B2Gold Corp.

B2Gold Corp.

September 22, 2010 08:48 ET

B2Gold Corp. Announces Additional Positive Exploration Results at La Libertad and Limon Mine Properties in Nicaragua

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 22, 2010) - B2Gold Corp. (TSX:BTO) ("B2Gold" or the "Company"), is pleased to announce further positive results from the exploration programs on La Libertad and Limon Mine properties in Nicaragua.

La Libertad Property Exploration

The total 2010 exploration budget for La Libertad Property is US$4.6 million including 16,000 metres ("m") of diamond drilling, which commenced on February 19, 2010 and is ongoing with 75 holes totaling 12,040 m completed to date and two drill rigs currently on site. The drill program is focused on infill drilling of inferred resources to indicated, exploring for extensions to existing reserves and resources and testing some of the numerous other vein structures along the 20 kilometres ("km") La Libertad gold belt.

Preparations are underway to expand the drill program with a third drill rig at Jabali starting in late September.

Jabali Vein System

The Jabali vein system is located approximately 15 km east of La Libertad mill with a known strike length of 6.2 km. Only half of the known strike length of the vein system has been explored and it remains open both East and West.

Previous exploration work carried out by B2Gold utilizing surface sampling trenching and diamond drilling returned good grade results indicating that the Jabali vein system has the potential to host both open pit and underground deposits (see news release dated June 21, 2010).

The Jabali vein system has been explored in two zones, the Antenna and Central Zones, covering a combined strike length of 3.2 km with 23 trenches and 30 drill holes. Both zones are open along strike and down dip.

Antenna Zone

Drilling to define the limits of the mineralized zone is currently ongoing at the Antenna Zone and has almost doubled the strike length of the deposit from 600 m to 1,180 m since the previous drilling update.
Hole JB10-021, which lies 200m west of JB10-005 (29.1 m true width grading 8.74 grams per tonne ("g/t") gold and 38.88 g/t silver - previously released) and was drilled 85m west of hole JB10-020 (7.5 m true width grading 4.23 g/t gold and 31.15 g/t silver), intersected 14.49 m (true width 6.2 m) grading 6.07 g/t gold and 21.77 g/t silver. These intersections indicate the potential for underground and/or open pit mining and infill drilling of this portion of the vein will start by the month end.

Hole JB10-024 was drilled 206 m east of hole JB10-002 (6.4 m true width grading 1.07 g/t gold and 6.01 g/t silver) and intersected 39.68 m (true width 9.2 m) grading 4.83 g/t gold and 11.28 g/t silver. Holes JB10-026 and JB10-027 were drilled 100 m east of hole JB10-024. JB10-026 intersected 23.38 m (true width 7.5 m) grading 2.33 g/t gold with silver values pending. JB10-027 intersected 38.84 m (true width 8.7 m) grading 2.21 g/t gold and 9.79 g/t silver. These grades and widths indicate the presence of a second shoot with higher grade than the current La Libertad Life of Mine plan. This new area has not seen historical mining.

The Antenna Zone target is now a minimum of 1,180 m long, ranging from 6.2 – 29.1 m true width with grades from 1.07 – 8.74 g/t gold. The Antenna zone remains open 0.8 km to the east towards Jabali Central and is also open down dip. Further step-out and infill drilling is ongoing.

Highlights of the most recent Jabali Antenna drilling results are as follows (Uncapped):

Deposit   Drill Hole   From   To   Metres*   True Width (Metres)   Gold g/t   Silver g/t
Jabali Antena   JB10-021   126.49   140.59   14.10   6.10   1.13   5.11
Jabali Antena   JB10-021   174.49   188.98   14.49   6.20   6.07   21.77
Jabali Antena   Includes   182.88   188.98   6.10   2.80   13.36   43.51
Jabali Antena   JB10-024   187.45   227.13   39.68   9.20   4.83   11.28
Jabali Antena   JB10-024   237.90   240.79   2.89   1.60   2.44   12.65
Jabali Antena   JB10-026   169.66   193.04   23.38   7.50   2.33   **
Jabali Antena   Includes   179.83   189.58   9.75   3.50   4.31   39.86
Jabali Antena   JB10-027   225.80   264.64   38.84   8.70   2.21   9.79
Jabali Antena   Includes   246.67   263.93   17.26   4.00   3.66   11.09
*Metres – indicates down hole interval ** Silver value pending

Note: Old mine stopes were encountered beyond the JB10-021 stockwork zone reported in the table from: 188.98 to 189.43 (0.45 m), 205.74 to 211.45 (5.71 m) and 213.36 to 222.50 (9.14 m) down hole intervals, indicating historic mining of high grade veins. No old mine workings were encountered in holes JB10-024, JB10-026 or JB10-027.

