B2Gold Announces Positive Exploration Drilling Results from the Fekola Regional Area
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B2Gold Announces Positive Exploration Drilling Results from the Fekola Regional Area
Vancouver, BC, April 27, 2023 – B2Gold Corp. (TSX: BTO, NYSE AMERICAN: BTG, NSX: B2G)
(“B2Gold” or the “Company”) is pleased to announce additional positive exploration drilling results from
the Fekola Regional area in Mali, located approximately 25 kilomet ers (“km”) north and northeast of the
Fekola Mine. The Fekola Regional area, comprised of the Anaconda Area (Bantako North and Menankoto
permits), the Bakolobi permit, and the Dandoko permit, forms part of the Fekola Complex , which also
includes the Medinandi permit that hosts the Fekola Mine and the Cardinal Zone.
Highlights
• At the Mamba Zone, exploration drilling in 2023 has been focused on saprolite mineral
resource conversion and expanding high grade sulphide mineralization shoots.
o Hole MSD_241 returned 8.60 grams per tonne (“g/t”) gold over 46.40 meters (“m”) from
443.30 m (sulphide), further establishing the continuity of the high grade sulphide shoot in
Mamba Main Zone. Hole MSD_241 is one of the highest gram-meter intercepts drilled to
date at the Anaconda Area.
• At the Cobra and Taipan zones, mineralization is defined over an 8-kilometer strike extent,
from the southern portion of the Menankoto permit and continuing on to the Bakolobi
permit.
o Hole BKR_165 returned 5.01 g/t gold over 13.00 m from 57.00 m including 7.05 g/t gold
over 9.00 m from 61.00 m (sulphide). The Cobra and Taipan zones remain open both along
strike and at depth.
• At the Dandoko permit, infill drilling has validated the known high grade saprolite zone at
Seko and defined additional sulphide mineralization.
o Hole DDSK23_159 returned 4.40 g/t gold over 51.00 m from 44.00 m (saprolite), and hole
DDSK23_154 returned 4.57 g/t gold over 36.50 m from 82.00 m (sulphide). Drilling at
Dandoko will continue with the objective to expand known saprolite and sulphide
mineralization.
• An updated Anaconda Area Mineral Resource estimate, incorporating an additional
approximately 120,000 meters of drilling, is underway and anticipated to be completed in Q2
2023.
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o To allow for incorporation of this updated resource estimate, the engineering study of a
stand-alone mill and oxide processing facilities at Fekola Regional (Anaconda Area) is
now expected in the fourth quarter of 2023. In addition, Fekola Complex optimization work
continues to maximize project value from all the various oxide and sulphide material
sources including the Fekola Pit, Fekola Underground, Cardinal Pit, and the Bantako
North, Menankoto, Bakolobi and Dandoko permits.
2023 Mali Exploration Drilling Program
In 2023, B2Gold is conducting a $35 million exploration program on the Fekola Complex. The initial focus
of this year’s 178,000 m drill program has been the Anaconda Area, which include s the Mamba, Adder,
Anaconda, Cascabel, Boomslang, Taipan and Cobra zones.
Of the 85,000 m of drilling completed to date in 2023, approximately 39,000 m of infill drilling has been
allocated to the Anaconda Area to facilitate an upgrade of the Inferred portion of the March 2022 Mineral
Resource estimate to an Indicated category. Assays from this infill drilling program have been received and
are being incorporated into to an updated Mineral Resource estimate, scheduled for completion by the end
of the second quarter of 2023.
Figure 1. Fekola Complex Overview.
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Anaconda Area Exploration
Mamba Zone (Bantako North and Menankoto permits)
As a significant contributor to the combined mineral resources in the Anaconda Area, Mamba has been the
subject of a focused campaign of infill drilling, with approximately 30% of the 17,992 m completed to date
in 20 23 being directed at resource class conversion within the oxide portions of Mamba . In addition,
exploration for high grade sulphide mineralization continues to be an import ant part of the 2023 drilling
program. Hole MSD_241 returned 8.60 g/t gold over 46.4 0 m, from 443.30 m (sulphide) and Hole
BND_135 returned 5.87 g/t gold over 22.40 m, from 335.70 m (sulphide). These holes are consistent with
previous intercepts in the high grade shoot below the March 2022 Mineral Resource pit boundary and will
form the basis for follow up drilling later in 2023. Mineralization remains open along this shallow plunging
zone.
