B2Gold Corp. (TSX: BTO, NYSE AMERICAN: BTG, NSX: B2G) (“B2Gold” or
the “Company”) is pleased to announce positive exploration drilling
results from the Antelope deposit at the Otjikoto Mine (“Otjikoto”)
in Namibia. The Antelope deposit, comprised of the Springbok Zone,
the Oryx Zone, and a possible third structure, Impala, subject to
further confirmatory drilling, is located approximately three
kilometers (“km”) south of the Otjikoto Phase 5 open pit. The
Antelope deposit has the potential to be developed as an
underground mining operation, which could complement the expected
processing of stockpiles at the Otjikoto mill from 2026 through
2031.
Highlights
- 20,715 meters (“m”) in 37
drill holes completed at the Antelope deposit in 2023, with a plan
to nearly double the meters drilled in 2024
- The Antelope deposit was discovered
in 2022 following deep drill testing on three-dimensional models of
magnetic inversion data;
- The 2024 exploration budget for
Otjikoto is US$9 million, focused predominantly on the Antelope
deposit, the largest drill program since the definition of the
Wolfshag discovery in 2012; and
- 39,000 m of drilling planned to
define and expand the Antelope deposit.
- High-grade, Otjikoto-style
mineralization discovered approximately 3 km south of the Phase 5
open pit at Otjikoto; in several structures referred to as the
Antelope deposit
- Drill hole GH22-048 intersected
12.88 grams per tonne (“g/t”) gold over 7.60 m from 485.00 m at the
Springbok Zone;
- Drill hole GH23-056 intersected
9.86 g/t gold over 7.48 m from 517.55 m at the Oryx Zone; and
- The Company believes this style of
mineralization could be amenable to underground mining methods
similar to those used at the Wolfshag underground mine.
- Drill results at the
Springbok Zone and Oryx Zone indicate the potential for possible
underground development of the Antelope deposit, which could begin
to contribute to gold production at Otjikoto in 2026
- Open pit operations at Otjikoto are
anticipated to conclude in 2025, while underground mining
operations at Wolfshag will continue through 2026;
- Current gold production estimates
at Otjikoto are expected to be between 180,000 to 200,000 ounces in
2024 and 2025, just under 100,000 ounces in 2026, and stepping down
to sub 50,000 ounces from 2026 through 2031 during the processing
of low-grade stockpiles;
- Underground mining of the Antelope
deposit has the potential to supplement the processing of
stockpiles through 2031, with the goal of increasing gold
production levels to over 100,000 ounces per year from 2026 through
2031; and
- An initial Mineral Resource
estimate at the Antelope deposit is anticipated by the third
quarter of 2024, with an internal scoping study on an underground
mining operation to be completed by the first quarter of 2025.
Figure 1. Antelope Deposit Location
Overview.
2023 Otjikoto Exploration
Program
In 2023, B2Gold completed a US$3.3 million
exploration program in Namibia, with exploration drilling focused
on the ML169 mining license, which surrounds Otjikoto. A total of
22,058 m of drilling was completed in 2023, the majority of which
targeted the high-grade gold mineralization of the Antelope
deposit.
The Antelope deposit was discovered in 2022,
following deep drill testing on three-dimensional models of
magnetic inversion data. The Antelope deposit is comprised of up to
three separate mineralized structures, of which the southernmost
Springbok Zone has been defined by 100 m by 50 m spaced drilling,
over a strike length of approximately 800 m. Mineralization has a
dip extent of approximately 150 m and is between 7 m to 10 m
thick.
Northeast, along strike of the Springbok Zone, a
similar type of high-grade mineralization has been intersected in
the Oryx Zone, which appears to represent a second shoot, stacked
stratigraphically above the Springbok Zone. Overall, the Antelope
deposit mineralization has been intersected by drilling over a
combined strike length of approximately 1,500 m. As the significant
mineralization is intersected from approximately 450 m down hole,
the Antelope deposit is being evaluated for potential underground
development.
