HomeNewsCaledonia Mining increases & upgrades Blanket resource base

Caledonia Mining increases & upgrades Blanket resource base

Based on the diamond core drilling that has been done at depth below the Blanket Section over the past half year, approximately 343 000 t have been upgraded from the inferred to the indicated resource category and an additional 1 276 000 t of new inventory has been added to inferred resources.

This upgraded indicated resource of 343 000 t, combined with the resources upgraded during 2015, have increased the quantum of reserves and indicated resources that may be used in the life of mine plan – from 2 934 000 t used for the technical report prepared by Minxcon in December 2014 – to 4 889 000 t currently and represents an increase of 67% in terms of mineable tonnes and hence in the life of the mine.

The decline in measured resources is due to the production depletion for the first half year and will be recomputed at the end of the year.

Steve Curtis, Caledonia Mining’s President and CEO says that this upgrade reflects the on-going focus on resource development at Blanket mine and it should be noted that the upgrades are only in the Blanket section of the mine and that further resource upgrades in the AR South, AR Main and Eroica sections will be released in the second half of the year.

“The upgrade of approximately 343 000 t from inferred resource to indicated resource underscores the overall confidence level of Blanket’s resources,” says Curtis.

“The significant increase in new inferred resources occurred at depth and paves the way for the phase 2 expansion programme to extend mining below the current target depth of 990 m level.”

“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,” Curtis concludes.