Figure 2. Mamba Zone Long Section (Facing West).
Select new results from the Mamba Zone exploration drilling include:
HoleID From To Meters Gold (g/t) Domain
MSD_241 443.30 489.70 46.40 8.60 Sulphide
MSD_244 92.90 119.10 26.20 1.24 Sulphide
Incl 92.90 97.40 4.50 2.07 Sulphide
and 170.00 181.00 11.00 2.65 Sulphide
MSD_246 37.70 59.32 21.62 1.30 Saprolite
and 59.32 90.00 30.68 0.95 Sulphide
Incl 75.00 90.00 15.00 1.25 Sulphide
and 164.15 188.40 24.25 1.74 Sulphide
Incl 174.30 181.60 7.30 4.28 Sulphide
and 360.30 371.00 10.70 5.21 Sulphide
BND_129 320.00 351.50 31.50 2.72 Sulphide
Incl 320.00 337.00 17.00 4.28 Sulphide
BND_132 475.82 487.66 11.84 3.69 Sulphide
BND_135 335.70 358.10 22.40 5.87 Sulphide
Note: Sulphide composites above 0.6 g/t gold cutoff, applying a maximum internal dilution of 5 m. Higher grade including intervals
are reported above a cutoff of 1.0 g/t gold, applying a maximum internal dilution of 3 m. Saprolite composites are reported above
a 0.2 g/t gold cutoff, applying a maximum internal dilution of 3 m. Results are uncapped. True width not known at this time.
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Cobra and Taipan Zones (Menankoto and Bakolobi permits)
Year to date, 19,700 m of drilling have been completed on Cobra, the majority of which will contribute to
the upgrade of the existing Inferred Mineral Resource estimate from March 2022. Much of this drilling has
been completed on the Bakolobi portion of the Cobra Zone, which adds additional strike extent to the
dimensions of Cobra relative to the March 2022 Mineral Resource estimate.
The Cobra Zone was previously documented over 8 km of known strike extent, from Menankoto to the
southern end of the Bakolobi permit. The southernmost 2.5 km of the Cobra Zone are now believed to be a
separate structure, which is currently being explored as the Taipan Zone. Recent drilling on Cobra and
Taipan have returned encouraging intervals of saprolite and sulphide mineralization. Hole BKR_165
returned 5.01 g/t gold over 13.00 m, from 57.00 m (sulphide) and Hole BKR_233 returned 1.74 g/t gold
over 33.00 m, from 74.00 m (sulphide).
Figure 3. Cobra Zone Long Section (Facing West).
Select results from the Cobra Zone exploration drilling include:
HoleID From To Meters Gold (g/t) Domain
MSD_250 145.40 163.92 18.52 1.26 Saprolite
MSR_1092 87.00 116.00 29.00 1.15 Saprolite
MSR_1240 123.00 151.00 28.00 1.72 Saprolite
MSR_1180 28.00 62.00 34.00 1.14 Saprolite
BKR_0189 32.00 39.00 7.00 1.54 Sulphide
BKR_240 129.00 136.00 7.00 2.37 Sulphide
BKR_241 137.00 160.00 23.00 1.84 Sulphide
BKR_242 102.00 114.00 12.00 5.96 Sulphide
Note: Sulphide composites above 0.6 g/t gold cutoff, applying a maximum internal dilution of 5 m. Higher grade including intervals
are reported above a cutoff of 1.0 g/t gold, applying a maximum internal dilution of 3 m. Saprolite composites are reported above
a 0.2 g/t gold cutoff, applying a maximum internal dilution of 3 m. Results are uncapped. True width not known at this time.
