Motapa exploration drilling results impress Caledonia
VICTORIA Falls Stock Exchange-listed company, Caledonia Mining Corporation Plc, which owns Blanket Mine in Gwanda in Matabeleland South province has expressed excitement over the first results from its recent exploration programme at Motapa.
Motapa is an exploration project acquired by Caledonia in November 2022, located directly adjacent to the company’s Bilboes Gold Project in southern Zimbabwe.
In a statement, Caledonia said the combination of diamond drilling (DD) and reverse circulation drilling (RC), designed to test the continuation of sulphide zones of mineralisation below the historic oxide open pits, have generated highly encouraging results.
In addition, the company said shallower drilling in new target areas has returned encouraging results both in shallower oxide, and deeper sulphide zones.
“The results from the sampling at Motapa have delivered encouraging results in terms of strike width, length, and grade,” Caledonia chief executive officer, Mr Mark Learmonth, said.
Mr Mark Learmonth
“The drill programme featured generally wide-spaced holes at several prospects on the Motapa lease area and highlighted the presence of widespread gold mineralisation over a combined strike length of more than 9km.
“Motapa sits adjacent to Bilboes, which is where the company plans to develop a major new high-grade open pit gold mine. These initial results confirm that Motapa will continue to play a key role in the company’s growth strategy.”
Caledonia said results included significant high-grade gold mineralisation in numerous areas such as the Jupiter, Pluvious and Mpudzi areas, which will now be the focus for follow-up drilling to define an open pit mineral resource.
Motapa is located approximately 110km north of Bulawayo in Bubi District in Matabeleland North Province within state land and the tenure is held in the form of a mining lease covering approximately 2 200 hectares, which provides for both exploration and mining rights.
Meanwhile, Caledonia has said revenues in the quarter that ended 30 September were US$46,9 million, which is an accumulation of US$135,5 million in nine months.
The company said gold produced in the nine months was 56 815 ounces as compared to 55 244 ounces for the same period in 2023.
Caledonia reiterates gold production guidance for 2024 of between 74 000 and 78 000 ounces at Blanket.
“I am pleased to report that production for the quarter was in line with expectations and we remain on track to meet our production guidance for the year,” said Mr Learmonth.
“Regrettably, during the quarter we had a fatality at Blanket. I would like to extend our condolences to the family and friends of the deceased. We remain committed to improving our safety performance and delivering a zero-harm environment.
Miners at Blanket
“We continue to explore ways to reduce on-mine costs at Blanket — particularly the cost of electricity and labour where several initiatives are being implemented and further measures are under consideration.”
The board of directors has approved a quarterly dividend of 14 United States cents (US$0,14) on each of the company’s shares. — chronicle
