B2Gold Announces Positive Exploration Drill Results from the Anaconda Area at the Fekola Complex
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News Release
B2Gold Announces Positive Exploration Drill Results from the Anaconda Area at the Fekola
Complex
Vancouver, BC, September 15, 2022 – B2Gold Corp. (TSX: BTO, NYSE AMERICAN: BTG, NSX:
B2G) (“B2Gold” or the “Company”) is pleased to announce additional positive exploration drilling results
from the Anaconda Area, located approximately 2 5 kilometers north of the Fekola Mine, confirming
continuity of the Mamba Main Zone, which remains open down plunge.
The Anaconda Area, comprised of the Menankoto and Bantako North permits, forms part of the Fekola
complex (the “Fekola Complex”), which also includes the Fekola Mine and the adjacent Cardinal Zone, the
Bakolobi permit, and the Dandoko permit (subject to completion of the Oklo Resources Ltd. transaction).
Exploration Highlights
• High grade results from the Mamba Main Zone, including hole BND_108 with 5.89 grams per
tonne (“g/t”) gold over 28.70 meters (“m”) from 455.45 m, hole BND_101 with 3.76 g/t gold over
32.08 m from 299.00 m, and hole BND_104 with 3.33 g/t gold over 14.30 m from 362.70 m, which
collectively confirm and extend the continuity of the high grade sulphide mineralization of the
sulphide shoot to over 700 m down plunge, providing a strong indication of the potential for Fekola-
style bodies of sulphide mineralization, which remain open at depth.
• Strong initial results from the Cobra Zone, located 2 kilometers east of the Mamba Zone, including
hole MSD_227 with 2.02 g/t gold over 25.30 m from 201.70 m, and 6.75 g/t gold over 13.80 m
from 244.40 m, confirming the potential for economic grade and width combinations in the sulphide
mineralization. The Company believes that the Cobra Zone may extend onto the Bakolobi permit
and are currently drilling this extension target.
• Ongoing drilling by the Company on the Anaconda Area to infill and extend the saprolite Mineral
Resource area and to follow up on the sulphide mineralization, including the Mamba and Adder
zones as well as several other targets below the saprolite mineralization, continues to generate
positive drill results in both saprolite and sulphide domains and demonstrates strong potential to
further increase the updated March 2022 Anaconda Area Mineral Resource estimate.
2022 Mali Exploration Drilling Program
In 2022, B2Gold is conducting an approximately 161,000 m drill program on the Fekola Complex with a
budget of approximately $35 million, including drill programs on the Fekola North deposit to further test
the underground mineralization potential, and on the Anaconda Area, including the Mamba, Adder,
Anaconda, Cascabel, Viper , and Cobra zones. To date in 2022, B2Gold has comple ted approximately
116,000 m of combined diamond, reverse circulation and aircore drilling on targets near the Fekola Mine
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and the Anaconda Area. In addition, approximately 9,000 m of drilling has been completed to date on the
newly acquired Bakolobi permit.
Figure 1. Fekola Complex Overview.
Click here to view an enlarged image
Anaconda Area Exploration
Mamba Zone
Ongoing exploration in the Anaconda Area continues to generate positive drill results in both saprolite and
sulphide domains and demonstrates upside potential to the updated Anaconda Area Mineral Resource
estimate, constrained within a conceptual pit shell at a gold price of $1,800 per ounce, which included an
initial Indicated Mineral Resource estimate of 32,400,000 tonnes at 1.08 g/t gold for a total 1,130,000
ounces of gold, and an Inferred Mineral Resource estimate of 63,700,000 tonnes at 1.12 g/t gold for
2,280,000 ounces of gold.
Drilling targeting the deeper portions of the Mamba Main sulphide shoot has been particularly successful,
as demonstrated by the results of holes BND_108, BND_101, and BND_104, confirming the continuity of
the high grade sulphide mineralization and extending the Mamba Main sulphide shoot to over 700 m down
plunge. The results from holes MSD_228 and MSD_226 suggest that multiple high grade sulphide shoots
may be present in the Mamba Zone. Ongoing drilling will continue to test the potential for Fekola -style,
south plunging bodies of sulphide mineralization, which remain open down plunge.
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Figure 2. Mamba Long Section.
Click here to view an enlarged image
Approximately 1.2 kilometers north of the Mamba Main sulphide shoot, hole BND_093 returned 2.06 g/t
gold over 22.75 m from 199.55 m, demonstrating additional sulphide potential at Mamba NE which is
hosted in a separate northeast-trending structure from the Mamba Main mineralization.
Three drill rigs are currently drilling the Mamba Zone, with approximately 16,000 m to be completed during
the remainder of 2022.
