Caledonia Mining Corporation PLC (AIM:CMCL, NYSE-A:CMCL) has announced a raft of upgrades to the reserves and resources at its 64%-owned Blanket mine in Zimbabwe, extending the life to 2034 and beyond.
Blanket's 1300 S-K mineral reserve and mineral resource ounces rise by 111% and 36% respectively, with a 7% and 23% increase in mineral reserve and mineral resource grade.
Total mineable resources and reserve ounces rise by 106% and 63% respectively, with a 5% and 14% increase in mineral reserve and M&I mineral resource grade respectively.
Inferred resources also go up, by 26%, with an increase in the inferred mineral resource grade of 28%.
Based on the new reserves only, Caledonia estimates Blanket's life of mine is now 2034, but management believes that conversion of the inferred resources can take the mine's life past 2040.
Mark Learmonth, chief executive, said he was delighted with the results at Blanket, which follow widespread drilling in 2023.
“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."