B2Gold Corp: Maiden Saprolite Mineral Resource Estimate - Fekola Project, Mali
News Release
B2Gold Corp: Maiden Saprolite Mineral Resource Estimate - Fekola Project, Mali
Vancouver, June 15, 2017 - B2Gold Corp. (TSX: BTO, NYSE MKT: BTG, NSX: B2G) (“B2Gold” or
the “Company”) is pleased to announce the maiden Mi neral Resource estimate for the Anaconda area of
the Fekola Project located in southwestern Mali and new exploration drill results from beneath the
saprolite and for Anaconda. This initial Inferred Mineral Resource estimate is 21.59 million tonnes at 1.11
g/t gold for 767,000 ounces. The estimate is reported within a series of pit shells and above a 0.35 g/t gold
cutoff grade. This saprolite-hosted gold mineralization remains open and B2Gold’s Exploration group is
continuing to explore the edges of the known zones, and test for additional saprolite hosted mineralized
zones and Fekola-style mineralization within the bedrock.
Highlights
The Anaconda Mineral Resource includes the An aconda, Adder, Cobra, Cascabel, Mamba and
Boomslang zones which occur as flat-lying to sli ghtly dipping mineralized zones within saprolite
and saprock. This resource occurs near surface and remains open along strike
At present, the combined Anaconda-Adder saprolite zone extends over 4.5 kilometres along strike
and up to 500 metres wide at An aconda and up to 200 metres wide at Adder. Within these zones,
mineralized saprolite varies from several metres to over 40 metres thick, with an average true
thickness of approximately 13.5 metres
A conceptual engineering study is underway fo r Anaconda to determine the economics of mining
and processing the soft saprolite material. Initial results indicate the potential for a standalone
operation
The 2016 exploration program identified several bedrock structures, below the saprolite, that may
have weathered to create the extensive zones of saprolite-hos ted gold mineralization. These
mineralized bedrock structures have the potentia l to host new additional Fekola-style zones.
Further drilling is ongoing to test these zones
Recent significant drill results at the Kiwi zone to the north of the projected Fekola pit, containing
up to 2.14 g/t over 25 metres in FSER_173
Anaconda Resource Estimation Details
The effective date of the Mineral Resource estimat e is March 22, 2017. A total of 2,007 drill holes
(107,048 metres of drilling) were used in the estimat e. Of the total, there are 1,629 aircore drill holes
(66,550 metres), 266 reverse circulation (“RC”) holes (31,778 metres) and 112 diamond drill core (“DD”)
holes (8,720 metres). Much of the area is drilled at 40-metre by 40-metre spacing with local areas infilled
to 20-metres by 20-metres and some areas drilled to 80-metres by 80-metres. A twin drilling program of
37 pairs of aircore to RC or aircore to DD were co mpleted and results between aircore and DD and RC
twins were comparable. Additionally, three 20-metre by 20-metre areas were infill drilled at 5-metre by 5-
metre drill spacing with diamond drill core to test for gr ade continuity and to compare core results versus
aircore and RC.
March 2017 Saprolite Inferred Mineral Resource Estimate Statement
(Base case is highlighted)
Gold Cutoff Grade
(g/t)
Tonnes Gold Grade
(g/t)
Contained Metal
(Ounces)
0.2 32,340,000 0.83 866,000
0.3 26,170,000 0.97 815,000
0.35 21,590,000 1.11 767,000
0.4 17,500,000 1.28 718,000
0.5 13,700,000 1.51 664,000
0.6 12,540,000 1.60 644,000
0.7 12,050,000 1.64 634,000
0.8 11,500,000 1.68 621,000
0.9 10,640,000 1.74 597,000
1.0 9,720,000 1.82 569,000
Notes to accompany Mineral Resource Table:
1- Mineral Resources have an effective date of March 22, 2017 and are reported on a 100% ownership basis
2- The Qualified Person for the estimate is Tom Garagan, P.Geo., B2Gold’s Senior Vice President of
Exploration
3- Resources are reported within a conceptual Lerchs-Grossmann pit shell assuming the following
parameters: gold price of US$1400/oz., gold recovery of 95%, mining cost of US$1.75/t, processing cost of
US$8.10/t mill feed, G&A cost of US$2.75/t mill feed, and 35 degree pit slope angles
4- Inferred Mineral Resources are reported at a cutoff grade of 0.35 g/t gold
5- Mineral Resources have been classified using the 2014 CIM Definition Standards for Mineral Resources
and Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated
economic viability
6- Due to the uncertainty that may be attached to Inferred Mineral Resources, it cannot be assumed that all or
any part of an Inferred Mineral Resource will be converted to Indicated or Measured Mineral Resources as
a result of continued exploration
7- Figures are rounded and may not sum
Regolith model, including bases of laterite, saprolite and saprock, was built in 3D from detailed drill hole
logging of weathering intensity and lithology. Mineralization zones at nominal grade thresholds of 0.2 g/t
gold and 0.6 g/t gold were built in 3D and were used to control the gold grade estimates.
