Bilboes Gold is owned by Toziyana Resources which controls 50% shareholding, Baker Steel Resources Trust (24%) and Infinite Treasure with 26% stake.
Upon successful completion of the transaction, Victor Gapare, a prominent Zimbabwean mining entrepreneur who controls Toziyana Resources, is expected to be appointed as the executive director of Caledonia.
Commenting on the company’s operating and financial results for the nine months ended September 30, 2022, Caledonia CEO Mark Learmonth said the firm was working hard to conclude the transaction. “In July, Caledonia announced that it had signed an agreement to purchase Bilboes Gold Limited, which is the holding company for a large, high-grade, open-pitable gold resource,” Learmonth said as he shared the results with investors Thursday. “Completion of the transaction is subject to several conditions, and we are making progress towards satisfying them. “Once the transaction has completed, we intend to prepare a feasibility study to identify the most judicious way to commercialise the project with regards to the availability of funding on acceptable terms. “Caledonia also intends to re-start the oxides operation at Bilboes, under a tribute arrangement before completion of the transaction, with a view to create a cash-generative operation within approximately six months of the commencement of activity. ” He said the proposed acquisition of Bilboes also builds on the acquisition of the Maligreen claims in November 2021. “We have evaluated the existing geological information which allowed us to improve the geological confidence of approximately half the mineral resources from inferred to measured and indicated mineral resources,” Learmonth said. “This supports our confidence in the project and its geological continuity. ” The company last week announced the acquisition of Motapa, a large exploration property.
Motapa was formerly owned and explored by Anglo American Zimbabwe prior to its exit from the Zimbabwean gold sector in the late 1990s.
The project has a mining lease covering approximately 2 200 hectares.
Motapa, according to Caledonia, has been mined throughout most of the second half of the 20th century. 🔗
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