TIDMCMCL
RNS Number : 4371F
Caledonia Mining Corporation PLC
07 November 2022
Caledonia Mining Corporation Plc
Updated Mineral Resources and Technical Report for Maligreen
(NYSE AMERICAN: CMCL; AIM: CMCL; VFEX: CMCL)
St Helier, November 7, 2022 - Caledonia Mining Corporation Plc
("Caledonia" or the "Company") is pleased to announce an update to
the NI 43-101 compliant Mineral Resources statement at the
Company's 100% owned Maligreen project in the Zimbabwe Midlands
("Maligreen") and the publishing of an updated technical report
with an effective date of September 30, 2022 (the "2022 Technical
Report")[1]. The 2022 Technical Report replaces the previous
technical report filed on SEDAR in November 2021 as the current
technical report for the Maligreen project. Since Caledonia
acquired the Maligreen claims in November 2021 it has been focused
on reviewing the geological work conducted at the property with a
view to upgrading the Mineral Resources in 2022.
Highlights
-- Measured and Indicated Mineral Resources of 8.03 million
tonnes at a grade of 1.71g/t containing approximately 442 thousand
ounces of gold[2]
-- Inferred Mineral Resources of 6.17 million tonnes at a grade
of 2.12g/t containing approximately 420 thousand ounces of
gold2
Table of Mineral Resources
Mineral Resources Effective August 31, 2021[3] September 30, 2022
Dates
Tonnes Grade (g/t) Contained Tonnes Grade (g/t) Contained
(Mt) Gold (koz) (Mt) Gold (koz)
------- ------------ ------------ ------- ------------ ------------
Measured - - - 1.65 2.37 125.5
------- ------------ ------------ ------- ------------ ------------
Indicated - - - 6.37 1.55 316.8
------- ------------ ------------ ------- ------------ ------------
Total Measured & Indicated - - - 8.03 1.71 442.3
------- ------------ ------------ ------- ------------ ------------
Inferred 15.59 1.88 940 6.17 2.12 420.3
------- ------------ ------------ ------- ------------ ------------
Caledonia will continue to evaluate the potential of Maligreen
with a view to developing the project within the context of the
Company's project pipeline taking strategic priorities into
account, specifically the recently announced Bilboes project, also
located in the Zimbabwe Midlands, which is a far more advanced
project.
Commenting on the announcement, Mark Learmonth, Chief Executive
Officer, said:
"We are pleased to announce an upgrade to the Mineral Resources
at Maligreen. Today's announcement which improves the geological
confidence of approximately half the Mineral Resources from
Inferred to Measured and Indicated Mineral Resources supports our
confidence in the project and its geological prospectivity. We
expect to continue our evaluation work on the project, in line with
other strategic and capital priorities for the business into the
future as we build an attractive project and exploration pipeline
in Zimbabwe ."
This news release has been approved by Mr Dana Roets (B Eng
(Min.), MBA, Pr.Eng., FSAIMM, AMMSA), Chief Operating Officer, the
Company's qualified person as defined by Canada's National
Instrument 43-101 - Standards of Disclosure for Mineral Projects
("NI 43-101"). Mr. Uwe Engelmann (BSc (Zoo. & Bot.), BSc Hons
(Geol.), Pr.Sci.Nat. No. 400058/08, MGSSA) of Minxcon (Pty) Ltd has
verified the data disclosed herein, including sampling, analytical
and test data informing the mineral resources estimate by reviewing
the methodologies, results and all procedures undertaken in a
manner consistent with industry practice, and all matters were
consistent and accurate according to his professional judgement.
There were no limitations on the verification process.
Caledonia Mining Corporation Plc
Mark Learmonth Tel: +44 1534 679 802
Camilla Horsfall Tel: +44 7817 841793
Cenkos Securities plc (Nomad and Joint
Broker) Tel: +44 207 397 1965
Adrian Hadden Tel: +44 131 220 9771
Neil McDonald Tel: +44 131 220 9775
Pearl Kellie
Liberum Capital Limited (Joint Broker)
Scott Mathieson/Kane Collings Tel: +44 20 3100 2000
BlytheRay Financial PR
Tim Blythe/Megan Ray Tel: +44 207 138 3204
3PPB
Patrick Chidley Tel: +1 917 991 7701
Paul Durham Tel: +1 203 940 2538
Curate Public Relations (Zimbabwe)
Debra Tatenda Tel: +263 77802131
IH Securities (Private) Limited (VFEX
Sponsor - Zimbabwe)
Dzika Dhana Tel: +263 (242) 745 119/33/39
Lloyd Mlotshwa
Note: The information contained within this announcement is
deemed by the Company to constitute inside information under the
Market Abuse Regulation (EU) No. 596/2014 ("MAR") as it forms part
of UK domestic law by virtue of the European Union (Withdrawal) Act
2018 and is disclosed in accordance with the Company's obligations
under Article 17 of MAR.