Significant 2023 drill results from the Antelope
deposit include:
HoleID |
Zone |
From (m) |
To (m) |
Length (m) |
Au (g/t) |
GH22-041 |
Springbok |
465.30 |
475.80 |
10.50 |
4.11 |
GH22-042 |
Springbok |
456.90 |
461.00 |
4.10 |
5.49 |
GH22-043 |
Springbok |
436.60 |
441.00 |
4.40 |
4.02 |
and |
Springbok |
444.00 |
445.90 |
1.90 |
32.87 |
GH22-047 |
Springbok |
430.00 |
434.90 |
4.90 |
6.80 |
and |
Springbok |
439.20 |
442.45 |
3.25 |
8.89 |
GH22-048 |
Springbok |
485.00 |
492.60 |
7.60 |
12.88 |
GH23-050 |
Springbok |
465.05 |
470.70 |
5.65 |
5.79 |
GH23-051 |
Springbok |
494.65 |
499.00 |
4.35 |
5.90 |
GH23-053 |
Springbok |
429.17 |
437.30 |
8.13 |
4.34 |
GH23-055 |
Springbok |
503.19 |
511.74 |
8.55 |
5.73 |
GH23-057B |
Springbok |
445.10 |
450.10 |
5.00 |
5.46 |
GH23-059 |
Springbok |
487.15 |
494.00 |
6.85 |
5.25 |
GH23-061 |
Springbok |
489.00 |
493.00 |
4.00 |
5.19 |
GH23-069 |
Springbok |
431.70 |
435.15 |
3.45 |
7.94 |
GH23-070 |
Springbok |
460.48 |
467.55 |
7.07 |
4.46 |
GH23-073 |
Springbok |
467.90 |
471.50 |
3.60 |
16.70 |
GH23-074 |
Springbok |
493.00 |
499.45 |
6.45 |
6.17 |
and |
Springbok |
506.62 |
511.54 |
4.92 |
8.99 |
GH23-076 |
Springbok |
489.85 |
491.63 |
1.78 |
3.77 |
GH23-077 |
Springbok |
423.70 |
428.80 |
5.10 |
5.05 |
GH23-079 |
Springbok |
495.25 |
501.80 |
6.55 |
7.20 |
GH23-080 |
Springbok |
424.65 |
426.65 |
2.00 |
23.34 |
GH23-056 |
Oryx |
517.55 |
525.03 |
7.48 |
9.86 |
GH23-060 |
Oryx |
534.95 |
541.55 |
6.60 |
3.22 |
GH23-081 |
Oryx |
524.66 |
527.66 |
3.00 |
6.54 |
GH23-082 |
Oryx |
536.87 |
541.45 |
4.58 |
9.25 |
Notes: All composites above 3.5 g/t gold cutoff,
applying a maximum internal dilution of 2.00 m. Results are
uncapped. Core lengths approximate true width of mineralized
intervals.
Mineralization of the Antelope deposit is
characterized by quartz-pyrrhotite veins, which have been
overprinted by deformation focused along two main marble beds that
serve as major stratigraphic markers in the Otjikoto stratigraphy.
The shoot-like geometry of the Antelope deposit mineralization
derives, in part, from the thickening of quartz-pyrrhotite-gold
mineralization in the hinge zones of centimeter-to meter-scale
folds, a structural control that is well documented at Otjikoto.
Mineralized shoots plunge shallowly north-northeast, suggesting a
subtle inflection in the stratigraphy that hosts Otjikoto, where
mineralized zones plunge shallowly south-southwest. Mineralization
in each of the respective shoots remains open along the plunge
direction.
The mineralized zones are associated with a
positive magnetic response that extends southward from the Otjikoto
open pit as a continuous linear feature for over 4 km. Testing the
continuity of this magnetic feature and its possible connection
with the southernmost extent of ore in the Phase 5 open pit at
Otjikoto will be a significant part of the 2024 exploration
program.
2024 Exploration Program and Development
Assessment
The exploration budget for Namibia in 2024 is
US$9 million, funding the largest drill program since the
definition of the Wolfshag discovery in 2012. A 39,000 m drill
program has been planned to define and expand the Antelope deposit.
An initial Mineral Resource estimate at the Antelope deposit is
anticipated by the third quarter of 2024.
Open pit mining operations at Otjikoto are
scheduled to ramp down throughout 2024 and conclude in 2025, while
underground mining operations at Wolfshag are expected to continue
through 2026. Processing operations will continue through 2031,
when economically viable stockpiles are forecast to be exhausted.
These positive drill results from the Antelope deposit indicate
there is potential for a possible underground development to
supplement the processing of stockpiles through 2031, with the goal
of increasing Otjikoto gold production levels to over 100,000
ounces per year from 2026 through 2031.
Figure 2. Plan view of Antelope deposit drilling. HG
mineralization contour >3.5 g/t and LG mineralization contour
>0.6 g/t gold.
Quality Assurance/Quality Control on
Sample Collection and Assaying
LeachWell analysis at the Otjikoto Mine Lab has
been the primary method of analysis of samples from the Antelope
deposit. Assay composites presented herein are derived from
1-kilogram samples. In-house studies by B2Gold indicate that
LeachWell results compare favourably to fire assay completed by ALS
Johannesburg, on the first four drill holes of the Antelope deposit
drilling program.
Quality assurance and quality control procedures
include the systematic insertion of blanks, standards and
duplicates in the drill core sample sequence. The results of the
control samples are evaluated on a regular basis with partial
batches re-analyzed and/or resubmitted on exploration samples, as
needed. All results stated in this announcement have been accepted
according to B2Gold’s quality assurance and quality control
protocols.
