Caledonia Mining Corporation Plc: Encouraging results from exploration at the Motapa Gold Project

Published

ST HELIER, Jersey, Nov. 11, 2024 (GLOBE NEWSWIRE) -- Caledonia Mining Corporation Plc (“Caledonia” or “the Company”) (NYSE AMERICAN: CMCL; AIM: CMCL; VFEX: CMCL) is pleased to announce the first results from its recent exploration program at Motapa, an exploration project acquired in November 2022, located directly adjacent to the Company’s Bilboes Gold Project in southern Zimbabwe.  

At Motapa, the combination of diamond drilling (“DD”) and reverse circulation drilling (“RC”), designed to test the continuation of sulphide zones of mineralisation below the historic oxide open pits, have returned highly encouraging results. In addition, shallower drilling in new target areas has returned encouraging results both in shallower oxide, and deeper sulphide zones.

The program to date has achieved the initial objectives and included 12,724m of trenching, 4,143m of DD and 5,433m of RC. The drill program featured generally wide-spaced holes at several prospects on the Motapa lease area and highlighted the presence of widespread gold mineralization over a combined strike length of more than 9km. Results included significant high grade gold mineralization in numerous areas (e.g. in particular the Jupiter, Pluvious and Mpudzi areas) which will now be the focus for follow up drilling with a view to defining an open pit mineral resource. Drilling highlights to date include:

  • Hole JPRC01 – 12.00m* at 6.36g/t from 81m downhole, RC
  • Hole JPRC05 - 13.00m at 5.17g/t from 88m downhole, RC
  • Hole PLVRC06 - 7.00m at 3.27g/t from 64m downhole, RC
  • Hole MPZRC02 - 4.00m at 10.95g/t from 12m downhole, RC
  • Hole JDD08 - 14.00m at 3.20g/t from 63m downhole, DD
  • Hole PLVDD01 - 8.00m at 4.00g/t from 74m downhole, DD

*all intersections above are down hole intersections; estimated true widths, all drill hole intersections are quoted in the tables later in this press release.

Further information on the results is provided below.

Chief Executive Officer, Mark Learmonth, said:

“The results from the sampling at Motapa have delivered encouraging results in terms of strike width, length and grade. The drill program featured generally wide-spaced holes at several prospects on the Motapa lease area and highlighted the presence of widespread gold mineralization over a combined strike length of more than 9 km.

“Motapa sits adjacent to Bilboes, which is where the Company plans to develop a major new high grade open pit gold mine. These initial results confirm that Motapa will continue to form a key role in the Company’s growth strategy.”

Enquiries:

Caledonia Mining Corporation Plc Mark Learmonth Camilla Horsfall Tel: +44 1534 679 800 Tel: +44 7817 841 793
  
Cavendish Capital Markets Limited (Nomad and Joint Broker) Adrian Hadden Pearl Kellie Tel: +44 207 397 1965Tel: +44 131 220 9775
  
Panmure Liberum Limited (Joint Broker) Scott Mathieson Matt Hogg Tel: +44 20 3100 2000
  
Camarco, Financial PR (UK) Gordon Poole Julia Tilley Elfie Kent Tel: +44 20 3757 4980
  
3PPB (Financial PR, North America) Patrick Chidley Paul Durham Tel: +1 917 991 7701Tel: +1 203 940 2538
  
Curate Public Relations (Zimbabwe) Debra Tatenda Tel: +263 77802131
  
IH Securities (Private) Limited (VFEX Sponsor - Zimbabwe) Lloyd Mlotshwa Tel: +263 (242) 745 119/33/39

Overview of Motapa Exploration Program

  • The Motapa exploration program commenced in 2023 with geological mapping, geophysical surveys, trenching, and a later program in 2024 of surface exploration drilling.
  • The initial work informed targets for wide spaced drilling to test mineralization below the historically mined oxide open pits and in new target areas which have not yet been mined.
  • To date, 12,724m of trenching, 4,143m of DD and 5,433m of RC have been completed, marking the end of the 2024 exploration drilling activities.
  • To date, complete data (assay results) have been received for 93% of DD samples and 61% of RC samples submitted for analysis at external laboratories.  A total of 13,374 trench samples have been analyzed by means of bottle roll analysis at the Company’s internal laboratory at Bilboes.
  • Caledonia believes that the property presents substantial upside from both greenfield and brownfield exploration opportunities.
  • Further updates will be provided on the completion and assessment of the outstanding assay results.

Details of the Program

Motapa is located approximately 110km north of Bulawayo in the Bubi District of the Matabeleland North Province of Zimbabwe. The tenement is within state land under the jurisdiction of the Bubi Rural District and the tenure is held in the form of a mining lease covering approximately 2,200 hectares which provides for both exploration and mining rights. The locality of Motapa is shown relative to other key Caledonia properties in Figure 1. Caledonia’s Bilboes property and associated large scale new development project is located directly to the north of Motapa with Bilboes and Motapa sharing a lease boundary.

The mining lease area is part of the Bubi Greenstone Belt and occupies a ± 6km stretch of an elongated northeast - southwest trending intensely sheared broad shear zone with three main mineralised footprints. Named from the north, these shear structures are Motapa North, Motapa Central and Motapa South (Figure 2).

