Caledonia lifts Blanket mine resource, reserve

JOHANNESBURG (miningweekly.com) – Based on the results of a six-month diamond core drilling programme, London-listed Caledonia Mining has added 222 000 t of new inventory to the indicated resource category at its 49%-owned Blanket mine, in Zimbabwe, as well as a further 283 000 t to the inferred resource category.   

The combined total of new and upgraded indicated resources of 476 750 t was in addition to the 3.47-million tons of reserves and indicated resources following a May upgrade.

This upgrade and addition represented an increase of 14% in terms of tons and 19% in terms of contained gold, equating to two years of production at 2014 production levels.

Commenting on the resource upgrade, CEO Steve Curtis said the upgrade reflected the company's increased focus on resource development at Blanket as it progressed with the revised investment plan that would boost production levels from 2016 onwards.
 
"The upgrade represents a significant improvement in the overall confidence level of Blanket's resources. After the upgrade announced today, the division between Blanket's resource categories has improved to 62% in the measured and indicated category and 38% in the inferred category. 
 
“Caledonia will continue to look to increase the life-of-mine by further supplementing it with resource additions and upgrades as a result of the increased exploration activity, both at Blanket and at the satellite projects,” he noted.