying the current life-of-mine plan at Blanket to include the new ounces
picture of gold
Another upgrade to the gold at Blanket in Zimbabwe

Caledonia Mining Corporation PLC (LON:CMCL) has raised its estimate of the mineable gold at Blanket in Zimbabwe by 6%, an upgrade that might extend the mine’s life.

Steve Curtis, chief executive, said the improvement underscored the overall confidence level in Blanket's resources.

WATCH: Caledonia Mining expecting strong finish to 2017 after record quarter

Total measured and indicated gold ounces now amount to 714,000 ounces compared to 671,000 ounces at the end of 2016.

Curtis added the miner is modifying the life-of-mine plan at Blanket to include the additional ounces where possible with a view to extending its life.

Caledonia owns 49% of the mine and is midway through a major expansion that includes a new central shaft.

There was a slight reduction in the average grade to 3.98g/t from 4.31g/t, but this grade remains well above what is being processed currently.

READ: Caledonia Mining Corporation on schedule with Blanket ramp up

Inferred resources, a less certain classification, rose by 47% to 887,000oz or 5.53mln tonnes at a grade of 4.99g/t.

The miner added resources at Blanket have now risen for six sixth successive years since 2011 even though over 250,000oz of gold had been dug out during this period.

View full CMCL profile View Profile

Caledonia Mining Corporation Timeline

Related Articles

Picture of green hills in Serbia
July 20 2018
Taor held two exploration licences totalling around 100 sq km adjacent to the Suva Ruda licence
Gold bullion
March 11 2018
An expanded prefeasibility study has confirmed the potential to generate annual production of 200,000 ounces at Matilda-Wiluna.
Otis Gold makes leap at Kilgore with improved indicated resource as CEO upbeat about size of project
August 21 2018
Significantly, the higher confidence indicated resource has been lifted by 59% compared to a previous report six years ago.

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You understand that the Company receives either monetary or securities compensation for our services. We stand to benefit from any volume this write-up may generate.

You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

Copyright ©, 2018. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use