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Zimbabwe

Bilboes Project

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Summary

Mine TypeOpen Pit
Study CompletedPreliminary Economic Assessment
Study in ProgressFeasibility
StageFully Permitted
Commodities
  • Gold
Mining Method
  • Truck & Shovel / Loader
Mine Life... Lock
SnapshotThe Bilboes Project is fully permitted, a single-phase development gold project.

As of March 2025, the feasibility study is in progress. Caledonia Mining has decided to extend the timeline to fully explore several material optimisation opportunities that have the potential to enhance project economics and reduce upfront capital requirements.

Owners

SourceSource
CompanyInterestOwnership
Caledonia Mining Corporation plc 100 % Indirect
Caledonia Mining Corporation owns 100% of the Bilboes Project.

Contractors

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Deposit type

  • Vein / narrow vein
  • Breccia pipe / Stockwork
  • Hydrothermal

Summary:

Deposit Types
Mineralization at Bilboes four properties is of the hydrothermal variety. It consists of silicified stock-works/veins. The veins comprise pyrite and arsenopyrite. Gold is disseminated within the sulphide mineralization and is refractory. The mineralized zones are often subparallel to each other and are hosted in a much broader shear zone. The best mineralized zones are associated with brecciation and silicification.

These deposits form from hot water circulates through fractures in Earth’s crust. As the hot water moves, it leaches metals from surrounding rocks. Eventually, the metallic-rich fluids become supersaturated and precipitate plant feed minerals, including gold. The process involves hydrothermal fluid circulation and precipitation within a selected volume of rock.

The Bilboes deposit is an orogenic gold deposit. The gold in orogenic gold deposits is generally found in quartz veins or as disseminations within the host rock. The gold is often structurally controlled, meaning it is concentrated along faults, shear zones, or other structural features within the rocks. Orogenic gold deposits can be found in various geological settings, including continental margins, island arcs, and suture zones. Gold precipitates from hydrothermal fluids due to suitable physical and chemical processes.

Mineralized Zones
Mineralization at Bilboes four properties is Archaean lode, structurally controlled deposits. It consists of silicified stock-works/veins. The veins comprise pyrite and arsenopyrite. Gold is disseminated within the sulphide mineralization and is refractory. Pyrite is the dominant sulphide mineral, with minor arsenopyrite at Isabella and McCays, with the exception of the Isabella North orebodies where an equal proportion of pyrite to arsenopyrite is evident.

The mineralized zones are often subparallel to each other and are hosted in a much broader shear zone. The best mineralized zones are associated with brecciation and silicification.

The sulphide tends to weather readily, and all of the deposits are covered by oxide caps to a depth of 12 m to 50 m which are readily amenable to heap-leach extraction.

Orebody widths at Isabella and McCays range from 5 m to 20 m and are wider near surface. Individual orebodies have strike ranges from 75 m to 500 m and are typically in an en echelon pattern in a northwest to south-eastern pattern. The oxide cap is deepest at Isabella where the range is 12 m to 50 m. The overall mineralized strike is 4,400 m.

The oxide-sulphides interface at Bubi is shallow in the southwest at about 10 m to 12 m below surface and increases to 30 m in the central parts and to 40 m in the northeast. Orebody widths vary from 10 m in the southwest to as wide as 100 m in the central portions of the claims. The overall mineralized strike is 2,950 m.

Reserves

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Mining Methods

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Required Heavy Mobile Equipment

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Comminution

Crushers and Mills

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Processing

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Commodity Production

CommodityUnitsLOM
Gold oz 1,518,111
All production numbers are expressed as metal in doré.

Operational metrics

Metrics
Annual milling capacity  ....  Subscribe
Stripping ratio  ....  Subscribe
Waste tonnes, LOM  ....  Subscribe
Ore tonnes mined, LOM  ....  Subscribe
Tonnes milled, LOM  ....  Subscribe
* According to 2024 study.

Production Costs

CommodityUnitsAverage
All-in sustaining costs (AISC) Gold USD  ....  Subscribe
Assumed price Gold USD  ....  Subscribe
* According to 2024 study / presentation.

Operating Costs

CurrencyAverage
OP mining costs ($/t mined) USD  ....  Subscribe
OP mining costs ($/t milled) USD  ....  Subscribe
Processing costs ($/t milled) USD  ....  Subscribe
G&A ($/t milled) USD  ....  Subscribe
Total operating costs ($/t milled) USD  ....  Subscribe
* According to 2024 study.

Project Costs

MetricsUnitsLOM Total
Initial CapEx $M USD  ......  Subscribe
Expansion CapEx $M USD  ......  Subscribe
Closure costs $M USD  ......  Subscribe
OP OpEx $M USD  ......  Subscribe
Processing OpEx $M USD 564.3
G&A costs $M USD 47.2
Total OpEx $M USD  ......  Subscribe
Net revenue (LOM) $M USD  ......  Subscribe
Pre-tax NPV @ 10% $M USD  ......  Subscribe
After-tax NPV @ 5% $M USD  ......  Subscribe
After-tax NPV @ 10% $M USD  ......  Subscribe
After-tax NPV @ 7.5% $M USD  ......  Subscribe
Pre-tax IRR, %  ......  Subscribe
After-tax IRR, %  ......  Subscribe
Pre-tax payback period, years  ......  Subscribe
After-tax payback period, years  ......  Subscribe

Personnel

Mine Management

Job TitleNameProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Jul 18, 2025
....................... Subscription required ....................... Subscription required Subscription required May 30, 2024
....................... Subscription required ....................... Subscription required Subscription required May 30, 2024
....................... Subscription required ....................... Subscription required Subscription required Jul 18, 2025
....................... Subscription required ....................... Subscription required Subscription required Jul 18, 2025

Workforce

Aerial view:

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