B2Gold Corp. (TSX:BTO) (NYSE AMERICAN:BTG) (NSX:B2G) (“B2Gold” or
the “Company”) announces positive exploration drill results from
the Fekola North Extension Zone extending gold mineralization to
one kilometer north of the Fekola Reserve pit boundary and
continuing successful resource infill drilling.
Highlights
This news release should be read in conjunction with the Fekola
and Fekola North Extension schematic long section (see
below or on our website with today’s news release
at http://www.b2gold.com/news/2018/)
- Recent positive drilling results in the Fekola North Extension
significantly increases resource potential of the Fekola Deposit
extending mineralization up to one kilometre north of the reserve
pit.
- Good-grade gold mineralization is hosted in shallow,
north-plunging shoots, the same structural setting as higher-grade
ore shoots in the Fekola Deposit, and remains open to the
north.
- New drill results to the North of the Fekola Resource pit
boundary indicate the main higher-grade Fekola ore shoot is thicker
and extends closer to surface than previously projected.
- New good-grade drill results from infill drilling within the
resource pit boundary continue to convert inferred resources to
indicated category.
Fekola North Extension
Exploration
A total of approximately 10,000 metres of
diamond drilling have now been completed this year in the Fekola
North extension. These drill results, combined with previous
results, continue to convert resources to reserves within the
resource pit boundary and further expand the Fekola North extension
zone mineralization to now at least one km north of the Fekola
reserve pit boundary, and approximately 900 metres north of the
current resource pit boundary. (see longitudinal section, in the
news release, and the B2Gold website (www.b2gold.com).
These drill results along with previous results
confirm the potential for the Fekola deposit to increase in size
significantly to the north, and indicate the potential, with
further drilling for a larger open-pittable resource and
reserve.
Fekola Resource Conversion (See longitudinal
section)
Infill drilling is ongoing at Fekola and
continues to convert inferred resources to indicated category
within the resource pit boundary. The current resource pit
boundary extends beyond the Fekola reserve pit boundary
approximately 50 metres below the reserve, 150 metres to the north
and approximately 600 metres to the north (formerly Kiwi zone),
from surface to 50 metres depth. The resource pit extension
contains 720,000 ounces in the indicated category and 180,000
ounces in the inferred category, for a total potential increase of
900,000 ounces of gold1.
The recent drilling intercepted higher gold
grades, in wider intercepts, than had been projected from previous
drill results.
1 Please see B2Gold’s Annual Information Form 2018, which is
available on SEDAR (www.sedar.com), for further information,
including information regarding applicable grade and tonnage.
Highlights from Fekola Resource infill
drilling results:
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Hole ID |
From (m) |
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To (m) |
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Length (m) |
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Gold (g/t) |
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FKD_242 |
317.30 |
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396.00 |
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78.70 |
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3.20 |
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FKD_241 |
308.20 |
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395.00 |
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86.80 |
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3.95 |
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FKD_239 |
307.00 |
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374.00 |
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67.00 |
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3.10 |
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FKD_244 |
246.00 |
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295.00 |
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49.00 |
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1.39 |
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FKD_246 |
240.70 |
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264.00 |
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23.30 |
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1.60 |
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Infill drilling is ongoing.
Fekola North Extension
The Fekola North Extension adjoins the Fekola
resource pit and extends up to one kilometre north of the Fekola
reserve pit. The structural setting at Fekola North Extension
is identical to that hosting the bulk of the high-grade ore in the
Fekola Deposit. Recent drilling beyond the resource pit
boundary to the north, along with previous drilling, has confirmed
that the higher-grade Fekola mineralized shoot extends further
north, in holes such as 248, 245, 250, and 253. Holes 250 and
253 are approximately 750 metres from the resource pit boundary
(see table below). In addition, holes 264, 254, 261, 262 256, 258,
251 and 255 demonstrate the higher-grade shoot extends closer to
surface than previously modelled, positively filling a portion of
the gap between the higher-grade shoot and the shallow
mineralization above, in the resource pit.
