SAINT HELIER, JE - Caledonia Mining Corporation Plc ('Caledonia' or 'the Company') is pleased to announce results from its surface exploration program at the Blanket mine ('Blanket').
The results demonstrate the presence of significant near surface gold mineralisation in a previously unknown mineralized horizon. This mineralized zone has not been exploited in the underground mine and represents an opportunity for low-cost heap leaching operations of the near surface oxide material, with potential for a sulphide extension below any potential oxide open pit. The exploration results suggest the mineralisation may represent a new orebody that has not previously been exploited by the underground mine. Further drilling is planned to assess the continuity and extent of the mineralised system at depth.
Highlights
Surface drilling confirms continuity of gold mineralisation below surface over the K-Pits target area.
Both oxide and sulphide mineralisation have been identified, supporting potential near-term development opportunities as well as longer-term exploration upside.
Metallurgical test work is underway to evaluate the amenability of the oxide mineralisation to conventional heap leaching, with encouraging preliminary results.
Work is well advanced on an updated Blanket resource statement incorporating the surface exploration programme as well as recent underground drilling. The Company expects to publish the updated resource statement in August 2026.
Follow-up drilling is planned from both surface and underground platforms to test potential extensions of the mineralisation at depth.
Selected drilling highlights for Blanket surface
Hole KPT0EX2553 - 23.00m at 2.61g/t from 0m downhole, RC, Oxide
Hole KPT0EX2561 - 6.00m at 1.97g/t from 14m downhole, RC, Oxide
Hole KPT0EX2545 - 15.00m at 1.69g/t from 0m downhole, RC, Oxide
Hole KPT0EX2545 - 4.00m at 2.08g/t from 15m downhole, RC, Transitional
Hole KPT0EX2567 - 20.00m at 1.22g/t from 19m downhole, RC, Transitional
Hole KPT0EX25124 - 12.00m at 1.20g/t from 23m downhole, RC, Transitional
Hole KPT0EX2510 - 16.00m at 6.04g/t from 29m downhole, RC, Sulphide
Hole KPT0EX2542 - 7.00m at 5.96g/t from 13m downhole, RC, Sulphide
Hole KPT0EX2576 - 5.00m at 3.96g/t from 40m downhole, RC, Sulphide
Why this discovery is important
The K-Pits programme was originally designed to evaluate near-surface targets within the Blanket mining lease that had received little exploration attention. Results from trenching and reverse circulation drilling have confirmed the presence of significant gold mineralisation associated with shear structures and lithological contacts.
Importantly, geological interpretation suggests the mineralisation may represent a separate mineralised system located approximately 200 metres east of the nearest projected underground orebody. This raises the possibility that the K-Pits target represents a previously unrecognised mineralised horizon that has not been exploited by historic underground mining activities.
The presence of near-surface oxide mineralisation is particularly significant because it may be amenable to conventional heap leach processing, potentially offering a lower-cost route to extracting gold compared to underground mining. Metallurgical test work is underway to assess this opportunity.
Chief Executive Officer, Mark Learmonth, said: 'This is an exciting development at Blanket and further demonstrates the significant exploration potential that exists within the mining area. We are well advanced in our work to incorporate the results of this surface exploration programme into a revised resource statement expected to be published in August 2026, which will reflect the results of surface and underground exploration at Blanket alongside the exploration programme at Motapa, where we recently announced encouraging initial drilling results.
'We have commenced metallurgical test work on the oxide material at Blanket to evaluate its amenability for conventional heap leaching and the preliminary results are encouraging. If the conclusion of the test work shows an acceptable recovery, we intend to commence a trial heap leach operation on an initial sample of 10,000 tonnes of material during the second half of 2026. The potential to develop a low-cost processing route for this near-surface mineralisation could provide an attractive opportunity to complement Blanket's existing underground operations and unlock additional value.'
Contact:
Mark Learmonth
Tel: +44 1534 679 800
Camilla Horsfall
Tel: +44 7817 841 793
Lloyd Mlotshwa
Tel: +263 (242) 745 119
Overview of the Blanket Surface Exploration Program
The Blanket surface exploration program commenced in 2024 with geological mapping, geophysical surveys, trenching, and historical data collation.
The initial work informed targets for wide spaced surface trenching to understand the geology, both structural and lithological, for the area.
During 2025, a total of 2,304.1m of trenching from 13 trenches and a total of 7,063 of shallow RC drilling was completed at the K-Pit target, focused primarily on examining the area for oxide gold mineralisation that may be amenable to low-cost surface heap leaching operations.
Location of the activities
The exploration area is located within the mining lease boundary of Blanket. Blanket is located in the southwest of Zimbabwe, approximately 15 km northwest of Gwanda, the provincial capital of Matabeleland South. Gwanda is located 147 km southeast of Bulawayo, 197km northwest of the Beitbridge Border post with South Africa, and 560km from Harare.
Caledonia's Bilboes property, currently in the development stage, and the Motapa exploration property is located further to the north of Blanket.
(C) 2026 Electronic News Publishing, source ENP Newswire