Zimbabwe-focused gold producer, Caledonia Mining Corporation is aggressive pursuing its “multi-asset strategy” as indicated by its recent US$4 million acquisition of the Maligreen project in Gweru from Pan African Mining.
Caledonia owns the Blanket Gold Mine in Gwanda, but over the past couple of years has been exploring possible acquisitions across Zimbabwe.
The gold producer’s purchase of the Gweru-based gold project is in line with its goal to expand its gold project portfolio in the country.
Maligreen is a substantial brownfield exploration opportunity with significant historical exploration and evaluation work having been conducted on the property over the last 30 years.
Said Caledonia CEO Mr Steve Curtis:
“We believe the property also offers significant upside exploration potential at the north-west extensions to the existing inferred mineral resource and at additional exploration targets in the northern part of the property.
“This transaction is an important next step as Caledonia pursues its strategy to become a multi-asset gold producer in Zimbabwe, one of the last gold frontiers in Africa.”