B2Gold Announces Updated and Significantly Increased Mineral Resource Estimate for the Anaconda Area, Located Near the Fekola Mine, Mali
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News Release
B2Gold Announces Updated and Significantly Increased Mineral Resource Estimate
for the Anaconda Area, Located Near the Fekola Mine, Mali
Vancouver, BC, March 23, 202 2 – B2Gold Corp. (TSX: BTO, NYSE AMERICAN: BTG, NSX: B2G)
(“B2Gold” or the “ Company”) is pleased to announce an updated and significantly increased Mineral
Resource estimate for the Anaconda are a, comprised of the Menankoto permit and the Bantako North permit,
located approximately 20 kilometres from the Fekola Min e, including initial estimates for oxide Indicated
Mineral Resources and sulphide Inferred Mineral Resources. Based on the updated Mineral Resource estimate
and B2Gold’s preliminary planning, the Company has demonstrated that an open pit situated on the Anaconda
area could provide selective saprolite material (average grade of 2.2 grams per tonne (“g/t”)) to be trucked to
and fed into the Fekola mill commencing as early as late 2022, subject to obtaining all necessary permits and
completion of a final development plan.
Highlights:
• Updated and significantly increased Mineral Resource estimate (as at January 11, 2022) constrained
within a conceptual pit shell at a gold price of US$1,800 per ounce includes 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
Inferred Mineral Resource estimate of 63,700,000 tonnes at 1.12 g/t gold for 2,280,000 ounces of gold
• The Mineral Resource estimate includes first time reporting of 1,130,000 ounces of Indicated Mineral
Resources and an increase of 1,510,000 ounces (196% increase) of Inferred Mineral Resources since
the initial Inferred Mineral Resource estimate in 2017 (21,590,000 tonnes at 1.11 g/t gold, for 767,000
ounces)
• Mineral Resource estimate (as at January 11, 2022) constrained within a conceptual pit shell at a gold
price of US$1,600 per ounce includes an initial Indicated Mineral Resource estimate of 30,800,000
tonnes at 1.12 g/t gold for a t otal 1,105,000 ounces of gold, and Inferred Mineral Resource estimate
of 53,610,000 tonnes at 1.20 g/t gold for 2,075,000 ounces of gold
• Ongoing drilling to infill and extend the saprolite resource area and to follow up on the sulphide
mineralization at the Anaconda area, including the Mamba and Adder zones, as well as several other
targets below the saprolite mineralization. The good gold grade and width combinations at the
Anaconda area continue to provide a strong indication of the potential for Fekola-style south plunging
bodies of sulphide mineralization, which remains open down plunge below the saprolite
• US$33 million budgeted in 2022 to fund development of infrastructure for Phase I saprolite mining at
the Anaconda area, including road construction
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Mineral Resource Estimate
(as at January 11, 2022, reported on a 100% basis)
Indicated Mineral Resources (including US$1,600/oz Au sensitivity case)
At US$1,800/oz Au At US$1,600/oz Au
Domain Tonnes
Gold
Grade
(g/t Au)
Contained
Gold
Ounces
Tonnes
Gold
Grade
(g/t Au)
Contained
Gold
Ounces
Oxide (includes Laterite, Saprolite
and Saprock) 32,400,000 1.08 1,130,000 30,800,000 1.12 1,105,000
Total Indicated Mineral
Resources
32,400,000 1.08 1,130,000 30,800,000 1.12 1,105,000
Inferred Mineral Resources (including US$1,600/oz Au sensitivity case)
At US$1,800/oz Au At US$1,600/oz Au
Domain Tonnes
Gold
Grade
(g/t Au)
Contained
Gold
Ounces
Tonnes
Gold
Grade
(g/t Au)
Contained
Gold
Ounces
Oxide (includes Laterite, Saprolite
and Saprock) 19,100,000 0.81 500,000 16,660,000 0.86 460,000
Sulphide 44,600,000 1.25 1,790,000 36,950,000 1.36 1,615,000
Total Inferred Mineral
Resources 63,700,000 1.12 2,280,000 53,610,000 1.20 2,075,000
Notes:
1. The Qualified Person as defined under National Instrument 43 -101 for the Mineral Resource estimate is Tom Garagan, P.Geo., B2Gold’s Senior Vice President,
Exploration.
2. Mineral Resources have been classified using the 2014 CIM Definition Standards. Minera l Resources that are not Mineral Reserves do not have demonstrated
economic viability.
