B2Gold Announces Positive Exploration Drilling Results from its Inaugural Drilling Campaign at the Back River Gold District in Nunavut and Provides an Update on Construction and Mining at the Goose Project
News Release
B2Gold Announces Positive Exploration Drilling Results from its Inaugural Drilling Campaign at the Back
River Gold District in Nunavut and Provides an Update on Construction and Mining at the Goose Project
Vancouver, BC, November 21, 2023 – B2Gold Corp. (TSX: BTO, NYSE AMERICAN: BTG, NSX: B2G)
(“B2Gold” or the “Company”) is pleased to announce positive exploration drilling results from its inaugural
drilling campaign at the Back River Gold District in Nunavu t and provide an update on construction and
mining at the Goose Project.
Exploration and Infill Drill Results Highlights
• 23,605 meters (“m”) drilled in 77 holes as of the end of October 2023, with results received
from 42 of the 77 holes
• Exploration d rilling i ntersected high-grade mineralization 1 10 m down plunge from the
existing mineral resource boundary at the Goose Project’s Llama deposit
o Drill hole 23GSE-626 returned 7.79 grams per tonne (“g/t”) over 22.00 m from 729.00 m,
including a higher grade interval of 11.22 g/t over 14.40 m, at a vertical depth of 660 m,
which tested a folded part of the structure 110 m down plunge from previous legacy
drilling; and
o This result demonstrates the continuity of gold grades and widths of these mineralized
structures, and the Llama deposit remains open at depth.
• Drill results for infill and mine development, received to date on the Goose Project’s Umwelt
deposit confirm the continuity of high-grade mineralization, with several drill holes returning
intercepts with higher gold grades and widths than predicted by the mineral resource model
o Drill hole 23GSE-618 returned 14.28 g/t gold over 16.00 m from 248.00 m;
o Drill hole 23GSE-620 returned 10.20 g/t gold over 19.00 m from 274.00 m;
o Drill hole 23GSE-622 returned 17.14 g/t gold over 17.05 m from 191.00 m;
o Drill hole 23GSE-625B returned 11.24 g/t gold over 24.15 m from 188.85 m; and
o The results from these drill holes will be included into the upcoming Goose Project
optimized life of mine plan.
In the second quarter of 2023, B2Gold approved a US$20 million exploration budget for the balance of
2023 to complete approximately 25,000 m of drilling on the Back River Gold District, significantly higher
than historical annual exploration expenditures. Drilling at the Goose Project began in early August 2023
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with two drill rigs, testing the Llama deposit down -plunge for mineral resource confirmation and mineral
resource expansion, and testing regional targets that were deve loped based on structural modelling and
geophysical re-processing. The objective for drilling at the George Project was to test several targets over
a strike length of 10 kilometers (“km”).
As of the end of October 2023, B2Gold had completed 17,595 m of drilling over 51 drill holes on the Goose
Project, and a further 6,010 m of drilling over 26 drill holes on the George Project.
Figure 1. Back River Gold District Overview.
Goose Project Exploration
The Goose Project consists of five known deposits with existing mineral resources, Umwelt, Llama, Goose,
Echo and Nuvuyak, which occur along a strike length of 8 km. The Company believes that exploration
upside exists on all known deposits that are open at depth, as well as several zones of interest that remain
relatively untested within the footprint of the favorable host stratigraphy. Ongoing structural and data
review will form the basis of an aggressive 2024 exploration season to drill test several zones of interest.
As of October 31, 2023, a ssay results have been received from 16 of the 51 drilled holes at the Goose
Project.
At the Umwelt deposit, drilling was designed to confirm geometry and grade continuity of high -grade
shoots below the planned op en pit s. Results received to date confirm the continuity of high -grade
mineralization in the hinge and short limb of the Umwelt antiform and will provide critical information for
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underground mine design planning. Since the end of October, a further 17 drill holes are planned for
completion in 2023.
At the Llama deposit, which outcrops 1,500 m north of the Umwelt deposit, two holes were drilled, which
have confirmed the extension of the structure at depth. Drill hole 23GSE-626 returned an impressive 7.79
g/t over 22.0 0 m from 729.00 m , including a higher grade intercept of 11.22 g/t over 14.40 m, and was
designed to test the favorable stratigraphy 660 m vertically , and 110 m down plunge beyond previously
reported inferred mineral resources. Drill hole 23GSE-614 returned high-grade narrow results on the less
drilled east limb of the Llama deposit including 32.75 g/t gold over 2.05 m from 365.95 m.
