Bulawayo, Zimbabwe – Caledonia Mining Corporation Plc (AIM: CMCL; NYSE: CMCL) today announced significant findings from its surface drilling program at the Blanket Gold Mine in Zimbabwe, indicating the presence of a new gold orebody distinct from its existing underground operations. The exploration efforts have revealed substantial gold mineralisation potential that has previously remained unexploited.
The company’s comprehensive exploration program has successfully identified both oxide and sulphide mineralisation. Geological interpretations suggest that this newly discovered mineralised system is situated approximately 200 meters east of the nearest projected underground orebody, leading to the conclusion that it likely represents a new and independent gold deposit.
In parallel with the exploration, metallurgical testwork is currently underway to assess the viability of processing the oxide mineralisation through conventional heap leaching methods. Initial results from these tests have been described as encouraging, suggesting a potentially cost-effective extraction route for this near-surface resource.
Caledonia anticipates publishing an updated Mineral Resource Statement for the Blanket Mine in August 2026. This forthcoming statement will incorporate detailed information from the ongoing surface exploration program, as well as recent results from underground drilling activities. Further drilling campaigns, both from surface and underground platforms, are planned to delineate the continuity and extent of this promising mineralised system at depth.
The K-Pits exploration program, a key component of Caledonia’s strategy, was specifically designed to evaluate underexplored near-surface targets within the Blanket mining lease. Through a combination of trenching and reverse circulation drilling, the program has confirmed significant gold mineralisation, consistently associated with shear structures and lithological contacts.
Mark Learmonth, Chief Executive Officer of Caledonia, commented on the developments:
“We are well advanced in our work to incorporate the results of this surface exploration programme into a revised resources statement expected to be published in August 2026, which will reflect the results of surface and underground exploration at Blanket alongside the exploration programme at Motapa, where we recently announced encouraging initial drilling results.”
Learmonth further highlighted the strategic implications of the discovery:
“If the conclusion of the test work shows an acceptable recovery, we intend to commence a trial heap leach operation on an initial sample of 10,000 tonnes of material during the second half of 2026. The potential to develop a low-cost processing route for this near-surface mineralisation could provide an attractive opportunity to complement Blanket’s existing underground operations and unlock additional value.”
This discovery and the potential for a new processing route could significantly enhance the economic profile of the Blanket Mine, offering a valuable complement to its established underground mining activities.
