TRX Gold Corporation press release

Caledonia Mining Corporation drill campaign findings "quite considerably better than expected"

2023-07-11

TSX - Toronto Stock Exchange · Gold · Canada · Drill Results

(NewsDirect)

Caledonia Mining Corporation PLC (AIM:CMCL, NYSE-A:CMCL) CEO Mark Learmonth speaks to Proactive's Thomas Warner after announcing what the gold producer describes as "encouraging" drill results from its Blanket Gold Mine.

The results pertain to drilling done during January-May 2023 on the Eroica ore body, toward the northern end of the property and suggests that the Eroica target ore body continues at depth with better widths and grades "quite considerably better" than expected. He highlights that "about 70% of the holes were really targeting the inferred resource that we knew we'd already got, with a view to increasing that confidence level from inferred to measured and indicated."

Learmonth explains that Caledonia was forced to suspend deep-level drilling on the Blanket property several years ago, partly in order to focus on getting into production and also because of the logistical challenges involved. Learmonth says that current and future drilling will focus on the southern end of the property, and has "only just started in the last few weeks." He promises to update shareholders " in due course."

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