Caledonia reports maiden resource estimate at Motapa property

Caledonia Mining Corporation Plc has announced its first mineral resource estimate for its Motapa property in Zimbabwe. The estimate, in line with Canada's National Instrument 43-101, includes 7.8 million tonnes of measured and indicated resources, containing 379,000 ounces of gold at a 0.5 grams per tonne cut-off grade. Additionally, there is an inferred resource of 2.7 million tonnes at 1.48 grams per tonne, holding 131,000 ounces of gold.

Caledonia purchased the property in November 2022 for $8.25 million, and has spent $7.084 million on exploration activities from 2023-2025. The mineral resource is primarily located at Motapa North, adjacent to Caledonia's Bilboes Gold Project, which is currently in the development stage with first production expected by the end of 2028. The company expects exploration to continue during the construction of the Bilboes project.