Highlights of Fekola North
extension drill results:
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Hole ID |
From (m) |
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To (m) |
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Length (m) |
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Gold (g/t) |
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FKD_238 |
328.00 |
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390.40 |
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62.40 |
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2.66 |
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FKD_243 |
260.00 |
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331.40 |
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71.40 |
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1.40 |
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FKD_245 |
344.00 |
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394.40 |
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50.40 |
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2.41 |
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FKD_248 |
392.00 |
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433.00 |
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41.00 |
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2.71 |
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FKD_250 |
528.00 |
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554.00 |
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26.00 |
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1.18 |
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FKD_251 |
412.00 |
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477.00 |
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35.00 |
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1.95 |
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FKD_253 |
486.20 |
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517.00 |
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30.80 |
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4.10 |
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FKD_254 |
270.00 |
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319.10 |
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49.10 |
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2.59 |
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FKD_255 |
397.30 |
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445.77 |
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48.47 |
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1.23 |
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FKD_256 |
285.00 |
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319.00 |
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34.00 |
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2.01 |
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FKD_258 |
304.00 |
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339.20 |
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35.20 |
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2.06 |
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FKD_261 |
265.70 |
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278.00 |
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12.30 |
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2.23 |
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FKD_262 |
302.00 |
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342.00 |
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43.00 |
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2.29 |
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FKD_264 |
293.00 |
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340.30 |
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47.30 |
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2.63 |
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Fekola and Fekola North Extension
Schematic Long Section Map
To view an enhanced version of this map, please
visit: https://orders.newsfilecorp.com/files/3906/34100_a1524045554031_40.jpg
Drilling continues, and will be ongoing through
the rest of 2018, to further define the Fekola North extension and
further infill drill the Fekola resource. The Company will
continue to release material drill results, as they become
available and expects to release an updated Fekola mineral resource
in the third quarter of 2018.
In addition to Fekola, the 2018 Mali exploration
budget includes $7.5 million for further drilling on the Anaconda
zones, in the Fekola region. The drill program is well
underway and is returning positive additional results from the
near-surface saprolite zones and the good gold grade bedrock zones,
beneath the saprolite. Further results will be released later
in the year.
QA/QC on Sample Collection and
Assaying
The primary laboratories
for Fekola are SGS Laboratories in
Bamako, Mali and Bureau Veritas Laboratories in Abidjan, Cote
d'Ivoire. Periodically, exploration samples will be analyzed at the
Fekola Mine Lab. At each lab, samples are prepared and
analyzed using 50g fire assay with atomic absorption finish and/or
gravimetric finish. Umpire assays are used to monitor lab
performance monthly.
Quality assurance and quality control ("QA/QC")
procedures include the systematic insertion of blanks, standards
and duplicates into the core, reverse circulation and aircore
drilling sample strings. The results of the control samples are
evaluated on a regular basis with batches re-analyzed and/or
resubmitted as needed. All results stated in this announcement have
passed B2Gold's quality assurance and quality control
protocols.
Qualified Persons
Tom Garagan, Senior Vice President of
Exploration at B2Gold, a qualified person under NI 43-101, has
approved the exploration information contained in this news
release.
About B2Gold
Headquartered in Vancouver, Canada, B2Gold Corp.
is the world's new senior gold producer. Founded in 2007, today,
B2Gold has five operating gold mines and numerous exploration and
development projects in various countries including Nicaragua, the
Philippines, Namibia, Mali, Burkina Faso, Colombia and Finland.
With the large, low-cost Fekola Mine now in production, B2Gold is
well positioned in achieving transformational growth in 2018. In
2018, with the planned first full year of production from the
Fekola Mine, consolidated gold production is forecast to be between
910,000 and 950,000 ounces. This represents an increase in annual
consolidated gold production of approximately 300,000 ounces for
the Company in 2018 versus 2017.
First Quarter 2018 Financial Results –
Conference Call Details
B2Gold will release its first quarter 2018 results before the
North American markets open on Thursday, May 10, 2018.
B2Gold executives will host a conference call to
discuss the results on Thursday, May 10, 2018, at 10:00 am
PDT / 1:00 pm EDT. You may access the call by dialing the
operator at +1 647-788-4919 (local or international) or toll free
at +1 877-291-4570 prior to the scheduled start time, or you may
listen to the call via webcast by clicking
http://www.investorcalendar.com/event/27596. A playback version of
the call will be available for two weeks after the call at +1
416-621-4642 (local or international) or toll free at +1
800-585-8367 (passcode 7166938).