Select results from the Mamba Zone exploration drilling include:
HoleID From To Meters Gold (g/t) Domain
BND_093 199.55 222.30 22.75 2.06 Sulphide
incl 203.25 221.30 18.05 2.46 Sulphide
BND_101 299.00 331.08 32.08 3.76 Sulphide
incl 313.16 331.08 17.92 4.70 Sulphide
and 339.10 345.60 6.50 8.43 Sulphide
incl 340.07 345.60 5.53 9.79 Sulphide
BND_104 362.70 377.00 14.30 3.33 Sulphide
incl 364.40 375.30 10.90 4.22 Sulphide
BND_108 395.55 408.05 12.50 5.60 Sulphide
and 455.45 484.15 28.70 5.89 Sulphide
incl 457.80 482.00 24.20 6.90 Sulphide
BNR_630 63.00 94.00 31.00 2.10 Saprolite
MSD_220 544.60 551.18 6.58 5.16 Sulphide
MSD_228 184.07 223.10 39.03 2.07 Sulphide
incl 184.80 192.10 7.30 5.08 Sulphide
and 238.10 261.25 23.15 1.28 Sulphide
MSD_226 191.10 215.30 24.20 2.13 Sulphide
and 261.30 282.80 21.50 0.70 Sulphide
and 326.85 337.07 10.22 1.76 Sulphide
Note: Saprolite composites are reported above a 0.2 g/t gold cutoff and sulphide composites above 0.6 g/t gold cutoff, applying a
maximum internal dilution of 5 m.
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Cobra Zone (2 kilometers east of the Mamba Zone)
The Cobra Zone has over 8 kilometers of known strike extent, from Menankoto South to the southern end
of the Bakolobi permit. The Cobra Zone is being targeted as a source of additional sulphide mineralization
within the Anaconda Area. Recent drilling highlights include hole MSD_227, which intersected 2.02 g/t
gold over 25.30 m (approximately 20 m true width) from 201.70 m, and 6.75 g/t gold over 13.80 m from
244.40 m, confirming the potential for economic grade and width combinations in the sulphide
mineralization. Closer to surface, hole MSR_959 intersected 3.33 g/t gold over 12.00 m from 107.00 m in
saprolite mineralization. The Company believes that the Cobra Zone may extend onto the Bakolobi permit
and are currently drilling this extension target.
Figure 3. Menankoto and Bakolobi Drill Target Overview.
Click here to view an enlarged image
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Select results from the Cobra Zone exploration drilling include:
HoleID From To Meters Gold (g/t) Domain
MSD_227 145.60 160.40 14.80 1.47 Sulphide
and 201.70 227.00 25.30 2.02 Sulphide
incl 203.50 208.15 4.65 5.92 Sulphide
and 244.40 258.20 13.80 6.75 Sulphide
MSR_959 107.00 119.00 12.00 3.33 Saprolite
MSR_1025 33.00 47.00 14.00 1.92 Saprolite
MSR_1026 7.00 34.00 27.00 0.82 Saprolite
MSR_1027 98.00 108.00 10.00 1.54 Sulphide
incl 98.00 104.00 6.00 2.30 Sulphide
Note: Saprolite composites are reported above a 0.2 g/t gold cutoff and sulphide composites above 0.6 g/t gold cutoff, applying a
maximum internal dilution of 5 m.
Three drill rigs are currently drilling the Cobra Zone, with approximately 18,000 m to be completed during
the remainder of 2022.
2022 Fekola and West Mali Regional Exploration
For the remainder of 2022, the Company will focus on follow up drilling to extend the known sulphide
mineralization at the Anaconda Area, including the Mamba , Cobra and Adder zones, and several other
targets below the saprolite mineralization, with approximately 45,000 m to be completed overall.
In April 2022, the Company acquired the Bakolobi permit, which is located between the Menankoto South
permit and the Medinandi permit, covering an area of 100 km2 and providing approximately 25 kilometers
of contiguous exploration potential along the prolific Senegal-Mali Shear Zone . An initial 9,000 m of
aircore drilling and reverse circulation drilling has been completed since the acquisition. Drilling is focused
on the southward extension of known resou rces in the Adder Zone and will also test the southward
extension of sulphide mineralization on the Cobra Zone. The Company believes that the Bakolobi permit
is a highly prospective area that has the potential to provide for the near-term addition of both saprolite and
sulphide hosted gold deposits.
B2Gold's acquisition of Oklo Resources Limited and its flagship Dandoko project, which is anticipated to
be completed on September 19, 2022 , will extend the footprint of B2Gold ’s exploration in Mali to over
1,700 km2 and add the Dandoko project's JORC 2012 compliant Measured and Indicated Mineral Resource
estimate of 8.70 million tonnes at 1.88 g/t gold for 528,000 ounces of gold and an Inferred Mineral Resource
estimate of 2.63 million tonnes at 1.67 g/t gold for 141,000 ounces of gold, to B2Gold's rapidly growing
Mineral Resource inventory in the region. The Company believes there is strong potential to extend the
mineralization at the Dandoko project. Initial drilling on the Dandoko project is expected to commence in
the fourth quarter of 2022.
