B2Gold Announces Positive Exploration Results from the Anaconda Area and the Fekola Deposit and an Update on the Fekola Mine Expansion
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News Release
B2Gold Announces Positive Exploration Results from the Anaconda Area and the Fekola Deposit
and an Update on the Fekola Mine Expansion
Vancouver, September 16, 2019 – B2Gold Corp. (TSX: BTO, NYSE AMERICAN: BTG, NSX: B2G)
(“B2Gold” or the “Company”) announces positive drill results fr o m t h e M a m ba z o n e w h i c h i s l o c a t e d
within the Anaconda area approximately 20 kilometres from the Fekola Mine, as well as positive infill drill
results from the Fekola mineral resource area and step out results north of the Fekola resource.
Highlights include:
Extending the shallow, high-grade saprolite mineralized zone at Mamba by approximately 600
metres to more than one kilometre of strike length
Discovery of a new wide good grade sulphide zone directly beneath the Mamba saprolite zone.
The sulphide zone is open down plunge to the south, indicating the potential for Fekola-type gold
deposits
Successful infill drilling at the Fekola deposit completed, upgrade of the Inferred Mineral
Resource (19%) to Indicated status by the fourth quarter of 2019
Step out drilling continues to extend the Fekola deposit further to the north, which remains open
Recent Exploration
Drilling in 2019 in Mali has been focused on increasing the Ana conda area saprolite resource, testing
mineralized zones beneath the shallow saprolite zones, infill d rilling the Inferred portion of the Fekola
Mineral Resource to Indicated status and expanding the Fekola d eposit further to the north. Based on
positive drill results, in July, the Company increased the 2019 exploration budget in Mali by $3 million to
$20.5 million.
Anaconda Area (see figure 1 “Mamba long section” below)
B2Gold has completed an 850-hole (24,863 metre) program of comb ined aircore, diamond and reverse
circulation drilling at the Anac onda area, including on the Com pany’s increased land position. Drilling
focused mainly on the Mamba zone, located one kilometre east of the Anaconda zone, where the Company
previously announced an Inferred Mineral Resource estimate of 7 67,000 ounces of gold at 1.1 grams per
tonne (“g/t”) in near-surface sap rolite mineralization over 4.5 kilometres and up to 500 metres wide. The
initial stage of the program has extended the strike length of known saprolite mineralized structures at
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Mamba by over 600 metres to over approximately one kilometre. S aprolite mineralization at the Adder
zone, 1.2 kilometres to the west of the Mamba zone, remains ope n to the north. At Mamba, the newly
discovered wide zone of sulphide mineralization is contiguous a nd continuous with the saprolite
mineralization and remains open down plunge and to the south, indicating the potential to host Fekola-style
sulphide gold deposits.
Recent holes include BNR_010 (61 metres at 2.25 g/t gold from 30 metres) and BNR_005 (39 metres at
3.16 g/t gold from 77 metres) , which intersected thick accumulations of good grade saprolite
mineralization. Highlights from the sulphide-hosted mineralizat ion include BND_001, which intersected
38.40 metres at 2.40 g/t gold from 72.70 metres directly down plunge from the high-grade saprolite
mineralization and 13.95 metres at 2.20 g/t gold from 184.05 metres and hole BNR_002, which
intersected 14 metres at 4.50 g/t gold from 109 metres.
These new intersections occur approximately 150 metres up plung e from previous sulphide intercepts on
the Mamba zone, which include two holes on the same section: MSD_141(44.00 metres at 1.22 g/t gold
from 80.00 metres and 46.20 metres at 1.76 g/t gold from 168.80 metres) and the undercutting hole,
MSD_132 (23.22 metres at 1.31 g/t gold from 116.48 metres, 24.50 metres at 4.02 g/t gold from 218.50
metres and 22.80 metres at 1.04 g/t gold from 253.20 metres). The geometry of this good grade zone of
mineralization is to be confirmed with additional drilling.
Highlights from drilling to date include:
Hole ID From (m) To (m) Length (m) Gold (g/t) Domain
BNR_001 17 27 10 2.77 Saprolite
BNR_003 0 49 49 0.82 Saprolite
BNR_003 55 110 55 2.05 Saprolite
BNR_004 125 154 29 1.34 Saprolite
BNR_005 55 73 18 6.51 Saprolite
BNR_005 77 116 39 3.16 Saprolite
BNR_007 126 145 19 1.32 Saprolite
BNAC_183 0 38 38 2.14 Saprolite
BNR_010 30 91 61 2.25 Saprolite
BNR_012 95 97 2 23.14 Saprolite
BNR_014 48 58 10 3.97 Saprolite
BNR_015 22 44 22 1.77 Saprolite
BNR_016 94 120 26 1.10 Saprolite
BNAC_178 0 36 36 2.77 Saprolite
BNAC_175 0 11 11 4.04 Saprolite
BNR_016 120 156 36 0.88 Sulphide
BNR_015 103 126 23 1.06 Sulphide
BNR_002 109 123 14 4.50 Sulphide
BND_001 72.70 111.10 38.40 2.40 Sulphide
BND_001 184.05 198.00 13.95 2.20 Sulphide
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Sulphide composites are reported above 0.6 g/t gold cutoff; saprolite composites are reported above a 0.2 g/t gold
cutoff.