On Behalf of B2GOLD CORP.
“Tom Garagan”
Senior Vice-President
Exploration
For more information on B2Gold please visit the
Company website at www.b2gold.com or contact:
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Ian MacLean |
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Katie Bromley |
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Vice President,
Investor Relations |
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Manager, Investor
Relations & Public Relations |
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604-681-8371 |
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604-681-8371 |
imaclean@b2gold.com |
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kbromley@b2gold.com |
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The Toronto Stock Exchange and the NYSE American LLC neither
approve nor disapprove the information contained in this news
release.
This news release includes certain
“forward-looking information” and “forward-looking statements”
(collectively “forward-looking statements”) within the meaning of
applicable Canadian and United States securities legislation,
including statements regarding anticipated exploration, drilling,
and other activities and achievements of the Company, including but
not limited to: the potential for the Fekola Deposit to increase in
size significantly to the North and the potential for a larger
open-pittable resource and reserve; the expansion of Fekola North
extension zone; the higher grade-Fekola mineralized shoot extending
further North and the higher-grade shoot extending closer to the
surface; work being underway to revise geological models and the
Company working towards an updated resource statement for the
Fekola Project later in the year; drilling continuing and ongoing
through the rest of 2018 to further define the Fekola North
extension; the resource pit extension containing 720,000 ounces in
the indicated category and 180,000 ounces in the inferred category,
for a total potential increase of 900,000 ounces of gold; the
conversion of inferred mineral resources to indicated mineral
resources and mineral resources to mineral reserves; the Mali
exploration budget including $7.5 million for further drilling on
the Anaconda zone; the drill program being well underway and
returning positive additional results and that further results will
be released later in the year; the Fekola Mine being large and
low-cost; consolidated gold production forecast being between
910,000 and 950,000 ounces of gold and such representing an
increase in annual consolidated gold production of approximately
300,000 ounces for the Company in 2018 versus 2017; and B2Gold
being well positioned in achieving transformational growth in 2018.
Estimates of mineral resources and reserves are also
forward-looking statements because they constitute projections
regarding the amount of minerals that may be encountered in the
future and/or the anticipated economics of production, should a
production decision be made. All statements in this news release
that address events or developments that we expect to occur in the
future are forward-looking statements. Forward-looking statements
are statements that are not historical facts and are generally,
although not always, identified by words such as “expect”, “plan”,
“anticipate”, “project”, “target”, “potential”, “schedule”,
“forecast”, “budget”, “estimate”, “intend” or “believe” and similar
expressions or their negative connotations, or that events or
conditions “will”, “would”, “may”, “could”, “should” or “might”
occur. All such forward-looking statements are based on the
opinions and estimates of management as of the date such statements
are made.
Forward-looking statements necessarily involve
assumptions, risks and uncertainties, certain of which are beyond
B2Gold’s control, including risks associated with the volatility of
metal prices and the Company’s common shares; risks and dangers
inherent in exploration, development and mining activities;
uncertainty of reserve and resource estimates; risk of not
achieving production, cost or other estimates; risk that actual
production, development plans and costs differ materially from the
estimates in the Company’s feasibility studies; the ability to
obtain and maintain any necessary permits, consents or
authorizations required for mining activities; uncertainty about
the outcome of negotiations with the Government of Mali; risks
related to environmental regulations or hazards and compliance with
complex regulations associated with mining activities; the ability
to replace mineral reserves and identify acquisition opportunities;
unknown liabilities of companies acquired by B2Gold; ability to
successfully integrate new acquisitions; fluctuations in exchange
rates; availability of financing; risks related to financing and
debt, including potential restrictions imposed on the Company’s
operations as a result thereof and the ability to generate
sufficient cash flows; risks related to operations in foreign and
developing countries and compliance with foreign laws, including
those associated with operations Mali, Namibia, the Philippine,
Nicaragua and Burkina Faso and including risks related to changes
in foreign laws and changing policies related to mining and local
ownership requirements; risks related to remote operations and the
availability of adequate infrastructure, fluctuations in price and
availability of energy and other inputs necessary for mining
operations; shortages or cost increases in necessary equipment,
supplies and labour; regulatory, political and country risks
