BILBOES GOLD PROJECT
TECHNICAL REPORT SUMMARY
Effective Date: December 31, 2023
Issue Date: May 15, 2024
Qualified Persons:
DRA Projects (Pty) Ltd
Document Number: GZWEBR7537-STU-REP-015
Revision: A
// Technical Report Summary
DATE AND SIGNATURE PAGE
This technical report summary titled "Bilboes Gold Project Technical Report Summary" was prepared for Caledonia Mining Corporation Plc, in accordance with Subpart 1300 and Item 601(b)(96) of Regulation S-K, as adopted by the United States Securities and Exchange Commission. Its effective date is 31 December 2023.
The Qualified Person ("QP") responsible for this Report is DRA Projects (Pty) Ltd.
DRA PROJECTS (PTY) LTD
Name: [ ]
Title: [ ]
Signature Date: [ ], 2024
Document Number: GZWEBR7537-STU-REP-015 - Rev. A | Page 2 of 187 |
// Technical Report Summary | |||
ABBREVIATIONS, TERMS AND DEFINITIONS | |||
Abbreviations/Terms | Definition | ||
°C | Degrees | ||
AACE | American Association of Cost Engineers | ||
AMIS | African Mineral Standards | ||
amsl | above mean sea level | ||
AMZIM | Anglo American Corporation of Zimbabwe Ltd | ||
Archean | Bubi Greenstone Belt | ||
Au | Native Gold | ||
Baker Steel | Baker Steel Resources Limited | ||
BBWi | Bond Ball Work Index | ||
BFS | Basic Ferric Sulphate | ||
Bilboes | Bilboes Gold Limited | ||
BIOX | Biological Oxidation | ||
BoQ | Bill of Quantities | ||
Caledonia | Caledonia Mining Corporation Plc | ||
CCD | Counter Current Decantation | ||
CCE | Capital Cost Estimate | ||
CIL | Carbon in Leach | ||
CIM | Canadian Institute of Mining | ||
CMCL | AIM of the London Stock Exchange plc | ||
COS | Crushed Ore Stockpile | ||
CRM's | Certified Reference Materials | ||
CSR | Corporate Social Responsibility | ||
Datamine | Datamine Studio™ | ||
DD | Diamond Drilling | ||
DEM | Digital Elevation Model | ||
DRA | DRA Projects (Pty) Ltd | ||
EC&I | Electrical, Control and Instrumentation | ||
EHS | Environmental, Health and Safety | ||
EIA | Environmental Impact Assessment | ||
EMA | Environmental Management Agency | ||
EMC | Eurus Mineral Consultants | ||
EMP | Environmental Management Plans | ||
EPCM | Engineering, Procurement, Construction Management | ||
EPO | Exclusive Prospecting Orders | ||
ESIA | Environmental and Social Impact Assessment | ||
ESMP | Environmental and Social Management Plan | ||
Document Number: GZWEBR7537-STU-REP-015 - Rev. A | Page 3 of 187 |
// Technical Report Summary | |||
Abbreviations/Terms | Definition | ||
ESSMS | Environmental, Social and Safety Management System | ||
FEED | Front End Engineering Design | ||
FGR | Fidelity Gold Refinery | ||
GEV | Generalized Extreme Value | ||
IFC | International Finance Commission | ||
ILO | International Labor Organization | ||
IMTT | Intermediated Money Transfer Tax | ||
Infinite Treasure | Infinite Treasure Limited | ||
IRR | Internal Rate of Return | ||
ISBN | Isabella North | ||
ISBS | Isabella South | ||
LBMA | London Bullion Market Association | ||
LCR | Lab Coarse Duplicates | ||
LG | Lerchs-Grossman | ||
LoM | Life of Mine | ||
LPR | Lab Pulp Duplicates | ||
LRP | Livelihoods Restoration Plan | ||
ma | mega annum | ||
