Projects

Mineral Reserve & Mineral Resource Estimates

Mineral Reserves are reported from pit designs and underground stope designs based on Indicated Mineral Resources. Mineral Resources are reported inclusive of those Mineral Resources that have been converted to Mineral Reserves. 

Economic parameters such as mining costs, processing costs, metallurgic recoveries and geotechnical considerations have been applied to determine economic viability of the Mineral Reserves based on a gold price of US$1,250 per ounce (“/oz”). Mineral Reserves contained in stockpiles are also included for Masbate and Otjikoto mines.

Mineral Resources amenable to open-pit mining are constrained with conceptual pit shells defined by economic parameters and using a gold price of US$1,400/oz. Mineral Resources amenable to underground mining methods are reported above cutoff grades defined by site operating costs and using a gold price of US$1,400/oz. Gold grades are expressed in grams per tonne of gold (“g/t Au”). 

Mineral Reserves and Resource estimates are reported from B2Gold’s Mineral Resource model that has an effective date of December 31, 2016.

For more details click here for B2Gold’s most recently filed Annual Information Form 2017, which is also available on SEDAR www.sedar.com and on the U.S. Securities and Exchange Commission’s website at www.sec.gov.

Probable Mineral Reserves Statement


Mine
Tonnes
(t)
Gold
Grade
(g/t Au)
Contained Gold Ounces
(oz)
Contained Gold Kilograms
(kg)
Fekola
43,800,000
2.37
3,340,000
103,900
Masbate
95,290,000
0.88
2,683,000
83,500
Otjikoto
23,140,000
1.33
986,000
30,700
La Libertad
1,910,000
1.94
119,000
3,700
El Limon
1,130,000
4.20
152,000
4,700
Total Probable Mineral Reserves
(includes Stockpiles)
 
 
7,281,000
226,500
Footnotes (Click to expand)
  1. Mineral Reserves have been classified using the 2014 CIM Definition Standards for Mineral Resources and Mineral Reserves.  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.
  2. Fekola Project: 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. The Mineral Reserves have an effective date of December 31, 2016.  The Qualified Person for the estimate is Peter Montano, P.E., who is our Project Director.  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).  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.  Mineral Reserves are reported above a cutoff grade of 0.8 g/t Au.
  3. Masbate Gold Project: Mineral Reserves are reported on a 100% attributable basis. Pursuant to the ore sales and purchase agreement between Filminera Resources Corporation (“Filminera”) and Philippine Gold Processing & Refining Corporation (“PGPRC”), our wholly-owned subsidiary, PGPRC has the right to purchase all ore from the Masbate Gold Project. The Mineral Reserves have an effective date of December 31, 2016.  The Qualified Person for the estimate is Kevin Pemberton, P.E., who is our Chief Mine Planning Engineer.  Mineral Reserves are based on a conventional open pit mining method, gold price of US$1,250/oz, modeled metallurgical recovery (resulting in average LOM metallurgical recoveries by pit that range from 65% to 82%), and operating cost estimates of US$1.50/t mined (mining), a variable ore differential cost by pit (average cost is US$0.17), US$9.36-10.18/t processed (processing) and US$2.30-3.84/t processed (general and administrative).  Dilution and ore loss were applied through block averaging such that at a cutoff of 0.45 g/t Au, there is a 5% increase in tonnes, a 6% reduction in grade and 1% reduction in ounces when compared to the Mineral Resource model.  Mineral Reserves are reported at cutoffs that range from 0.46-0.49 g/t Au.
  4. Otjikoto Mine: Mineral Reserves are reported on a 90% attributable basis; the remaining 10% interest is held by EVI Mining (Proprietary) Ltd., a Namibian empowerment company (“EVI”). The Mineral Reserves have an effective date of December 31, 2016.  The Qualified Person for the estimate is Peter Montano, P.E., who is our Project Director.  Mineral Reserves that will be mined by open pit methods assume a gold price of US$1,250/oz, metallurgical recovery of 98%, and operating cost estimates of US$1.75/t mined (mining), US$13.00/t processed (processing) and US$3.00/t processed (general and administrative).  Dilution and ore loss was applied through block averaging such that at a cutoff of 0.45 g/t Au, there is a 1% decrease in tonnes, a 4% reduction in grade and 5% reduction in ounces when compared to the Mineral Resource model.  Mineral Reserves are reported at a cutoff of 0.45 g/t Au.
  5. La Libertad Mine: Mineral Reserves are reported on a 100% attributable basis, and have an effective date of December 31, 2016.  The Qualified Person for the estimate is Kevin Pemberton, P.E., who is our Chief Mine Planning Engineer.  Mineral Reserves are based on a conventional open pit mining method, gold price of US$1,250/oz, metallurgical recoveries that range from 90% to 94%, and operating cost estimates of US$3.88/t mined (mining), US$13.31/t processed (processing) and US$4.13/t processed (general and administrative).  Dilution and ore loss was applied to the Jabali material through block averaging such that at a cutoff of 0.75-0.76 g/t Au, there is a 15% increase in tonnes, a 26% reduction in grade and 14% reduction in ounces when compared to the Mineral Resource model.  No dilution is applied to spent-ore. Mineral Reserves are reported at cutoffs that range from 0.70-0.76 g/t Au.
  6. El Limon Mine: Mineral Reserves are reported on a 95% attributable basis; the remaining 5% interest is held by Inversiones Mineras S.A. (“IMISA”). The Mineral Reserves have an effective date of December 31, 2016.  The Qualified Person for the estimate is Kevin Pemberton, P.E., who is our Chief Mine Planning Engineer.  Mineral Reserves are based on underground long-hole stoping mining methods, gold price of US$1,250/oz, metallurgical recovery of 93.5%, and operating cost estimates of US$58.05-82.39/t of ore mined (mining), US$26.33/t of ore processed (processing) and US$13.14/t processed (general and administrative).  Dilution of 20-30% is applied to most zones in addition to 90% mine recovery for all zones.  Mineral Reserves are reported at cutoffs that range from 3.04-3.22 g/t Au.
  7. Stockpiles: Mineral Reserves are reported in the totals for the Masbate and Otjikoto mines, and were prepared by mine site personnel at each operation.  Ore stockpile balances are derived from mining truck movements to individual stockpiles or detailed surveys, with grade estimated from routine grade control methods.  Stockpile cutoffs vary by deposit, from 0.25-0.7 g/t Au.