Figure 1: General Locality of the Motapa Exploration Project, Zimbabwe.

General Locality of the Motapa Exploration Project, Zimbabwe.

Figure 2: Surface Geology and Main Shear Zones at the Motapa Exploration Project.

Surface Geology and Main Shear Zones at the Motapa Exploration Project.

(Refer to Figure 3 for precise extent of the mining lease boundary.)

Caledonia believes that the property presents both greenfield and brownfield upside exploration opportunities, and the proximity to the planned development at Bilboes makes Motapa strategically very important for Caledonia, given the potential synergies between the two.

Initial exploration activities at Motapa commenced in 2023 and comprised the following:

  • Detailed geological mapping of the tenement
  • Historical data collation of previous exploration and mining activities
  • Aero-magnetics flown by drone
  • Ground penetrating radar (LOZA) surveys to identify underground voids

These activities, completed in the same calendar year, were used to define an exploration program for 2024. The total exploration works program originally planned comprised the following:

  • 22,212 meters of surface trenching
  • 3,987 meters of DD, 3,502 samples submitted of which 3,268 assays have been received.
  • 4,663 meters of RC, 4,226 samples submitted of which 2,575 assays have been received.

To date, 12,724m of trenching, 4,143m of DD and 5,433m of RC have been completed, marking the end of the 2024 exploration drilling activities. Figure 3 shows approximate locations of trenching sites, while Figures 4, 5 and 6 are air photos showing the North, Central and South known mineralized trends on Motapa, in relation to old workings with drill hole locations marked.

To date, complete data (assay results) have been received for 93% of DD samples and 61% of RC samples submitted for analysis at external laboratories. A total of 13,374 trench samples have been analyzed by means of bottle roll analysis at the Company’s internal laboratory at Bilboes.

Trenching and infill mapping identified Slates, Meta-andesites and BIFs as host rocks to gold mineralization. Gold mineralization is associated with extensive sericite, carbonate, silica, pyrite, arsenopyrite and magnetite alteration. From logging of RC and DD drill hole core, it is evident that mineralization is predominantly structurally controlled and associated with intense shearing, silicification and sulphidisation (pyrite and arsenopyrite) in slates, quartz feldspar porphyries (Motapa North) and Meta-Andesites and BIF (Motapa Central and South). Sporadic decent widths (+5m), high-grade zones are mostly ascribed to Motapa North Jupiter and Shawl orebodies, with the widest zone encountered being 12.04m at 3.20g/t at Jupiter.

Trenching and drilling methodology and results are discussed in sections later on in this document.

Key Conclusions Regarding Work to Date

Motapa North

The historic oxide open pits are located approximately 250 meters to the south of the shared Bilboes property boundary and a few hundred meters further to the planned metallurgical facility at Bilboes. Exploration drilling during 2024 was focused more on the northern trend which has returned sufficiently encouraging results to warrant further follow up drilling during 2025. The focus of further drilling will be to define an open pit mineral resource in the near term along the 2,750-meter strike length of Motapa North with drill section lines planned at a 25 meter spacing.

Motapa Central

Historically, underground mining took place in the western portion of Motapa Central along the Club section. Underground working and assay plans show that highly encouraging grades were mined in the past, and therefore exploration drilling has been focused on the eastern portion in the Mpudzi section.

The Mpudzi section has no historical open pits and exploration drilling encountered shallow high grade mineralisation with deeper drill holes showing the continuation of these zones at depth. The shallow mineralisation appears to be oxidised and further drilling with the aim to define a near-term oxide mineral resource is planned for 2025.

Motapa South

Limited drillholes were planned and executed at Motapa South due to both the north and central areas taking precedence because of their proximity to Bilboes. Going forward for 2025, limited drilling will take place with drilling to intensify during 2026 and 2027.

Figure 3: Trenching Localities at the Motapa Exploration Project.

Trenching Localities at the Motapa Exploration Project.

Figure 4: Motapa North strike DD and RC drillhole collars.

Motapa North strike DD and RC drillhole collars.

Figure 5: Motapa Central strike DD and RC drillhole collars.

Motapa Central strike DD and RC drillhole collars.

Figure 6: Motapa South strike DD and RC drillhole collars.

Motapa South strike DD and RC drillhole collars.

Clarification of mining lease area

During the Motapa drilling project, a discrepancy was discovered between the mining area noted in the registered mining lease (2,224 hectares) and a historic map of the area by the Surveyor General which was supposed to have informed the extent of the lease (2,161 hectares). Management’s view is that the excluded area has no implications on the ongoing exploration project as there were no plans to explore there and it is not material to Motapa’s development plans. Furthermore, the exclusion of the old tailings dump has reduced the Company’s rehabilitation liability in respect of Motapa.

In summary, the Surveyor General’s map excludes an access road through the area, an old tailings dump and small parts of pits in the central strike zone of the area (see Figure 3 for more detail). The Ministry of Mines has been contacted to resolve the discrepancy and it is likely that the lease will be updated in due course to clarify that the excluded area is not part of the lease, given that the Surveyor General’s map is likely to take precedence.