including local instability or acts of terrorism and the effects
thereof; risks related to reliance upon contractors, third parties
and joint venture partners; risks related to lack of sole
decision-making authority related to Filminera Resources
Corporation, which owns the Masbate Project; challenges to title or
surface rights; dependence on key personnel and ability to attract
and retain skilled personnel; the risk of an uninsurable or
uninsured loss; adverse climate and weather conditions; litigation
risk; competition with other mining companies; changes in tax laws;
community support for the Company’s operations including risks
related to strikes and the halting of such operations from time to
time; risks related to conflict with small scale miners; risks
related to failures of information systems or information security
threats; the final outcome of the audit by the DENR in relation to
the Masbate Project; ability to maintain adequate internal control
over financial reporting as required by law, including Section 404
of the Sarbanes-Oxley Act; risks related to compliance with
anti-corruption laws; as well as other factors identified and as
described in more detail under the heading “Risk Factors” in
B2Gold’s most recent Annual Information Form, the Company’s current
Form 40-F Annual Report and B2Gold’s other filings with Canadian
securities regulators and the U.S. Securities and Exchange
Commission (the “SEC”), which may be viewed at www.sedar.com and
www.sec.gov, respectively (the “Websites”). The list is not
exhaustive of the factors that may affect the Company’s
forward-looking statements. There can be no assurance that such
statements will prove to be accurate, and actual results,
performance or achievements could differ materially from those
expressed in, or implied by, these forward-looking statements.
Accordingly, no assurance can be given that any events anticipated
by the forward-looking statements will transpire or occur, or if
any of them do, what benefits or liabilities B2Gold will derive
therefrom. The Company’s forward looking statements reflect current
expectations regarding future events and operating performance and
speak only as of the date hereof and the Company does not assume
any obligation to update forward-looking statements if
circumstances or management's beliefs, expectations or opinions
should change other than as required by applicable law. The
Company's forward looking statements are based on the applicable
assumptions and factors management considers reasonable as of the
date hereof, based on the information available to management at
such time. These assumptions and factors include, but are not
limited to, assumptions and factors related to the Company's
ability to carry on current and future operations, including
development and exploration activities; the timing, extent,
duration and economic viability of such operations, including any
mineral resources or reserves identified thereby; the accuracy and
reliability of estimates, projections, forecasts, studies and
assessments; the Company’s ability to meet or achieve estimates,
projections and forecasts; the availability and cost of inputs; the
price and market for outputs, including gold; the timely receipt of
necessary approvals or permits; the ability to meet current and
future obligations; the ability to obtain timely financing on
reasonable terms when required; the current and future social,
economic and political conditions; and other assumptions and
factors generally associated with the mining industry. For the
reasons set forth above, undue reliance should not be placed on
forward-looking statements.
Cautionary Note to United States Investors
The disclosure in this news release was prepared
in accordance with Canadian National Instrument 43-101 (“NI
43-101”), which differs significantly from the requirements of the
SEC set out in Industry Guide 7. Accordingly, such disclosure may
not be comparable to similar information made public by companies
that report in accordance with U.S. standards. In particular, this
news release may refer to “mineral resources” or “inferred mineral
resources”. While these categories of mineralization are recognized
and required by Canadian securities laws, they are not recognized
by the SEC and are not normally permitted to be disclosed in SEC
filings by U.S. companies. U.S. investors are cautioned not to
assume that any part of a “mineral resource” or “inferred mineral
resource” will ever be converted into a “reserve.” In addition,
“reserves” reported by the Company under Canadian standards may not
qualify as reserves under SEC standards. Under SEC standards,
mineralization may not be classified as a “reserve” unless the
mineralization can be economically and legally extracted or
produced at the time the “reserve” determination is made.
Accordingly, information contained or referenced in this news
release containing descriptions of the Company’s mineral deposits
may not be compatible to similar information made public by U.S.
companies subject to the reporting and disclosure requirements of
U.S. federal securities laws, rules and regulations. “Inferred
mineral resources” have a great amount of uncertainty as to their
existence and great uncertainty as to their economic and legal
feasibility. It cannot be assumed that all or any part of an
inferred mineral resource will ever be upgraded to a higher
category. Historical results or feasibility models presented herein
are not guarantees or expectations of future performance.
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