VANCOUVER, Jan. 16, 2020 /CNW/ - B2Gold Corp. (TSX:BTO, NYSE
AMERICAN: BTG, NSX:B2G) ("B2Gold"or the "Company") is pleased to
announce an updated Fekola Mineral Resource estimate including a
substantial increase in Indicated Mineral Resources at the
Fekola Mine following a successful infill drill program in
2019.
Highlights:
- Updated Fekola Indicated Mineral Resource estimate as at
December 31, 2019 of
110,600,000 tonnes at 1.70 grams per tonne ("g/t") gold for a
total of 6,052,000 ounces of gold constrained within a $1,500 per ounce gold pit shell above a cut-off
grade of 0.5 g/t gold
- The updated Fekola Mineral Resource estimate as at December 31, 2019 represents a 2,675,000 ounce
increase (+79 %) in Indicated Mineral Resources when compared to
the estimate included in the June
2015 Fekola Optimized Feasibility Study (after adjusting for
cumulative Fekola Mine gold production to date of
1,006,000 gold ounces)
- When compared to the December 31,
2018 Fekola Indicated Mineral Resource estimate the updated
Indicated Mineral Resource estimate has increased by 1,290,000
ounces of gold (15.4%) (after adjusting for the 455,810 ounces of
gold produced in 2019)
- As recently reported, the Fekola Mine produced its first
million ounces of gold in late December
2019 after 2.5 years of production
Updated Fekola Mineral Resource Estimate:
In 2019, B2Gold completed more than 25,000 metres of
reverse circulation and diamond drilling at Fekola with the primary
goal of converting existing resources in the Inferred Mineral
Resource category to the Indicated Mineral Resource category. This
infill drilling program was successful and the updated Fekola
Mineral Resource estimate is based on the cumulative 240,000
metres of exploration drilling to date in 1,124 drill holes
(including 120,000 metres in 501 holes drilled by B2Gold since
June 2014).
Fig. 1 – Fekola Deposit Schematic Long Section (West
Facing):
To view an enhanced version of Fig. 1 – Fekola Deposit Schematic
Long Section (West Facing), please visit:
https://mma.prnewswire.com/media/1078301/B2Gold_Corp__B2Gold_Announces_Updated_Fekola_Mineral_Resource_In.jpg?p=original
Table 1: Updated Fekola Mineral Resource Estimate as at
December 31, 2019
(reported
on a 100% basis)
Indicated Mineral Resource Estimate
Area
|
Tonnes
|
Gold
Grade
(g/t
Au)
|
Contained
Gold
Ounces
|
Fekola Open
Pit
|
105,840,000
|
1.72
|
5,869,000
|
Stockpiles
|
4,780,000
|
1.19
|
183,500
|
Total Indicated
Mineral Resources
|
110,620,000
|
1.70
|
6,052,000
|
Inferred Mineral Resource Estimate
Area
|
Tonnes
|
Gold
Grade
(g/t
Au)
|
Contained
Gold
Ounces
|
Fekola
|
7,024,000
|
1.23
|
278,000
|
Anaconda*
|
21,600,000
|
1.11
|
770,000
|
Total Inferred
Mineral Resources
|
28,624,000
|
1.14
|
1,048,000
|
* Saprolite resource located 20 kilometres north of Fekola
Notes to accompany
Mineral Resource Tables:
|
1.
|
The Qualified Person
as defined under National Instrument 43-101 for the Mineral
Resource estimate is Mr. Tom Garagan, P.Geo., B2Gold's Senior Vice
President, Exploration.
|
2.
|
The Qualified Person
as defined under National Instrument 43-101 for the stockpile
Mineral Resource estimate is Mr. Peter Montano, P.E., B2Gold's
Project Director.
|
3.
|
Mineral Resources
have been classified using the 2014 CIM Definition Standards.
