JERSEY miner, Caledonia Mining Corporation (Caledonia) has identified significant gold mineralisation across its Motapa exploration property, with a maiden resource estimate due in the third quarter of 2026, supporting plans to integrate the asset into the neighbouring Bilboes project.
The Bilboes Project, which hosts 1,75 million ounces of proven and probable gold reserves, is advancing towards development and is expected to produce about five tonnes of gold annually, positioning Caledonia to become Zimbabwe’s largest gold producer.
Motapa lies directly adjacent to the Bilboes Gold Project, where Caledonia is advancing the latter as its flagship mining operation as it sits in 24,1 million tonnes of ore at an average grade of 2,26 grammes per tonne.
According to the miner, the 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 full resource estimate at Motapa is expected to be published in the third quarter of 2026 and will provide the first indication of the project’s gold inventory and its potential contribution to the broader Bilboes development strategy.
These findings come just after United Kingdom investment bank Cavendish suggested Caledonia could command a valuation exceeding US$1 billion, arguing that the market was failing to fully recognise the value of its growth pipeline.
“The 2025 drilling programme focused on testing the continuation of sulphide mineralisation below the historic oxide open pits, as well as identifying new mineralised zones across the property. Drilling has confirmed: Continuity of mineralisation along a strike length of approximately 6km within the Bubi Greenstone Belt; Multiple mineralised shear zones across Motapa North, Central and South; Both oxide and sulphide mineralisation, supporting near-term and longer-term development potential,” Caledonia said in a statement.
“Based on results to date, Caledonia expects to publish a maiden mineral resource estimate for portions of Motapa in Q3 2026, representing a key milestone in evaluating the project’s contribution to the broader Bilboes development strategy.”
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The Motapa Exploration Programme commenced in 2023 with geological mapping, geophysical surveys, trenching and historical data collation.
The miner revealed that the initial work informed targets for wide spaced drilling to test mineralisation below the historically mined oxide open pits and in new target areas which have not yet been mined.
“During 2024, 12 724m of trenching, 4 143m of DD [diamond drilling] and 5 433m of RC [reverse circulation] drilling were completed, marking the end of the 2024 reconnaissance exploration activities,” Caledonia said.
“During 2025, 22 364m of trenching, 1 561,78m of DD and 18 547m of RC drilling was completed, focused primarily on Motapa North sulphide mineralisation and the potential oxide mineralisation identified at Mpudzi.”
Caledonia believes that the property presents both greenfield and brownfield upside exploration opportunities.
Motapa is located approximately 110km north of Bulawayo in the Bubi district of Matabeleland North province.
“These promising results from Motapa demonstrate the potential to significantly enhance the long-term value of our Bilboes project.
“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,” Caledonia chief executive officer Mark Learmonth said.
“While our immediate focus remains the development of Bilboes, targeting first gold in Q4 2028, Motapa represents a compelling opportunity to extend mine life and increase future production across a combined mining complex.”