Gold assays were capped prior to compositing to two metr es, with capping at 2.5 g/t for the 0.2 g/t shell,
16 g/t for the 0.6 g/t shell and 2.0 g/t for laterite. Capping levels were based on statistics and spatial
consideration of the high-grade assays. Block mode l gold grades were estimated into 20-metre by 20-
metre by 2-metre blocks using Ordinary Kriging. Composite sharing across the mineralization zone and
laterite contacts was not warranted.
A total of 1,641 bulk density measurements using the water-displacement method on dried laterite,
saprolite and saprock samples were co mpleted at the project site. The average densities used for tonnage
and contained metal estimates are 2.07 t/m3 for laterite, 1.44 t/m3 for saprolite and 1.90 t/m3 for saprock.
Inferred Mineral Resources are supported by a nomi nal drill hole spacing of 80-metres by 80-metres;
however, 90% of the reported resource has been drilled to the tighter 40-metre by 40-metre drill spacing.
The block model estimates were checked against input composite data visually on screen and on paper
plots. Additional checks completed include swath plots, and comparison of original and declustered
composites versus kriged block model results by domain.
West African Exploration Update
In April 2017, the Company’s Boar d of Directors approved an additio nal $7 million worth of proposed
exploration expenditures, which increases the West African exploration budget to approximately $27
million for 2017. These additional funds will allow for the advancement of prospects that are currently
over and above the focus of ongoing exploration programs.
Mali Exploration Results
Drilling is currently underway at the Kiwi zone, which is located directly to the north of, and along strike
of, the current Fekola Deposit pit boundary. The Kiwi zone sits above the Fekola Deeps zone, and is open
to the north, where previous deeper drilling had in tersected wide zones of good-grade mineralization (see
below). Prior to the Kiwi drilling, the Company assu med the Fekola Deeps zone could have the potential
to be mined from underground in later years. If the Kiwi zone continues to intercept gold mineralization
at depth, then the potential would be to extend the Fe kola pit to the north and mine a portion of Kiwi and
Fekola Deeps by open pit. Recent highlights from Kiwi zone drilling include:
Hole ID Zone From
(m)
To
(m)
Length
(m)
Gold
(g/t)
Horizon
FSER_172 Kiwi 3.00 22.00 19.00 1.43 Regolith
and Kiwi 22.00 38.00 16.00 1.47 Rock
FSER_173 Kiwi 21.00 46.00 25.00 2.14 Rock
FSER_174 Kiwi 28.00 52.00 24.00 1.19 Rock
FSER_175 Kiwi 10.00 28.00 18.00 1.64 Regolith
and Kiwi 29.00 46.00 17.00 1.86 Rock
FSER_176 Kiwi 0.00 33.00 33.00 0.92 Regolith
and Kiwi 33.00 42.00 9.00 1.33 Rock
FSER_177 Kiwi 6.00 29.00 23.00 0.99 Regolith
and Kiwi 34.00 39.00 5.00 1.22 Rock
FSER_178 Kiwi 22.00 44.00 22.00 1.81 Rock
FSER_179 Kiwi 7.00 25.00 18.00 1.94 Regolith
and Kiwi 25.00 32.00 7.00 2.38 Rock
FSER_181 Kiwi 7.00 25.00 18.00 1.19 Regolith
FKD_201 Kiwi 238.40 244.75 6.35 2.21 Rock
Drilling continues on the Kiwi zone.
