B2Gold Corp. Announces Continued Positive Exploration Drill Results
from the Quebradona and Gramalote Gold Properties in Colombia
Vancouver, August
5, 2008 - B2Gold Corp. (TSX-V: BTO)
("B2Gold" or the "Company"), is pleased to announce
further exploration drilling results from the Quebradona property in
Colombia, and the Company's first drilling results from the Gramalote
property, also in Colombia. The Quebradona and Gramalote properties are joint
ventures with AngloGold Ashanti Limited ("AngloGold Ashanti").
The new drilling results from
Quebradona confirm and extend the good grade results from the first six holes
(see press release dated
02/07/08) in the Aurora system, while the results from the first
11 holes at Gramalote are similar to the good grade results from AngloGold
Ashanti's previous 43 drill holes (see
press release dated 06/23/08).
Quebradona Property
The Quebradona property is
located 60 kilometres ("km") southwest of Medellin, Colombia. The
new results from Quebradona are from an additional 14 holes, totaling 3,639
metres ("m") on the Aurora system. The first 5,300 m drill program at
Quebradona focused on the Aurora and Isabella systems, which are two of five
gold-bearing porphyry systems outlined by prior surface sampling on the six
by four km Quebradona property. The Company is planning to drill the
remaining three systems comprising La Sola, Chaquiro and Tenedor in the next
several months.
The Aurora system consists of
two strong gold occurrences contained within a suite of intermediate
intrusive and volcanic rocks. Aurora covers an 800 by 700 m area and is
comprised of the La Mama zone and the La Isla zone, separated by 200 m of
late unmineralized porphyry.
An additional 10 holes
totaling 2,836 m have been drilled at Aurora, including seven holes totaling
1,685 m at La Mama that followed up the initial six hole 1,662 m program (see press release dated 05/28/08).
Three holes totaling 1,151 m also tested the La Isla zone.
Drilling has now tested a 700
by 400 m area of the La Mama zone with intercepts up to 162 m of 0.97 grams
per tonne ("g/t") gold ("Au") in Hole 1 and 85 m of 1.20
g/t Au in Hole 11. Significant gold mineralization has been outlined over a
400 m long by 100 m wide zone extending to at least 250 m in depth. The zone
remains open at depth. Further drilling will in-fill the zone with the
objective of defining an inferred resource by early 2009.
At La Isla, significant gold
mineralization has been outlined over a 300 m long by 50 to 100 m wide zone
extending to at least 350 m in depth with the zone remaining open in all
directions. Drilling at La Isla has encountered significant mineralization
over a 250 by 200 m area with intercepts up to 182 m at 1.07 g/t Au in Hole
8. Further drilling will test the extensions of the zone.
Six km southwest of Aurora,
surface panel sampling at Isabella returned up to 19.9 m at 3.15 g/t Au and
9.5 m at 1.49 g/t Au in a 70 m wide structural corridor containing stockwork
and sheeted quartz-sulphide veining in potassic-altered volcanic rocks.
Drilling of four holes totaling 803 m tested a 250 by 150 m area with results
up to 125 m at 1.00 g/t Au in chlorite altered volcanics and intrusives with
magnetite-quartz-sulphide veining. Although the results from Hole 1 are
encouraging, the size of the mineralized system appears to be limited.
Additional drilling is planned to follow up the mineralization intersected in
ISA-001.
Highlights of the results
from the first twenty drill holes are shown below. All reported values have
been validated by B2Gold's quality control procedures:
La Mama Drill
Holes 1 to 16 and Isabella Drill Holes 1 to 4 Assay Result
|
Location
|
Hole #
|
From
(m)
|
To
(m)
|
Metres
(m)
|
Gold
(g/t)
|
Silver
(g/t)
|
Copper
(%)
|
|
La Mama
|
1
|
4.05
|
165.92
|
161.87
|
0.97
|
2.50
|
0.154
|
|
La Mama
|
2*
|
0
|
52.70
|
52.70
|
1.36
|
2.10
|
0.144
|
|
La Mama
|
3
|
0
|
86.15
|
86.15
|
0.99
|
2.10
|
0.134
|
|
La Mama
|
incl.
|
0
|
32.90
|
32.90
|
1.67
|
2.60
|
0.167
|
|
La Mama
|
4
|
0.70
|
87.00
|
86.30
|
2.08
|
2.60
|
0.166
|
|
La Mama
|
5
|
0
|
65.80
|
65.80
|
0.94
|
2.50
|
0.162
|
|
La Mama
|
6
|
5.40
|
235.00
|
229.60
|
0.79
|
2.00
|
0.152
|
|
La Mama
|
incl.
|
29.00
|
154.00
|
125.00
|
1.07
|
2.00
|
0.163
|
|
La Mama
|
7
|
No significant values
|
|
La Isla
|
8
|
0
|
439.00
|
439.00
|
0.60
|
1.00
|
0.127
|
|
La Isla
|
incl.
