ST HELIER, Jersey, Feb. 06, 2023 (GLOBE NEWSWIRE) -- Caledonia Mining Corporation Plc (“Caledonia” or the “Company”) (NYSE AMERICAN: CMCL; AIM: CMCL; VFEX: CMCL) is pleased to announce an update to the NI 43-101 compliant Mineral Resources and Reserves estimates at its 64 per cent owned subsidiary, the Blanket Mine in Zimbabwe (“Blanket”)1. The total Measured and Indicated Mineral Resources estimate (“M&I”) at Blanket, inclusive of Mineral Reserves, has increased by fifty-two percent to 1,095,000 ounces of gold and the total Mineral Reserves estimate at Blanket has increased by one percent to 395,000 ounces of gold, in each case as compared to the adjusted figures explained further below2.

Minxcon (Pty) Ltd were commissioned by the Company to produce updated Mineral Resources and Mineral Reserves estimates based upon existing data, reflecting the completion of Central Shaft, and the migration to fully digital estimation protocols. The report was commissioned based upon data struck at March 31, 2022 for Mineral Resources and September 1, 2022 for Mineral Reserves.

Commenting on the Mineral Resources and Mineral Reserves update, Mark Learmonth, Chief Executive Officer said:

“I am delighted to be publishing this report reflecting the completion of Central Shaft which not only has increased M&I by 52% to over 1 million ounces, but also increased Mineral Reserves by 1% to 395,000 ounces, thus securing the long-term future of Blanket. The slight reduction in Inferred Mineral Resources is partly due to our long track record of growing Mineral Resources and successfully converting Inferred Mineral Resources into M&I, but also reflects the constrained deep level exploration due to sinking and equipping Central Shaft. We are pleased to have established new drilling platforms with resumed drilling.”

“In 2022, the Company achieved its long-term target of producing 80,000 ounces of gold at Blanket - this, coupled with a high gold price, puts the Company in a good position to start to progress our new portfolio of assets supported by cash generated from stable production at Blanket.”

The tables below compare the new NI 43-101 Mineral Resources estimate at March 31, 2022 and Mineral Reserves estimate at September 1, 2022 to the 1300 S-K TRS Mineral Resources and Reserves which were stated with an effective date of December 31, 2021 (see footnote 2 above for an explanation of column B below).

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https://www.globenewswire.com/news-release/2023/02/06/2601774/0/en/Caledonia-Mining-Corporation-Plc-Mineral-Resources-and-Reserves-Update-at-the-Blanket-Mine.html