Figure 1. Mamba Zone, Anaconda Area: Schematic Long Section (West-Facing)
Fekola Infill Program (see figure 2 “Fekola long section” below)
In October 2018, B2Gold reported an updated Indicated Mineral R esource estimate of 92,810,000 tonnes
at 1.92 g/t gold for a total of 5,730,000 ounces of gold, and a n Inferred Mineral Resource estimate of
26,500,000 tonnes at 1.61 g/t gold for a total of 1,370,000 oun ces of gold (19%), for the Fekola Mine (see
news release dated October 25, 2018 ). A significant portion of the 2019 drilling has been focused on
upgrading the Inferred Mineral Resource estimate to Indicated s tatus, with a total of 25,000 metres
completed as of August 15, 2019.
Infill drill results to date support the results of the 2018 re source model, which had 19% Inferred Mineral
Resources and 81% Indicated Mineral Resources. Furthermore, dri ll holes FKD_409 (4.03 g/t gold over
30.50 metres from 437.5 metres), FKD_413 (10.44 g/t gold over 1 9.8 metres from 495.2 metres) and
FKD_415 (3.3 g/t gold over 38.2 metres from 467.5 metres) provide added confirmation that significant
intervals of high-grade gold mineralization occur beyond the li mits of the 2019 Preliminary Economic
Assessment (“PEA”) pit shell ( see news release dated May 13, 2019 ), within the deepest portions of the
2018 $1,400/ounce gold resource p it shell. Follow up drilling d own plunge from this good grade
mineralization has been completed and assays are pending from h oles FKD_431 and FKD_432.
Mineralization remains open to t he north and down plunge. An up dated resource model is scheduled for
completion the fourth quarter of 2019.
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Highlights from the Fekola infill program include:
Hole ID From (m) To (m) Length (m) Gold (g/t) Pit Shell*
FKD_349 309.00 432.00 123.00 4.10 PEA
incl 349.40 431.00 81.60 4.89 PEA
FKD_347 286.00 337.00 51.00 2.58 PEA
incl 343.00 354.00 11.00 5.68 PEA
FKD_355 425.60 472.50 46.90 2.66 PEA
FKD_356 362.75 420.80 58.05 1.48 PEA
FKD_380 440.00 480.40 40.40 2.99 PEA
FKD_359 338.20 390.90 52.70 3.13 PEA
incl 369.90 390.90 21.00 5.91 PEA
FKD_379 423.70 471.00 47.30 2.02 PEA
FKD_381 409.20 463.20 54.00 2.10 PEA
FKD_396 368.75 435.00 66.25 2.15 PEA
FKD_369 277.90 322.50 44.60 1.37 PEA
FKD_375 259.50 326.00 66.50 1.64 PEA
FKD_385 359.00 405.00 46.00 2.14 PEA
FKD_386 333.20 381.00 47.80 1.93 PEA
FKD_409 433.00 480.00 47.00 2.89 1400
incl 437.50 468.00 30.50 4.03 1400
FKD_388 299.80 356.00 56.20 3.66 PEA
incl 300.60 341.30 40.70 4.52 PEA
FKD_391 334.60 378.20 43.60 1.97 PEA
FKD_413 464.00 523.20 59.20 3.94 1400
incl 495.20 515.00 19.80 10.44 1400
FKD_393 322.00 365.50 43.50 2.37 PEA
FKD_415 462.10 505.70 43.60 2.98 1400
incl 467.50 505.70 38.20 3.30 1400
Composites are reported above a 0.6 g/t gold cutoff. Included high-grade intervals are reported above a 1.0 g/t cutoff.
*PEA denotes holes drilled within a pit shell optimized at $1,300/oz gold (see news release dated May 13, 2019). 1400
denotes holes drilled within $1,400/oz gold resource pit shell (see news release dated October 25, 2018).
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Figure 2. Fekola Deposit, Fekola Mine: Schematic Long Section (West-Facing)
Ongoing Exploration
Drilling is ongoing at Fekola, including a reconnaissance progr am on the Cardinal zone, less than one
kilometre west of the Fekola Mine open pit. Drilling on the Ana conda area, to test the extension of the
saprolite zones and further explore the sulphide mineralization below is scheduled to recommence in the
fourth quarter of 2019. An additional 30,000 metres of drilling is planned for completion before year end
and the Company expects to continue with an aggressive exploration program in 2020.