About B2Gold
B2Gold is a low-cost international senior gold
producer headquartered in Vancouver, Canada. Founded in 2007,
today, B2Gold has operating gold mines in Mali, Namibia and the
Philippines, a mine under construction in northern Canada and
numerous development and exploration projects in various countries
including Mali, Colombia and Finland.
Qualified Persons
Andrew Brown, P. Geo., Vice President,
Exploration, a qualified person under NI 43-101, has approved the
scientific and technical information related to exploration and
mineral resource matters contained in this news release.
ON BEHALF OF B2GOLD CORP.
“Clive T.
Johnson” President
and Chief Executive Officer
The Toronto Stock Exchange and NYSE American LLC
neither approve nor disapprove the information contained in this
news release.
Production results and production guidance
presented in this news release reflect total production at the
mines B2Gold operates on a 100% project basis. Please see our
Annual Information Form dated March 16, 2023 for a discussion of
our ownership interest in the mines B2Gold operates.
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; outlook; guidance; forecasts; estimates;
and other statements regarding future or estimated financial and
operational performance, gold production and sales, revenues and
cash flows, and capital costs (sustaining and non-sustaining) and
operating costs, including projected cash operating costs and AISC,
and budgets on a consolidated and mine by mine basis, which if they
occur, would have on our business, our planned capital and
exploration expenditures; future or estimated mine life, metal
price assumptions, ore grades or sources, gold recovery rates,
stripping ratios, throughput, ore processing; statements regarding
anticipated exploration, drilling, development, construction,
permitting and other activities or achievements of B2Gold; and
including, without limitation: the potential for the Antelope
deposit to be developed as an underground operation and contribute
gold during the low-grade stockpile processing in 2026. 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 or related to:
the volatility of metal prices and B2Gold's common shares; changes
in tax laws; the dangers inherent in exploration, development and
mining activities; the uncertainty of reserve and resource
estimates; not achieving production, cost or other estimates;
actual production, development plans and costs differing materially
from the estimates in B2Gold's feasibility and other studies; the
ability to obtain and maintain any necessary permits, consents or
authorizations required for mining activities; environmental
regulations or hazards and compliance with complex regulations
associated with mining activities; climate change and climate
change regulations; the ability to replace mineral reserves and
identify acquisition opportunities; the unknown liabilities of
companies acquired by B2Gold; the ability to successfully integrate
new acquisitions; fluctuations in exchange rates; the availability
of financing; financing and debt activities, including potential
restrictions imposed on B2Gold's operations as a result thereof and
the ability to generate sufficient cash flows; operations in
foreign and developing countries and the compliance with foreign
laws, including those associated with operations in Mali, Namibia,
the Philippines and Colombia and including risks related to changes
in foreign laws and changing policies related to mining and local
ownership requirements or resource nationalization generally;
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; the reliance upon contractors, third parties
and joint venture partners; the lack of sole decision-making
authority related to Filminera Resources Corporation, which owns
the Masbate Project; challenges to title or surface rights; the
dependence on key personnel and the 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; community support for
B2Gold's operations, including risks related to strikes and the
halting of such operations from time to time; conflicts with small
scale miners; failures of information systems or information
security threats; the ability to maintain adequate internal
controls over financial reporting as required by law, including
Section 404 of the Sarbanes-Oxley Act; compliance with
anti-corruption laws, and sanctions or other similar measures;
social media and B2Gold's reputation; risks affecting Calibre
having an impact on the value of the Company's investment in
Calibre, and potential dilution of our equity interest in Calibre;
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, B2Gold'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 B2Gold's forward-looking statements.
B2Gold'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
B2Gold'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; B2Gold's ability to meet or achieve
estimates, projections and forecasts; the availability and cost of
inputs; the price and market for outputs, including gold; foreign
exchange rates; taxation levels; 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.
B2Gold's forward-looking statements are based on
the opinions and estimates of management and reflect their current
expectations regarding future events and operating performance and
speak only as of the date hereof. B2Gold 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. There can be no assurance that
forward-looking 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. For the reasons set forth above, undue
reliance should not be placed on forward-looking statements.
Figures accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/a61ddf83-a8a2-4979-9791-c6948cbc936d
https://www.globenewswire.com/NewsRoom/AttachmentNg/c86585e1-7537-4413-83ae-3eb51f988cfd
For more information on B2Gold please visit the Company website at www.b2gold.com or contact:
Michael McDonald
VP, Investor Relations & Corporate Development
+1 604-681-8371
investor@b2gold.com
Cherry De Geer
Director, Corporate Communications
+1 604-681-8371
investor@b2gold.com
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