B2Gold Announces Updated Fekola Mineral Resource Including A Substantial Increase in Indicated Mineral Resources for the Fekola Project in Mali (B2Gold 80%/State of Mali 20%)
News Release
B2Gold Announces Updated Fekola Mineral Resource Including A Substantial Increase in
Indicated Mineral Resources for the Fekola Project in Mali
(B2Gold 80%/State of Mali 20%)
Vancouver, Jan 16, 2020 –B2Gold Corp.(TSX:BTO, NYSE AMERICAN: BTG, NSX:B2G) (“B2Gold”or
the “Company”) is pleased t o announce a n updated Fekola Mineral Resource estimate including a
substantial increase in Indicated Mineral Resources at the Fekola Mine following a successful infill drill
program in 2019.
Highlights:
• Updated Fekola Indicated Mineral Resource estimate as at December 31, 2019 of 110 ,600,000
tonnes at 1.70 grams per tonne (“g/t”) gold for a total of 6,052,000 ounces of gold constrained
within a $1,500 per ounce gold pit shell above a cut-off grade of 0.5 g/t gold
• The updated Fekola Mineral Resource estimate as at December 31, 2019 represents a 2,675,000
ounce increase (+79 %) in Indicated Mineral Resources when compared to the estimate included
in the June 2015 Fekola Optimized Feasibility Study (after adjusting for cumulative Fekola Mine
gold production to date of 1,006,000 gold ounces)
• When compared to the December 31, 2018 Fekola Indicated Mineral Resource estimate the updated
Indicated Mineral Resource estimate has increased by 1,290,000 ounces of gold (15.4%) (after
adjusting for the 455,810 ounces of gold produced in 2019)
• As recently reported, the Fekola Mine produced its first million ounces of gold in late December
2019 after 2.5 years of production
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Updated Fekola Mineral Resource Estimate:
In 2019, B2Gold completed more than 25,000 metres of reverse circulation and diamond drilling at Fekola
with the primary goal of converting existing resources in the Inferred Mineral Resource category to the
Indicated Mineral Resource category. This infill drilling program was successful and the updated Fekola
Mineral Resource estimate is based on the cumulative 240,000 metres of exploration drilling to date in
1,124 drill holes (including 120,000 metres in 501 holes drilled by B2Gold since June 2014).
Fig. 1 – Fekola Deposit Schematic Long Section (West Facing):
Table 1: Updated Fekola Mineral Resource Estimate as at December 31, 2019
(reported on a 100% basis)
Indicated Mineral Resource Estimate
Area Tonnes
Gold Grade
(g/t Au)
Contained Gold
Ounces
Fekola Open Pit 105,840,000 1.72 5,869,000
Stockpiles 4,780,000 1.19 183,500
Total Indicated Mineral Resources 110,620,000 1.70 6,052,000
Inferred Mineral Resource Estimate
Area Tonnes
Gold Grade
(g/t Au)
Contained Gold
Ounces
Fekola 7,024,000 1.23 278,000
Anaconda* 21,600,000 1.11 770,000
Total Inferred Mineral Resources 28,624,000 1.14 1,048,000
* Saprolite resource located 20 kilometres north of Fekola
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Notes to accompany Mineral Resource Tables:
1. The Qualified Person as defined under National Instrument 43 -101 for the Mineral Resource estimate is Mr. Tom Garagan, P.Geo., B2Gold’s Senior Vice
President, Exploration.
2. The Qualified Person as defined under National Instrument 43 -101 for the stockpile Mineral Resource estimate is Mr. Peter Montano, P.E. , B2Gold’s Project
Director.
3. Mineral Resources have been classified using the 2014 CIM Definition Standards. Mineral Resources are reported inclusive of t hose Mineral Resources that
have been modified to Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. The Mineral Resource
estimate has an effective date of December 31, 2019.
4. Mineral Resources are reported on a 100% basis. For Fekola, B2Gold holds an 80% attributab le interest, the remaining 20% is held by the State of Mali. For
Anaconda, B2Gold holds an 85% attributable interest; under the Mali Mining Code (2012), the State of Mali has the right to a 10% free-carried interest and has
an option to acquire an additional 10% participating interest, and 5% is held by a third party.