3. Mineral Resources are reported on a 100% basis. For the Menankoto permit area, B2Gold has an 85% attributable interest; under the applicable Malian mining
legislation, the State of Mali has a 10% free-carried interest with an option to acquire an additional 10% participating interest, and 5% is held by a Malian third party.
For the Bantako North permit area, B2Gold has an 80% attributable interest; under the applicable Malian mining legislation, the State of Mali has a 10% free-carried
interest with an option to acquire an additional 10% participating interest, and 10% is held by a Malian third party.
4. Mineral Resource estimates for the Anaconda area assume an open-pit mining method. Pit shells were run using a gold price of US$1,800/oz, metallurgical recovery
of 94%, selling cost of US151.00/ounce produced which includes royalties, operating cost estimates of US$0.97-US$2.00/t mined (mining at surface) plus a sinking
rate of US$0.035/10 metres depth, US$8.37-US$13.11/t processed (processing), US$3.50/t processed (hauling) and US$2.33/t processed (general and administrative).
5. Mineral Resources are reported at a cut-off of 0.3 g/t gold for oxide material and a cut-off of 0.4 g/t gold for sulphide material.
6. All tonnage, grade and contained metal content estimates have been rounded; rounding may result in apparent summation differe nces between tonnes, grade, and
contained metal content.
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Anaconda Area Development
In 2022, the Company has budgeted US$33 million to fund 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 Comp any has demonstrated that a pit situated on the Anaconda area
could provide selective higher grade saprolite material (average grade of 2.2 g/t) to be trucked to and fed into
the Fekola mill commencing as early as late 2022 at a rate of 1.5 million tonnes per annum. Subject to obtaining
all necessary permits and completion of a final development plan, the 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 per year to the
Fekola mill’s annual gold production. The plan to truck the selective higher grade saprolite material is not
included in the Company’s 2022 production guidance and the Anaconda area Mineral Resources have not been
included in the current Fekola life of mine plan.
Based on this 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. The two sensitivity cases outlined in Schedule A demonstrate the upside
potential for a possible stand-alone mining and milling project at the Anaconda area. The first sensitivity case
includes zones within the Anaconda area reported above a cut -off of 0.6 g/t gold within the pit shell used for
reporting Mineral Resources. The second sensitivity case includes Mamba and Cascabel zones only reported
above a cut-off of 0.6 g/t gold within the pit shell used for reporting Mineral Resources.
This additional feed from the Anaconda area to the Fekola mill has the potential to provide immediate value to
B2Gold and the State of Mali, B2Gold’s partner at the Anaconda area, and communities near the project, and
create significant long-term benefits for the Government of Mali as well as employment opportunities and value
generation for the communities located both near the Menankoto deposit, regionally and nationally.
Anaconda Area 2021 Exploration Program
In 2021, the Company incurred US$27 million in exploration expenditures in Mali, with approximately
US$12.7 million focused on the ongoing exploration of the Anaconda area to complete approximately 57,000
metres of combined reverse circulation and diamond drilling. Drilling focused almost entirely on the Bantako
North portion of the Anaconda area. The 2021 exploration program combined growth through step out
exploration holes with the infill of previously defined mineralized zones, in preparation for the updated Mineral
Resource estimate for the Anaconda area. Drilling at the Anaconda area commenced in Janu ary 2021, with
two drill rigs completing step-out drilling at the Mamba zone. One of the key geological features of the Mamba
zone is the continuity in the high-grade mineralization through the transition from saprolite- to sulphide-hosted
zones of mineralization and the 2021 continues to demonstrate this aspect. The 2021 drilling has increased the
known strike extent of the Mamba zone to over 3.2 kilometres.
Expansion of the known saprolite and sulphide resources at each of the Adder, Cascabel, Viper and Mamba
zones was the priority of the exploration program in 2021. The most significant intersections are from Adder
and Mamba and a table of some selected and representative results, highlighting the success of the additional
drilling, is presented in the following table.