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Select results from the Taipan Zone exploration drilling include:
HoleID From To Meters Gold (g/t) Domain
BKR_0086 32.00 41.00 9.00 7.69 Sulphide
BKR_0147 38.00 49.00 11.00 2.94 Sulphide
BKR_0150 32.00 43.00 11.00 11.30 Saprolite
BKR_0165 57.00 70.00 13.00 5.01 Sulphide
Incl 61.00 70.00 9.00 7.05 Sulphide
BKR_0233 74.00 107.00 33.00 1.74 Sulphide
Note: Sulphide composites above 0.6 g/t gold cutoff, applying a maximum internal dilution of 5 m. Higher grade including intervals
are reported above a cutoff of 1.0 g/t gold, applying a maximum internal dilution of 3 m. Saprolite composites are reported above
a 0.2 g/t gold cutoff, applying a maximum internal dilution of 3 m. Results are uncapped. True width not known at this time.
Dandoko Exploration
On the Dandoko permit, 27,300 m of reverse circulation and diamond drilling ha s been completed to date
in 2023. Selective infill drilling was completed on Seko 1 and 2 zones to help inform the new B2Gold
resource model . Drilling continues to focus on saprolite mineralization, however Hole DDSK23_154
returned 4.57 g/t gold over 36.50 m, from 82.00 m (sulphide), including 9.95 g/t gold over 6.70 m, from
102.50 m (sulphide), warranting follow -up drilling in 2023 with the g oal of expanding known sulphide
mineralization.
Figure 4. Seko 1 Zone Long Section (Facing West).
Figure 5. Seko 2 Zone Long Section (Facing West).
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Select results from the Dandoko exploration drilling include:
HoleID From To Meters Gold (g/t) Domain
DDSK23_151 92.00 125.00 33.00 1.42 Saprolite
DDSK23_152 79.30 85.10 5.80 25.73 Saprolite
DDSK23_153 46.20 69.00 22.80 3.00 Saprolite
DDSK23_159 44.00 95.00 51.00 4.40 Saprolite
Incl 49.20 78.30 29.10 6.29 Saprolite
DDSK23_161 77.00 87.00 10.00 3.08 Saprolite
RCSK22_410 53.00 79.00 26.00 1.35 Saprolite
RCSK22_412 26.00 99.00 73.00 1.55 Saprolite
RCSK22_433 93.00 127.00 34.00 2.07 Saprolite
RCSK22_441 79.00 132.00 53.00 7.00 Saprolite
RDSK22_147 147.80 181.00 33.20 6.27 Saprolite
RDSK23_149 84.80 119.00 34.20 1.09 Saprolite
DDSK23_150 124.00 137.40 13.40 3.00 Sulphide
and 150.00 170.62 20.62 1.95 Sulphide
and 205.00 238.00 33.00 1.75 Sulphide
Incl 205.00 210.00 5.00 5.18 Sulphide
DDSK23_154 82.00 118.50 36.50 4.57 Sulphide
Incl 102.50 109.20 6.70 9.95 Sulphide
Note: Sulphide composites above 0.6 g/t gold cutoff, applying a maximum internal dilution of 5 m. Higher grade including intervals
are reported above a cutoff of 1.0 g/t gold, applying a maximum internal dilution of 3 m. Saprolite composites are reported above
a 0.2 g/t gold cutoff, applying a maximum internal dilution of 3 m. Results are uncapped. True width not known at this time.
2023 Fekola Regional Exploration
At present , 11 drills are deployed in West Mali undertaking a mix of infill drilling on the sulphide
mineralization at Mamba, exploration drilling along the Cobra and Taipan zones, and aircore and auger
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reconnaissance drilling of regional targets near Dandoko. At Mamba, local condemnation drill programs in
support of mine planning are scheduled to be completed in May and June. In the second half of 2023,
upwards of 40 ,000 m of drilling is planned in the Fekola Regional area targeting saprolite and sulphide
resource expansion.
