Caledonia Mining Corporation PLC (LON:CMCL, TSX:CAL) has unveiled a significant upgrade to the resource base of its Blanket Gold Mine in Zimbabwe.
Following a drilling programme, 343,000 tonnes have been upgraded from the inferred to the higher-confidence indicated resource category.
At the same time an additional 1.3mln tonnes of new inventory has been added to inferred resource base.
This latest upgrade combined with the results from a similar exercise last December have boosted the reserves and indicated resources that can be used in the life of mine plan by 67% to just under 4.9mln tonnes.
Chief executive Steve Curtis said: "I am confident that the life of mine will be further supplemented by resource additions and upgrades as a result of the increased exploration activity, both at Blanket and also at the satellite projects."