Fekola Deeps
(Previously released)
Hole ID Section
(N)
From To Length
(m)
Gold
(g/t)
FKD_148 1388240 421.30 454.30 33.00 2.90
incl. 440.30 446.30 6.00 7.97
FKD_179 1388413 488.60 507.60 19.00 3.88
and 515.50 529.19 13.69 1.95
FKD_181 1388612 425.20 470.58 45.38 4.77
incl. 425.20 434.60 9.40 10.70
and 438.60 444.80 6.20 9.23
FKD_182 1388350 457.30 473.10 15.80 2.98
incl. 467.25 472.10 4.85 4.41
FKD_183 1388275 445.10 479.30 34.20 3.27
incl. 463.00 471.00 8.00 8.33
FKD_184 1388500 490.00 515.05 25.05 2.37
incl. 499.70 508.00 8.30 3.54
For the remainder of 2017, in addition, drilling will continue to explore multiple targets along the Fekola
trend and adjacent to and under the saprolite-hosted gold resources at Anaconda. A sample of recent
bedrock drill results under the saprolite hosted gold zones are as follows:
Anaconda
Hole ID From
(m)
To
(m)
Length
(m)
Gold
(g/t)
MSR_132 42.00 63.00 21.00 6.84
and 142.00 164.00 22.00 1.19
MSD_007 16.00 35.80 19.80 1.65
Incl. 28.70 35.80 7.10 3.65
MSD_009 105.00 118.00 13.00 1.53
MSR_169 32.00 45.00 13.00 2.77
Incl. 37.00 45.00 8.00 4.26
MSR_171 45.00 56.00 11.00 1.56
MSR_173 27.00 42.00 15.00 4.37
MSR_217 35.00 46.00 11.00 1.69
MSD_040* 89.80 101.60 11.80 1.60
and 142.40 158.80 8.40 1.98
MSD_106* 48.10 68.15 20.05 1.05
*indicates new drill results
Mamba
Hole ID From
(m)
To
(m)
Length
(m)
Gold
(g/t)
MSR_247 74.00 84.00 10.00 2.22
MSR_239 58.00 68.00 10.00 1.76
MSD_046 149.60 155.30 5.70 2.90
and 243.66 253.10 9.44 4.26
MSR_228* 171.00 181.20 10.20 1.32
*indicates new drill results
Cascabel
Hole ID From
(m)
To
(m)
Length
(m)
Gold
(g/t)
MSD_040 89.80 101.60 11.80 1.60
and 142.40 158.80 8.40 1.98
MSD_106 48.10 68.15 20.05 1.05
MSR_259 122.00 130.00 8.00 1.27
MSR_228 171.00 181.20 10.20 1.32
MSR_259* 122.00 130.00 8.00 1.27
MSR_243* 137.00 149.00 12.00 1.10
incl 138.00 145.00 5.00 1.97
and 165.00 178.00 13.00 1.66
incl 166.00 170.00 4.00 3.75
*indicates new drill results
Burkina Faso
Drilling is ongoing at the Toega prospect in Burkina F aso. Three drill rigs are currently on site with the
objectives of expanding known mineralization at Toeg a and stepping out to test for additional
mineralization at other targets in the region. Highlights from recent drilling include NKDD030, which
intersected 22.40 metres at 5.20 g/t gold, from 242.00 metres. A maiden Mineral Resource estimate for
Toega is scheduled for completion in the third quarter of 2017.
Quality assurance and quality control (QA/QC) me asures on assaying and sample preparation include
regular insertion of certified reference, field duplicat e and blank sample materials prior to submission of
samples to the laboratory. QA/QC sample insertion ra tes are 1:35 for standards and blanks. QA/QC data
are reviewed on a continuous basis and before data are imported into the database. Comprehensive
QA/QC reports are generated and re viewed monthly by senior staff. Data imported into the project
database are subject to validation, which includes ch ecks on surveys, collar coordinates, lithology data,
and assay data. Sample security measures include movi ng all samples from the drill site to the Toega and
Fekola camp yards at the end of each drill shift, and tracking of sample shipments using industry-standard
procedures.
About B2Gold Corp.
Headquartered in Vancouver, Canada, B2Gold Corp . is one of the fastest-growing intermediate gold
producers in the world. Founded in 2007, today, the Company has four operating mines, one mine under
construction and numerous explor ation projects in various countries, including Nicaragua, the
Philippines, Namibia, Mali, Burkina Faso and Finla nd. Construction of the Company’s Fekola Mine in
southwest Mali is approximately th ree months ahead of schedule a nd on budget, and is projected to
commence production on October 1, 2017. As a result, the Company is well positioned to maintain its
low-cost structure and growth profile.
