VANCOUVER, Sept. 16, 2019 /PRNewswire/ - B2Gold
Corp. (TSX: BTO, NYSE AMERICAN: BTG, NSX: B2G) ("B2Gold" or the
"Company") announces positive drill results from the Mamba zone
which is located within the Anaconda area approximately 20 kilometres from
the Fekola Mine, as well as positive infill drill results from the
Fekola mineral resource area and step out results north of the
Fekola resource.
Highlights include:
- Extending the shallow, high-grade saprolite mineralized zone at
Mamba by approximately 600 metres to more than one kilometre of
strike length
- Discovery of a new wide good grade sulphide zone directly
beneath the Mamba saprolite zone. The sulphide zone is open down
plunge to the south, indicating the potential for Fekola-type gold
deposits
- Successful infill drilling at the Fekola deposit completed,
upgrade of the Inferred Mineral Resource (19%) to Indicated status
by the fourth quarter of 2019
- Step out drilling continues to extend the Fekola deposit
further to the north, which remains open
Recent Exploration
Drilling in 2019 in Mali has
been focused on increasing the Anaconda area saprolite resource, testing
mineralized zones beneath the shallow saprolite zones, infill
drilling the Inferred portion of the Fekola Mineral Resource to
Indicated status and expanding the Fekola deposit further to the
north. Based on positive drill results, in July, the Company
increased the 2019 exploration budget in Mali by $3
million to $20.5
million.
Anaconda Area (see
figure 1 "Mamba long section" below)
B2Gold has completed an 850-hole (24,863 metre) program of
combined aircore, diamond and reverse circulation drilling at the
Anaconda area, including on the
Company's increased land position. Drilling focused mainly on the
Mamba zone, located one kilometre east of the Anaconda zone, where the Company previously
announced an Inferred Mineral Resource estimate of 767,000 ounces
of gold at 1.1 grams per tonne ("g/t") in near-surface saprolite
mineralization over 4.5 kilometres and up to 500 metres wide. The
initial stage of the program has extended the strike length of
known saprolite mineralized structures at Mamba by over 600 metres
to over approximately one kilometre. Saprolite mineralization at
the Adder zone, 1.2 kilometres to the west of the Mamba zone,
remains open to the north. At Mamba, the newly discovered wide zone
of sulphide mineralization is contiguous and continuous with the
saprolite mineralization and remains open down plunge and to the
south, indicating the potential to host Fekola-style sulphide gold
deposits.
Recent holes include BNR_010 (61 metres at 2.25 g/t gold from
30 metres) and BNR_005 (39 metres at 3.16 g/t gold from 77
metres), which intersected thick accumulations of good grade
saprolite mineralization. Highlights from the sulphide-hosted
mineralization include BND_001, which intersected 38.40
metres at 2.40 g/t gold from 72.70 metres directly down plunge
from the high-grade saprolite mineralization and 13.95 metres at
2.20 g/t gold from 184.05 metres and hole BNR_002, which
intersected 14 metres at 4.50 g/t gold from 109
metres.
These new intersections occur approximately 150 metres up plunge
from previous sulphide intercepts on the Mamba zone, which include
two holes on the same section: MSD_141(44.00 metres at 1.22 g/t
gold from 80.00 metres and 46.20 metres at 1.76 g/t gold
from 168.80 metres) and the undercutting hole, MSD_132
(23.22 metres at 1.31 g/t gold from 116.48 metres, 24.50 metres at
4.02 g/t gold from 218.50 metres and 22.80 metres at 1.04
g/t gold from 253.20 metres). The geometry of this good
grade zone of mineralization is to be confirmed with additional
drilling.
