Projects

Fekola Mine & Regional Exploration – Mali (1)

B2Gold’s technical team believes that the large Fekola Project in Mali that is currently under construction and scheduled to commence production on October 1, 2017 (click here for Development section), has the potential to host additional large Fekola-style gold deposits, and the Company’s work to date has identified multiple targets.

B2Gold’s 2017 exploration budget for Mali has been increased by approximately $3.8 million to approximately $15.4 million. Exploration will focus on multiple targets close to the Fekola deposit.  

Fekola Mine Exploration:

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 intersected wide zones of good-grade mineralization. Prior to the Kiwi drilling, the Company assumed 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 Fekola pit to the north and mine a portion of Kiwi and Fekola Deeps by open pit. For recent drill results at Kiwi, click here for B2Gold’s news release "Maiden Saprolite Mineral Resource Estimate Fekola Project, Mali" dated June 15, 2017.

Fekola Regional Exploration:

On June 15, 2017, the Company announced the maiden Mineral Resource estimate for the Anaconda area of the Fekola Project (see below and click here for news release) and new exploration drill results from beneath the saprolite and for Anaconda (click here for news release). 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, test for additional saprolite hosted mineralized zones and explore for Fekola-style gold mineralization within the underlying bedrock.

The Anaconda Mineral Resource includes the Anaconda, Adder, Cobra, Cascabel, Mamba and Boomslang zones which occur as flat-lying to slightly 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 Anaconda 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.

Anaconda Resource Estimation Details:

The effective date of the Mineral Resource estimate is March 22, 2017. A total of 2,007 drill holes (107,048 metres of drilling) were used in the estimate. 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 completed 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 grade 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
Footnotes (Click to expand)
  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

The 2016 exploration program identified several bedrock structures below the saprolite that may have weathered to create the extensive zones of saprolite-hosted gold mineralization. These mineralized bedrock structures have the potential to host new additional Fekola-style zones. Further drilling is ongoing to test these zones. 

A conceptual engineering study is underway for Anaconda to determine the economics of mining and processing the soft saprolite material. Fekola capital and operating cost information is being used as a basis for the cost estimates. A base case of four million tonnes per year will be developed, and then larger and smaller cases will be factored depending on the estimated mineral resource. Metallurgical test programs have been completed and will form the basis of the design criteria for the processing plant. Environmental and social baseline studies are underway and will continue throughout 2017. Initial results indicate the potential for a standalone operation. The budgeted cost for the conceptual engineering study for Anaconda is approximately $2.2 million for 2017.

Recent News Releases:

Please click here for the news release "B2Gold Corp: Maiden Saprolite Mineral Resource Estimate Fekola Project, Mali", dated June 15, 2017.

Click here for details on the Fekola “Development” section.

Footnotes (Click to expand)
  1. The disclosure contains forward-looking statements. Refer to the Legal section of the website (click here) for caution regarding forward-looking statements and the basis for presentation of Mineral Reserves, Mineral Resources and other technical disclosures

Mineral Reserve and Mineral Resource Estimates:

Mineral Resource estimates for the Fekola deposit are reported from B2Gold’s Mineral Resource model that has an effective date of December 31, 2016. No Measured Mineral Resources have been reported.

Fekola Indicated Mineral Resources Statement


Area
Tonnes
(t)
Gold Grade
(g/t Au)
Contained Gold Ounces
(oz)
Contained Gold Kilograms
(kg)
Open Pit
65,820,000
2.13
4,499,000
139,900

Fekola Inferred Mineral Resources Statement


Area
Tonnes
(t)
Gold Grade
(g/t Au)
Contained Gold Ounces
(oz)
Contained Gold Kilograms
(kg)
Open Pit
4,430,000
1.73
246,000
7,600
Footnotes (Click to expand)
  1. Mineral Resources have been classified using the 2014 CIM Definition Standards for Mineral Resources and Mineral Reserves. Mineral Resources are reported inclusive of those Mineral Resources that have been modified to Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability
  2. 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
  3. Mineral Resources are reported on a 90% attributable basis; the remaining 10% interest will be held by the State of Mali. We expect that the State of Mali will exercise its right to acquire an additional 10% interest in the Fekola project. For further details of our interest in the Fekola Project, see the heading “Material Properties - Fekola Project - Property Description, Location and Access” in B2Gold's most recently filed Annual Information Form ("AIF") – click here for AIF.
  4. The Qualified Person for the estimate is Tom Garagan, P.Geo., who is our Senior Vice President, Exploration
  5. Mineral Resource estimates assume an open pit mining method, gold price of US$1,400/oz, metallurgical recovery of 92.7%, and average operating cost estimates of US$2.90/t mined (mining), US$20.25/t processed (processing) and US$3.72/t processed (general and administrative)
  6. Mineral Resources are reported at a cutoff of 0.6 g/t Au

Mineral Reserve estimates for the Fekola deposit are reported from B2Gold’s Mineral Resource model that has an effective date of December 31, 2016, and have been modified from the Indicated Mineral Resources. No Proven Mineral Reserves have been reported. Note that the reported Mineral Reserves are based on the updated Mineral Resource model and mining study. The variance from the Fekola Feasibility Study is immaterial, as it is less than 1% in ore tonnage, grade, and contained gold.

Probable Mineral Reserves Statement


Area
Tonnes
(t)
Gold Grade
(g/t Au)
Contained Gold Ounces
(oz)
Contained Gold Kilograms
(kg)
Open Pit
43,800,000
2.37
3,340,000
103,900
Footnotes (Click to expand)
  1. Mineral Reserves have been classified using the 2014 CIM Definition Standards for Mineral Resources and Mineral Reserves
  2. 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
  3. Mineral Reserves are reported on a 90% attributable basis; the remaining 10% interest will be held by the State of Mali. We expect that the State of Mali will exercise its right to acquire an additional 10% interest in the Fekola project. For further details of our interest in the Fekola Project, see the heading “Material Properties - Fekola Project - Property Description, Location and Access” in B2Gold's most recently filed Annual Information Form ("AIF") – click here for AIF
  4. The Qualified Person for the estimate is Peter Montano, P.E., who is our Project Director
  5. Mineral Reserves are based on a conventional open pit mining method, gold price of US$1,250/oz, metallurgical recovery of 92.7%, and average operating cost estimates of US$2.90/t mined (mining), US$20.25/t processed (processing) and US$3.72/t processed (general and administrative)
  6. Reserve model dilution and ore loss was applied through whole block averaging such that at a 0.8 g/t Au cutoff there is a 2.8% increase in tonnes, a 3.1% reduction in grade and 0.5% reduction in ounces when compared to the Mineral Resource model. An additional 5% dilution and 2% ore loss was applied during pit optimization and scheduling
  7. Mineral Reserves are reported above a cutoff grade of 0.8 g/t Au

 

Note: For more details on B2Gold’s Fekola Project, click here for the Company’s Annual Information Form 2017 and click here for the Company's Management’s Discussion and Analysis (these are also available on SEDAR at www.sedar.com and on the U.S. Securities and Exchange Commission’s website at www.sec.gov).

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