Mineral Resources are reported inclusive of those Mineral Resources
that have been modified to Mineral Reserves. Mineral Resources that
are not Mineral Reserves do not have demonstrated economic
viability. The Mineral Resource estimate has an effective
date of December 31, 2019.
|
4.
|
Mineral Resources are
reported on a 100% basis. For Fekola, B2Gold holds an 80%
attributable interest, the remaining 20% is held by the State of
Mali. For Anaconda, B2Gold holds an 85% attributable interest;
under the Mali Mining Code (2012), the State of Mali has the right
to a 10% free-carried interest and has an option to acquire an
additional 10% participating interest, and 5% is held by a third
party.
|
5.
|
Mineral Resource
estimates for Fekola and Anaconda assume an open pit mining method
and a gold price of US$1,500/oz. For Fekola, a metallurgical
recovery of 94.0%, and average operating cost estimates of US$
2.27/t mined (mining), US$15.32/t processed (processing) and
US$4.27/t processed (general and administrative), were used for pit
shell generation. For Anaconda, a metallurgical recovery of 95%,
and average operating cost estimates of US$1.75/t mined (mining),
US$8.10/t processed (processing) and US$2.75/t processed (general
and administrative) were used for pit shell generation.
|
6.
|
Mineral Resources are
reported at a cut-off of 0.50 g/t gold for Fekola and 0.65 g/t gold
for stockpiles.
|
7.
|
Mineral Resources are
reported at a cut-off of 0.35 g/t gold for the Anaconda Saprolite
Resource (See News Release June 15, 2017).
|
8.
|
Stockpiles: Mineral
Resources in stockpiled material were prepared by Fekola mine site
personnel. Ore stockpile balances are derived from mining truck
movements to individual stockpiles or detailed surveys, with grade
estimated from routine grade control methods.
|
9.
|
All tonnage, grade
and contained metal content estimates have been rounded; rounding
may result in apparent summation differences between tonnes, grade,
and contained metal content.
|
The updated Fekola Indicated Mineral Resource estimate as at
December 31, 2019 will provide
the basis for an updated design pit and new Fekola Probable Mineral
Reserve estimate, which is expected to be completed during the
first quarter of 2020. The current Fekola Mineral Reserve design
pit is located well within the updated Fekola Mineral Resource
pit.
Fekola Mineral Resource Comparison (to June 2015 Fekola Optimized Feasibility
Study)
Comparing the updated 2019 Fekola Mineral Resource estimate to a
sensitivity case presented in the June
2015 Fekola Optimized Feasibility Study and adjusted for
gold produced to date, there is an increase of
2,675,000 ounces of gold (+79 %) in the indicated category and
a 541,000 ounce increase (+107% ) in the inferred category. A
Mineral Resource sensitivity case in the June 2015 Fekola Optimized Feasibility Study
reported 4,383,000 ounces (67,293,000 tonnes at 2.03g/t gold, above
a cutoff of 0.5g/t gold) in the indicated cateogry and
507,000 ounces (9,990,000 tonnes at 1.58 g/t gold, above
a cutoff of 0.5g/t gold) in the inferred category. The Fekola Mine
has produced 1,006,000 ounces of gold to date between the
commencement of operations in 2017 and December 31, 2019. The June 2015 Fekola Optimized Feasibility Study
Indicated resource was adjusted by these Fekola cumulative
production numbers and then compared to the updated Fekola Mineral
Resource estimate as at December 31,
2019. Both the updated Fekola Mineral Resource estimate and
the June 2015 Fekola Optimized
Feasibility Study senstivity case reported Mineral Resources
within $1500 pit shells and above a
cut-off of 0.5 g/t gold.
2020 Fekola and Anaconda Regional Exploration Plans
The Fekola deposit remains open down plunge to the north.
Exploration in 2020 will continue to test for extensions to the
deposit to the north and south both at depth and near surface
as well as testing for additional mineralized zones to the east and
west of the Fekola deposit.