Cautionary Note Concerning Forward-Looking Information
Information and statements contained in this news release that
are not historical facts are "forward-looking information" within
the meaning of applicable securities legislation that involve risks
and uncertainties relating, but not limited, to Caledonia's current
expectations, intentions, plans, and beliefs. Forward-looking
information can often be identified by forward-looking words such
as "anticipate", "believe", "expect", "goal", "plan", "target",
"intend", "estimate", "could", "should", "may" and "will" or the
negative of these terms or similar words suggesting future
outcomes, or other expectations, beliefs, plans, objectives,
assumptions, intentions or statements about future events or
performance. The forward-looking information contained in this news
release is based, in part, on assumptions and factors that may
change or prove to be incorrect, thus causing actual results,
performance or achievements to be materially different from those
expressed or implied by forward-looking information. Such factors
and assumptions include, but are not limited to: the establishment
of estimated resources and reserves, the grade and recovery of
minerals which are mined varying from estimates, success of future
exploration and drilling programs, reliability of drilling,
sampling and assay data, the representativeness of mineralization
being accurate, success of planned metallurgical test-work, capital
availability and accuracy of estimated operating costs, obtaining
required governmental, environmental or other project approvals,
inflation, changes in exchange rates, fluctuations in commodity
prices, delays in the development of projects and Caledonia's
experience of project development in Zimbabwe and other
factors.
To the extent any forward-looking information herein constitutes
a financial outlook or future oriented financial information,
any such statement is made as of the date hereof and included
herein to provide prospective investors with an understanding of
the Company's plans and assumptions. Security holders, potential
security holders and other prospective investors should be aware
that these statements are subject to known and unknown risks,
uncertainties and other factors that could cause actual results to
differ materially from those suggested by the forward-looking
statements. Such factors include, but are not limited to: risks
relating to estimates of mineral reserves and mineral resources
proving to be inaccurate, fluctuations in gold price, risks and
hazards associated with the business of mineral exploration,
development and mining, risks relating to the credit worthiness or
financial condition of suppliers, refiners and other parties with
whom the Company does business; inadequate insurance, or inability
to obtain insurance, to cover these risks and hazards, employee
relations; relationships with and claims by local communities and
indigenous populations; political risk; risks related to natural
disasters, terrorism, civil unrest, public health concerns
(including health epidemics or outbreaks of communicable diseases
such as the coronavirus (COVID-19)); availability and increasing
costs associated with mining inputs and labour; the speculative
nature of mineral exploration and development, including the risks
of obtaining or maintaining necessary licenses and permits,
diminishing quantities or grades of mineral reserves as mining
occurs; global financial condition, the actual results of current
exploration activities, changes to conclusions of economic
evaluations, and changes in project parameters to deal with
unanticipated economic or other factors, risks of increased capital
and operating costs, environmental, safety or regulatory risks,
expropriation, the Company's title to properties including
ownership thereof, increased competition in the mining industry for
properties, equipment, qualified personnel and their costs, risks
relating to the uncertainty of timing of events including targeted
production rate increase and currency fluctuations. Security
holders, potential security holders and other prospective investors
are cautioned not to place undue reliance on forward-looking
information. By its nature, forward-looking information involves
numerous assumptions, inherent risks and uncertainties, both
general and specific, that contribute to the possibility that the
predictions, forecasts, projections and various future events will
not occur. Caledonia
undertakes no obligation to update publicly or otherwise revise
any forward-looking information whether as a result of new
information, future events or other such factors which affect this
information, except as required by law.
National Instrument 43-101 - Standards of Disclosure for Mineral
Projects ("NI 43-101") is a rule of the Canadian Securities
Administrators which establishes standards for all public
disclosure an issuer makes of scientific and technical information
concerning mineral projects. Unless otherwise indicated, all
reserves and resource estimates contained in this press release
have been prepared in accordance with NI 43-101 and the Canadian
Institute of Mining, Metallurgy and Petroleum Classification
System. These standards differ from the requirements of the U.S.
Securities and Exchange Commission (the "SEC"), and reserve and
resource information contained in this press release may not be
comparable to similar information disclosed by U.S. companies. The
requirements of NI 43-101 for identification of reserves and
resources are also not the same as those of the SEC, and any
reserves or resources reported in compliance with NI 43-101 may not
qualify as "reserves" or "resources" under SEC standards.
Accordingly, the mineral reserve and resource information set forth
herein may not be comparable to information made public by
companies that report in accordance with United States
standards.
This news release is not an offer of the shares of Caledonia for
sale in the United States or elsewhere. This news release shall not
constitute an offer to sell or the solicitation of an offer to buy,
nor shall there be any sale of the shares of Caledonia, in any
province, state or jurisdiction in which such offer, solicitation
or sale would be unlawful prior to registration or qualification
under the securities laws of such province, state or
jurisdiction.
[1] Refer to technical report entitled " Caledonia Mining
Corporation Plc Updated NI 43-101 Mineral Resource Report on the
Maligreen Gold Project, Zimbabwe dated November 3, 2022 prepared by
Minxcon (Pty) Ltd and being filed on SEDAR ( www.sedar.com )
today.
[2] The following assumptions were applied in estimating the
Mineral Resources:
1 - Gold price of USD1,800/oz used to determine cut-offs
2 - Mineral Resources have been depleted for surface mining that
has occurred
3 - Mineral Resources cut-off of 0.4g/t Au for open pit
(<220m below surface) and 1.5g/t Au for underground (>220m
below surface) was applied
4 - Densities utilised were 2.57 t/m(3) for oxide and
transitional and 2.65 t/m(3) for sulphide material
5 - Geological losses applied of 5% for Measured, 10% for
Indicated and 15% for Inferred Mineral Resources
6 - Mineral Resources reported as total Mineral Resources and
are not attributed
7 - All tonnages are reported in metric tonnes and gold content
conversion calculations based on a conversion of 1kg = 32.15076
oz
[3] Refer to technical report entitled " Caledonia Mining
Corporation Plc NI 43-101 Mineral Resource Report on the Maligreen
Gold Project, Zimbabwe dated November 2, 2021 prepared by Minxcon
(Pty) Ltd and filed on SEDAR ( www.sedar.com ) on November 4,
2021.
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END
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