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Caledonia is an African focused mining and exploration company with an operating gold mine in Zimbabwe, a copper-cobalt exploration project in Zambia and two platinum-nickel exploration projects in South Africa. Caledonia is listed on the TSX (CAL), and on AIM (CMCL) and its shares are traded on the NASDAQ-OTCQX (CALVF).
Caledonia Mining boost from Zambia drill resultsAugust 09 2012, 11:36am
A total of 13 of the 18 holes drilled so far have intersected copper at an average weighted grade of 0.52 per cent over 1,300 metres.
The mineralisation extends from surface to 580 metres and is open at depth and to the west and is between 10 and 27 metres thick.
Caledonia has already begun the next phase of drilling, expected to entail a further 10 holes for a total of 2,100 metres.
The objectives is to identify a possible westerly extension to the mineralised zone and improve the confidence level of the resource data.
“This work will take approximately five months to complete, subject to the onset of rains in the last two months of the year,” the company said in a statement this morning.
To date the company has carried out just under 7,400 metres of diamond drilling on Nama in two stages.
The shares rose 0.38 pence to 5.5 pence, building on the near 20 per cent rise we have seen in the past month.
“The results are encouraging and should aid the search for a potentially economic target,” said Canaccord this morning.
The City broker reckons Caladonia, which also owns the Blanket gold mine Zimbabwe, is worth 16 pence a share.