Central Zone

Diamond drilling and trenching in the Jabali Central Zone, 0.8 km from the Antenna Zone, has defined gold and silver mineralization over a strike length of 1,600 m with a 300 m long higher grade shoot ranging from 8.80 – 13.3 m true width grading between 3.52 and 4.34 g/t gold. Notable new intersections outside the higher grade shoot include hole JB10-018 which intersected 12.98 m (true width 10.9 m) grading 0.94 g/t gold and 20.98 g/t silver and JB10-019 which intersected 6.02 m (true width of 4.5 m) grading 1.33 g/t gold and 32.70 g/t silver. The Central Zone remains open along strike and down dip.

Note: Old mine stopes were encountered in hole JB10-019 from 51.01 to 52.75 (1.74 m), 53.65 to 54.60 (0.95 m) and 55.63 to 57.02 (1.39 m) down hole intervals.

Mojon and San Juan Vein Systems

The Company has also received positive drill results from diamond drilling in and adjacent to the Mojon and San Juan deposits. The Mojon deposit is currently being mined and the San Juan deposit is in the inferred resource category. Much of the drilling at Mojon and San Juan is part of an infill program to convert the inferred to an indicated resource.

Highlights from the recent drilling are as follows (Uncapped):

Deposit   Drill Hole   From   To   Metres*   True Width (Metres)   Gold (g/t)   Silver (g/t)
Mojon   MJ10-005   51.00   68.50   17.50   13.90   1.70   15.32
Mojon   MJ10-006   42.00   73.50   31.50   24.50   1.68   6.35
Mojon   MJ10-007   63.75   88.50   24.75   22.10   1.02   6.75
Mojon   MJ10-008   21.00   25.90   4.90   4.20   1.01   3.97
Mojon   MJ10-010   151.90   160.50   8.60   8.00   1.86   5.52
San Juan   SJ10-004   0.00   18.00   18.00   13.00   3.99   3.66
San Juan   SJ10-005   118.00   139.80   21.80   12.80   5.25   6.66
San Juan   Includes   118.00   122.35   4.35   2.60   20.80   19.95
San Juan   SJ10-006   54.00   60.50   6.50   4.90   1.10   17.86
San Juan   SJ10-007   103.10   123.30   20.20   10.00   5.79   25.16
San Juan   Includes   113.50   122.90   9.40   4.20   10.99   44.19
San Juan   SJ10-010   45.00   54.00   9.00   6.00   2.67   5.03
San Juan   SJ10-012   106.35   119.50   13.15   9.00   1.94   9.59
San Juan   Includes   117.00   119.50   2.50   1.70   8.99   10.98
San Juan   SJ10-013   116.10   121.20   5.10   3.60   8.92   9.04
*Metres – indicates down hole interval

Note: Old mine stopes were encountered in the following holes: MJ10-007 from 72.60 to 73.50 (0.90 m), MJ10-008 from 19.50 to 21.00 (1.5 m), SJ10-002 from 67.80 to 69.00 (1.9 m), SJ10-006 from 52.25 to 57.00 (6.25 m) and SJ10-010 from 45.00 to 45.20 (0.20 m) down hole intervals.

The significance of the results to date from La Libertad exploration is that they demonstrate not only the potential to increase the current seven year mine life but the higher grade results from Mojon, San Juan and Jabali indicate the potential to deliver higher grade ore than the current mine plan to La Libertad mill in the near term which could significantly increase annual gold production with no additional capital costs.

El Limon Property Exploration

Since acquiring the Limon Mine, the B2Gold exploration team has identified over 21 exploration targets on the Limon property. Initial exploration results were positive indicating the potential for both open pit and underground deposits.

Exploration continues on the El Limon property with two drills currently operating with one drill continuing with the Santa Pancha "Deep" infill drilling program and the second drill dedicated to exploration of the 18,000 hectare Limon and Bonete-Limon concessions. Forty two holes totaling 7,200 m have been completed to date of the planned US$3.8 million, 14,800 m 2010 program. Six new holes were abandoned due to drilling technical difficulties. Trenching work has started and ground magnetic surveying is scheduled to resume shortly while geological mapping programs are ongoing. The soil geochemical sampling program has been completed with 940 auger soil samples collected in 2010. 