|
256.60
|
439.00
|
182.40
|
1.07
|
1.20
|
0.189
|
|
La Isla
|
9
|
136.00
|
223.00
|
87.00
|
0.54
|
1.80
|
0.138
|
|
La Isla
|
and
|
251.00
|
272.90
|
21.90
|
0.53
|
1.70
|
0.138
|
|
La Mama
|
10
|
1.00
|
268.00
|
267.00
|
0.50
|
1.60
|
0.101
|
|
La Mama
|
11
|
211.00
|
296.00
|
85.00
|
1.20
|
2.80
|
0.247
|
|
La Mama
|
incl.
|
258.00
|
296.00
|
38.00
|
1.66
|
2.80
|
0.269
|
|
La Mama
|
12
|
Low Grade
|
|
La Mama
|
13
|
No significant values
|
|
La Isla
|
14
|
182.00
|
262.70
|
80.70
|
1.02
|
0.80
|
0.176
|
|
La Mama
|
15
|
0
|
49.00
|
49.00
|
0.34
|
0.90
|
0.081
|
|
La Mama
|
16
|
Low Grade
|
|
|
|
Isabella
|
ISA 1
|
0
|
234.69
|
234.69
|
0.70
|
**
|
**
|
|
Isabella
|
incl.
|
4.00
|
129.00
|
125.00
|
1.00
|
0.90
|
0.100
|
|
Isabella
|
incl.
|
22.00
|
60.00
|
38.00
|
2.02
|
2.10
|
0.194
|
|
Isabella
|
ISA 2
|
26.50
|
56.00
|
29.50
|
0.41
|
0.20
|
0.048
|
|
Isabella
|
ISA 3
|
No significant values
|
|
Isabella
|
ISA 4
|
72.00
|
105.00
|
33.00
|
0.42
|
0.70
|
0.116
|
*Lost
hole at 52.70 m in mineralization.
**Pending quality
control validation.
Under
its Colombian joint venture agreement with AngloGold Ashanti, B2Gold has the
right to carry out the first 5,000 m of exploration drilling on each property
assigned to the joint venture. Upon completion of the first 5,000 m drill
program, AngloGold Ashanti has the following options: (i) elect to
participate in future exploration as the operator at 65% and free carry
B2Gold to feasibility; (ii) elect to be the operator and fund on a pro-rata
basis of 51% AngloGold Ashanti and 49% B2Gold; or (iii) elect to fund as the
owner of a 49% interest with B2Gold as operator owning and funding to 51%.
The Company completed the 5,000 m drill program at Quebradona on May 28, 2008
and expects a participation decision by AngloGold Ashanti by the end of
August. In the event AngloGold Ashanti decides to fund as the owner of a 49%
interest with the Company as the operator, the Company plans to commence an
aggressive drill program to further drill test the Aurora zones as well as
carry out initial exploration drilling on the other three defined porphyry
gold targets as well as the prominent magnetic high targets outlined by the
1,320 line-km airborne magnetic survey on the Quebradona property.
Since
completing the initial 5,000 m, an additional six holes totaling 2,836 m have
now been drilled in the La Mama zone for a total of 22 holes and 6,090 m
drilled at Aurora to date. Several of these additional drill holes have
encountered similar stockwork mineralization encountered in the first 16
holes. Assay results from these additional holes are pending, and will be
released as available.
Gramalote
Property (B2Gold 51%, AngloGold Ashanti 49%)
Drilling
is ongoing with five drills at the Gramalote property located 230 km
northwest of Bogota and 80 km northeast of Medellin in central Colombia. The
current drill program is testing the Gramalote Ridge and Trinidad zones.
Twenty nine holes totaling 9,547 m have been completed at Gramalote Ridge for
a total of 14,631 m in 42 holes, which includes 13 holes totaling 5,085 m
completed at Trinidad. Drilling at Gramalote Ridge has tested a 900 by 450 m
area and results are similar to those that AngloGold Ashanti found in
previous drilling of 43 holes. In-fill drilling is ongoing with four drills
at Gramalote Ridge. The plan is to complete a resource study once all results
for the in-fill program are received. At Trinidad, initial drilling has
encountered similar mineralization to that of Gramalote Ridge over a 600 m by
500 m area. Partial results for the first 11 holes at Gramalote Ridge are listed
below and results from the first round of drilling at Trinidad are expected
to be released by the end of August.