Significant 2023 drill results from the Goose Project include:
HoleID Area From (m) To (m) Length (m) Au (g/t) Au (g/t)
Capped1
23GSE614 Llama Ext 365.95 368.00 2.05 32.75 29.33
23GSE615 Umwelt 297.00 301.60 4.60 12.94 12.94
23GSE616 Umwelt 290.53 298.42 7.89 16.44 16.44
23GSE617 Umwelt 252.75 280.70 27.95 8.42 8.42
Incl Umwelt 252.75 258.45 5.70 17.40 10.23
and Umwelt 264.50 274.00 9.50 8.87 8.87
23GSE618 Umwelt 248.00 264.00 16.00 14.28 11.13
Incl Umwelt 254.00 255.00 1.00 100.50 50.00
23GSE620 Umwelt 274.00 293.00 19.00 10.20 10.20
Incl Umwelt 279.90 291.10 11.20 15.50 15.50
23GSE621 Goose Met 38.00 49.20 11.20 14.92 12.92
23GSE622 Umwelt 191.00 208.10 17.05 17.14 17.14
Incl Umwelt 191.00 196.00 5.00 25.08 25.08
and Umwelt 204.00 208.05 4.05 25.79 25.79
23GSE623 Umwelt 288.95 304.00 15.05 7.20 7.20
Incl Umwelt 288.95 296.75 7.80 12.64 12.64
23GSE624 Umwelt 294.55 298.25 3.70 6.93 6.93
23GSE625B Umwelt 188.85 213.00 24.15 11.24 9.78
23GSE626 Llama Ext 729.00 751.00 22.00 7.79 6.16
Incl Llama Ext 731.60 746.00 14.40 11.22 8.73
Notes:
1. Capped at 50 g/t gold
2. Drill intercepts are perpendicular to the zones so true widths are very similar to reported drill lengths
The Goose Project drill program will continue until mid -December 2023 to target high -grade plunging
shoots at Umwelt. The drill program in 2024 will start late in the first quarter of 2024 and focus on drilling
several zones on the Goose Project to expand known mineral resources and test new areas for mineral
resource upside potential.
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George Project Exploration
At the George Project, loca ted 50 km northwest of the Goose Project, a 2023 spring and summer drill
program tested multiple targets along a 10 km strike length to evaluate mineralization controls and upside
potential with 6,010 m drilled over 26 drill holes.
The George Project represents three sub-parallel zones of tightly folded banded iron formation that stretch
over 20 km in strike length.
Drill results from the 2023 campaign reflect similar widths and grades as those reported by previous
operators, with several holes from the 2 023 program extend ing mineralization along strike and between
known zones of mineral resources. Drill hole 23GRL-216 returned encouraging results, intersecting 19.17
g/t gold over 7.50 m from 36.60 m, very close to surface between two known deposits (LCPS and LCPN).
In the southwestern part of the belt in the GH area, drill holes 23GRL -207 and 23GRL -211 extended
mineralization to the south of the existing mineral resource pit shell.
Significant 2023 drill results from the George Project include:
HoleID Area From (m) To (m) Length (m) Au (g/t) Au (g/t)
Capped1
23GRL201 TPN 152.33 154.40 2.07 18.70 18.70
23GRL207 GH 43.60 49.10 5.50 4.69 4.69
and GH 57.10 59.38 2.28 8.28 8.28
23GRL208 LCPS 250.92 254.00 3.08 11.85 11.85
and LCPS 268.00 271.00 3.00 5.91 5.91
and LCPS 275.00 278.00 3.00 4.49 4.49
23GRL211 GH 51.75 55.00 3.25 10.09 10.09
23GRL216 LCPS 36.60 44.10 7.50 19.17 18.58
23GRL217 Forest 104.00 105.80 1.80 8.39 8.39
Notes:
1. Capped at 40 g/t gold
Quality Assurance/Quality Control on Sample Collection and Assaying
The primary laboratory utilized for the Back River Gold District drilling program in 2023 is ALS laboratory
in North Vancouver, Canada. Core samples are prepared at the ALS preparation facility in Yellowknife with
representative pulp samples sent to the ALS North Vancouver laboratory for gold analysis. Gold is analyzed
by a fire assay/atomic absorption s pectrometry (FA/AAS) finish using a 50 gram subsample of the coin
pulp. FAs were finished with AAS, and samples with higher grades that exceeded the maximum detection
limit of AAS received a supplemental gravimetric (“GRA V”) finish. All samples over 3,000 parts per billion
are analyzed by FA/GRA V using a 50 gram subsample of the coin pulp. Activatio n Laboratories Ltd.
(Actlabs) in Kamloops, Canada, is the umpire laboratory.
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Quality assurance and quality control procedures include the systematic insertion of blanks and standards
into the core 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.
Goose Project, Nunavut, Construction and Mining Update
Construction at the Goose Project is progressing on track, with the project remaining on schedule for first
gold pour in the first quarter of 2025. Open pit mining is underway at the Echo Pit and underground
development work on the Umwelt deposit is ongoing.
