Jersey-based Caledonia Mining has announced it entered into an agreement to buy the mining claims to the Maligreen project, located in the Gweru mining district in Zimbabwe from Pan African Mining. The contract is worth some US$4 million, the miner said in a statement.
“As of 31 August 2021, Maligreen is estimated to host a NI 43-101 compliant inferred mineral resource of approximately 940,000 ounces of gold in 15.6 million tonnes at a grade of 1.88g/t,” according to the statement.
Maligreen’s total land area is about 550 hectares, covering two his-toric open pit mining operations which produced some 20,000 oz of gold mined from oxides in the years 2000 to 2002 after which the operation was shut down.
Steve Curtis, the CEO of Caledonia Mining, said that the Zimba-bwean “property has significant potential and has benefitted from many years of exploration activity.”
“Moreover, our understanding of the grade tonnage curve indicates that the deposit is likely to offer a high level of mining flexibility alt-hough much more work is needed in this area,” he said.