Modern Mining August 2022

Caledonia Mining to acquire Bilboes gold project in Zimbabwe

Gold miner Caledonia Mining wi l l purchase Bilboes Gold, the parent com pany of Zimbabwe subsidiary, Bilboes Holdings for 5 123 044 Caledonia shares, representing around 28.5 per cent of Caledonia’s equity. Bilboes Gold owns the Bilboes gold project in Zimbabwe, a large high-grade gold deposit that has had a limited amount of open pit mining. The project has proven and probable mineral reserves of 1.96 million ounces of gold at a grade of 2.29 g/t; measured and indicated mineral resources of 2.56 million ounces of gold at a grade of 2.26 g/t; and inferred mineral resources of 577 000 ounces of gold at a grade of 1.89 g/t. The project has produced about 288 000 ounces of gold since 1989. A feasibility study prepared by engineering firm DRA indicates the potential for an open-pit gold mine producing an aver age of 168 000 ounces per year over a 10-year life of mine. Commenting on the announcement, Mark Learmonth, CEO, Caracal Gold appoints Riaan Lombard as COO

Caledonia is aiming to become a multi-asset, mid-tier gold producer. said: “This is a transformational asset for Caledonia as we embark on the next step in our journey to become a multi asset, mid-tier gold producer. Once in full production, Caledonia’s management believes that Bilboes could produce

three times our current 64 per cent attributable share of gold production from Blanket mine, resulting in produc tion from the enlarged Caledonia group being potentially four times its current size.” 

East African gold producer Caracal Gold has appointed Riaan Lombard as chief operating officer (COO), with immediate effect. Lombard is a qualified mining engineer and native of Namibia, with 25 years of experience across a multitude of senior management and technical roles and a diverse range of commodity projects in West Africa, East Africa and South America. He has held the role of general manager of Caracal’s fully owned subsidiary Kilimapesa Gold, which operates the company’s flagship Kenyan mine, since February 2022. He has also been instrumental in Caracal’s recent acquisition of the Nyakafuru Project in Tanzania, which is located in the world-class Lake Victoria Gold Fields. 

Caracal Gold is an East African gold producer.

August 2022  MODERN MINING  5