mamsl | Meter above mean sea level | ||
MAP | Mean Annual Precipitation | ||
MCC | Motor Control Centre | ||
MEL | Mechanical Equipment List | ||
MRE | Mineral Resource Estimate | ||
MSD-Z | Meteorological Services Department of Zimbabwe | ||
NPV | Net Present Value | ||
OPEX | Operating Expenditure | ||
P&G | Preliminary and General | ||
PDC | Process Design Criteria | ||
PERC | percussion Reverse Circulation | ||
PFD | Process Flow Diagram | ||
PFS | Pre-Feasibility Study | ||
PGM | Platinum Group Metals | ||
PLZ | Performance Laboratories Zimbabwe Limited | ||
POX | Pressure Oxidation | ||
PSD | Particle Size Distribution | ||
PV | Prospecting Ventures | ||
QA/QC | Quality Assurance / Quality Control | ||
Document Number: GZWEBR7537-STU-REP-015 - Rev. A | Page 4 of 187 |
// Technical Report Summary | |||
Abbreviations/Terms | Definition | ||
QP | Qualified Person as defined in S-K 1300 | ||
RC | Reverse Circulation | ||
RFQ | Rock Quality Designation | ||
RMR | Rock Mass Rating | ||
RoM | Run of Mine | ||
RoR | Rate of Rise | ||
RWD | Return Water Dam | ||
SANAS | South African National Accreditation System | ||
SEX | Sodium Ethyl Xanthate | ||
SIB | Stay in Business | ||
S-K 1300 | Subpart 1300 and Item 601(b)(96) of Regulation S-K | ||
SLR | SLR Consulting (Africa) (Pty) Ltd | ||
TRS | Technical Report Summary within the meaning of S-K 1300 | ||
TSF | Tailings Storage Facility | ||
US$ | United States Dollar | ||
VAT | Value Added Tax | ||
WGC | World Gold Council | ||
WRD | Waste Rock Dumps | ||
ZETDC | Zimbabwe Electricity Transmission and Distribution Company | ||
ZINWA | Zimbabwe National Water Authority | ||
SYSTEM OF UNITS
The international metric system of units (SI) will be used throughout the design in all documentation, specifications, drawings, reports, and all other documents associated.
Document Number: GZWEBR7537-STU-REP-015 - Rev. A | Page 5 of 187 |
// Technical Report Summary | |||
1 | EXECUTIVE SUMMARY | 17 | |
1.1 | Introduction | 17 | |
1.2 | Report Purpose | 17 | |
1.3 | Project Location | 17 | |
1.4 | Permits | 17 | |
1.5 | History | 18 | |
1.6 | Geology and Resource Estimate | 18 | |
1.7 | Exploration | 18 | |
1.8 | Sample Preparation, Analysis and Security | 19 | |
1.9 | Mineral Resource Estimate | 21 | |
1.10 | Mineral Reserve | 23 | |
1.11 | Mining Strategy | 24 | |
1.12 | Mine Production Schedules | 25 | |
1.13 | Tailings Storage Facility | 26 | |
1.14 | Infrastructure and Site Layout | 26 | |
1.15 | Environmental | 28 | |
1.16 | Project Permitting | 29 | |
1.17 | Social and Community Related Requirements and Plans | 29 | |
1.18 | Mine Closure | 30 | |
1.19 | Process Plant | 30 | |
1.20 | Capital Costs | 31 | |
1.21 | Operating Costs | 32 | |
1.22 | Market Studies | 33 | |
1.23 | Economic Outcomes | 33 | |
1.24 | Project Development | 34 | |
1.25 | Conclusions | 34 | |
1.26 | Recommendations | 36 | |
2 | INTRODUCTION | 37 | |
2.1 | Report Purpose | 37 | |
2.2 | Sources of Information | 37 | |
2.3 | Personal Inspections / Site Visits | 37 | |
2.4 | QP Responsibilities and Relationships | 38 | |
3 | PROPERTY DESCRIPTION | 39 | |
3.1 | Project Location | 39 | |
