Caledonia Mining Corporation PLC (AIM:CMCL, NYSE-A:CMCL, VFEX:CMCL) told investors that high-grade drilling at Motapa in Zimbabwe has strengthened the case for the exploration property to become a strategic extension of its Bilboes gold project.
The company said 2025 work confirmed gold mineralisation across multiple zones, including continuity along around 6km of strike within the Bubi Greenstone Belt and multiple mineralised shear zones at Motapa North, Central and South.
Motapa North returned standout intercepts of 19.0 metres at 8.08 grams per tonne gold, 6.38 metres at 13.95g/t, 12.0 metres at 7.12g/t and 14.0 metres at 4.31g/t. Results from Motapa Central included 7.0 metres at 2.39g/t, 3.0 metres at 4.79g/t and 2.0 metres at 5.25g/t.
Motapa sits directly beside Bilboes, where Caledonia is advancing plans for a major open-pit operation based on proven and probable reserves of 1.75 million ounces of gold in 24.1 million tonnes of ore at an average grade of 2.26g/t.
Chief executive Mark Learmonth said the results showed the potential to “significantly enhance the long-term value” of Bilboes, while noting the company’s immediate focus remains on developing Bilboes and targeting first gold in Q4 2028.
Caledonia expects to publish a maiden mineral resource estimate for parts of Motapa in Q3 2026.