Anaconda Development Update
In 2022, the Company budgeted $33 million for development of infrastructure for Phase I saprolite mining
at the Anaconda Area, including road construction. Based on the updated Mineral Resource estimate and
B2Gold's preliminary planning, the Company has de monstrated that a pit situated on the Anaconda Area
could provide selective higher grade saprolite material (average grade of 2.2 g/t gold) to be trucked to and
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fed into the Fekola mill at a rate of 1.5 million tonnes per annum. With the anticipated closin g of the
acquisition of Oklo and its flagship Dandoko project on September 19, 2022, the Company is currently
evaluating its options for the timing and sourcing of material on a regional basis from all deposits within
the Fekola Complex area (including Fekola, Cardinal, Dandoko, Bakalobi and the Anaconda Area). This
updated evaluation is expected to be completed by the end of 2022, with first saprolite production now
anticipated in the second quarter of 2023. Subject to obtaining all necessary permits and completion of a
final development plan, the Company intends to commence its planned Phase I infrastructure development
in the fourth quarter of 2022. Trucking of selective higher grade saprolite material to the Fekola mill would
increase the ore processed and annual gold production from the Fekola mill, with the potential to add an
average of approximately 80,000 to 100,000 ounces of gold per year to the Fekola mill's annual production.
Based on the updated Mineral Resource estimate and the 2022 exploration drilling results, the Company
has commenced a Phase II scoping study to review the project economics of constructing a stand-alone mill
near the Anaconda Area. Subject to receipt of a positive Phase II scoping study, the Company expects that
the saprolite material would continue to be trucked to and fed into the Fekola mill during the construction
period for the Anaconda Area stand-alone mill.
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 laboratory. At each laboratory, samples are prepared and analyzed using 50-gram fire assay with
atomic absorption finish and/or gra vimetric finish. Umpire assays are used to monitor lab performance
monthly.
Quality assurance and quality control procedures include the systematic insertion of blanks, standards and
duplicates into the core, reverse circulation and aircore drilling sampl e 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.
About B2Gold Corp.
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 and numerous
exploration and development projects in various countries including Mali, Colombia, Finland and
Uzbekistan. B2Gold forecasts total consolidated gold production of between 990,000 and 1,050,000 ounces
in 2022.
Qualified Persons
Tom Garagan, Senior Vice President of Exploration at B2Gold, a qua lified person under NI 43 -101, has
reviewed and 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:
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Michael McDonald Cherry DeGeer
VP, Investor Relations & Corporate Development Director, Corporate Communications
+1 604-681-8371 +1 604-681-8371
[email protected] [email protected]
The Toronto Stock Exchange and NYSE American LLC neither approve nor disappro ve the information contained in
this news release.
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 30, 2022 for a discus sion of our ownership
interest in the mines B2Gold operates.
This news release includes certain “forward -looking information” and “forward -looking statements” (collectively
“forward-looking statement”) within the meaning of applicable Canadian and United States securities legislation,
including: projections; outlook; guidance; forecasts; estimates; statements regarding future or estimated financial
and operational performance, gold production and sales, revenues and cash flows, and capital costs (sustainin g and
non-sustaining) and operating costs, and including, without limitation: statements regarding the Transaction,
including, without limitation, the completion of the Oklo transaction, including receipt of all necessary regulatory
approvals, including fr om the TSX and NYSE MKT, and the satisfaction of conditions; total consolidated gold
production of between 990,000 and 1,050,000 ounces in 2022. All statements in this news release that address events
or developments that we expect to occur in the future a re 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", "foreca st", "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 dura tion and extent of the COVID -19 pandemic,
the effectiveness of preventative measures and contingency plans put in place by the Company to respond to the
COVID-19 pandemic, including, but not limited to, social distancing, a non -essential travel ban, business continuity
plans, and efforts to mitigate supply chain disruptions; escalation of travel restrictions on people or products and
reductions in the ability of the Company to transport and refine doré; the volatility of metal prices and B2Gold's
common sha res; 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 successful ly 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, including in response to the COVID -19 outbreak; remote operations and the availability of adequate
infrastructure; fluctuations in price and availability of energy an d other inputs necessary for mining operations;
shortages or cost increases in necessary equipment, supplies and labour; regulatory, political and country risks,
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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 abili ty 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 l aw, 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 C alibre, 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: the duration and effects of COVID -19 on our operations and workforce;
development and e xploration 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; B2Gol d'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 a bility 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 minin g 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.