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Target HoleID From To Metres Au_gp/t Domain
BN_Adder BNR_428 54.00 86.00 32.00 1.27 Saprolite
BN_Adder BNR_431 17.00 45.00 28.00 2.32 Saprolite
BN_Mamba BND_020 132.00 174.00 42.00 1.99 Sulphide
Incl 155.50 174.00 18.50 2.55 Sulphide
BN_Mamba BNR_319 1.00 29.00 28.00 1.63 Saprolite
BNR_319 96.00 132.00 36.00 1.30 Sulphide
BN_Mamba BNR_322 33.00 67.00 34.00 1.50 Saprolite
BNR_322 73.00 128.00 55.00 4.60 Saprolite
BN_Mamba BNR_337 0.00 32.00 32.00 1.07 Saprolite
BN_Mamba BNR_368 42.00 62.00 20.00 3.92 Saprolite
BN_Mamba BNR_383 16.00 32.00 16.00 2.90 Saprolite
BN_Mamba BNR_478 47.00 115.00 68.00 0.99 Saprolite
BN_Mamba BNR_481 127.00 181.00 54.00 1.22 Sulphide
BN_Mamba BNR_491 6.00 20.00 14.00 11.25 Saprolite
BNR_491 21.00 57.00 36.00 1.55 Sulphide
BN_Mamba BNR_496 7.00 20.00 13.00 2.62 Saprolite
BN_Mamba BNR_534 81.00 129.00 48.00 2.04 Sulphide
Incl 98.00 116.00 18.00 4.44 Sulphide
Sulphide composites are reported above 0.6 g/t gold cut-off; Saprolite composites are reported above a 0.2 g/t gold cut-off.
Additionally, the Company has completed environmental and social studies to support permitting efforts.
Anaconda Area 2022 Exploration Program
The 2022 Mali exploration program, with a budget of approximately US$28.4 million, is currently underway,
including approximately US$12 million focused on exploration drilling at the Anaconda area. In 2022, the
Company will continue drilling to infill and extend the saprolite resource area and to follow up on the sulphide
mineralization at the Anaconda area, including the Mamba and Adder zones, and several other targets below
the saprolite mineralization. The good grade and width combinations at the Anaconda area continue to provide
a strong indication of the potential for Fekola -style south plunging bodies of sulphide mineralization, which
remains open down plunge. Five drill rigs are currently drilling in the Anaconda area.
In addition to the drill holes outlined above, holes BND_040 (2.1 g/t gold over 23.1 metres, from 252.9 metres)
and BND_048 (1.85 g/t gold over 24.8 metres, from 127 metres) are recent examples of significant sulphide
drill results below the limits of the current Mineral Resource pit and provide excellent potential for follow up
targets for further exploration.
At the Mamba zone, approximately 500 kilograms of sulphide mineralization drilled in the 2019-2021 drilling
campaigns has been selected for metallurgical recovery and comminution testing. Samples selected for testwork
represent various ranges in grade and mineralogy across the deposits and were taken from sample preparation
coarse rejects.
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Resource Model Methodology
The updated Anaconda area Mineral Resource models were prepared in -house by B2Gold personnel. Drilling
completed in support of the Mineral Resource estimate includes 302 diamond drill holes (60,565 metres), 1,435
reverse circulation holes (178,147 metres) and 2,769 aircore holes (120,524 metres) for a total of 4,506 drill
holes (359,236 metres).
Mineralization and weathering domains were modeled in three -dimensions with mineralization domains used
to control estimation of gold grades. Laterite, saprolite a nd saprock were modeled using logged weathering
and lithology codes. Mineralization within the weathered profile is interpreted as an extension to underlying
sulphide mineralization. The main controls on sulphide mineralization are west -dipping shear zones with an
underlying lithological and alteration component.
Assays were capped by mineralization domain, with capping ranging from 1.5 g/t to 2.5 g/t gold in the low
grade zones, 3.0 g/t to 4.0 g/t gold in the medium grade zones and 12.0 g/t to 27.0 g/ t gold in the high -grade
zones. Gold grades were capped prior to compositing to 2 metres. Grades were estimated into the block models
using Ordinary Kriging with searches dynamically controlled along main mineralization zone directions.
Approximately 15,400 bulk density measurements were made at site on drill core samples using the
Archimedes water -displacement method. Average densities by weathering type were applied to the model.
Nominal drill hole spacing for saprolite and saprock Indicated Mineral Resources is aircore drilling at 40 x 40
metres and reverse circulation or core drilling at 80 x 80 metres, and for Inferred Mineral Resources drill hole
spacing is nominally 80 x 80 metres.
QA/QC on Sample Collection and Assaying
The primary assay laboratory for Bantako North and Menankoto exploration samples is SGS Laboratories in
Bamako, Mali. The Fekola Mine laboratory and Bureau Veritas laboratories in Abidjan, Cote d’Ivoire , have
served as alternate laboratories. At each laboratory samples are prepared and analyzed using 50-gram fire assay
with atomic absorption and/or gravimetric finish. Umpire assaying of exploration samples is conducted on a
quarterly basis. SGS Bamako is accredited under ISO17025 and is an independent laboratory. The Fekola Mine
laboratory currently holds no accreditations and is not independent of B2Gold. Bureau Veritas Abidjan
laboratory is independent of B2Gold and is operating to the guidelines of ISO9001 and ISO17025 protocols in
accordance with procedures specified within the Bureau Veritas group.
