Operations & Projects

Operations & Projects

Caldas Gold is a Canadian-based gold and silver exploration, development and production company with its primary focus in Colombia. Caldas Gold is currently advancing a prefeasibility study for a major expansion and modernization of its underground mining operations at its Marmato Project in the Department of Caldas, Colombia. Located within a historic mining district, the Marmato Project contains mineral resources of 2.0 million ounces of gold in the Measured and Indicated categories and 3.3 million ounces of gold in the Inferred category.

Why Colombia?

Colombia is a country of opportunities with a growing economy, one of the lowest inflation rates in Latin America and free trade agreements with eight trading partners including the USA, European Union and more than 100 designated free-trade zones. Colombia’s government is very supportive of foreign investment and it has the best investor protection in Latin America, 15th worldwide, according to the World Bank (2018). Mining is a significant sector in the Colombian economy and one of the country’s largest export sectors. Ranked #3 in Latin America for ease of doing business and #65 globally according to the World Bank (Doing Business, 2018)

Calculated on a by-product credit basis, deducting silver revenues from production cash costs and production taxes and dividing the sum by the number of gold ounces sold.


The Marmato district has been exploited since pre-Colonial times by the Quimbaya people. The Spanish colonists assumed control of the Marmato mines in 1527 and the area has been in almost continuous production ever since. The gold resource of Marmato was so significant that Simon Bolivar, the revolutionary leader who liberated much of South America from Spanish rule, used the mines as collateral with British banks to secure funding for a war of independence against Spain.

Caldas Gold’s Marmato Project comprises the existing producing underground gold and silver mine in the Upper Zone, including the right to mine in the lower portion of the neighbouring Echandia license area, the existing 1,200 tpd processing plant and the area encompassing the Deeps Zone mineralization, all located within the mining license area referred to as Zona Baja. The current mine has been in operation since 1991. The Marmato Project has excellent infrastructure, being located by the Pan American Highway with access to Medellin to the north and Manizales to the south, and has access to the national electricity grid which runs near the property.

The Prefeasibility Study (PFS), completed mid-2020, charts a path for expansion of mining operations at the Marmato Project, ultimately comprised of two distinct operations, the existing Upper Zone operation and a new Deeps Zone operation which sits directly below the Upper Zone vein system. In 2019, the Upper Zone mine produced 25,750 ounces of gold. Implementation of a mine optimization program is expected to reduce total cash costs per ounce and to increase gold production in 2020 to between 32,000 and 37,000 ounces and thereafter to a range of 35,000 to 40,000 ozs for the next 15 years. The PFS is focused on the development of the Deeps Zone mineralization, construction of a new 4,000 tpd plant and new dry stack tailings storage facilities. Mechanized mining, using an underground longhole stoping method, is expected to commence in 2023 with an additional estimated 1.6 million ounces of gold recovered over a 16-year mine life.

Ownership Location
100% ownership Caldas department in Middle Cauca gold district 80 km south of Medellin
Mining Processing
Underground Milling, gravity, 1,200 tpd plant capacity
2019 Cash Cost 2019 Gold Production
US$1,108 per oz 25,750 ozs
Gold Resources (as of March 17, 2020)
Measured 2.1 5.6 387,000
Indicated 37.3 3.1 3,699,000
Inferred 26.4 2.6 2,172,000

Source: Technical Report filed on August 17, 2020.

Technical Report (PDF)

Marmato Underground Image

Marmato Image

Projected Production Profile

Marmato Chart Image

Source: Technical Report filed on February 28, 2020.


With more than 125,000 meters of historical drilling in Zona Baja, discovery of the Deeps Zone has opened the opportunity to expand underground mining operations to incorporate the Main Zone (MZ). The Deeps Zone remains open at depth and to the east and the latest drilling results have confirmed the discovery of a New Zone. The 2019 drilling program was designed to provide enough tonnes and grade in the Measured and Indicated mineral resource categories within the MZ to support the PFS. In 2020, Caldas Gold plans to drill up to 15,000 meters, including approximately 10,000 meters of infill drilling is designed to convert Inferred mineral resources to the Indicated category and to add additional mineral resources by stepping out along the southeast extension of the MZ. Another approximately 5,000 meters of exploration drilling will focus on broad mineralized zone targets outside the MZ.

Latest Drilling Results Proving The Down-dip Extension Of The Recently Discovered New Zone At The Marmato Project

New Zone Image

Source: News Release dated March 2, 2020

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