Fekola Regional Development Update
Based on the 2022 Anaconda Area Mineral Resource estimate and B2Gold's preliminary planning, the
Company demonstrated that the Anaconda Area could provide selective higher grade saprolite material
(average annual grade of up to 2.2 g/t gold) to be trucked approximately 20 km and fed into the Fekola mill
at a rate of up to 1.5 million tonnes per annum. Trucking of selective higher grade saprolite material from
the Anaconda Area to the Fekola mill will increase the ore processed and has the potential to generate
approximately 80,000 to 100,000 ounces of initial gold production per year from Fekola Regional sources
(Fekola Regional Phase I). Initial saprolite production is expected to commence from the Bantako North
permit starting in the third quarter of 2023 and is expected to contribute approximately 18,000 ounces of
gold in 2023 with Fekola Regional production levels continuing to ramp-up through 2024.
In the first quarter of 2023, the Company invested $15 million in the development of Fekola Regional
(Anaconda Area) saprolite mining including road construction, mine infrastructure, and mining equipment.
For 2023, the Company has budgeted a total of $63 million for Fekola Regional development. The
construction mobile equipment fleet is now in operation, and construction of the haul roads and mining
infrastructure (warehouse, workshop, fuel depot, and offices) is on schedule to support saprolite production
from the Bantako North permit area as early as the third quarter of 2023. Production from Bantako North
is contingent upon receipt of all necessary permits, which are expected tobe received in the second quarter
of 2023.
Preliminary results of a Fekola Complex optimization study, coupled with 2022 exploration drilling results,
indicate that there is a significant opportunity to increase gold production and resource utilization with the
addition of oxide processing capacity . The Company is progressing an engineering study of a Fekola
Regional stand-alone mill and oxide processing facilities (expected to be located on the Anaconda Area).
Construction of a stand -alone oxide mill would constitute Phase II of the Fekola Regional Development
Plan. The engineering study will be based on processing 4 Mtpa of saprolite and transitional (oxide)
resources. The current Anaconda Area Mineral Resource estimate, released in March 2022 and based on
the results of exploration drilling completed up to January 11, 2022 , included Indicated Resources of 32.4
million tonnes at 1.08 g/t gold for 1.13 million ounces of gold, all of which was weathered oxide ore , and
Inferred Resources that included 19.1 million tonnes of oxide ore at 0.81 g/t gold for 0.5 0 million ounces
of gold, and 44.6 million tonnes of sulphide ore at 1.25 g/t gold for 1.79 million ounces of gold. Since that
date through March 31, 2023, the Company has completed approximately 120,000 m of drilling at the
Anaconda Area , which included infill drilling to upgrade a significant portion of the Inferred oxide
resources to the Indicated category, as well as extending both oxide and sulphide resources in the area. An
updated Anaconda Area Mineral Resource estimate is currently underway and scheduled to be completed
by the end of the second quarter of 2023. Consequently, to allow for incorporation of this updated Mineral
Resource estimate into the engineering study, results of the study are now expected in the fourth quarter of
2023. In addition, Fekola Complex optimization work continues to maximize project value from all the
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various oxide and sulphide material sources including the Fekola Pit, Fekola Underground, Cardinal Pit,
and the Bantako North, Menankoto, Bakolobi and Dandoko permits. The Company’s conceptual analysis
indicates that the combined Fekola Mine and Fekola Regional processing facilities could have the potential
to produce more than 800,000 ounces of gold per year from the Fekola Complex, subjec t to delineation of
additional mineral resources and development, completion of feasibility studies, and the receipt of all
necessary regulatory approvals and permits.
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 gravimetric 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 circu lation 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.
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 and numerous
exploration and development projects in various countries including Canada, Mali, Colombia, Finland and
Uzbekistan. B2Gold forecasts total consolidated gold production of between 1,000,000 and 1, 080,000
ounces in 2023.
Qualified Persons
Bill Lytle, Senior Vice President and Chief Operating Officer, a qualified person under NI 43 -101, has
approved the scientific and technical information related to operations matters contained in this news
release.
Brian Scott, P. Geo., Vice President, Geology & Technical Servic es, 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: