Caledonia Mining (LSE:CMCL) has published a maiden mineral resource estimate for its wholly owned Motapa property in Zimbabwe, reporting measured and indicated resources containing 379,000 ounces of gold and inferred resources containing a further 131,000 ounces.

The measured and indicated resource comprises 7.8 million tonnes grading 1.51 grams per tonne of gold, while the inferred category includes 2.7 million tonnes at 1.48 g/t.

The estimate is primarily based on drilling completed at Motapa North following three years of exploration activity at the property.

Exploration spending reaches $7.084 million

Caledonia has spent an aggregate $7.084 million on exploration at Motapa since acquiring the property for $8.25 million in 2022.

Management calculated the combined exploration discovery and acquisition cost at approximately $40.45 for each measured and indicated ounce identified at the property.

The maiden estimate provides Caledonia with an initial defined mineral resource at Motapa as the company continues exploration and technical work on the asset.

Motapa adds to Zimbabwe project portfolio

Motapa is located adjacent to Caledonia’s Bilboes Gold Project, where the company is targeting first gold production in late 2028.

According to management, the proximity of the two properties could provide the potential to consider a larger integrated operation or extend the overall production profile of the assets.

Further exploration and technical studies are planned at Motapa alongside the development of Bilboes.

Caledonia continues work on Bilboes and Motapa

Caledonia Mining Corporation Plc is a gold mining and exploration company with operations focused on Zimbabwe.

The group is developing the Bilboes Gold Project and owns the neighbouring Motapa property. Its plans include assessing the potential for the two assets to form part of a broader regional gold operation using shared infrastructure.

Development work at Bilboes and additional exploration at Motapa are expected to continue as Caledonia evaluates the two properties.