B2Gold Corp. (TSX:BTO) (NYSE AMERICAN:BTG) (NSX:B2G) ("B2Gold" or
the "Company") is pleased to announce positive drill results from
the Fekola Property and Fekola Regional targets in Mali, West
Africa. All dollar figures are in United States dollars unless
otherwise indicated.
For 2017, B2Gold has budgeted over $15 million for exploration
in Mali. To date, exploration programs remain on budget and set to
complete over 111,000 metres of exploration drilling between the
Fekola Property and the Fekola Regional program.
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 at www.b2gold.com/news/2017/)
- New drill results in the upper portion of the Fekola North
Extension (formerly Kiwi zone) indicate it is part of the Fekola
zone and has significantly extended mineralization to depth
- New drill results above the deeper portion of the Fekola North
Extension (formerly Fekola Deeps) have intersected wide zones of
good-grade mineralization, closer to surface, and up to 600 metres
north of the Fekola resource pit boundary
- These results, combined with the deeper, mineralized intercepts
in the upper portion of the Fekola North Extension area indicate
that these zones are one contiguous mineralized zone that could
dramatically increase the extent of Fekola mineralization. In
addition, the mineralization remains open to the north beyond the
new drill results
- Drill results from the infill-drilling program, within the
Fekola resource pit boundary, continue to convert inferred
resources to indicated, confirming the potential addition of
900,000 ounces of gold
Fekola North Extension Zones:
New drilling below the upper portion of the Fekola North
Extension and above the deeper portion of the Fekola North
Extension in a previously untested area have significantly extended
mineralization to the north and depth.
Highlights of drill results from the upper portion of the Fekola
North Extension (formerly Kiwi zone):
|
Target |
HoleID |
From (m) |
To (m) |
Length (m) |
Gold (g/t) |
Fekola N. Ext |
FSER_023 |
131.00 |
147.00 |
16.00 |
1.35 |
Fekola N. Ext |
FSER_161 |
97.00 |
114.00 |
17.00 |
1.38 |
Fekola N. Ext |
FSER_169 |
129.00 |
142.00 |
13.00 |
1.17 |
Fekola N. Ext |
FSER_186 |
193.00 |
213.00 |
20.00 |
1.09 |
Fekola N. Ext |
FSER_191 |
93.00 |
115.00 |
22.00 |
1.07 |
Fekola N. Ext |
FSER_195 |
198.10 |
213.00 |
14.90 |
1.56 |
Fekola N. Ext |
FSER_212* |
24.00 |
48.00 |
24.00 |
1.28 |
Fekola N. Ext |
FSER_211* |
25.00 |
46.00 |
21.00 |
1.22 |
Fekola N. Ext |
FKD_194 |
276.00 |
300.00 |
24.00 |
1.04 |
Fekola N. Ext |
FKD_195 |
247.75 |
257.1 |
9.35 |
2.06 |
|
Note: Intervals reported above are >0.6 g/t gold, with a
maximum of 5 m internal waste. Intervals indicated by (*) occur
within defined resource areas and are reported >1.0 g/t gold,
with a maximum of 3 m internal waste. All intervals are reported as
core lengths.
New drilling above the deeper portion of the Fekola Northern
Extension (formerly Fekola Deeps) has intercepted wide zones of
good-grade mineralization in two holes, 226 and 227, 60 metres to
the north of the Fekola resource boundary.
In addition, two holes, 228 and 229, drilled above the Fekola
upper portion of the Fekola North Extension, and up to 600 metres
to the north of the resource pit boundary, intersected wide zones
of good-grade mineralization, with mineralization remaining open to
the north. These holes indicate the potential to extend good-grade
mineralization much further to the north of the Fekola resource pit
boundary.
These results also indicate that the deeper portion of the
Fekola Northern Extension zone extends closer to surface and
indicate continuity with mineralization from the deeper drilling
results from the upper portion of the Fekola North Extension.
