Aim-listed Caledonia Mining says results from its 2025 exploration programme at the Motapa exploration property, in Zimbabwe, demonstrate the presence of significant gold mineralisation across multiple zones.

The company says the results also highlight the opportunity for Motapa to evolve into a strategic extension of the Bilboes mining complex, potentially enhancing production and extending the life-of-mine at Bilboes through the development of a combined mining operation.

Motapa lies directly adjacent to the Bilboes gold project, where Caledonia is advancing plans for a major openpit operation based on proven and probable reserves of 1.75-million ounces of gold in 24.1-million tonnes of ore at an average of 2.26 g/t.

The company says the close proximity of the two projects offers potential for shared infrastructure and operational synergies, which could enhance project economics and reduce capital intensity over time.

The 2025 drilling programme focused on testing the continuation of sulphide mineralisation below the historic oxide openpits, as well as identifying new mineralised zones across the property.

Drilling has confirmed continuity of mineralisation along a strike length of about 6 km within the Bubi Greenstone Belt; multiple mineralised shear zones across Motapa North, Central and South; as well as both oxide and sulphide mineralisation, supporting near-term and longer-term development potential.

Based on results to date, Caledonia says it expects to publish a maiden mineral resource estimate for portions of Motapa in the third quarter of this year, representing a key milestone in evaluating the project’s contribution to the broader Bilboes development strategy.

Selected drilling highlights to date from Motapa North include 19 m at 8.08 g/t (Hole JPRC52); 6.38 m at 13.95 g/t (Hole JDD11); 12 m at 7.12 g/t (Hole JPRC63); 14 m at 4.31 g/t (Hole PLV5RC4); 17 m at 3.25 g/t (Hole JPRC51); 13 m at 3.72 g/t (Hole PLV1RC10); and 6 m at 6.89 g/t (Hole PLV1RC15).

Selected drilling highlights to date from Motapa Central (Mpudzi) include 7 m at 2.39 g/t (Hole MPZRC79); 3 m at 4.79 g/t (Hole MPZRC64); and 2 m at 5.25 g/t (Hole MPZRC117).

Caledonia CEO Mark Learmonth says these promising results from Motapa demonstrate the potential to significantly enhance the long-term value of the company’s Bilboes project.

He says the consistent high-grade intersections at Motapa North highlight the opportunity to define a substantial resource in close proximity to the planned infrastructure at Bilboes.

“While our immediate focus remains the development of Bilboes, targeting first gold in the fourth quarter of 2028, Motapa represents a compelling opportunity to extend mine life and increase future production across a combined mining complex,” says Learmonth.