Caledonia Mining Corporation PLC (LON:CMCL) has raised its estimate of the mineable gold at Blanket in Zimbabwe by 6%, an upgrade that might extend the mine’s life.
Steve Curtis, chief executive, said the improvement underscored the overall confidence level in Blanket's resources.
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Total measured and indicated gold ounces now amount to 714,000 ounces compared to 671,000 ounces at the end of 2016.
Curtis added the miner is modifying the life-of-mine plan at Blanket to include the additional ounces where possible with a view to extending its life.
Caledonia owns 49% of the mine and is midway through a major expansion that includes a new central shaft.
There was a slight reduction in the average grade to 3.98g/t from 4.31g/t, but this grade remains well above what is being processed currently.
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Inferred resources, a less certain classification, rose by 47% to 887,000oz or 5.53mln tonnes at a grade of 4.99g/t.
The miner added resources at Blanket have now risen for six sixth successive years since 2011 even though over 250,000oz of gold had been dug out during this period.