3.2 | Property Area | 39 | |
3.3 | Mineral Tenure and Title | 40 |
Document Number: GZWEBR7537-STU-REP-015 - Rev. A | Page 6 of 187 |
// Technical Report Summary
3.4 | Royalties | 41 | |
3.5 | Permits | 41 | |
3.6 | Political Risks | 42 | |
3.7 | Indigenization and Economic Empowerment | 42 | |
4 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND | |||
PHYSIOGRAPHY | 44 | ||
4.1 | Access | 44 | |
4.2 | Physiography | 44 | |
4.3 | Climate | 44 | |
4.4 | Local Resources and Infrastructure | 44 | |
4.5 | Personnel | 45 | |
4.6 | Supplies | 45 | |
5 | HISTORY | 46 | |
5.1 | Holdings | 46 | |
5.2 | Historical Sulfide Mineral Resource Estimates | 46 | |
5.3 | Production | 49 | |
6 GEOLOGICAL SETTING, MINERALIZATION AND DEPOSIT | 51 | ||
6.1 | Regional Geology | 51 | |
6.2 | Regional Geology as it Relates to the Bilboes Properties | 55 | |
6.3 | Stratigraphy | 56 | |
6.4 | Deposit Types | 57 | |
7 | EXPLORATION | 59 | |
7.1 | Geological Mapping | 59 | |
7.2 | Trenching | 60 | |
7.3 | Ground Geophysical Surveying | 60 | |
7.4 | Prospecting and Sampling | 61 | |
7.5 | Drilling | 61 | |
7.6 | Hydrology and Hydrological Drilling | 65 | |
7.7 | Geotechnical Drilling | 66 | |
8 SAMPLE PREPARATION, ANALYSES AND SECURITY | 67 | ||
8.1 | Sampling | 67 | |
8.2 | Analysis | 67 | |
8.3 | Sample Security | 68 | |
8.4 | Quality Control | 68 | |
8.5 | QP Commentary | 70 |
Document Number: GZWEBR7537-STU-REP-015 - Rev. A | Page 7 of 187 |
// Technical Report Summary
9 DATA VERIFICATION | 71 | |
9.1 | Historical Data | 71 |
9.2 | 2017/2018 Drilling Campaign | 71 |
9.3 | QP Commentary | 71 |
10 MINERAL PROCESSING AND METALLURGICAL TESTING | 72 | |
10.1 | Test Work Programme Overview | 72 |
10.2 | Discussion of the Results | 72 |
10.3 | Process Route Identification | 74 |
10.4 | Variability Testing | 75 |
10.5 | Pilot Plant Test Work | 75 |
10.6 | Pilot Plant Results | 76 |
........................................................................................................................ | 78 | |
10.8 | QP Commentary | 80 |
11 | MINERAL RESOURCE ESTIMATES | 81 | |
11.1 | Topography | 81 | |
11.2 | Geological Database | 81 | |
11.3 | Bulk Density | 81 | |
11.4 | Geological Model | 82 | |
11.5 | Weathering and Oxidation | 84 | |
11.6 | Compositing | 85 | |
11.7 | Variography | 85 | |
11.8 | Top Capping | 86 | |
11.9 | Grade Estimation | 86 | |
11.10 | Model Validations | 88 | |
11.11 | Reconciliation | 89 | |
11.12 | Resource Classification | 89 | |
11.13 | Declaration | 91 | |
11.14 | QP Commentary | 93 | |
12 | MINERAL RESERVE ESTIMATES | 94 | |
12.1 | Basis of Mineral Reserve Estimate | 94 | |
12.2 | Mineral Reserve Declaration | 95 | |
12.3 | Risk Assessment | 96 | |
13 | MINING METHODS | 97 | |
13.1 | Hydrological and Geotechnical Investigation | 97 | |
13.2 | Rock Mass Classification | 98 | |
13.3 | Geotechnical Conclusions and Recommendations | 98 | |
Document Number: GZWEBR7537-STU-REP-015 - Rev. A | Page 8 of 187 |
// Technical Report Summary | |||
13.4 | Mining Pit Locations | 100 | |
13.5 | Mining Strategy | 101 | |
13.6 | Mine Design | 105 | |
13.7 | Mine Production | 105 | |