Quality assurance and quality control procedures include the systematic insertion of blanks, standards and
duplicates in the 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.
Qualified Person
Tom Garagan, Senior Vice President of Exploration at B2Gold, a qualified person under National Instrument
43-101, has reviewed and approved the information contained in this news release.
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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 Uzbekis tan. B2Gold
forecasts total consolidated gold production of between 990,000 and 1,050,000 ounces in 2022.
ON BEHALF OF B2GOLD CORP.
“Clive T. Johnson”
President & 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
+1 604-681-8371 +1 604-681-8371
[email protected] [email protected]
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Schedule A
Sensitivity Cases
Anaconda area, cut-off grade of 0.6 g/t gold, within Mineral Resource Pit
Classification Tonnes Gold Grade
(g/t Au)
Contained Gold
Ounces
Oxide (includes Laterite, Saprolite and Saprock) Indicated 18,900,000 1.57 950,000
Total Indicated Mineral Resources 18,900,000 1.57 950,000
Oxide (includes Laterite, Saprolite and Saprock) Inferred 8,400,000 1.30 350,000
Sulphide Inferred 32,500,000 1.53 1,600,000
Total Inferred Mineral Resources 40,900,000 1.48 1,950,000
Mamba and Cascabel Zones only, cut-off grade of 0.6 g/t gold, within Mineral Resource Pit
Classification Tonnes Gold Grade
(g/t Au)
Contained Gold
Ounces
Oxide (includes Laterite, Saprolite and Saprock Indicated 5,500,000 1.79 310,000
Oxide (includes Laterite, Saprolite and Saprock Inferred 2,700,000 1.46 130,000
Sulphide Inferred 21,300,000 1.68 1,150,000
Total Inferred Mineral Resources 24,000,000 1.66 1,280,000
Notes:
1. The Qualified Person as defined under National Instrument 43 -101 for the Mineral Resource estimate is Tom Garagan, P.Geo., B2Gold’s Senior Vice President,
Exploration.
2. Mineral Resources have been classified using the 2014 CIM Definition Standards. Minera l Resources that are not Mineral Reserves do not have demonstrated
economic viability.
3. Mineral Resources are reported on a 100% basis. For the Menankoto permit area, B2Gold has an 85% attributable interest; under the applicable Malian mining
legislation, the State of Mali has a 10% free-carried interest with an option to acquire an additional 10% participating interest, and 5% is held by a Malian third party.
For the Bantako North permit area, B2Gold has an 80% attributable interest; under the applicable Malian mining legislation, the State of Mali has a 10% free-carried
interest with an option to acquire an additional 10% participating interest, and 10% is held by a Malian third party.
4. Mineral Resource estimates for the Anaconda area assume an open-pit mining method. Pit shells were run using a gold price of US$1,800/oz, metallurgical recovery
of 94%, selling cost of US151.00/ounce produced which includes royalties, operating cost estimates of US$0.97-US$2.00/t mined (mining at surface) plus a sinking
rate of US$0.035/10 metres depth, US$8.37-US$13.11/t processed (processing), US$3.50/t processed (hauling) and US$2.33/t processed (general and administrative).
5. All tonnage, grade and contained metal content estimates have been rounded; rounding may result in apparent summation differences between tonnes, grade, and
contained metal content.
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The Toronto Stock Exchange and NYSE American LLC neither approve nor disapprove 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, 2021 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 estimated
financial and operational performance, gold production and sales, revenues and cash flows, and capital costs (sustaining
and non-sustaining) and operating costs, and including, without limitation: total consolidated gold production of between
990,000 and 1,050,000 ounces in 2022 the pote ntial upside to increase Fekola's gold production in 2022 by trucking
material from the Anaconda area, including the potential to add approximately 80,000 to 100,000 per year to Fekola’s
annual production profile, and for the Anaconda area to provide saprolite material to feed the Fekola mill starting in late
2022. 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 duration 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 shares; changes in tax
laws; the dangers inh erent 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 successfully integrate new acquisitions; fluctuatio ns 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 Philippine 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 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
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
law, including Section 404 of the Sarbanes -Oxley Act; compliance with anti -corruption laws, and sanctions or other