Measured and Indicated Mineral Resource Statement


Mine
Tonnes
(t)
Gold
Grade
(g/t Au)
Contained Gold Ounces
(oz)
Contained Gold Kilograms
(kg)
Measured
Kiaka
27,310,000
1.09
953,000
29,600
Gramalote
15,980,000
0.79
406,000
12,600
Total Measured Mineral Resources
 
 
1,359,000
42,300
Indicated
Fekola
65,820,000
2.13
4,499,000
139,900
Masbate
126,820,000
0.89
3,649,000
113,500
Otjikoto
30,410,000
1.26
1,230,000
38,200
La Libertad
2,800,000
2.36
212,000
6,600
El Limon
2,530,000
5.06
411,000
12,800
Kiaka
96,830,000
0.96
2,986,000
92,900
Gramalote
70,230,000
0.48
1,092,000
34,000
Total Indicated Mineral Resources
(includes Stockpiles)
 
 
14,079,000
437,900
Measured and Indicated
Fekola
65,820,000
2.13
4,499,000
139,900
Masbate
126,820,000
0.89
3,649,000
113,500
Otjikoto
30,410,000
1.26
1,230,000
38,200
La Libertad
2,800,000
2.36
212,000
6,600
El Limon
2,530,000
5.06
411,000
12,800
Kiaka
124,140,000
0.99
3,938,000
122,500
Gramalote
86,220,000
0.54
1,498,000
46,600
Total Measured and Indicated Mineral Resources
(includes Stockpiles)
 
 
15,438,000
480,200

Inferred Mineral Resource Statement


Mine
Tonnes
(t)
Gold
Grade

(g/t Au)
Contained Gold Ounces
(oz)
Contained Gold Kilograms
(kg)
Fekola
4,430,000
1.73
246,000
7,600
Masbate
10,100,000
0.74
240,000
7,500
Otjikoto
1,720,000
5.42
299,000
9,300
La Libertad
2,900,000
4.94
460,000
14,300
El Limon
1,000,000
4.43
142,000
4,400
Kiaka
27,330,000
0.93
815,000
25,300
Gramalote
143,060,000
0.40
1,841,000
57,200
Total Inferred Mineral Resources
 