Based on current assumptions and updates to B2Gold’s current year guidance and long-term mine plans,
the Company is projecting consolidated gold pr oduction in 2017 of between 545,000 and 595,000 ounces
(including estimated pre-commercial production fro m the Fekola Mine of between 45,000 and 55,000
ounces); and in 2018 significantly increasing to betw een 900,000 and 950,000 ounces, with the inclusion
of the anticipated first full-year of commercial production at the Fekola Mine.
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:
Ian MacLean Katie Bromley
Vice President, Investor Relations Manage r, Investor Relations & Public Relations
604-681-8371 604-681-8371
[email protected] [email protected]
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, but not limited to, statements regarding the Company’s growth, continued exploration, Mineral Resource
estimates, including Inferred Mineral Resource estimate for the Anaconda area of Fekola, the potential for a
standalone operation based on initial results of an engineering study, continued drilling along the Fekola trend and
Anaconda and the results thereof, potential to advance further prospects due to increased exploration budget,
anticipated completion of the Toega Mineral Resource estimate in Q3 of 2017, production estimates, the Company’s
future cost structure and anticipated timing of constructio n and production at Fekola. 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 ne gative connotations, or that events or
conditions "will", "would", "may", "could", "should" or "m ight" 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 uncerta inties, certain of which are beyond B2Gold's control,
including risks 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; ri sk that actual production, development pl ans 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; uncertainty
about the outcome of negotiations with the Government of Mali; 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 and financing risks;
risks related to operations in foreign countries and compliance with foreign laws; risks related to remote operations
and the availability adequate infrastructure, fluctuations in price and availability of energy and other inputs
necessary for mining operations; shortages or cost in creases in necessary equipm ent, supplies and labour;
regulatory, political and country risks; ri sks related to reliance upon contract ors, 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 uninsurabl e or uninsured loss; adverse climat e 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; the final outcome of the audit by the
DENR in relation to our Masbate Gold Project; 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 B2Gold's other filings with
Canadian securities regulators and the U.S. Securities and Exchange Commission (the "SEC"), including the Form
40-F, which may be viewed at www.sedar.com and www.sec. gov, respectively. 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 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 pe rformance 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. For the reasons set forth above, undue reliance
should not be placed on forward-looking statements.
Tom Garagan, P.Geo., B2Gold’s Senior Vice Presiden t of Exploration, a qualified person under National
Instrument 43-101, has approved the scientific and technical information contained in this news release. As Senior
Vice President of Exploration, Tom Garagan supervises all work.
The disclosure in this news release regarding minera l properties was prepared in accordance with Canadian
National Instrument 43-101 (“NI 43- 101”), which differs significantly from the mineral reserve disclosure
requirements of the SEC set out in Industry Guide 7. In particular, NI 43-101 permits companies to use the term
“resources”, which are not “reserves”. Under U.S. stan dards, companies are not normally permitted to disclose
mineralization that does not constitute “reserves” in filings with the SEC. Accordingly, while Mineral Resources
are recognized and required to be disclosed by NI 43-101, the SEC’s disclosure standards normally do not permit
companies to disclose Mineral Resources in their filings with the SEC. In addition, the definitions of “reserves” and
related terms under NI 43-101 and the SEC’s Industry Guide 7 differ significantly. Under SEC standards,
mineralization may not be classified as a “reserve” unless the determination has been made that the mineralization
could be economically and legally produced or extracted at the time the reserve determination is made. Among
other things, all necessary permits would be required to be in hand or issuance imminent in order to classify
mineralized material as reserves under the SEC standards. Investors are specifically cautioned not to assume that
any part or all of “Measured Mineral Resources”, “Indicated Mineral Resources” or “Inferred Mineral
Resources” will ever be converted into a higher category, including SEC defined mineral reserves. Investors should
also understand that “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” exists or is economically or legally mi neable. Further, while NI 43-101 permits companies to
disclose economic projections contained in preliminary economic assessments and pre-feasibility studies, which are
not based on “reserves”, U.S. companies are not normally permitted to disclose economic projections for a mineral
property in their SEC filings prior to the establishment of “reserves”. For the above re asons, information contained
in this news release regarding mineral properties is no t comparable to similar information made public by
companies that report in accordance with U.S. standards.