13.8 | Operating Assumptions | 106 | |
13.9 | Fleet Requirements | 107 | |
13.10 | Mining Personnel | 108 | |
14 PROCESSING AND RECOVERY METHODS | 111 | ||
14.1 | Process Test work Results | 111 | |
14.2 | Process Flow Description | 112 | |
14.3 | Plant Water Requirements | 118 | |
14.4 | Reagent Services | 118 | |
15 | INFRASTRUCTURE | 120 | |
15.1 | Geotechnical Investigation and Design | 121 | |
15.2 | Tailings Storage Facility | 123 | |
15.3 | Civil Engineering and Earthworks | 127 | |
15.4 | Mechanical Engineering | 128 | |
15.5 | Electrical Power Supply and Reticulation (including Communications) | 129 | |
15.6 | General Infrastructure | 130 | |
15.7 | Water Management Infrastructure | 131 | |
15.8 | Sewage Management | 132 | |
15.9 | Project Execution | 132 | |
16 | MARKET STUDIES | 134 | |
16.1 | Historical Supply and Demand | 134 | |
16.2 | Gold Sales in Zimbabwe | 137 | |
16.3 | Gold Price Predictions | 138 | |
17 ENVIRONMENTAL STUDIES, PERMITTING, AND PLANS, NEGOTIATIONS, OR | |||
AGREEMENTS WITH LOCAL INDIVIDUALS OR GROUPS | 139 | ||
17.1 | Environmental Issues | 139 | |
17.2 | Waste, Tailings, Monitoring and Water Management | 140 | |
17.3 | Water Management | 143 | |
17.4 | Project Permitting | 143 | |
17.5 | Social and Community Related Requirements and Plans | 144 | |
17.6 | Social / Community Issues | 145 | |
17.7 | Mine Closure | 145 | |
17.8 | Estimated Environmental Costs for Closure | 147 | |
Document Number: GZWEBR7537-STU-REP-015 - Rev. A | Page 9 of 187 |
// Technical Report Summary
17.9 | QP Commentary | 147 | |
18 CAPITAL AND OPERATING COSTS | 148 | ||
18.2 | Operating Cost Estimate | 152 | |
19 | ECONOMIC ANALYSIS | 156 | |
19.1 | Introduction | 156 | |
19.2 | Method | 156 | |
19.3 | Sources of Information | 157 | |
19.4 | Base Date | 157 | |
19.5 | Production Profile | 157 | |
19.6 | Capital Expenditure and Phasing | 158 | |
19.7 | Stay in Business Capital | 158 | |
19.8 | Operating Expenditure | 158 | |
19.9 | Gold Recovery | 159 | |
19.10 | Gold Pricing | 159 | |
19.11 | Salvage Value | 159 | |
19.12 | Working Capital | 159 | |
19.13 | Sunk and On-going Capital | 159 | |
19.14 | Reclamation and Closure | 159 | |
19.15 | Royalty Tax | 160 | |
19.16 | Corporate Income Tax | 160 | |
19.17 | Discount Rate | 160 | |
19.18 | Economic Outcomes | 161 | |
19.19 | Cash Flow Model | 161 | |
19.20 | Sensitivity Analysis | 165 | |
20 | ADJACENT PROPERTIES | 167 | |
21 OTHER RELEVANT DATA AND INFORMATION | 169 | ||
21.1 | Royalties, Taxes and Economic Climate in Zimbabwe | 169 | |
21.2 | Mining Legislation | 174 | |
22 | INTERPRETATION AND CONCLUSIONS | 175 | |
22.1 | Mineral Resource Estimate | 175 | |
22.2 | Mineral Reserves Estimate | 176 | |
22.3 | Economic Outcomes | 176 | |
22.4 | Risk Assessment | 177 | |
23 | RECOMMENDATIONS | 180 | |
23.1 | Project Feasibility / Pre Project Execution / Implementation | 180 |
Document Number: GZWEBR7537-STU-REP-015 - Rev. A | Page 10 of 187 |
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Caledonia Mining Corporation plc published this content on 20 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 May 2024 09:36:03 UTC.