Caledonia Mining Reports Positive Results from Deep Level Drilling at Blanket Mine

Caledonia Mining Corporation has announced encouraging results from its deep-level drilling programme at the Blanket Mine in Zimbabwe, with assay data revealing grades and widths exceeding expectations across several key mineralised zones.

The company completed 10,311.9 metres of deep drilling between March and December 2025, targeting the Blanket, Eroica and Lima orebodies. Analysis from the Blanket and Eroica zones met or surpassed anticipated outcomes, whilst confirming the continuation of the Lima orebody to the 34 level, approximately 1,110 metres below surface.

Results from the campaign included several high-grade intersections within the newly identified Blanket 7 orebody. Notable intercepts comprised 4.80 metres at 17.15 grammes per tonne, 1.16 metres at 53.39 grammes per tonne, and 3.47 metres at 11.92 grammes per tonne, all situated within broader mineralised zones.

The Eroica North Hanging Wall zone returned 10.80 metres at 6.54 grammes per tonne, which included 1.54 metres at 14.20 grammes per tonne. The Lima Main zone yielded 1.98 metres at 15.33 grammes per tonne.

Chief executive Mark Learmonth stated that the results reinforce the geological strength of the Blanket Mine and demonstrate the continuity of mineralisation at depth across multiple orebodies. The consistency of grades and widths observed, combined with confirmation of the Lima orebody extending to the 34 level, provides increasing confidence in the scale and quality of the mineral resource located below the mine’s current lowest operational levels.

Learmonth emphasised that these outcomes support the company’s longer-term planning efforts and underscore the value of investments made to improve mineral resource confidence. The findings contribute to building a stronger foundation for the mine’s future operations and value creation for the business.

Caledonia Mining indicated that the new drilling data will be incorporated into an updated mineral resource and mineral reserve statement during 2026. The company’s shares trade on AIM in London, the NYSE American exchange, and the Victoria Falls Stock Exchange under the ticker CMCL.