Trenching and trench sampling methodology

After the geologist has noted that the trench has successfully been excavated to bedrock, the sample intervals are set out on the side walls. At the start of the sample line, a peg is installed into the floor with the trench number. A clean, exposed side of the trench is chosen and maintained throughout the sampling process. The sidewall is cleaned with a shovel to ensure an uncontaminated face is exposed for sampling. Thereafter sample localities are marked on the sidewall.

Sampling is done at one-meter intervals respecting lithological contacts, alterations and structures. A minimum sampling width of 0.3m and maximum of 1m are observed throughout the sample interval marking. A clean sample mat is placed on the floor of the trench and samples are chipped from the bedrock sidewall into a sample pan. Samples are ticketed and placed in a sample bag closed with twine. Sample tickets, locality and weights are recorded on the sample sheet record for each trench.

A total of 15% per batch consists of check samples comprising one standard, one field duplicate and one blank (Dolerite Dyke). Each batch contains a total of 20 samples inclusive of check samples. Trench samples are assayed on site by means of a bottle roll assay at the Company’s Isabella laboratory situated at Bilboes.

Samples above a cut-off grade of 0.10g/t bottle roll grade are selected for fire assay. These samples are composited and sent for analysis at an external laboratory.

The compositing of samples is guided by lithology as well as alteration domains; no sampling will be done across different domains. Outliers with anomalously high grades are not composited unless they are part of a homogenous lithological and alteration domain. When compositing in wider ore zones, a composite sample is made by combining five samples, whilst in narrow ore zones two samples will make up a composite sample. The homogenized sample is split using a riffle splitter to get two 2kg samples to be delivered to the external laboratory for bottle roll analysis and the other for fire assay.

Total meters trenched to date amount to 12,724m, with 13,374 samples being collected from 56 trenches (see Figure 3). Of these samples, 907 samples were selected for fire assay at an external laboratory with results received for 710 samples to date. The longest trench was MTR12 with 894m. The trenches were approximately 0.5-2m deep, were sampled on an individual basis and provided exposures for geological mapping.

Using a 0.1 g/t gold lower cut-off, for the 16 trenches with analytical results (16 of 53), 10 trenches (63%) intersected mineralization. Trenches that intersected gold mineralization are summarized in Table 1. The widest zone of mineralization encountered was 19.32m at 0.36 g/t (MTR25A) with a peak value of 11.75 g/t. However, most of the mineralization widths are pervasively narrow.

Widely spaced trenches (100m) MTR27, MTR27_1E, MTR27_2E and MTR25 have suggested a continuity of mineralization over a 250m strike length. Mineralization has also been encountered in trench MTR9 in anomalies located along Motapa Central strike.

Trenching and infill mapping is highlighting increased recognition of slates, andesites and BIF lithologies as host rocks to gold mineralization. Gold mineralization is associated with extensive sericite, carbonate, silica, pyrite and/or magnetite alteration. Drill testing of the priority targets is in progress.

Surface drilling

Sixty-two down-the-hole surveys were conducted on RC and DD holes which showed no major departures from the planned trajectory. The project QAQC statistical tests carried out on DD and RC assay results from the ISO accredited Performance Laboratories were satisfactory at an overall pass rate of 90%.

The RC and DD methodology is discussed below with the results obtained tabulated in Table 5 and the drill hole information tabulated in Table 6. Drill hole localities for Motapa North, Motapa Central and Motapa South are provided in Figure 5 and Figure 6 respectively.

DD methodology

After all geotechnical and structural logging is complete, the geologist inspects the core and delineates potential ore zones.

The geologist determines sampling depths, each sampling interval depending on lithological contacts, alterations, structures and quantity of sulphides with the maximum sampling width of 1m and minimum sampling width of 0.3m. The sample depths are printed on a sampling sheet and need to be marked on the core before density determination can take place. The densities are measured before the core is cut. Sampling starts five meters away from the footwall contact and ends five meters away from the hanging wall contact to allow for sterilization.

Half core was sampled, with the other half remaining at the core shed for archiving.

Core segments were picked within demarcated and labeled intervals and put in respective sample bags. The samples are numbered as per the sampling plan with one ticket put into the respective sample bag, and the other onto the remaining piece of core where the sample would have been collected. The sample I.D.is also scribbled on the remaining half core.

At the end, sample bags are sealed with cable ties and weighed; with sample weights recorded on the sampling sheet.

The samples are then bagged into grain bags for dispatch to an outside accredited laboratory or storage prior to submission.

RC methodology

Checks for rig outlet and splitter cleanliness are conducted prior to the commencement of drilling activities and continuously throughout the drilling activities to avoid sample contamination.

Sample bags are pre-numbered with unique sample numbers (drill hole number and drill hole depth intervals) before the drilling commences. Sample depths recorded are relative to the ground surface at the drillhole collar. If no sample is recovered, such as when voids are intersected, the numbering sequence is continued uninterrupted with empty numbered bags inserted into the sample sequence. This will avoid possible confusion in sampling. Sample bags are immediately sealed to effectively prevent external contamination.

A sample bag is tied to the sample outlet of the rig in preparation for sample collection before sampling commences. Bulk samples are collected at 1m intervals and split using a riffle splitter to three samples. One sub-sample of 2kg will be taken to the lab for assaying, the second remains as a field duplicate for storage at the core shed and the third is prepared as chips for traying. The sampling crew will sample at the designated (one meter) intervals down the hole. The geologist verifies the intervals from the driller’s marks on the mast or pull-down chain. For samples sent to the laboratory, the sampling quality is monitored continuously as the geologist ensures the samples for QA & QC monitoring purposes are inserted in each sampling stream batch of 20 samples with CRMs being alternated from batch to batch from low, medium and high grade.

QAQC ProceduresFor DD samples, a train comprising a single blank, CRM, LCR, and LPR reference sample is inserted into a batch of 20 samples. This process is repeated until the entire drillhole is completed with the CRMs being alternated from batch to batch (low, medium and high grade).

For RC samples, a train comprising a single blank, CRM, FDUP, and LPR reference sample is inserted into a batch of 20 samples. This process is repeated until the entire drillhole is completed with the CRMs being alternated from batch to batch (low, medium and high grade).

For trench sampling, a train comprising a single blank, CRM and FDUP reference sample is inserted into a batch of 20 samples. This process is repeated until the entire trench is completed with the CRMs being alternated from batch to batch (low, medium and high grade).

Every sampling sequence starts with a blank sample and ends with a blank sample. Analytical results for blanks, standards and duplicates are graphed and, if any fail, the entire batch is re-assayed. Batches that passed the QAQC graphs are then captured in the database. QAQC is monitored continuously. All assays sent to an external laboratory refer to Performance Laboratories, an accredited laboratory in Zimbabwe.

Overall QAQC compliance rate of 90% is comprised as per Table 1 below. Table 1: QAQC Results from DD and RC Drilling Activities

QAQC Insertion% InsertionPass / Fail# of Samples%Comments
FDUP Duplicates2%Pass10898%Good correlation of R²=0.89
Fail22%
Total110 
LCR Duplicates3%Pass13782%Poor correlation, could be due to nugget effect.
Fail3018%
Total167 
LPR Duplicates4%Pass20491%Satisfactory correlation.
Fail219%
Total223 
CRMs5%Pass21377% Most failures are on a high-grade CRM of 12g/t. All failed batches being sent for re-analysis at the lab's cost.
Fail6022%
Total276 
Blanks6%Pass28899%Good QAQC. Failed batches being re-analysed
Fail31%
Total291 
Grand Total20%Pass95590%Satisfactory Compliance Rate
Fail11611%
Total1067 

Table 1: QAQC Results from DD and RC Drilling Activities

FDUP – Field Duplicate, LCR – lab coarse repeat, LPR – lab pulp repeat, CRM – Certified Reference Material, Blank – Dolerite Dyke

In addition to the QAQC protocol above, a check laboratory and umpire laboratory are utilized to validate the results from the principal laboratory. Zimlabs is used as a check laboratory with 10% of assays re-assayed. Antech Laboratories is used as an umpire laboratory with 5% of assays re-assayed. Correlation between the Performance and Antech laboratories is excellent with Zimlabs showing less of a correlation.

Qualified person

Craig James Harvey, MGSSA, MAIG, Caledonia Vice President, Technical Services, has reviewed and approved the scientific and technical information contained in this news release. Craig James Harvey is a "Qualified Person" as defined by each of (i) the Canadian Securities Administrators' National Instrument 43-101 - Standards of Disclosure for Mineral Projects and (ii) subpart 1300 of Regulation S-K.

Note:

This announcement contains inside information which is disclosed in accordance with 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.

Appendix

Highlights from the DD and RC campaigns are provided in the tables below. [A full overview is included in the appendix]:

RC Highlights
Holes IdentifierOrebody NameOrebody IntersectionCore Length (m)True width (m)Grade (g/t)Orebody Intersection depth from surface(m)E.O.H (m)
From (m)To (m)
JPRC01JUPITER81.0093.0012.009.726.3667.93110
JPRC05JUPITER88.00101.0013.0010.535.1776.21160
PLVRC06PLUVIOUS 1,2&364.0071.007.006.623.2753.68150
MPZRC02MPUDZI12.0016.004.003.8610.958.0055
36.0039.003.002.892.8325.00

Table 2: RC Drilling Highlights

DD Highlights
Holes IdentifierOrebody NameOrebody IntersectionCore Length (m)True width (m)Grade (g/t)Orebody Intersection depth from surface(m)E.O.H (m)
From (m)To (m)
JDD08JUPITER63.0077.0014.0012.043.20                    44.6       200
PLVDD01PLUVIOUS 574.0082.008.006.944.00                    57.5       170
PLVDD02PLUVIOUS 464.0066.002.001.754.04                    50.4       149
PLVDD04PLUVIOUS 1,2&3137.00142.005.004.803.31                  114.9       248

Table 3: DD Drilling Highlights

The following tables below provide the full results

Exploration Anomaly/TargetTrench IDTrench StartTrench EndAzimuth (°)Trench length (m)IntersectionTrue width (m)Grade(g/t)
EastingNorthingElevationEastingNorthingElevationFromTo
T1PLVTR5.5661984784579411226620737845680112414214971.0072.000.970.30
Shawl SHWTR1664186784704111416642627846934114814413243.0046.002.900.35
73.0074.000.970.32
Jupiter EastJETR1664195784687011456642467846791114814711524.0025.000.970.29
Shawl EastMTR1664823784751711556649407847336114714721664.0066.001.930.69
102.00103.000.970.17
MTR2664487784732911496647647846876114114953182.0083.000.970.34
90.0094.003.860.29
T6MTR12664732784646811066651417845671114515389456.0057.000.97TBA
263.00264.000.97
316.00317.000.97
533.00534.000.97
866.00867.000.97
MTR96652777846381113366561378458161146149663193.00194.501.450.51
216.00217.000.972.61
217.00219.001.930.42
MTR9W6653017846243113966536578461361140149126NSI
MTR86656347846172114466579278459051149149311NSI
T8MTR27665723784563011526659827845196117314951112.0016.003.860.56
210.30212.001.640.20
229.00231.001.930.44
262.00265.303.191.01
297.00298.000.970.83
MTR256660487845866115366621678455851171149329275.00277.001.930.37
286.00288.001.930.17
294.00295.201.160.52
296.40296.700.2911.75
296.70297.200.481.12
297.20298.801.550.23
311.00314.303.190.14
315.00316.000.970.25
319.00321.001.931.04
321.00323.001.930.70
323.00323.300.2910.41
MTR25A6662257845592117166623378455741172154200.0020.0019.320.36
MTR25B66622478455711174666366784533311791492790.008.007.730.20
122.00123.000.970.11
123.00124.000.971.54
124.00125.000.970.20
125.00126.000.977.26
MTR25C666341784531811776663517845287118016133NSI
MTR266664217845239118566654378450341179149237NSI
MTR246663697845997116066662578455401208151530314.40315.000.58TBA
318.00320.001.93
335.00336.000.97
340.00341.000.97
344.00345.000.97
352.00354.001.93
381.00382.000.97
MTR27_1E665893784553611646660597845271117114831487.0089.001.930.12
114.00115.000.970.19
179.00181.001.930.26
189.00192.002.900.24
195.00198.002.900.15
202.00203.501.450.16
210.00212.001.930.11
MTR27_2E665985784559011586661587845307117014933383.0084.000.970.30
141.00142.000.970.11
177.00188.0010.630.37
MTR27_1W6657247845432116766585878452101175149261NSI
MTR27_2W66564278453741166784516466576911691492462.003.000.97TBA
3.004.000.97
12.0013.000.97
14.0015.000.97
25.0027.001.93
30.0031.000.97
33.0035.001.93
39.0040.000.97
41.0042.000.97
MTR27N_1W6656367845576115378455386656591156150450.001.000.97
3.004.000.97
6.0015.008.69
17.0018.000.97
MTR27N_1E665783784567911517845640665807115215047NSI
MTR25_1W666065784564011576662437845343117114935051.0052.000.97TBA
110.00110.500.48
114.00115.000.97
125.00126.000.97
130.00131.000.97
134.00135.000.97
311.00312.000.97
MTR25_1E666251784576111666664437845442118414937560.0063.002.90
64.0068.003.86
72.0073.000.97
76.0077.000.97
93.0099.005.80
161.00162.000.97
166.00227.0058.92
235.00236.000.97
237.00245.007.73
250.00251.000.97
253.00254.000.97
261.00262.000.97
MTR25_2E666353784581411716665327845514119814935346.0047.000.97
87.0088.000.97
109.00110.000.97
249.00252.002.90
270.00271.000.97
274.00275.000.97
277.00279.001.93
296.00297.000.97
MTR24_1E6665337845916117566672078455901209150382126.00127.000.97
161.00163.001.93
166.00167.000.97
MTR24_2E6666267845968116966681578456381199150385147.00148.000.97
FSKTR166514378449491163665225784481911581481550.005.004.83
6.009.002.90
10.0014.003.86
17.0018.000.97
19.0021.001.93
22.0037.0014.49
39.0053.0013.52
54.0056.001.93
57.0058.000.97
59.0060.000.97
61.0077.0015.45
78.0079.000.97
83.0084.000.97
89.0090.000.97
93.0098.004.83
101.00108.006.76
109.00110.000.97
112.00114.001.93
134.00135.000.97
FSKTR4665267784508911676652927845048116514949NSI
FSKTR4A665295784504211646653107845016116314931
FSKTR4B66531278450141164665316784500711641528
FSKTR4C665322784499911636653287844988116214914
FSKTR4D665334784497811626653517844949116014935
FSKTR4E665356784495211606653607844943116015712
FSKTR4F665356784494011606653647844928115914715
FSKTR4G665367784492411586653787844906115814922
FSKTR4H665383784489711576653907844886115714814
FSKTR2665434784515811636654697845101116114868
FSKTR2A66547078450991161665474784509311611477
FSKTR2B665476784509511616654897845078116014222
FSKTR2C665486784507411606655147845027115814956
FSKTR3665574784529011656656227845214116714891
FSKTR3A6656307845199116766565778451551165149512.003.000.97TBA
FSKTR3B665664784514311646657007845086116314867NSI
FSKTR2 EXT6653287845260116466537578451921167145832.003.000.97TBA
5.006.000.97
9.0010.000.97
16.0018.001.93
21.0022.000.97
27.0027.500.48
Mpudzi EastMTR236669177846195116466714178458781177145391NSI
MTR22667320784596711796673217845922118218046
MTR206673567846381116066735778462171165180165
MTR216680617846182117766806278460291182180154
BoomgateMOTR002663329784642811406633547846383113815252
MOTR001663284784639711406632997846375113914828
BGTR2_066349078465241139663500784649611391583120.0028.007.73TBA
BGTR2_2663529784643111366635457846404113615132NSI
BGTR2_3663509784641711366635287846385113515138
T1PLWTR1662335784581511276623777845739112915110819.0020.000.97TBA
28.0032.003.86
34.0035.000.97
59.0060.000.97
86.0087.000.97
PLWTR26622627845779112766230978456941128152986.008.001.93
71.0072.000.97
84.0085.000.97
PLVTR36622217845788112466229078456601127151147108.00109.000.97
PLVTR46621817845746112466223878456311126153134NSI
PLVTR56621327845708112366219678456081125147119
PLVTR5EXT6620457845842112466213278457081122147161
PLVTR866267778459771132662712784588111341511044.006.001.93TBA
9.0010.000.97
17.0018.000.97
23.0024.000.97
29.0030.000.97
44.0045.000.97
46.0047.000.97
71.0072.000.97
88.0089.000.97
PLVTR1266250578458261129662542784175111311538519.0020.000.97
31.0032.000.97
44.0045.000.97
PLVTR136626997845989113366273178458971135153958.0014.005.80
68.0069.000.97
Pluvious 4PL4TR266273078460221133662741784599411321583112.0013.000.97
15.0022.006.76
28.0029.000.97
30.0031.000.97
PL4TR166274178460421134662760784601111351493620.0021.000.97
25.0028.002.90
28.0032.003.86
33.0036.002.90
PL4TR2_1662761784595411356627717845929113515728NSI
Pluvious 5PL5TR166283478461221136662848784609511361533111.0024.0012.56TBA
30.0031.000.97
PL5TR1EXT66284978460931136662881784604811381405444.0045.000.97
PL5TR1A6628687846068113866289578460271138147490.002.001.93
5.006.000.97
21.0026.004.83
PL5TR26628657846129113666289378460731138154630.001.000.97
7.0019.0011.59
26.0027.000.97
PLV5TR2EXT66289378460721138662908784605011391479072.0073.000.97
77.0080.002.90
84.0086.001.93
PL5TR76629607846205113866297378461821138150271.0027.0025.11
Pluvious 123PLV123TR6661909784576711246620317845575112414823038.0039.000.97
88.0089.000.97
95.0096.000.97
Shawl SHETR16644477847219114866448478471601151157692.003.000.97
6.008.001.93
14.0015.000.97
20.0022.001.93
31.0039.007.73
40.0042.001.93
68.0069.000.97
BritwellMTR28664851784542311486650877845043116914845235.0036.000.97
85.0087.001.93
360.00361.000.97
Total Trenched To Date (m)12112    

Table 4: Trenching Results

Diamond Drillholes Intercepts
Holes IdentifierOrebody NameOrebody IntersectionCore Length (m)True width (m)Grade (g/t)Orebody Intersection depth from surface (m)E.O.H (m)
From (m)To (m)
JDD01JUPITER58.0062.004.003.743.0045.01154.88
77.0080.003.002.813.3454.45
JDD02156.00157.001.000.851.93130.00248.03
163.00164.001.000.851.20135.00
JDD0369.7370.500.770.740.7755.00295.88
147.00156.009.008.631.89113.20
160.00163.003.002.882.05124.00
206.50207.350.850.821.09160.00
JDD0463.0064.541.541.481.6750.00250.88
81.0082.001.000.961.7660.00
88.0093.005.004.801.0170.00
142.00143.001.000.960.96103.00
146.00150.004.003.840.71106.00
152.00153.001.000.960.82107.00
JDD0543.8252.008.186.950.9932.0079.68
60.0068.008.006.802.5045.00
JDD0666.0067.001.000.841.0155.12274.98
JDD0756.0057.001.000.872.2340.11199.88
61.0064.003.002.613.7345.23
66.0069.803.803.311.8748.30
95.0096.001.000.870.7568.00
JDD0839.0040.001.000.862.7527.58199.68
63.0077.0014.0012.043.2044.55
JDDD1012.6015.002.402.250.5623.4876.88
21.0021.370.370.350.6129.21
39.0040.411.411.321.0343.76
BMGDD01BOOMGATENSI103.98
BMGDD0267.0070.003.002.812.2650.00139.93
72.0073.001.000.942.4452.00
91.0092.001.000.940.8167.00
94.0095.001.000.940.6570.00
96.6098.001.401.312.3671.00
106.00109.003.002.813.8478.00
132.00133.001.000.941.0796.00
PLVDD01PLUVIOUS 559.0060.001.000.871.1160.81169.98
74.0082.008.006.944.0057.51
PLVDD02PLUVIOUS 464.0066.002.001.754.0450.43148.98
74.0074.900.900.792.8088.31
PLVDD03PLUVIOUS 1,2&375.0081.006.005.611.5853.03154.98
83.0084.001.000.941.4458.69
94.0095.001.000.941.6866.46
104.00106.002.001.870.9573.54
PLVDD04137.00142.005.004.803.31114.90247.98
PLVDD0589.0090.001.000.971.0772.1597.98
Reverse Circulation Drilling Intercepts
Holes IdentifierOrebody NameOrebody IntersectionCore Length (m)True width(m)Grade(g/t)Orebody Intersection depth from surface(m)E.O.H (m)
From (m)To (m)
SHRC01SHAWL56.0057.001.000.851.3247.00153
60.0061.001.000.851.1050.30
62.0064.002.001.700.6652.00
109.00112.003.002.555.0391.42
124.00127.003.002.554.21100.64
131.00138.007.005.951.68109.87
SHRC0244.0046.002.001.701.8138.48112
57.0073.0016.0013.601.7549.85
97.00100.003.002.550.6784.84
JPRC01JUPITER72.0074.002.001.620.6660.38110
81.0093.0012.009.726.3667.93
JPRC0279.0080.001.000.810.7366.25140
108.00112.004.003.243.2190.58
JPRC04NSI120
JPRC0588.00101.0013.0010.535.1776.21160
BMGRC01BOOMGATE55.0056.001.000.753.9347.6397
61.0063.002.001.542.6452.83
66.0068.002.001.621.0257.16
PLVRC01PLUVIOUS 563.0070.007.005.673.0250.97110
PLVRC06PLUVIOUS 1,2&364.0071.0076.623.2753.68150
81.0083.0021.891.5667.76
127.00129.0021.891.12105.18
PLVRC07 NSI120
BRRC01_0BRITWELL62.0066.004.002.360.5350.8092
75.0079.004.002.361.6761.84
MPZRC01MPUDZI2.008.006.003.903.121.0035
14.0016.002.001.302.5611.00
18.0019.001.000.653.3313.00
MPZRC023.005.002.001.930.753.0055
12.0016.004.003.8610.958.00
36.0039.003.002.892.8325.00
MPZRC036.0012.006.005.112.586.6440
15.0017.002.001.701.879.07
MPZRC04NSI80
MPZRC05NSI29
MPZRC06NSI40
MPZRC0747.0048.001.000.780.7532.1865
MPZRC0836.0039.003.002.869.9630.2388
MPRC22572.001.624.293.83115
21232.001.622.2816.09

Table 5: RC and DD Drilling Results

Diamond Drillhole Collars
Hole IdentifierAzimuth (°)  Dip (°)  Drilled Length (m)  UTM Easting (m)  UTM Northing (m)  UTM Elevation (m)
JDD0134944154.8866372278465051134
JDD0235456248.0366419378467971145
JDD0335451295.8866416578467391145
JDD0433750250.8866412578467151142
JDD053404779.6866401078466781137
JDD0634057274.9866392078466181134
JDD0733946199.8866388078465901135
JDD0833643199.6866382478465521135
JDD093404768.7266419578469001147
JDD103505276.8866376878465721122
PLVDD0133251169.9866316078461431138
PLVDD0233552148.9866279878459361137
PLVDD0333744154.9866260678457911131
PLVDD0434057247.9866257178456861131
PLVDD053505597.9866247178457791130
PLVDD063305770.8866314078461801139
BMGDD0133750103.9866355578464341136
BMGDD0233046139.9366352878463501134
SHDD013404797.8866433678470821146
BRDD01_033252158.0366472678450221166
BRDD03_032557172.8866445478448381166
HDD013344591.8866498878434971140
HDD0233045112.8866520878435481142
JPT11TW34156112.0066344278463071135
JPT13TW32848214.9866266178457171132
DHJ7_2TW3357195.0366405778466901139
 
Reverse Circulation Drillhole collars
Hole IdentifierAzimuth (°)  Dip (°)  Drilled Length (m)  UTM Easting (m)  UTM Northing (m)  UTM Elevation (m)
SHRC013215715366433278470651148
SHRC023316211266439978471151149
JPRC013405711066420078468861147
JPRC023415714066417578468471145
JPRC043496012066388478467171135
JPRC053445210166378578465021134
BMGRC01336599766346078463641136
PLVRC013355411066326778462371138
PLVRC053365316066267878458501133
PLVRC063405715066248478457431130
PLVRC073405612066243078457341129
PLVRC10327507066241778457711129
MPZRC01326503566636778455901185
MPZRC02330505566637978455711187
MPZRC03329514066607378454201166
MPZRC04330528066592878452761183
MPZRC05329512966585578453961176
MPZRC06153544066627978454741174
MPZRC07331496566590378453171186
MPZRC08329478866600478453411179
MPZRC09327506066608878453971166
MPZRC17327509166631478456711176
MPZRC17_33275014666642178455051188
MPZRC19_13275010866650778455421198
MPZRC221544811566619778456201168
MPZRC23327506566653478456871196
MPZRC24327506766573878455871155
BRRC01_0331559266470178450641166
BRRC2_03315610866454178449761170
BRRC3_03265611566442678448781165
FSKRC01340504166519878449041162
TRRC01340505066606678441481143
TRRC023405012266599078440381150
TRRC033405014566589278439811150
HDRC01332505066482578434161139
HDRC023254712066517178435991144

