From GlobeNewswire: 2024-11-11 02:00:00

Caledonia Mining Corporation Plc announces promising results from the Motapa exploration program in Zimbabwe. The drilling program has revealed significant gold mineralization in various areas, with high-grade intersections reported. The company plans to focus on follow-up drilling to define an open pit mineral resource.

The exploration program at Motapa included 12,724m of trenching, 4,143m of diamond drilling, and 5,433m of reverse circulation drilling. Results from the program indicate widespread gold mineralization over a combined strike length of more than 9km. The project shows potential for both greenfield and brownfield exploration opportunities.

Motapa, located in the Bubi District of Zimbabwe, is part of the Bubi Greenstone Belt and covers approximately 2,200 hectares. The area is characterized by three main mineralized footprints known as Motapa North, Motapa Central, and Motapa South. The Motapa lease area shares a boundary with Caledonia’s Bilboes property, where a major new high-grade open pit gold mine is planned.

The Motapa exploration program, which began in 2023, included geological mapping, geophysical surveys, trenching, and surface exploration drilling. The program aimed to test mineralization below historic oxide open pits and in new target areas. Results have been positive, with further updates expected as the assessment of outstanding assay results continues. Caledonia Mining Corporation is excited about the exploration opportunities at the Motapa Project, with both greenfield and brownfield potential. Initial exploration activities in 2023 included geological mapping, historical data collection, drone aero-magnetics, and ground penetrating radar surveys to define the 2024 exploration program.

The 2024 exploration program at Motapa included 22,212 meters of surface trenching, 3,987 meters of diamond drilling, and 4,663 meters of reverse circulation drilling. Significant gold mineralization was identified in host rocks such as slates, meta-andesites, and BIFs, with high-grade zones found in certain areas.

Assay results have been received for 93% of diamond drilling samples and 61% of reverse circulation samples. Further drilling is planned for 2025 to define an open pit mineral resource in Motapa North and to define a near-term oxide mineral resource in Motapa Central. Limited drilling is scheduled for Motapa South in 2025, with plans for more intensive drilling in 2026 and 2027. During the Motapa drilling project, a discrepancy was found in the mining lease area between the registered lease and a historic map. Management believes the excluded area has no impact on the exploration project or Motapa’s development plans. The Ministry of Mines is working to update the lease to clarify the discrepancy.

Trenching and sampling at Motapa involves excavating to bedrock, marking sample intervals, cleaning sidewalls, and chipping samples into pans. Samples are assayed on site and at external labs, with compositing based on lithology and alteration domains. Results show mineralization in 63% of trenches, with significant widths and peak values.

A total of 12,724m have been trenched at Motapa, with 13,374 samples collected from 56 trenches. Of these, 907 samples were selected for fire assay at an external lab, with results received for 710 samples. Trenching highlights gold mineralization associated with specific lithologies and alterations, showing continuity over a 250m strike length. Drill testing of priority targets is underway, with 62 down-the-hole surveys showing no major deviations. QAQC tests on assay results from Performance Laboratories had a pass rate of 90%. Geologists use DD methodology to inspect core, determine sampling depths, and bag samples for analysis. RC methodology involves continuous checks for cleanliness, numbered sample bags, and splitting samples for analysis. QAQC procedures involve inserting reference samples in batches of 20 and repeating until completion. Summary:
– QAQC compliance rate of 90% for DD and RC drilling activities in Zimbabwe.
– Various types of duplicates, CRMs, and blanks were analyzed with pass/fail rates.
– Check and umpire laboratories used to validate results.
– Craig James Harvey approved technical information in the news release.
– Inside information disclosed in accordance with Market Abuse Regulation.
– Highlights from DD and RC drilling campaigns provided in tables.

Summary:
– Tables show trenching results for various exploration targets in Zimbabwe.
– Tables detail RC and DD drilling results, including intercepts and collars.
– Glossary provided for terms like aero-magnetics, assay, azimuth, and carbonate.
– QAQC protocol ensures data accuracy for mining exploration activities.
– Compliance rate of 90% signifies good correlation in lab results.
– Qualified person, Craig James Harvey, reviews and approves technical information. Exploration of carbonate alteration indicates potential hydrothermal systems with metal deposits. Key terms: Certified Reference Material, Composite Sample, Core Length, Cut-off Grade, Diamond Drilling, Down-the-Hole Survey. Also: Duplicate Sample, End of Hole, Fire Assay, Greenfield Exploration, Lab Pulp Repeat, Magnetite. Lastly: Mineralised Zone, Motapa Exploration Program, Pyrite, QA/QC, RC Drilling, Riffle Splitter.



Read more at GlobeNewswire: Caledonia Mining Corporation Plc: Encouraging results from