|
Hole
|
From
(m)
|
To
(m)
|
Length
(m)
|
Gold
g/t
|
Gold capped
at 20 g/t
|
Silver
g/t
|
Comments
|
|
|
|
GR08-044
|
24.76
|
186.65
|
161.89
|
0.54
|
0.54
|
0.69
|
|
|
and
|
258.05
|
281.15
|
23.10
|
3.59
|
2.72
|
2.13
|
|
|
|
|
GR08-045
|
35.47
|
98.40
|
62.93
|
0.53
|
0.53
|
0.70
|
|
|
and
|
111.80
|
181.05
|
69.25
|
1.23
|
1.23
|
0.95
|
|
|
and
|
233.15
|
356.60
|
123.45
|
1.59
|
1.46
|
2.96
|
|
|
and
|
356.60
|
457.75
|
101.15
|
0.51
|
0.51
|
2.10
|
|
|
|
|
GR08-046
|
0
|
86.10
|
86.10
|
0.72
|
0.72
|
0.83
|
|
|
and
|
110.30
|
175.00
|
64.70
|
1.02
|
1.00
|
1.02
|
|
|
and
|
207.20
|
241.30
|
34.10
|
2.60
|
1.59
|
3.80
|
|
|
and
|
356.50
|
421.00
|
64.50
|
0.85
|
0.85
|
0.94
|
|
|
|
|
GR08-047
|
72.82
|
162.07
|
89.25
|
1.66
|
1.05
|
1.24
|
|
|
and
|
195.63
|
250.12
|
54.49
|
0.93
|
0.93
|
0.92
|
Portion of interval to be rerun
|
|
and
|
279.49
|
383.90
|
104.41
|
0.99
|
0.98
|
0.62
|
|
|
|
|
GR08-048
|
281.80
|
390.30
|
108.50
|
0.49
|
0.49
|
1.54
|
Portion of interval to be rerun
|
|
and
|
428.90
|
460.27
|
31.37
|
3.10
|
2.86
|
2.48
|
|
|
|
|
GR08-049
|
0
|
72.00
|
72.00
|
1.19
|
1.19
|
2.05
|
|
|
and
|
217.60
|
282.00
|
64.40
|
0.64
|
0.64
|
1.17
|
|
|
|
|
GR08-050
|
74.08
|
227.06
|
152.98
|
0.92
|
0.92
|
1.06
|
|
|
|
|
GR08-051
|
0
|
10.20
|
10.20
|
0.96
|
0.95
|
5.22
|
|
|
and
|
54.55
|
112.40
|
57.85
|
1.33
|
0.99
|
0.67
|
|
|
and
|
152.90
|
166.00
|
13.10
|
3.13
|
2.89
|
1.12
|
|
|
and
|
207.26
|
237.35
|
30.09
|
|
|
|
Results pending
|
|
and
|
237.35
|
245.65
|
8.30
|
1.57
|
1.57
|
1.48
|
|
|
|
|
GR08-052
|
156.08
|
194.80
|
38.72
|
0.78
|
0.78
|
0.70
|
|
|
and
|
304.43
|
327.28
|
22.85
|
1.07
|
1.07
|
0.68
|
|
|
|
|
GR08-053
|
237.20
|
316.90
|
79.70
|
0.99
|
0.59
|
0.78
|
|
|
|
|
GR08-054
|
102.16
|
110.51
|
8.35
|
0.94
|
0.94
|
2.47
|
|
|
and
|
129.99
|
196.05
|
66.06
|
|
|
|
Results pending
|
|
and
|
213.38
|
240.90
|
27.52
|
4.67
|
3.42
|
3.51
|
|
|
|
|
GR08-055
|
82.78
|
177.48
|
94.70
|
1.58
|
1.58
|
1.48
|
|
|
and
|
198.50
|
327.75
|
129.25
|
1.77
|
1.51
|
1.19
|
|
|
|
|
GR08-056
|
212.70
|
278.10
|
65.40
|
1.61
|
1.40
|
1.18
|
|
|
|
|
GR08-057
|
0
|
46.3
|
46.3
|
|
|
|
Results pending
|
|
and
|
53.05
|
74.66
|
21.61
|
0.46
|
0.46
|
1.18
|
|
|
and
|
265.00
|
336.15
|
71.15
|
|
|
|
Results pending
|
|
and
|
336.15
|
348.20
|
12.05
|
1.24
|
1.24
|
1.54
|
|
|
and
|
348.2
|
389.75
|
41.55
|
|
|
|
Results pending
|
|
|
|
GR08-058
|
58.60
|
203.15
|
144.55
|
1.13
|
1.10
|
0.94
|
|
B2Gold
is planning to drill a total of 25,000 m at Gramalote for 2008. At the 100%
owned Mocoa copper molybdenum deposit B2Gold is currently drilling with two
drills as part of a 3,800 m drill program. B2Gold has a 2008 Colombian
exploration budget of US$21.8 million.
The drilling program at the
Quebradona and Gramalote properties are reviewed and the results approved by
Tom Garagan, B2Gold's Qualified Person under Natural Instrument 43-101. Both
the Quebradona and Gramalote drill programs utilize extensive QAQC (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.
"Clive T. Johnson"
President and Chief
Executive Officer
For more information on B2Gold please visit the
Company web site at www.b2gold.com or contact:
The TSX Venture Exchange neither approves nor
disapproves the information contained in this News Release.
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.