Fekola Mine Expansion Update
On March 26, 2019, B2Gold announced positive results from the E xpansion Study PEA for the Fekola
Mine. As a result, the Company is proceeding with an expansion project to increase processing throughput
by 1.5 million tonnes per annum (“Mtpa”) to 7.5 Mtpa from an as sumed base rate of 6 Mtpa. The PEA
reflected the significant increase in the Fekola Mineral Resource estimate announced on October 25, 2018.
Based on the PEA, once this expansion is complete, the Fekola Mine is expected to produce more gold over
a longer life, with more robust economics and higher average an nual gold production, revenues and cash
flows than the previous life-of-mine (“LoM”).
Highlights from the PEA include: estimated optimized LoM extend ed into 2030, including significant
estimated increases in average annual gold production to over 550,000 ounces per year during the five-year
period 2020-2024 and over 400,000 ounces per year over the LoM (2019-2030), projected gold production
of approximately five million ounces over the new mine life of 12 years of mining and processing (including
2019).
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The processing upgrade at the Fekola Mine will focus on increased ball mill power, with upgrades to other
components including a new cyclone classification system, pebbl e crushers and additional leach capacity
to support the higher throughput and increase operability. Crit ical path items include ball mill motors and
the lime slaker, both of which the Company expects to be commis sioned in the third quarter of 2020. In
parallel with the expansion, B2Gold has initiated the detailed engineering and construction for the addition
of a 30-megawatt solar power plant, which the Company expects will result in reduced operating costs and
greenhouse gas emissions. Completion of the solar plant is sche duled for the third quarter of 2020. The
current on-site power plant has sufficient capacity to support the expanded processing throughput, with or
without the solar plant.
Construction will commence in Oct ober 2019 and is scheduled to be completed by the end of July 2020.
All major long-lead equipment has been ordered. Detailed engineering and design activities are progressing
well and scheduled to be completed by October 2019.
Based on B2Gold’s current projections, gold production at the F ekola Mine in 2020 is projected to be
approximately 600,000 ounces of gold, primarily due to the addition of a larger mining fleet at Fekola and
the optimization of the mining sequence early in 2020, prior to completion of the mill expansion by
September 2019, providing access to higher grade portions of the deposit earlier on in the sequence.
Mineral Resources, which are not Mineral Reserves, do not have demonstrated economic viability. The
Expansion Study PEA is preliminary in nature and includes Indic ated and Inferred Mineral Resources.
Inferred Mineral Resources are considered too speculative geolo gically to have economic considerations
applied to them that would enable them to be categorized as Min eral Reserves. Consequently, there is no
certainty that the Expansion Study PEA will be realized.
About B2Gold Corp.
Headquartered in Vancouver, Canada, B2Gold is the world's new s enior gold producer. 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 and Colombia.
In 2019, based on current assumptions, consolidated gold production is forecast to be between 935,000 and
975,000 ounces with cash operating costs projected to be betwee n $520 and $560 per ounce and all-in
sustaining costs projected to be between $835 and $875 per ounce.
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, explorati on samples will be analyzed at the Fekola
Mine Lab. At each lab, 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 (“QA/QC”) procedures incl ude the systematic insertion of blanks,
standards and duplicates into the core, reverse circulation and aircore drilling sample strings. The results of
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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 qu ality assurance and quality control
protocols.
Qualified Persons
Tom Garagan, Senior Vice President of Exploration at B2Gold, a qualified person under NI 43-101, has
approved the information contained in this news release.
ON BEHALF OF B2GOLD CORP.
“ C l i v e T . J o h n s o n ”
President and Chief Executive Officer
For more information on B2Gold, please visit the Company website at www.b2gold.com or contact:
Ian MacLean Katie Bromley
Vice President, Investor Relations Manager, Investor Relations & Public Relations
604-681-8371 604-681-8371
[email protected] [email protected]
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 all-in sustaining costs, capital expenditures, budgets
and growth, production estimates and guidance, including the Company’s projected gold production of between
935,000 and 975,000 ounces in 2018; and statements regarding anticipated exploration, development, construction,
production, permitting and other activities and achieveme nts of the Company, including but not limited to:
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 deposits;
the potential for highly prospective structures beneath the Anaconda and Mamba zones;; 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”, “antici pate”, “project”, “target”, “potential”, “schedule”,
“forecast”, “budget”, “estimate”, “inten d” or “believe” and similar expression s or their negative connotations, or
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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; 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 availab ility of energy and other in puts 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 B2Go ld’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 thos e 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 fa ctors include, but are not limited to, assumptions and factors related to the
Company's ability to carry on current and future oper ations, 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