Highlights from drilling to date include:
Hole
ID
|
From
(m)
|
To
(m)
|
Length
(m)
|
Gold
(g/t)
|
Domain
|
BNR_001
|
17
|
27
|
10
|
2.77
|
Saprolite
|
BNR_003
|
0
|
49
|
49
|
0.82
|
Saprolite
|
BNR_003
|
55
|
110
|
55
|
2.05
|
Saprolite
|
BNR_004
|
125
|
154
|
29
|
1.34
|
Saprolite
|
BNR_005
|
55
|
73
|
18
|
6.51
|
Saprolite
|
BNR_005
|
77
|
116
|
39
|
3.16
|
Saprolite
|
BNR_007
|
126
|
145
|
19
|
1.32
|
Saprolite
|
BNAC_183
|
0
|
38
|
38
|
2.14
|
Saprolite
|
BNR_010
|
30
|
91
|
61
|
2.25
|
Saprolite
|
BNR_012
|
95
|
97
|
2
|
23.14
|
Saprolite
|
BNR_014
|
48
|
58
|
10
|
3.97
|
Saprolite
|
BNR_015
|
22
|
44
|
22
|
1.77
|
Saprolite
|
BNR_016
|
94
|
120
|
26
|
1.10
|
Saprolite
|
BNAC_178
|
0
|
36
|
36
|
2.77
|
Saprolite
|
BNAC_175
|
0
|
11
|
11
|
4.04
|
Saprolite
|
BNR_016
|
120
|
156
|
36
|
0.88
|
Sulphide
|
BNR_015
|
103
|
126
|
23
|
1.06
|
Sulphide
|
BNR_002
|
109
|
123
|
14
|
4.50
|
Sulphide
|
BND_001
|
72.70
|
111.10
|
38.40
|
2.40
|
Sulphide
|
BND_001
|
184.05
|
198.00
|
13.95
|
2.20
|
Sulphide
|
Sulphide composites are reported above 0.6 g/t gold cutoff;
saprolite composites are reported above a 0.2 g/t gold
cutoff.
Fekola Infill Program (see figure 2 "Fekola long section"
below)
In October 2018, B2Gold reported
an updated Indicated Mineral Resource estimate of 92,810,000 tonnes
at 1.92 g/t gold for a total of 5,730,000 ounces of gold, and an
Inferred Mineral Resource estimate of 26,500,000 tonnes at 1.61 g/t
gold for a total of 1,370,000 ounces of gold (19%), for the Fekola
Mine (see news release dated October 25,
2018). A significant portion of the 2019 drilling has
been focused on upgrading the Inferred Mineral Resource estimate to
Indicated status, with a total of 25,000 metres completed as of
August 15, 2019.
Infill drill results to date support the results of the 2018
resource model, which had 19% Inferred Mineral Resources and 81%
Indicated Mineral Resources. Furthermore, drill holes FKD_409
(4.03 g/t gold over 30.50 metres from 437.5 metres), FKD_413 (10.44
g/t gold over 19.8 metres from 495.2 metres) and FKD_415 (3.3 g/t
gold over 38.2 metres from 467.5 metres) provide added
confirmation that significant intervals of high-grade gold
mineralization occur beyond the limits of the 2019 Preliminary
Economic Assessment ("PEA") pit shell (see news release dated
May 13, 2019), within the deepest
portions of the 2018 $1,400/ounce
gold resource pit shell. Follow up drilling down plunge from this
good grade mineralization has been completed and assays are pending
from holes FKD_431 and FKD_432. Mineralization remains open to the
north and down plunge. An updated resource model is scheduled for
completion the fourth quarter of 2019.
Highlights from the Fekola infill program include:
Hole
ID
|
From
(m)
|
To
(m)
|
Length
(m)
|
Gold
(g/t)
|
Pit
Shell*
|
FKD_349
|
309.00
|
432.00
|
123.00
|
4.10
|
PEA
|
incl
|
349.40
|
431.00
|
81.60
|
4.89
|
PEA
|
FKD_347
|
286.00
|
337.00
|
51.00
|
2.58
|
PEA
|
incl
|
343.00
|
354.00
|
11.00
|
5.68
|
PEA
|
FKD_355
|
425.60
|
472.50
|
46.90
|
2.66
|
PEA
|
FKD_356
|
362.75
|
420.80
|
58.05
|
1.48
|
PEA
|
FKD_380
|
440.00
|
480.40
|
40.40
|
2.99
|
PEA
|
FKD_359
|
338.20
|
390.90
|
52.70
|
3.13
|
PEA
|
incl
|
369.90
|
390.90
|
21.00
|
5.91
|
PEA
|
FKD_379
|
423.70
|
471.00
|
47.30
|
2.02
|
PEA
|
FKD_381
|
409.20
|
463.20
|
54.00
|
2.10
|
PEA
|
FKD_396
|
368.75
|
435.00
|
66.25
|
2.15
|
PEA
|
FKD_369
|
277.90
|
322.50
|
44.60
|
1.37
|
PEA
|
FKD_375
|
259.50
|
326.00
|
66.50
|
1.64
|
PEA
|
FKD_385
|
359.00
|
405.00
|
46.00
|
2.14
|
PEA
|
FKD_386
|
333.20
|
381.00
|
47.80
|
1.93
|
PEA
|
FKD_409
|
433.00
|
480.00
|
47.00
|
2.89
|
1400
|
incl
|
437.50
|
468.00
|
30.50
|
4.03
|
1400
|
FKD_388
|
299.80
|
356.00
|
56.20
|
3.66
|
PEA
|
incl
|
300.60
|
341.30
|
40.70
|
4.52
|
PEA
|
FKD_391
|
334.60
|