5. Mineral Resource estimates for Fekola and Anaconda assume an open pit mining method and a gold price of US$1,500/oz. For Fekola, a metallurgical recovery
of 94.0%, and average operating cost e stimates of US$ 2.27/t mined (mining), US$15.32/t processed (processing) and US$4.27/t processed (general and
administrative), were used for pit shell generation. For Anaconda, a metallurgical recovery of 95%, and average operating cos t estimates of US$1.75/t mined
(mining), US$8.10/t processed (processing) and US$2.75/t processed (general and administrative) were used for pit shell generation.
6. Mineral Resources are reported at a cut -off of 0.50 g/t gold for Fekola and 0.65 g/t gold for stockpiles.
7. Mineral Resources are reported at a cut -off of 0.35 g/t gold for the Anaconda Saprolite Resource (See News Release June 1 5, 2017).
8. Stockpiles: Mineral Resources in stockpiled material were prepared by Fekola mine site personnel. Ore stockpile balances are derived from mining truck
movements to individual stockpiles or detailed surveys, with grade estimated from routine grade control m ethods.
9. 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.
The updated Fekola Indicated Mineral Resource estimate as at December 31, 2019 will provide the basis
for an updated design pit and new Fekola Probable Mineral Reserve estimate , which is expected to be
completed during the first quarter of 2020. The current Fekola Mineral Reserve design pit is located well
within the updated Fekola Mineral Resource pit.
Fekola Mineral Resource Comparison (to June 2015 Fekola Optimized Feasibility Study)
Comparing the updated 2019 Fekola Mineral Resource estimate to a sensitivity case presented in the June
2015 Fekola Optimized Feasibility Study and adjusted for gold produced to date , there is an increase of
2,675,000 ounces of gold (+79 %) in the indicated category and a 541,000 ounce increase (+107% ) in the
inferred category. A Mineral Resource sensitivity case in the June 2015 Fekola Optimized Feasibility Study
reported 4,383,000 ounces (67,293,000 tonnes at 2.03g/t gold, above a cutoff of 0.5g/t gold) in the indicated
cateogry and 507,000 ounces (9,990,000 tonnes at 1.58 g/t gold, above a cutoff of 0.5g/t gold) in the
inferred category. The Fekola Mine has produced 1,006,000 ounces of gold to date between the
commencement of operations in 2017 and December 31, 2019. The June 2015 Fekola Optimized Feasibility
Study Indicated resource was adjusted by these Fekola cumulative production numbers and then compared
to the updated Fekola Mineral Resource estimate as at December 31, 2019. Both the updated Fekola Mineral
Resource estimate and the June 2015 Fekola Optimized Feasibility Study senstivity case reported Mineral
Resources within $1500 pit shells and above a cut-off of 0.5 g/t gold.
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2020 Fekola and Anaconda Regional Exploration Plans
The Fekola deposit remains open down plunge to the north . Exploration in 2020 will continue to test for
extensions to the deposit to the north and south both at depth and near surface as well as testing for
additional mineralized zones to the east and west of the Fekola deposit
Exploration in 2019 on the Anaconda Area (located 20 kilometres north of Fekola) included completion of
over 45,000 metres of combined aircore, diamond and reverse circulation drilling where the Company
previously announced an initial Inferred Mineral Resource estimate of 767,000 ounces of gold at 1.1 g/t in
near-surface mineralization over 4.5 kilometres and up to 500 metres wide.
In 2019, Anaconda Area drilling focused on increasing the known saprolite resources at the Adder and
Mamba zones and further testing the underlying sulphide mineralization in the Mamba zone. At Adder,
drilling has extended the strike extent of mineralization up to 1 kilometre north of the known resource area
and remains open to the north. At Mamba, recent drilling has extended the high-grade mineralized saprolite
zone by approximately 600 metres, resulting in more than 1 kilometre of known strike length, and has led
to the discovery of a continuous , good grade, bedrock sulphide zone down plunge of the Mamba zone’s
saprolite mineralization. Early indications are that the Mamba zone discovery has the potential to become
a significant new gold deposit for B2Gold near the Fekola Mine. This Fekola-style, south-plunging body
of sulphide mineralization remains open down plunge and will be the subject of extensive drilling in 2020.
Exploration in 2020 will also focus on expanding the saprolite resources within the overall Anaconda Area,
including at the Adder and Mamba Zones . The total 2020 exploration budget for both the Fekola deposit
and the Anaconda Area is approximately $18 million.
