Caledonia Mining Corporation PLC (AIM:CMCL, NYSE-A:CMCL, VFEX:CMCL) has told investors that surface drilling at its Blanket mine in Zimbabwe has uncovered a previously unrecognised gold zone that could support a lower-cost heap leach operation alongside the existing underground mine.
The K-Pits target contains both near-surface oxide material and deeper sulphide mineralisation. Standout results included 23 metres grading 2.61 grams per tonne gold from surface in oxide material and 16 metres at 6.04 g/t from 29 metres in sulphides.
Caledonia said the mineralised system lies around 200 metres east of the nearest projected underground orebody, raising the possibility that it represents a separate deposit untouched by historic mining. Metallurgical testing of the oxide material is underway, with preliminary results described as encouraging.
Chief executive Mark Learmonth said that, subject to acceptable recovery results, Caledonia intends to process an initial 10,000-tonne sample through a trial heap leach operation during the second half of 2026.
An updated Blanket resource statement is expected in August, followed by further drilling to test the zone’s depth extensions.