Table 6: RC and DD Drilling Collar and Survey Information

Glossary

TermDefinition
Aero-magneticsA geophysical exploration method in which a magnetometer, often mounted on an aircraft, is used to measure variations in the Earth's magnetic field over a specific area.
AssayA process of analysing a sample to determine its composition, particularly to measure the concentration of metal (e.g., gold) within it.
AzimuthThe angle between the north direction and the projection of the line to a point, typically used in mapping and surveying.
Blank (Sample)A type of control sample with a known low concentration of analyte, used in quality assurance to detect contamination.
Bottle Roll AssayA test method for determining gold content by using a rotating bottle and a leaching solution, often used on-site in laboratories.
Brownfield ExplorationExploration activities conducted near or around an existing mine, contrasting with greenfield, which targets unexplored areas.
CarbonateRefers to a group of minerals containing the carbonate ion (CO₃²⁻). In exploration, carbonate alteration can signal the presence of hydrothermal systems, where hot fluids have deposited metals in the surrounding rock.
Certified Reference Material (CRM)A material or substance with a certified composition used to ensure the accuracy and consistency of analytical results.
Composite SampleA sample made by combining individual samples from various sections to create a single, representative sample for analysis.
Core LengthThe total measured length of the sample core obtained from drilling, often used to analyse mineral composition and structure.
Cut-off GradeThe minimum grade or concentration of mineral that must be met for material to be considered viable for processing.
Diamond Drilling (DD)A drilling technique using a diamond drill bit to retrieve core samples for geological assessment, commonly used for detailed exploration.
Down-the-Hole SurveyA measurement process to check the angle and path of a borehole as it is drilled, ensuring it follows the planned direction.
Duplicate SampleA second sample taken from the same source to verify the accuracy and reproducibility of assay results.
End of Hole (E.O.H.)The final depth reached in a borehole or drilling operation.
Fire AssayA traditional method to measure precious metal content by heating and melting the sample, allowing separation of metal content for analysis.
Grade (g/t)The concentration of precious metal, typically measured in grams per ton (g/t) of ore, used as a quality indicator of mineral deposits.
Greenfield ExplorationExploration of new, previously untouched areas with no prior mining activity to discover new mineral deposits.
Lab Pulp Repeat (LPR)A quality assurance process where lab samples are pulverized and analysed to ensure consistent assay results.
MagnetiteAn iron oxide mineral with the chemical formula Fe₃O₄ and is known for its strong magnetic properties.
Mineralised ZoneA section of rock where minerals, especially economically valuable ones, are concentrated.
Motapa Exploration ProgramAn exploration project focused on the Motapa area, involving trenching, drilling, and geophysical surveys to identify and quantify mineral deposits.
PyriteAn iron sulphide mineral with the chemical formula FeS₂. In mining exploration, pyrite is significant as it often forms in the same hydrothermal environments that produce valuable minerals like gold, copper, and silver.
Quality Assurance / Quality Control (QA/QC)Procedures in place to ensure the reliability and accuracy of testing and analytical methods in sampling and assay results.
Reverse Circulation (RC) DrillingA method of drilling that uses compressed air to bring rock cuttings to the surface, allowing sampling without retrieving a core.
Riffle SplitterA device used in sampling to divide material into equal portions, helping obtain a representative sample.
SericiteA fine-grained, mica-like mineral, typically a variety of muscovite or illite, that forms through the alteration of feldspar and other minerals.
Shear ZoneA region of rock that has been deformed by shear forces, often associated with mineral deposits due to increased permeability and mineralization potential.
Shear ZoneA region of rock where intense deformation has occurred due to the application of shear stress, typically deep within the Earth's crust. This deformation often creates fractures, faults, and altered rock textures, making these zones more permeable and, as a result, more conducive to mineral deposits.
SilicaA mineral compound made of silicon and oxygen (SiO₂). In mining exploration, silica alteration is often a good indicator of mineralization, especially in hydrothermal systems.
Trench SamplingA method of sampling in exploration where trenches are dug to expose bedrock, allowing geological mapping and sampling.
True WidthThe actual thickness of a mineralized zone, as opposed to the core length measured in drilling, adjusted for the angle of drilling.

Cautionary Note Concerning Forward-Looking InformationInformation 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. Examples of forward-looking information in this news release include: our plans and timing regarding further exploration and drilling and development at Motapa.  This forward-looking information 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: failure to establish estimated resources and reserves, the grade and recovery of ore which is mined varying from estimates, success of future exploration and drilling programs, reliability of drilling, sampling and assay data, assumptions regarding the representativeness of mineralization being inaccurate, success of planned metallurgical test-work, capital and operating costs varying significantly from estimates, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and other factors.

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.

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.

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Figure 1

General Locality of the Motapa Exploration Project, Zimbabwe.
Figure 2

Surface Geology and Main Shear Zones at the Motapa Exploration Project.
Figure 3

Trenching Localities at the Motapa Exploration Project.
Figure 4

Motapa North strike DD and RC drillhole collars.
Figure 5

Motapa Central strike DD and RC drillhole collars.
Figure 6

Motapa South strike DD and RC drillhole collars.
Source: Caledonia Mining Corporation Plc

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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