The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Globe Investor

News Sources

Take control of your investments with the latest investing news and analysis

Press release from Marketwire

B2Gold Corp. Announces an Updated Resource Calculation for the Gramalote Gold Property in Colombia

Tuesday, April 24, 2012

B2Gold Corp. Announces an Updated Resource Calculation for the Gramalote Gold Property in Colombia08:30 EDT Tuesday, April 24, 2012VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 24, 2012) - B2Gold Corp. (TSX:BTO)(OTCQX:BGLPF)(PINKSHEETS:BGLPF) ("B2Gold" or the "Company"), is pleased to announce AngloGold Ashanti Ltd. ("AngloGold Ashanti") has completed a new JORC and National Instrument 43-101 compliant mineral resource estimate for the Gramalote Central Zone and Trinidad. The Gramalote property is a 51% - 49% AngloGold Ashanti - B2Gold joint venture, with AngloGold Ashanti as the manager, and is located 230 kilometres ("km") northwest of Bogota and 80 km northeast of Medellin in central Colombia.Total measured and indicated resources at Gramalote Central at a 0.25 gram per tonne ("g/t") gold cut-off, within a US$1,600 per ounce gold optimised Whittle pit consists of 97.1 million tonnes grading 0.81 g/t gold for a total of 2.5 million troy ounces of gold. The Gramalote Central and Trinidad inferred resource is 95.7 million tonnes grading 0.44 g/t gold for a total of 1.36 million troy ounces of gold using similar parameters as the measured and indicated resource.The following table outlines the updated Gramalote resource calculation on a 100% basis using a 0.25 g/t gold cut-off grade and within a US$1,600 per ounce gold optimized Whittle pit:CategoryTonnesGold Grade (g/t)Contained Metal Gold Troy OuncesMeasured Gramalote Central30,500,6820.85834,441Indicated Gramalote Central66,607,2610.791,701,052Total Measured and Indicated Gramalote Central297,107,9430.8112,535,493Inferred Gramalote Central52,159,3060.35594,599Inferred Trinidad243,529,1190.55769,727Total Inferred95,688,4250.4411,364,3261.Differences in ounces and grades due to rounding2.Mineral resources that are not mineral reserves do not have a demonstrated economic viability. Due to the uncertainty which may be attached to inferred mineral resources, it cannot be assumed that all or any part of an inferred resource will be upgraded to an indicated or measured mineral resource as a result of continued exploration.B2Gold completed and published in 2009 a National Instrument 43-101 compliant inferred mineral resource estimate for the Gramalote Ridge (Central) Zone of 74.375 million tonnes grading 1.00 g/t gold for a total of 2.39 million troy ounces of gold at a 0.5 g/t gold cutoff and within a US$1,000 per ounce gold optimised Whittle pit (see press release dated January 12, 2009). The new Gramalote Central mineral resource estimate is supported by 41,732 metres of diamond drilling in 126 drill holes completed in 2007 to 2011 and 441 metres of sampling from an underground tunnel. A total of 7,019 metres of diamond drilling in 20 holes drilled by B2Gold in 2008 was used in the Trinidad resource calculation. Average drill hole spacing used in the resource was 25 metres x 25 metres for measured, 50 metres x 50 metres for indicated and 100 metres x 100 metres for inferred.The Gramalote resource was prepared by AngloGold Ashanti and Quantitative Group Pty Ltd carried out an independent audit of the new Gramalote project resource in February 2012 and Scott Jackson, Director and Principal Consultant, Quantitative Group Pty Ltd, stated "the Statement of Mineral Resource and Ore Reserve as at 31 December 2011 has been examined and complies with current international reporting codes, specifically the JORC Code (2004) and the SAMREC Code (2000)". AngloGold Ashanti monitored the QA/QC (quality assurance and quality control) program of the data they collected in 2010 and 2011. Prefeasibility and exploration work recommenced at the Gramalote Project in the second half of 2010 with exploration, infill drilling and metallurgical test sample drilling and preliminary engineering investigations. Highlights from the 2011 and 2012 prefeasibility and exploration work to date on the Gramalote property include positive metallurgical test results showing in excess of 90% recovery and encouraging drill results from Gramalote Central and outside targets indicating the potential for a larger resource. A total of US$40 million has been spent and 35,800.52 metres of diamond drilling has been completed in 118 holes since AngloGold became operator in September 2010.Exploration drilling has been carried out on five drill targets located within four km of the current Gramalote Central mineral resource including Monjas West, Trinidad South, Monjas East, Limon and Topacio with the aim to add new inferred resources. All of these targets have similar geological, alteration and mineralization characteristics to Gramalote Central. Since October 2010 a total of 16,803.39 metres in 49 drill holes have been completed on the five satellite targets. Results to date clearly indicate the upside potential for more gold mineralization on the large Gramalote property. Positive gold intersections have been returned in Monjas West located two km west southwest along strike of Gramalote Central resource. A total of 6,281.49 metres in 17 holes have been drilled at Monjas West with results up to 56.0 metres at 0.94 g/t gold (including 14.0 metres at 1.66 g/t gold and 12.0 metres at 1.45 g/t gold) in hole MW-05, 20.0 metres at 1.88 g/t gold in hole MW-03, 22.0 metres at 0.93 g/t gold in hole MW-04 and 12.0 metres at 1.75g/t gold in hole MW-09. B2Gold and AngloGold are funding pro rata a 2012 joint venture prefeasibility and exploration budget of US$36.9 million for the Gramalote property that includes 21,700 metres of diamond drilling for the exploration of additional targets on the property and infill and condemnation drilling. In addition, the budget will fund prefeasibility work including additional environmental studies, metallurgical test work and engineering. A prefeasibility study is scheduled to be completed in June 2012 and a final feasibility study is planned for the fourth quarter of 2013.The QP (under National Instrument 43-101) for AngloGold Ashanti's resource is Vaughan Chamberlain, FAusIMM, Senior Vice President, Geology and Metallurgy, AngloGold Ashanti Ltd. The drilling program at the Gramalote property is reviewed and the results approved by Tom Garagan, B2Gold's QP under National Instrument 43-101. The Gramalote drill program utilizes extensive QA/QC (quality assurance and quality control) protocols for assaying and core sample handling that consist of the systematic insertion of blanks, standards and duplicates as well as using a secondary laboratory for regular check assaying. Core samples are cut with a diamond saw with one-half of the core placed in sealed bags and shipped directly to ALS Chemex Labs in Bogota, Colombia for sample preparation with the pulps subsequently sent to ALS Chemex Labs in Lima, Peru for gold fire assay and ICP analyses.ON BEHALF OF B2GOLD CORP.Tom Garagan, Senior Vice President of ExplorationThe securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements.FOR FURTHER INFORMATION PLEASE CONTACT: Ian MacLeanB2Gold Corp.Vice President, Investor Relations604-681-8371ORKerry SuffolkB2Gold Corp.Manager, Investor Relations604-681-8371www.b2gold.comThe Toronto Stock Exchange neither approves nor disapproves the information contained in this News Release.