378.20
|
43.60
|
1.97
|
PEA
|
FKD_413
|
464.00
|
523.20
|
59.20
|
3.94
|
1400
|
incl
|
495.20
|
515.00
|
19.80
|
10.44
|
1400
|
FKD_393
|
322.00
|
365.50
|
43.50
|
2.37
|
PEA
|
FKD_415
|
462.10
|
505.70
|
43.60
|
2.98
|
1400
|
incl
|
467.50
|
505.70
|
38.20
|
3.30
|
1400
|
Composites are reported above a 0.6 g/t gold cutoff. Included
high-grade intervals are reported above a 1.0 g/t cutoff.
*PEA denotes holes drilled within a pit shell optimized at
$1,300/oz gold (see news release
dated May 13, 2019). 1400 denotes
holes drilled within $1,400/oz gold
resource pit shell (see news release dated October 25, 2018).
Ongoing Exploration
Drilling is ongoing at Fekola, including a reconnaissance
program on the Cardinal zone, less than one kilometre west of the
Fekola Mine open pit. Drilling on the Anaconda area, to test the extension of the
saprolite zones and further explore the sulphide mineralization
below is scheduled to recommence in the fourth quarter of 2019. An
additional 30,000 metres of drilling is planned for completion
before year end and the Company expects to continue with an
aggressive exploration program in 2020.
Fekola Mine Expansion Update
On March 26, 2019, B2Gold
announced positive results from the Expansion Study PEA for the
Fekola Mine. As a result, the Company is proceeding with an
expansion project to increase processing throughput by 1.5 million
tonnes per annum ("Mtpa") to 7.5 Mtpa from an assumed base rate of
6 Mtpa. The PEA reflected the significant increase in the Fekola
Mineral Resource estimate announced on October 25, 2018. Based on the PEA, once this
expansion is complete, the Fekola Mine is expected to produce more
gold over a longer life, with more robust economics and higher
average annual gold production, revenues and cash flows than the
previous life-of-mine ("LoM").
Highlights from the PEA include: estimated optimized LoM
extended into 2030, including significant estimated increases in
average annual gold production to over 550,000 ounces per year
during the five-year period 2020-2024 and over 400,000 ounces per
year over the LoM (2019-2030), projected gold production of
approximately five million ounces over the new mine life of 12
years of mining and processing (including 2019).
The processing upgrade at the Fekola Mine will focus on
increased ball mill power, with upgrades to other components
including a new cyclone classification system, pebble crushers and
additional leach capacity to support the higher throughput and
increase operability. Critical path items include ball mill motors
and the lime slaker, both of which the Company expects to be
commissioned in the third quarter of 2020. In parallel with the
expansion, B2Gold has initiated the detailed engineering and
construction for the addition of a 30-megawatt solar power plant,
which the Company expects will result in reduced operating costs
and greenhouse gas emissions. Completion of the solar plant is
scheduled for the third quarter of 2020. The current on-site power
plant has sufficient capacity to support the expanded processing
throughput, with or without the solar plant.
Construction will commence in October
2019 and is scheduled to be completed by the end of
July 2020. All major long-lead
equipment has been ordered. Detailed engineering and design
activities are progressing well and scheduled to be completed by
October 2019.
Based on B2Gold's current projections, gold production at the
Fekola Mine in 2020 is projected to be approximately 600,000 ounces
of gold, primarily due to the addition of a larger mining fleet at
Fekola and the optimization of the mining sequence early in 2020,
prior to completion of the mill expansion by September 2019, providing access to higher grade
portions of the deposit earlier on in the sequence.
