KEY POINTS
- Caledonia’s maiden Motapa estimate contains 510,000 ounces of gold across measured, indicated and inferred resources.
- Most of the resource is at Motapa North, next to the developing Bilboes Gold Project.
- 2026 exploration results were excluded, leaving potential for future resource growth.
Caledonia Mining Corporation has announced a maiden mineral resource estimate for its wholly owned Motapa property in Zimbabwe, highlighting significant gold potential as the company advances exploration around its growing portfolio in the country.
The estimate contains a total of 510,000 ounces of gold across measured, indicated and inferred resources. The measured and indicated category comprises 7.8 million tonnes grading 1.51 grams per tonne (g/t), containing 379,000 ounces of gold at a cut-off grade of 0.5 g/t.
A further inferred resource of 2.7 million tonnes grading 1.48 g/t contains an estimated 131,000 ounces of gold.
The resource was prepared in accordance with Canada’s National Instrument 43-101 standards. Caledonia said it intends to file the accompanying technical report on the SEDAR+ regulatory platform within 45 days.
Motapa North accounts for most of the resource
Most of the newly defined resource is located at Motapa North, an area adjacent to Caledonia’s Bilboes Gold Project.
The Motapa property comprises three principal shear zones — Motapa North, Motapa Central and Motapa South. The maiden estimate was largely based on drilling at Motapa North, targeting sulphide mineralisation beneath historic open pits.
Importantly, Caledonia said exploration results generated during 2026 were not included in the current resource estimate, leaving room for the resource base to potentially grow as additional exploration data are incorporated.
Caledonia acquired the Motapa property in November 2022 for $8.25 million, using a combination of cash and loan notes.
Between 2023 and 2025, the company invested $7.084 million in exploration on the property. Based on the acquisition and exploration expenditure, Caledonia calculated a combined discovery and acquisition cost of $40.45 per measured and indicated ounce.
Chief Executive Officer Mark Learmonth said the maiden estimate demonstrates the value created by the company’s exploration programme over the past two years.
The company has also repaid the loan notes used to finance the Motapa acquisition from internally generated cash.