Highlights of the recent drilling include:

  • LIM-10-3508 with 3.89 m grading 23.75 g/t gold (Santa Pancha Deep Target)
  • LIM-10-3502 with 7.55 m grading 4.61 g/t gold (Santa Pancha Deep Target)
  • LIM-10-3515 with 1.5 m grading 40.06 g/t gold with 226.12 g/t silver and 1.75 m grading 21.85 g/t gold with 18.88 g/t silver (Panteon target)

Nineteen new holes have been completed on the Santa Pancha "Deep" area with the additional holes continuing to confirm the results of the previous wide spaced drilling in this area where an inferred resource of 167,000 ounces (1.1 million tonnes at 4.7 g/t gold at 2.3 g/t cut off) was calculated by B2Gold in December 2009 under the supervision of Brian Scott, P.Geo., a Qualified Person as defined under National Instrument 43-101. Notable new intersection include LIM-10-3508 with 3.89 m grading 23.75 g/t gold (13.07 g/t gold if high assay cut to 30 g/t gold) and LIM-10-3510 with 2.25 m grading 8.79 g/t gold, from the southern end of the current drilling, and LIM-10-3497 with 17.61 m grading 3.49 g/t gold and LIM-10-3502 with 7.55 m grading 4.61 g/t gold.

Drill Hole   Zone   From   To   Metres*   Approx True Width (m)   Gold g/t   Silver g/t
LIM-10-3492   Santa Pancha Shaft 2   Abandoned                    
LIM-10-3493   Santa Pancha Shaft 2   Abandoned                    
LIM-10-3494   Santa Pancha Shaft 2   Abandoned                    
LIM-10-3495   Santa Pancha Shaft 2   Abandoned                    
LIM-10-3496   Santa Pancha Shaft 2   239.90   250.50   10.60   8.35   1.10   1.83
LIM-10-3497   Santa Pancha Shaft 2   200.47   230.78   30.31   23.55   2.48   3.76
    Santa Pancha Shaft 2   Incl. 213.17   230.78   17.61   13.68   3.49   4.40
LIM-10-3498   Santa Pancha Shaft 2   277.75   288.80   11.50   9.16   1.27   0.93
LIM-10-3502   Santa Pancha Shaft 2   290.60   298.15   7.55   5.78   4.61   36.08
LIM-10-3503   Santa Pancha Shaft 2   210.70   215.85   5.15   3.94   1.50   2.06
LIM-10-3504   Santa Pancha Shaft 2   228.10   251.30   23.20   20.29   1.63   2.10
LIM-10-3505   Santa Pancha Shaft 2   227.44   236.55   9.11   7.18   3.44   3.64
LIM-10-3506   Santa Pancha Shaft 2   243.20   265.05   21.85   19.96   1.40   4.91
    Santa Pancha Shaft 2   Incl. 248.70   252.50   3.80   3.47   3.59   22.00
LIM-10-3507   Santa Pancha Shaft 2   Abandoned                    
LIM-10-3508   Santa Pancha Shaft 2   234.46   238.35   3.89   3.80   23.75   10.40
LIM-10-3510   Santa Pancha Shaft 2   253.30   255.55   2.25   2.15   8.79   7.67
    Santa Pancha Shaft 2   Incl. 253.70   255.10   1.40   1.34   13.37   10.69
LIM-10-3512   Santa Pancha Shaft 2   251.20   255.35   4.15   3.76   2.98   0.54
    Santa Pancha Shaft 2   And 272.25   277.25   5.00   4.53   3.75   7.78
    Santa Pancha Shaft 2   Incl. 272.25   273.80   1.55   1.40   8.88   15.09
*Metres – indicates down hole interval

The results of the Limon exploration drilling are significant because they demonstrate the potential not only to convert resources to reserves and increase the mine life but to discover higher grade mineralization from both underground and open pit targets that could increase annual gold production at Limon.

The exploration programs are reviewed and the results approved by Tom Garagan, B2Gold's Qualified Person under National Instrument 43-101. The programs utilize extensive QA/QC (quality assurance and quality control) protocols for assaying and 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 and then are brought to the Mine preparation laboratories where they are dried, crushed and pulverized. El Limon samples are assayed at the Mine Lab and check assays are done at ALS Chemex Labs in Vancouver, British Columbia, Canada for gold and silver fire assay.

Samples from the La Libertad project (after preparation at the Mine) are sent directly to ALS Chemex Labs in Vancouver, British Columbia, Canada for gold and silver fire assay. Check assays are sent out on a quarterly basis to Skyline Laboratories in Tuscon, AZ.


Tom Garagan, Senior Vice President of Exploration

The 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.

The Toronto Stock Exchange neither approves nor disapproves the information contained in this News Release.

Contact Information

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    B2Gold Corp.
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