Mineral Resources, which are not Mineral Reserves, do not have
demonstrated economic viability. The Expansion Study PEA is
preliminary in nature and includes Indicated and Inferred Mineral
Resources. Inferred Mineral Resources are considered too
speculative geologically to have economic considerations applied to
them that would enable them to be categorized as Mineral Reserves.
Consequently, there is no certainty that the Expansion Study PEA
will be realized.
About B2Gold Corp.
Headquartered in Vancouver,
Canada, B2Gold 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 and Colombia.
In 2019, based on current assumptions, consolidated gold production
is forecast to be between 935,000 and 975,000 ounces with cash
operating costs projected to be between $520 and $560 per
ounce and all-in sustaining costs projected to be between
$835 and $875 per ounce.
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 50-gram 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 information contained in this news
release.
On Behalf of B2GOLD CORP.
"Clive T.
Johnson"
President and Chief Executive
Officer
For more information on B2Gold, please visit the Company website
at www.b2gold.com or contact:
Ian
MacLean
|
Katie
Bromley
|
Vice President,
Investor Relations
|
Manager, Investor
Relations & Public Relations
|
604-681-8371
|
604-681-8371
|
imaclean@b2gold.com
|
kbromley@b2gold.com
|
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 projections, estimates and other
statements regarding future financial and operational performance,
events, production, costs, including projected cash operating costs
and all-in sustaining costs, capital expenditures, budgets and
growth, production estimates and guidance, including the Company's
projected gold production of between 935,000 and 975,000 ounces in
2018; and statements regarding anticipated exploration,
development, construction, production, permitting and other
activities and achievements of the Company, including but not
limited to: mineralization in the upper portion of the Fekola North
Extension zone being one continuous mineralized zone and the
potential to increase the extent of Fekola mineralization; the
potential to extend good grade mineralization much further north
from the Fekola resource pit boundary; results indicating the
deeper portion of the Fekola Northern Extension zone extending
closer to surface and indicating continuity with mineralization
from the deeper drilling results from the upper portion of the
Fekola North Extension; the potential for additional large Fekola
style deposits; the potential for highly prospective structures
beneath the Anaconda and Mamba
zones;; the conversion of inferred mineral resources to indicated
mineral resources; the projections included in existing technical
reports, economic assessments and feasibility studies; the results
of anticipated or potential new technical reports and studies,
including the potential findings and conclusions
thereof. 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 and assumptions associated with
the volatility of metal prices and our 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 our feasibility studies; risks related to hedging
activities and ore purchase commitments; the ability to obtain and
maintain any necessary permits, consents or authorizations required
for mining activities; 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 relating to financing and debt; risks related to
operations in foreign and developing countries and compliance with
foreign laws; 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; risks
related to reliance upon contractors, third parties and joint
venture partners; 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
our operations including risks related to strikes and the halting
of such operations from time to time; risks related to failures of
information systems or information security threats; ability
to maintain adequate internal control over financial reporting as
required by law; risks relating 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 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.
Non-IFRS Measures
This news release includes certain terms or performance
measures commonly used in the mining industry that are not defined
under International Financial Reporting Standards ("IFRS"),
including "cash operating costs" and "all-in
sustaining costs" (or "AISC"). Non-IFRS
measures do not have any standardized meaning prescribed under
IFRS, and therefore they may not be comparable to similar measures
employed by other companies. The data presented is intended to
provide additional information and should not be considered in
isolation or as a substitute for measures of performance prepared
in accordance with IFRS and should be read in conjunction with
B2Gold's consolidated financial statements. Readers should refer to
B2Gold's management discussion and analysis, available
on the Websites, under the heading
"Non-IFRS Measures" for a more detailed discussion of how B2Gold
calculates such measures and reconciliation of certain
measures to IFRS terms.
Cautionary Note to United States Investors
The Company has prepared its public disclosures in accordance
with Canadian securities laws, which differ in certain respects
from U.S. securities laws. In particular, this news release may
refer to "mineral resources", "measured mineral resources",
"indicated 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", "measured mineral
resource", "indicated 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.
View original content to download
multimedia:http://www.prnewswire.com/news-releases/b2gold-announces-positive-exploration-results-from-the-anaconda-area-and-the-fekola-deposit-and-an-update-on-the-fekola-mine-expansion-300919051.html
SOURCE B2Gold Corp.