Caledonia Mining Corp PLC's Mark Learmonth tells Proactive it has agreed to acquire the Maligreen project in the Gweru mining district in Zimbabwe, from Pan African Mining Ltd, a privately owned Zimbabwean company, for $4 million.
Learmonth says the project is estimated to contain a NI 43-101 compliant inferred mineral resource of about 940,000 ounces of gold as of end August 2021. About 76% of the resource estimate, or 712,000 ounces, is located at depths shallower than 220 metres indicating the potential for an open pit mining operation.