The first concrete pour was completed in July 2023 and concrete and steel work in the mill area to date are
progressing ahead of schedule. Erection of the structural steel for the mill building, power house and truck
shop is well underway, and cladding is advancing quickly on the mill building with the roof complete and
over 50% of the building cladding completed. Cladding of both the power house and truck shop has begun.
Enclosure of these three buildings will allow for work to continue through the colder mont hs and remain
on schedule. Additionally, i t is expected that the ball mill will be set in place in December 2023,
approximately six months ahead of schedule, allowing the focus for the start of 2024 to shift to piping and
mechanical systems.
In July 2023, Phase 1 of the accommodation complex opened, including sleeping quarters, office area,
medical center, gymnasium, kitchens and water treatment. Phase 1 of the accommodation complex includes
310 beds at the permanent site location. In September 2023, the earthworks necessary to extend the airstrip
to 5,000 feet were completed. The extension of the airstrip will allow large capacity, fully loaded passenger
planes to land at the Goose Project throughout the 2024 construction campaign. In mid-October, the 2023
sealift was successfully completed , with a total of six ships received from global ports bringing a total
shipping volume of 90,000 cubic meters of dry cargo and 24,000,000 liters of arctic grade diesel fuel to the
Marine Laydown Area (“MLA”). The 2023 sealift included all planned material sealift materials required
for the successful construction, commissioning and mining of the Goose Project.
The 163 k m winter ice road (“WIR”) between the MLA and the Goose Project is scheduled to operate
between February and the end of April. The 2024 WIR construction team will mobilize to the MLA and
Goose Project sites in early and mid -December 2023, with the construction of the 2024 WIR expected to
begin in December 2023 . At the MLA, preparations for the 2024 WIR are well underway, including
maintenance and preparation of the WIR construction and haulage fleet and staging all materials for
shipment on the WIR to the Goose Project site.
Open pit mining of the Echo Pit is underway and will produce construction fill, stockpile ore and provide
tailings storage capacity. Open pit mining of the Umwelt Pit will commence in the first quarter of 2024 and
will produce much of the commissioning ore as well as future tailings storage. Underground development
of the Umwelt deposit is also underway, currently at a depth of 142 vertical meters below surface.
Breakthrough of the initial ventilation raise has been completed and development towards the ore zones is
in progress with more than 2,100 meters of lateral development completed to date.
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B2Gold recognizes that respect and collaboration with the Kitikmeot Inuit Ass ociation (“KIA”) is central
to the license to operate in the Back River Gold District and will continue to prioritize developing the
project in a manner that recognizes Inuit priorities, addresses concerns, and brings long -term socio
economic benefits to t he Kitikmeot Region. B2Gold looks forward to continuing to build on its strong
collaboration with the KIA and Kitikmeot Communities.
About B2Gold
B2Gold is a low-cost international senior gold producer headquartered in Vancouver, Canada. Founded in
2007, today, B2 Gold 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. B2Gold forecasts total consolidate d gold production of between
1,000,000 and 1,080,000 ounces in 2023.
Qualified Persons
Brian Scott, P. Geo., Vice President, Geology & Technical Services, 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
For more information on B2Gold please visit the Company website at www.b2gold.com or contact:
Michael McDonald Cherry De Geer
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 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 estima ted
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
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rates, stripping ratios, throughput, ore processi ng; statements regarding anticipated exploration, drilling,
development, construction, permitting and other activities or achievements of B2Gold; and including, without
limitation: B2Gold’ s continued prioritization of developing the Goose Project in a manner that recognizes Indigenous
input and concerns and brings long -term socio-economic benefits to the area; the Goose Project capital cost being
approximately C$800 million, and total capital expenditures including the accelerated underground development
costs being C$890 million; the capital cost to complete the Goose Project being approximately C$550 million; the
Goose Project producing more than 300,000 ounces of gold per year for the first five years and the Umwelt crown
pillar containing over 150,000 ou nces of gold; and the potential for first gold production in the first quarter of 2025
from the Goose Projec t. 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 w ith 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 t o 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 suffici ent 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 per sonnel; 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.
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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 a ny 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 impli ed 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.
Cautionary Statement Regarding Mineral Reserve and Resource Estimates
The disclosure in this news release was prepared in accordance with Canadian National Instrum ent 43-101, which
differs significantly from the requirements of the United States Securities and Exchange Commission ("SEC"), and
resource and reserve information contained or referenced in this news release may not be comparable to similar
information disclosed by public companies subject to the technical disclosure requirements of the SEC. Historical
results or feasibility models presented herein are not guarantees or expectations of future performance.