BH24 Reporter —
HARARE – A development and diamond core drilling carried earlier in August has resulted in an upgrade of Gwanda-based gold producer Blanket Gold Mine’s resources.
According to TSX-listed Caledonia Mining Corporation – which owns 49 percent of the mine – “total measured and indicated gold ounces at Blanket have increased by 6 percent from 671 000 ounces in December 2016 to 714 000 ounces today.”
“Total Measured and Indicated resources now stand at 5.62 million tonnes at a grade of 3.95 grammes per tonne (“g/t”). Inferred gold resources at Blanket have been increased by 47% from 604 000 ounces in December 2016 to 887 000 ounces today. Total Inferred resources now stand at 5.53 million tonnes at a grade of 4.99g/t.”
In simple terms, Blanket Mine’s resources have grown by around 69 percent since 2011 despite the mine having produced over 250 000 ounces over the period. Said Caledonia chief executive Steve Curtis:
“We are pleased to see continued positive results from our exploration activities at Blanket. To have consistently grown the total resource base at Blanket every year since 2011 is a commendable achievement and is testament to the great potential of the mine and to the efforts of our technical staff. It is very satisfying to see our investment in exploration continue to deliver results.
“The increase in the Measured and Indicated resource base of 6 percent to 714 000 ounces is good news for the longer-term life of Blanket and underscores the overall confidence level in Blanket’s resources. Furthermore, the increase of 47 percent in the Inferred resources at depth to 887 000 ounces shows the future potential of the mine. We are especially pleased to see good grade continuity in both our Measured and Indicated resources as well as in our Inferred resources at depth with grades above the current mine head grade.”
Management has hinted that the increase in the resources could result in the life-span of the mine being extended further.
“We are currently engaged in an investigation into the economic potential of modifying the current life of mine plan and the current investment plan at Blanket which commenced in the fourth quarter of 2014 to include additional ounces where possible with a view to extending the life of Blanket. I look forward to updating the market in due course,” added Mr Curtis.
Going forward, Caledonia plant to increase Blanket’s production from 50 351 ounces in 2016 to approximately 80 000 ounces in 2021. The mine’s target production for this year is between 54 000 and 56 000 ounces.