Resource Model Methodology
The updated Fekola Mineral Resource model was prepared in -house by B2Gold personnel. Three
dimensional mineralization domain models, which are used to control gold grade estimates, are supported
by modeled stratigraphy and shear zone structures which are derived from detailed logging of oriented drill
core. Tight asymmetric folds and shear zones are the primary controls on mineralization.
Assays were capped separately for each of three mineralization domains at 1.5 g/t, 5 g/t and 30 g/t gold
respectively. Gold assays were capped prior to compositing to 2 metres. Grades were estimated into the
block model using Ordinary Kriging (OK) with searches dynamically controlled along mineralization zone
directions.
Approximately 24,250 bulk density measurements using the water-displacement method on air-dried core
samples were completed at the project site. Variability of density for unweathered rock is low, therefore,
densities were assigned based on averages by mineralization domain, waste and regolith.
Nominal drill hole spacing for Indicated Mineral Resources is 55 by 55 metres and for Inferred Mineral
Resources it is 100 by 100 metres.
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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 lab. At each lab, samples are prepared and analyzed using 50 g 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 include the systematic insertion of blanks,
standards and duplicates into the core, reverse circulation 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 news release have passed B2Gold’s QA/QC protocols.
Qualified Persons
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.
About B2Gold Corp.
B2Gold is a low-cost senior gold producer headquartered in Vancouver, Canada. Founded in 2007, today,
B2Gold has three operating gold mines in Mali, Namibia and the Philippines as well as numerous
exploration and development projects in various countries . In 2020, B2Gold forecasts consoli dated gold
production of between 1,000,000 and 1,055,000 ounces.
ON BEHALF OF B2GOLD CORP.
“Tom Garagan”
Senior Vice President, Exploration
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]
The Toronto Stock Exchange and the NYSE American LLC neither approve nor disapprove the information contained
in this news release.
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This news release includes certain “forward -looking information” and “forward -looking statements” (collectively
“forward-looking statements”) within the meaning of applicable Canadian and United Stat es 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
1,005,000 and 1,0550,000 ounces in 2020, and statements regarding anticipated exploration, development,
construction, production, permitting and other activities and achievements of the Company, including but not limited
to: the potential to increase the extent of Fekola and Anaconda area mineralization; the potential to extend good -
grade mineralization much further north from the Fekola resou rce pit boundary; results indicating a good grade,
bedrock sulphide zone down plunge of the Mamba zone’s saprolite mineralization; the Mamba zone having potential
to become a significant new gold deposit for B2Gold near the Fekola Mine; 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 c onstitute 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”, “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 and assumptions associated with the volatility of metal prices and our more
detail under the heading “Risk Factors” in B2Gold’s most recent Annual Information Form and B2Gold’s other
filings with Canadian securities regulators and the U.S. Securities and Exchang e 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 statement s
will prove to be accurate, and actual results, performance or achievements could differ materially from those
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 factors include, but are not limited to,
assumptions and factors related to the Company'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 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 f or 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 poli tical 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.
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Cautionary Note to United States Investors
The Company has prepared its public disclosures in accordance with Canadian securities laws, which differ in certain
respects from U.S. securities laws. In particular, this news release may refer to “mineral resources”, “measured
mineral resources”, “indicated mineral r esources” or “inferred mineral resources”. While these categories of
mineralization are recognized and required by Canadian securities laws, they are not recognized by the SEC and are
not normally permitted to be disclosed in SEC filings by U.S. companies. U.S. investors are cautioned not to assume
that any part of a “mineral resource”, “measured mineral resource”, “indicated mineral resource” or “inferred
mineral resource” will ever be converted into a “reserve.” In addition, “reserves” reported by the Com pany under
Canadian standards may not qualify as reserves under SEC standards. Under SEC standards, mineralization may not
be classified as a “reserve” unless the mineralization can be economically and legally extracted or produced at the
time the “reserve ” determination is made. Accordingly, information contained or referenced in this news release
containing descriptions of the Company’s mineral deposits may not be compatible to similar information made public
by U.S. companies subject to the reporting and disclosure requirements of U.S. federal securities laws, rules and
regulations. “Inferred mineral resources” have a great amount of uncertainty as to their existence and great
uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral
resource will ever be upgraded to a higher category. Historical results or feasibility models presented herein are not
guarantees or expectations of future performance.