 
4,042,000
125,700
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.  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.
  2. Fekola Project: 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 AIFThe Mineral Resources have an effective date of December 31, 2016.  The Qualified Person for the estimate is Tom Garagan, P.Geo., who is our Senior Vice President, Exploration.  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).  Mineral Resources are reported at a cutoff of 0.6g/t Au.
  3. Masbate Gold Project: Mineral Resources are reported on a 100% attributable basis. Pursuant to the ore sales and purchase agreement between Filminera and PGPRC, our wholly-owned subsidiary, PGPRC has the right to purchase all ore from the Masbate Gold Project. The Mineral Resources have an effective date of December 31, 2016.  The Qualified Person for the estimate is Tom Garagan, P.Geo., who is our Senior Vice President, Exploration.  Mineral Resource estimates assume an open pit mining method, gold price of US$1,400/oz, modeled metallurgical recovery (resulting in average LOM metallurgical recoveries by pit that range from 65% to 82%), and operating cost estimates of US$1.50/t mined (mining), a variable ore differential cost by pit (average cost is US$0.17), US$9.36-10.18/t processed (processing) and US$2.30-3.84/t processed (general and administrative). Mineral Resources are reported at an average cutoff of 0.42 g/t Au.
  4. Otjikoto Mine: Mineral Resources are reported on a 90% attributable basis; the remaining 10% interest is held by EVI. The Mineral Resources have an effective date of December 31, 2016.  The Qualified Person for the estimate is Tom Garagan, P.Geo., who is our Senior Vice President, Exploration. Mineral Resource estimates that are amenable to open pit mining methods assume a gold price of US$1,400/oz, metallurgical recovery of 98%, and operating cost estimates of US$1.75/t mined (mining), US$13.00/t processed (processing) and US$3.00/t processed (general and administrative).  Mineral Resources that are amenable to open pit mining are reported at a cutoff of 0.40 g/t Au.  Mineral Resources that are amenable to underground mining are reported at cutoff of 3.00 g/t Au.
  5. La Libertad Mine:  Mineral Resources are reported on a 100% attributable basis, and have an effective date of December 31, 2016.  The Qualified Person for the estimate is Brian Scott, P.Geo., who is our Vice President, Geology and Technical Services.  Mineral Resource estimates assume an open pit mining method, gold price of US$1,400/oz, metallurgical recoveries that range from 90% to 94%, and operating cost estimates of US$3.88/t mined (mining), US$13.31/t processed (processing) and US$4.13/t processed (general and administrative). Mineral Resources are reported at cutoffs that range from 0.61-2.85 g/t Au.
  6. El Limon Mine: Mineral Resources are reported on a 95% attributable basis; the remaining 5% interest is held by IMISA. Mineral Resources have an effective date of December 31, 2016.  The Qualified Person for the estimate is Brian Scott, P.Geo., who is our Vice President, Geology and Technical Services. Mineral Resource estimates assume underground long-hole stoping mining methods, a gold price of US$1,400/oz, metallurgical recovery of 93.5%, and operating cost estimates of US$58.05-82.39/t of ore mined (mining), US$26.33/t of ore processed (processing) and US$13.14/t processed (general and administrative). Mineral Resources are reported at cutoffs that range from 2.7-2.9 g/t Au.
  7. Kiaka Project:  Mineral Resources are reported on an 81% attributable basis; the remaining interest is held by GAMS-Mining F&I Ltd (9%) a Cypriot company, and the Government of Burkina Faso (10%).  The Mineral Resource estimate has an effective date of January 8, 2013. The Qualified Person for the estimate is Ben Parsons, MSc, MAusIMM (CP), Principal Consultant for SRK Consulting.  Mineral Resources assume an open pit mining method, gold price of US$1,400/oz, metallurgical recovery of 89.8%, and operating cost estimates of US$1.58/t mined (mining), US$11.89/t processed (processing, and general and administrative).  Mineral Resources are reported at a cutoff of 0.4 g/t Au. 
  8. Gramalote Project: Mineral Resources are reported on a 49% attributable basis; the remaining 51% interest is held by AngloGold Ashanti Limited. Mineral Resources have an effective date of October 6, 2015.  The Qualified Person for the estimate is Vaughan Chamberlain, FAusIMM, Senior Vice President, Geology and Metallurgy for AngloGold. Mineral Resources assume an open pit mining method, gold price of US$1,400, metallurgical recovery of 95%, and operating cost estimates of US$5.40/t processed (processing) and US$1.19 /t processed (general and administrative).  Mineral Resources are reported at a cutoff of 0.1 g/t Au.
  9. Stockpiles: Mineral Resources are reported in the totals for the Masbate and Otjikoto mines, and were prepared by mine site personnel at each operation.  Ore stockpile balances are derived from mining truck movements to individual stockpiles or detailed surveys, with grade estimated from routine grade control methods.  Stockpile cutoffs vary by deposit, from 0.25-0.7 g/t Au.

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