Exploration in 2019 on the Anaconda
Area (located 20 kilometres north of Fekola) included
completion of over 45,000 metres of combined aircore, diamond and
reverse circulation drilling where the Company previously announced
an initial Inferred Mineral Resource estimate of 767,000 ounces of
gold at 1.1 g/t in near-surface mineralization over 4.5 kilometres
and up to 500 metres wide.
In 2019, Anaconda Area drilling
focused on increasing the known saprolite resources at the Adder
and Mamba zones and further testing the underlying sulphide
mineralization in the Mamba zone. At Adder, drilling has extended
the strike extent of mineralization up to 1 kilometre north of the
known resource area and remains open to the north. At Mamba, recent
drilling has extended the high-grade mineralized saprolite zone by
approximately 600 metres, resulting in more than 1 kilometre of
known strike length, and has led to the discovery of a continuous,
good grade, bedrock sulphide zone down plunge of the Mamba zone's
saprolite mineralization. Early indications are that the Mamba zone
discovery has the potential to become a significant new gold
deposit for B2Gold near the Fekola Mine. This Fekola-style,
south-plunging body of sulphide mineralization remains open down
plunge and will be the subject of extensive drilling in 2020.
Exploration in 2020 will also focus on expanding the saprolite
resources within the overall Anaconda
Area, including at the Adder and Mamba Zones. The total 2020
exploration budget for both the Fekola deposit and the Anaconda Area is approximately $18 million.
Resource Model Methodology
The updated Fekola Mineral Resource model was prepared in-house
by B2Gold personnel. Three dimensional mineralization domain
models, which are used to control gold grade estimates, are
supported by modeled stratigraphy and shear zone structures which
are derived from detailed logging of oriented drill core. Tight
asymmetric folds and shear zones are the primary controls on
mineralization.
Assays were capped separately for each of three mineralization
domains at 1.5 g/t, 5 g/t and 30 g/t gold respectively. Gold assays
were capped prior to compositing to 2 metres. Grades were estimated
into the block model using Ordinary Kriging (OK) with searches
dynamically controlled along mineralization zone
directions.
Approximately 24,250 bulk density measurements using the
water-displacement method on air-dried core samples were completed
at the project site. Variability of density for unweathered rock is
low, therefore, densities were assigned based on averages by
mineralization domain, waste and regolith.
Nominal drill hole spacing for Indicated Mineral Resources is 55
by 55 metres and for Inferred Mineral Resources it is 100 by 100
metres.
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 g 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 news release have passed
B2Gold's QA/QC protocols.
Qualified Persons
Tom Garagan, Senior Vice
President of Exploration at B2Gold, a qualified person under
National Instrument 43-101, has reviewed and approved the
information contained in this news release.
About B2Gold Corp.
B2Gold is a low-cost senior gold producer headquartered in
Vancouver, Canada. Founded in
2007, today, B2Gold has three operating gold mines in Mali, Namibia
and the Philippines as well as
numerous exploration and development projects in various countries.
In 2020, B2Gold forecasts consolidated gold production of between
1,000,000 and 1,055,000 ounces.
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:
Ian
MacLean
|
Katie Bromley
|
Vice President,
Investor Relations
|
Manager,
Investor Relations & Public Relations
|
+1
604-681-8371
|
+1
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 1,005,000 and 1,0550,000
ounces in 2020, and statements regarding anticipated exploration,
development, construction, production, permitting and other
activities and achievements of the Company, including but not
limited to: the potential to increase the extent of Fekola and
Anaconda area mineralization; the
potential to extend good-grade mineralization much further north
from the Fekola resource pit boundary; results indicating a good
grade, bedrock sulphide zone down plunge of the Mamba zone's
saprolite mineralization; the Mamba zone having potential to become
a significant new gold deposit for B2Gold near the Fekola Mine;
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
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.
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.
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SOURCE B2Gold Corp.