TIDMCMCL
RNS Number : 6735M
Caledonia Mining Corporation PLC
23 September 2021
Caledonia Mining Corporation Plc
Caledonia acquires the 940,000 oz Maligreen project in
Zimbabwe
(NYSE AMERICAN: CMCL; AIM: CMCL)
St Helier, September 23, 2021 - Caledonia Mining Corporation Plc
("Caledonia" or the "Company") is pleased to announce that it has
entered into an agreement to purchase the mining claims over the
Maligreen project ("Maligreen"), a property situated in the Gweru
mining district in the Zimbabwe Midlands, from Pan African Mining
(Private) Limited, a privately-owned Zimbabwean company, for a
total cash consideration of US$4 million. The property is estimated
to contain a NI 43-101 compliant inferred mineral resource of
approximately 940,000 ounces of gold [1] .
Maligreen is a substantial brownfield exploration opportunity
with significant historical exploration and evaluation work having
been conducted on the property over the last 30 years
including:
-- An estimated 60,000 meters of diamond core and percussion drilling
-- 3.5 tonnes of bulk metallurgical test work
-- Aeromagnetic and ground geophysical surveys
As at 31 August 2021, Maligreen is estimated to host a NI 43-101
compliant inferred mineral resource of approximately 940,000 ounces
of gold in 15.6 million tonnes at a grade of 1.88g/t. 76% of the
inferred mineral resource (approximately 712,000 ounces) is
shallower than 220m indicating the potential for an open pit mining
operation. The inferred mineral resource has been estimated using a
cut-off grade of 0.4g/t for a potential open pit and 1.5g/t for a
potential underground mine [2] . Initial assessments of the
inferred mineral resource indicate a favourable grade tonnage
curve; by applying a higher cut-off grade of 1.0g/t, the total
estimated inferred mineral resource reduces by 12% to approximately
827,000 ounces at a grade of 2.79g/t, a 48% higher grade. These
favourable grade tonnage dynamics offer a high level of flexibility
in the evaluation of a future mining operation.
The total land area of Maligreen is approximately 550 hectares
comprising two historic open pit mining operations which produced
approximately 20,000 oz of gold mined from oxides between 2000 and
2002 after which the operation was closed. Caledonia expects to
drill an initial 4,800 meters at an estimated cost of US$1.6
million over a period of 18 to 24 months to improve its
understanding of the existing resource and assess the potential for
a mining operation. Further exploration opportunities exist within
the claims area and a subsequent exploration programme is under
consideration to explore for continuations of the existing inferred
mineral resource at depth to the north-west and the strike
extension in the northern part of the property.
Commenting on the announcement, Steve Curtis, Chief Executive
Officer, said:
"We are delighted to enter into this agreement to purchase the
claims over Maligreen, one of the more significant exploration
opportunities in Zimbabwe. The property has significant potential
and has benefitted from many years of exploration activity. Initial
evaluation of the inferred mineral resource by our own team and by
independent consultants indicates the potential for a significant
mining operation with a NI 43-101 compliant inferred mineral
resource of almost one million ounces at a grade of 1.88g/t, an
acceptable open pit grade. Moreover, our understanding of the grade
tonnage curve indicates that the deposit is likely to offer a high
level of mining flexibility although much more work is needed in
this area. We believe the property also offers significant upside
exploration potential at the north-west extensions to the existing
inferred mineral resource and at additional exploration targets in
the northern part of the property.
"This transaction is an important next step as Caledonia pursues
its strategy to become a multi-asset gold producer in Zimbabwe, one
of the last gold frontiers in Africa."
For further information please contact:
Caledonia Mining Corporation Plc
Mark Learmonth Tel: +44 1534 679 802
Camilla Horsfall Tel: +44 7817 841793
WH Ireland Tel: +44 20 7220 1751
Adrian Hadden
Blytheweigh Tel: +44 207 138 3204
Tim Blythe/Megan Ray
3PPB
Patrick Chidley Tel: +1 917 991 7701
Paul Durham Tel: +1 203 940 2538
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",
"financial outlooks" or "future oriented financial information"
(collectively, "forward-looking information") within" 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: production guidance, estimates of future/targeted
production rates, and our plans and timing regarding further
exploration and drilling and development, construction plans,
financial and shareholders returns on investment in construction
projects and electricity production/supply to the mine. 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, the completion of construction projects,
the proposed benefits from construction projects 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 construction plans and assumptions. Security holders,
potential security holders and other prospective investors are
cautioned that such information may not be appropriate for other
purposes and 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,
contractors 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, construction
activity and currency fluctuations. Security holders, potential
security holders and other prospective investors are cautioned that
the assumptions used in the preparation of such forward-looking
information, although considered reasonable at the time of
preparation, may prove to be imprecise and, accordingly, they
should not place undue reliance on such 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.
Technical disclosure in this news release has been prepared in
accordance with the requirements of the securities laws in effect
in Canada, which differ from the requirements of United States
securities laws. Such technical disclosure includes mineral
resources classification terms made in accordance with NI 43-101.
NI 43-101 is a rule developed by the Canadian Securities
Administrators that establishes standards for all public disclosure
an issuer makes of scientific and technical information concerning
mineral projects. These standards differ from the requirements of
the United States Securities and Exchange Commission (the "SEC")
applicable to domestic United States reporting companies.
Accordingly, technical disclosure in this news release that
describes mineral resources estimates may not be comparable with
information made public by United States companies subject to the
SEC's reporting and disclosure requirements.
[1] 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"). The Company's independent qualified person as
defined by 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 resource 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. A technical
report prepared in accordance with NI 43-101 for Maligreen will be
filed by the Company on SEDAR ( www.sedar.com ) within 45 days of
this news release.
[2] The following assumptions were applied in estimating the
inferred mineral resource:
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 resource 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 2.44 t/m(3) for oxide, 2.67 t/m(3)
for transitional and 2.88 t/m(3) for sulphide material
5. Mineral resource classified as inferred based on quality of
estimate, density of sampling and quality and confidence in
data
6. Geological losses of 15% were applied for inferred mineral resources
7. Mineral resources reported as total mineral resources and are not attributed
8. All tonnages are reported in metric tonnes and gold content
conversion calculations based on a conversion of 1kg = 32.15076
oz
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END
AGRPPURWBUPGGQP
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September 23, 2021 01:59 ET (05:59 GMT)
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