B2Gold Announces Positive Exploration Drilling Results from the Antelope Deposit at the Otjikoto Mine in Namibia, Highlighting the Potential to Expand Underground Gold Production through the Early 2030’s
News Release
B2Gold Announces Positive Exploration Drilling Results from the Antelope Deposit
at the Otjikoto Mine in Namibia, Highlighting the Potential to Expand Underground Gold
Production through the Early 2030’s
Vancouver, BC, January 31, 2024 – 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
o The Antelope deposit was discovered in 2022 following deep drill testing on three -
dimensional models of magnetic inversion data;
o 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
o 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
o 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;
o Drill hole GH23 -056 intersected 9. 86 g/t gold over 7.48 m from 517.55 m at the Oryx
Zone; and
o The Company believes this style of mineralizat ion 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
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o Open pit operations at Otjikoto are anticipated to conclude in 2025, while underground
mining operations at Wolfshag will continue through 2026;
o Current gold production estimates at Otjikoto are ex pected 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;
o 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
o 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.
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2023 Otjikoto Exploration Program
In 2023, B2Gold co mpleted 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 mineralizat ion 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 s outhernmost Springbok Zone has been defined by 100 m by 50 m spaced drilling, over a
strike l ength 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 Z one, a similar type of high -grade mineralization has been
intersected in the Oryx Zone, which appears to represent a second shoot, stack ed 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
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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 vei ns, 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 la rgest 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. P rocessing
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.
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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.
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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
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 re lease 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 futur e 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",
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"could", "should" or "might" occur. All such forward -looking statements are based on the opinio ns 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
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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 w ith 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 acquisi tions;
fluctuations in exchange rates; the availability of financing; financing and debt activities, including potential
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changing policies related to mining and lo cal 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 increa ses 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 o r
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; conflict s 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 ide ntified thereby; the accuracy and
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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 futur e
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 a s 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
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be given that any events anticipated by the forward -looking statements will transpire or occur, or if any of them do,
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what benefits or liabilities B2Gold will derive therefrom. For the reasons set forth above, undue relia nce should not
be placed on forward-looking statements.