Caledonia Mining flags new near-surface gold zone at Blanket mine, tests heap leach option

Caledonia Mining reported surface drilling at Blanket mine in Zimbabwe that outlined a previously unrecognized near-surface gold zone at the K-Pits target.

Results point to oxide mineralization suitable for low-cost heap leaching, with a possible sulphide extension below a potential oxide open pit.

Metallurgical test work on the oxide material is underway; a 10,000-tonne trial heap-leach operation is planned for the second half of 2026 if recoveries are acceptable.

Selected intercepts included 23 m at 2.61 g/t gold from surface in oxide material, 16 m at 6.04 g/t in sulphide, and 7 m at 5.96 g/t in sulphide.

An updated Blanket resource statement is scheduled for August 2026, incorporating the surface program and recent underground drilling.