New drill results to the north of the Fekola resource pit
boundary above the deeper portion of the Fekola North
Extension:
|
|
|
|
|
|
Target |
HoleID |
From (m) |
To (m) |
Length (m) |
Gold (g/t) |
Fekola N. Ext |
FKD_229 |
352.00 |
386.85 |
34.85 |
1.60 |
Fekola N. Ext |
FKD_228 |
318.00 |
355.00 |
37.00 |
2.82 |
Fekola N. Ext |
FKD_226 |
277.90 |
341.50 |
63.60 |
3.37 |
|
and |
303.75 |
325.00 |
21.25 |
4.92 |
Fekola N. Ext |
FKD_227 |
216.00 |
239.20 |
23.20 |
1.57 |
|
and |
260.60 |
308.00 |
47.40 |
1.92 |
Fekola N. Ext |
FKD_230 |
183.00 |
195.40 |
12.40 |
1.90 |
|
and |
233.00 |
251.90 |
18.90 |
1.24 |
|
|
|
|
|
|
Previously released drill results from the deeper portion
(formerly Fekola Deeps):
|
|
|
|
|
|
Target |
Hole ID |
From (m) |
To (m) |
Length (m) |
Gold (g/t) |
Fekola N. Ext |
FKD_148 |
421.30 |
454.30 |
33.00 |
2.90 |
Fekola N. Ext |
incl. |
440.30 |
446.30 |
6.00 |
7.97 |
Fekola N. Ext |
FKD_179 |
488.60 |
507.60 |
19.00 |
3.88 |
Fekola N. Ext |
and |
515.50 |
529.19 |
13.69 |
1.95 |
Fekola N. Ext |
FKD_181 |
425.20 |
470.58 |
45.38 |
4.77 |
Fekola N. Ext |
incl. |
425.20 |
434.60 |
9.40 |
10.70 |
Fekola N. Ext |
and |
438.60 |
444.80 |
6.20 |
9.23 |
Fekola N. Ext |
FKD_182 |
457.30 |
473.10 |
15.80 |
2.98 |
Fekola N. Ext |
incl. |
467.25 |
472.10 |
4.85 |
4.41 |
Fekola N. Ext |
FKD_183 |
445.10 |
479.30 |
34.20 |
3.27 |
Fekola N. Ext |
incl. |
463.00 |
471.00 |
8.00 |
8.33 |
Fekola N. Ext |
FKD_184 |
490.00 |
515.05 |
25.05 |
2.37 |
Fekola N. Ext |
incl. |
499.70 |
508.00 |
8.30 |
3.54 |
Fekola N. Ext* |
FKD_220 |
465.10 |
505.10 |
40.00 |
2.78 |
Fekola N. Ext* |
FKD_225 |
351.55 |
389.15 |
37.60 |
2.98 |
|
|
|
|
|
|
Note: *Indicates two new holes drilled 50 metres north of the
Fekola resource pit boundary
Fekola Resource Infill Drilling:
Infill drilling is ongoing at Fekola, to continue to convert
inferred resources to indicated, within the resource pit boundary
(see table of drill results below).
The resource pit boundary extends beyond the Fekola reserve pit
boundary by approximately 50 metres below the reserve, 150 metres
to the north, down plunge, 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 gold.
Highlights from Fekola Resource Infill Drilling:
|
Target |
Hole ID |
From (m) |
To (m) |
Length (m) |
Gold (g/t) |
Fekola Infill |
FSER_183 |
119.00 |
136.00 |
17.00 |
1.26 |
Fekola Infill |
FKD_231 |
207.00 |
248.00 |
41.00 |
2.31 |
Fekola Infill |
FKD_232 |
287.00 |
315.00 |
28.00 |
1.77 |
Fekola Infill |
FKD_147 |
397.20 |
479.20 |
82.00 |
3.09 |
Fekola Infill |
FKRD_054 |
331.20 |
386.20 |
55.00 |
2.28 |
Fekola Infill |
FKRD_055 |
295.30 |
347.30 |
52.00 |
2.44 |
|
Note: Italics indicate previously-released holes
To view an enhanced version of the Fekola and
Fekola North Extension schematic long section, please visit:
http://orders.newsfilecorp.com/files/3906/30368_a1510224700176_72.jpg
Fekola Regional Program Drill Results — Anaconda/Adder
and Mamba Zones:
Earlier this year, B2Gold announced the maiden mineral resource
for Anaconda, part of the Fekola regional exploration program (see
B2Gold news release, June 15, 2017). In 2017, over 56,000 metres of
combined auger, aircore, reverse circulation and diamond drilling
have been completed in this area in an effort to increase the
saprolite-hosted Anaconda resource and to further explore for
underlying zones of bedrock-hosted mineralization.
Anaconda Area:
Recent drilling has confirmed and extended the shallow saprolite
inferred mineral resource and has discovered three well-mineralized
bedrock (sulphide) zones (the saprolite zone) beneath the Anaconda,
Adder and Mamba zones, which indicate the potential for large
Fekola-style mineralized zones.
Bedrock drill holes MSD_127 (20.20 m at 6.05 g/t gold) and
MSD_132 (24.50 m at 4.02 g/t gold) are indications of highly
prospective structures beneath Anaconda and Mamba, respectively.
The intersection in MSD_132 occurs approximately 160 metres
down-dip from the saprolite-hosted intersection in MSR_360 (46 m at
1.94 g/t gold), suggesting there is significant down-dip continuity
along this structure. Follow up drilling is currently underway in
both target areas. These holes and other selected results from the
recent bedrock drilling are presented by target area in the table
below:
|
|
|
|
|
|
Target |
Hole ID |
From (m) |
To (m) |
Length (m) |
Gold (g/t) |
Adder |
MSD_119 |
45.60 |
66.00 |
20.40 |
2.03 |
Adder |
MSD_118 |
117.00 |
121.10 |
4.10 |
6.21 |
Anaconda |
MSR_427 |
90.00 |
115.00 |
25.00 |
1.64 |
Anaconda |
MSD_127 |
32.00 |
52.20 |
20.20 |
6.05 |
Anaconda |
MSD_114 |
52.00 |
59.50 |
7.50 |
2.85 |
Anaconda |
MSD_113 |
33.00 |
79.60 |
46.60 |
1.62 |
Anaconda |
MSD_111 |
89.50 |
95.45 |
5.95 |
7.11 |
Anaconda |
MSR_283 |
30.00 |
44.00 |
14.00 |
2.28 |
Mamba |
MSD_132 |
116.48 |
139.70 |
23.22 |
1.31 |
Mamba |
MSD_132 |
218.50 |
243.00 |
24.50 |
4.02 |
Mamba |
MSD_132 |
253.20 |
276.00 |
22.80 |
1.04 |
Mamba |
MSR_404 |
13.00 |
17.00 |
4.00 |
7.32 |
Mamba |
MSR_404 |
105.00 |
148.00 |
43.00 |
0.59 |
Mamba |
MSR_357 |
113.00 |
134.00 |
21.00 |
1.67 |
|
|
|
|
|
|
Note: Bedrock-hosted intervals reported above are >0.6 g/t
gold, with a maximum of 5 m internal waste. Intervals reported are
core lengths.
Drilling is ongoing to further test the Fekola North Extension
zone, infill the Fekola resource, and further test the new bedrock
mineralization beneath the Anaconda, Adder and Mamba saprolite
resource. The Company is planning additional, aggressive
exploration drilling programs on these targets in 2018.
Fekola Ramp Up and Gold Production
On September 25, 2017, the Company announced that it had
completed construction of the Fekola mill on budget and commenced
ore processing at the Fekola Mine, more than three months ahead of
schedule. In September, Fekola produced 6,340 ounces of in-circuit
gold inventory (nil ounces budgeted). Commissioning of the mill is
ongoing and is expected to ramp up quickly to achieve commercial
production by the end of November 2017, four months ahead of the
original schedule and one month ahead of the revised schedule.
In October 2017, the first full month of ramp up and
pre-commercial production, the Fekola mill produced a total of
33,946 ounces of gold in the month (budget of 15,100 ounces). For
2017, the Company is projecting gold production from Fekola to
exceed the upper range of its reforecast production guidance range
of between 50,000 and 55,000 ounces. 2018 is scheduled to be the
first full year of gold production at Fekola, yielding 400,000 to
410,000 ounces for the year at a cash operating cost of
approximately $354 per ounce of gold and AISC of $609 per ounce of
gold.
Based on current assumptions and updates to B2Gold's current
year guidance and long-term mine plans, the Company is projecting
consolidated gold production in 2017 of between 530,000 and 570,000
ounces. In 2018, production is forecast to increase significantly
to between 925,000 and 975,000 ounces with the inclusion of the
anticipated first full year of commercial production at Fekola.
About B2Gold Corp.
Headquartered in Vancouver, Canada, B2Gold Corp. is one of the
fastest-growing intermediate gold producers in the world. 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.
B2Gold's Quality Assurance/Quality Control
The primary laboratories
for Fekola are SGS Laboratories in
Bamako, Mali and Bureau Veritas Laboratories in Abidjan, Cote
d'Ivoire. 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.
Tom Garagan, Senior Vice President of Exploration of B2Gold, a
qualified person under NI 43-101, has approved the exploration
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 Vice President, Investor Relations 604-681-8371
imaclean@b2gold.com
Katie Bromley Manager, Investor Relations & Public Relations
604-681-8371 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 AISC, capital expenditures, budgets and growth,
production estimates and guidance, including the Company's
projected gold production of between 530,000 to 570,000 ounces in
2017 and between 925,000 and 975,000 ounces in 2018 and gold
production at Fekola exceeding the upper range of its production
guidance of between 50,000 to 55,000 ounces in 2017 and producing
400,000 to 410,000 ounces in 2018 at a cash operating cost of
approximately $354 per ounce of gold and AISC of $609 per ounce of
gold; and statements regarding anticipated exploration,
development, construction, production, permitting and other
activities and achievements of the Company, including but not
limited to: achieving commercial production at the Fekola Mine by
the end of November, 2017; 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 mineralized zones; the potential for highly
prospective structures beneath the Anaconda and Mamba zones; the
resource pit extension containing 720,000 ounces in the indicated
category and 280,000 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; 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; 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 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.
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