B2Gold Corp. Reports on
Exploration Drill Results from La Libertad Mine Property in Nicaragua and the
commencement of drilling on the Cebollati project in Uruguay and the Trebol
project in Nicaragua
Vancouver,
December 14, 2010 - B2Gold Corp. (TSX: BTO, OTCQX: BGLPF)
("B2Gold" or the "Company"), is pleased to announce
further positive drilling results from the exploration programs at La
Libertad Mine property in Nicaragua. These results have extended the high
grade ore shoot discovered at the Jabali Antenna Zone and continue to return
good grade intercepts from the Crimea, Mojon and San Juan veins. B2Gold is
currently producing 80,000 to 90,000 ounces of gold annually from La Libertad
Mine.
La
Libertad Property Exploration
The 2010
exploration budget for La Libertad property is US$4.6 million to further
explore the 20 kilometre ("km") long La Libertad gold belt.
Drilling commenced on February 19, 2010 with 124 holes totaling 18,884 metres
completed to date and three drill rigs currently on site. The objectives of
this year's program included further drilling of the Jabali vein system, the
completion of the Jabali Antenna inferred resource (results expected to be
released in April 2011), infill drilling of the eastern portion of San Juan
to the indicated category and drilling to expand the western margins of the
Mojon and Crimea pits.
Jabali
Vein System
The
Jabali epithermal vein system is currently being explored in two zones, the
Antenna and Central Zones, covering a combined strike length of 3.2 km,
though the vein itself has a known strike length of 6.2 km. To date a total
of 51 drill holes (9,083 metres) have been completed at Jabali. Results are
pending for five holes.
Antenna
Zone
On the
Antenna Zone drilling is presently focused on delineating an inferred
resource over approximately 450 metres of strike length and down to
approximately 200 metres below surface. This will encompass a large, open pit
target as well as a shallow dipping, westward plunging, higher grade shoot
that is approximately 100 metres true width. Highlights of the recent
drilling include four holes that are defined as falling within this higher
grade shoot (holes JB10-039, JB10-041, and JB10-042) and which were drilled
over a down plunge distance of approximately 350 metres. Of particular note
is hole JB10-042 with 16.3 metres true width grading 23.98 grams per tonne
("g/t") gold and 31.84 g/t silver.
Highlights
of the most recent Jabali Antenna drilling results are as follows (Uncapped):
Drill Hole #
|
From
(metres)
|
To
(metres)
|
Interval
(metres) *
|
True Width
(metres)
|
Gold
(g/t)
|
Silver
(g/t)
|
JB10-039
|
59.44
|
67.06
|
7.62
|
6.20
|
4.01
|
214.26
|
Includes
|
59.44
|
61.72
|
2.28
|
1.90
|
12.88
|
654.27
|
JB10-041
|
58.51
|
64.81
|
6.30
|
5.50
|
16.01
|
113.66
|
JB10-042
|
102.31
|
119.17
|
16.86
|
16.30
|
23.98
|
31.84
|
*Interval
(metres) - indicates down hole interval
Holes
JB10-039 and JB10-041 were drilled above and either side of hole JB10-005
(29.1 metres true width grading 8.74 g/t gold and 38.88g/t silver). Hole
JB10-042 was drilled 60 metres west of hole JB10-005. These intersections
indicate the potential for underground mining in portions of the deposit.
Four more holes are pending and three of those holes (holes JB10-048,
JB10-050 and JB10-051) represent large, approximately 100 metre step outs
down plunge of the shoot.
Other
results are hole JB10-026 (7.5 metres true width grading 2.33 g/t gold and
20.27 g/t silver) drilled on the eastern edge of the Antenna Zone,
approximately 700 metres east of hole JB10-005 and hole JB10-036 (28.6 metres
true width grading 2.94 g/t gold and 23.39 g/t silver) drilled 280 metres
east of hole JB10-005.
The
Antenna Zone target is now a minimum of 1,300 metres long, ranging up to 29.1
metres true width with grades up to 23.98 g/t gold. This zone remains open
0.6 km to the east towards Jabali Central and is also open down dip. Further
infill drilling is ongoing.
Note: Old
mine workings were encountered in holes JB10-039, JB10-041, JB10-042 within
the higher grade shoot and contiguous with the mineralized intervals.
Crimea
Vein
To date a
total of 21 drill holes for 2,569 metres have been completed at Crimea, the
majority of the drilling has been focused on near surface infill of the mine
block model.
The
latest results highlight the potential for good grades and widths in the
footwall structure to the west end of the Crimea pit with hole CR10-012 (6.2
metres true width grading 46.13 g/t gold and 153.93 g/t silver) and hole
CR10-013 (20.2 metres true width grading 2.97 g/t gold and 12.37 g/t silver,
including 5.0 metres grading 11.26 g/t gold and 43.75 g/t silver). This is an
area that shows potential for expansion of the current pit design to extend
the mine life and add higher grade material. The average grade of the Crimea
deposit is 2.17 g/t of gold (3.3 million tonnes at 2.17 g/t gold for 231,508
oz gold - proven and probable reserves, December 31, 2009).
Highlights
of the most recent Crimea drilling results are as follows (Uncapped):
Drill Hole #
|
From
(metres)
|
To
(metres)
|
Interval
(metres) *
|
True Width
|
Gold
(g/t)
|
Silver
(g/t)
|
TAG **
|
CR10-011
|
1.45
|
24.00
|
22.55
|
17.60
|
2.20
|
17.53
|
MAIN
|
CR10-012
|
0.00
|
13.50
|
13.50
|
12.50
|
1.34
|
6.12
|
MAIN
|
CR10-012
|
40.50
|
48.00
|
7.50
|
6.20
|
46.13
|
153.93
|
FW
|
CR10-013
|
15.00
|
39.60
|
24.60
|
20.20
|
2.97
|
12.37
|
FW
|
Includes
|
15.00
|
21.00
|
6.00
|
5.00
|
11.26
|
43.75
|
|
Crimea
drilling results continued:
Drill Hole #
|
From
(metres)
|
To
(metres)
|
Interval
(metres) *
|
True Width
|
Gold
(g/t)
|
Silver
(g/t)
|
TAG **
|
CR10-014
|
25.50
|
35.65
|
10.15
|
7.40
|
1.04
|
6.15
|
FW
|
CR10-015
|
13.50
|
23.34
|
9.95
|
7.80
|
3.13
|
2.43
|
MAIN
|
CR10-016
|
15.00
|
34.10
|
19.10
|
14.60
|
4.07
|
3.55
|
MAIN
|
Includes
|
18.00
|
25.50
|
7.50
|
5.80
|
9.86
|
7.94
|
|
CR10-017
|
22.50
|
31.20
|
8.70
|
6.80
|
1.87
|
2.99
|
MAIN
|
*Interval
(metres) - indicates down hole interval
** MAIN indicates the main vein/structure and FW indicates a footwall
vein/structure
Note: Old
mine workings were encountered in holes CR10-015, CR10-016 and CR10-017 and
these are wholly or partly contiguous with the mineralized intervals. Old
mine workings are assigned zero value when compositing.
Mojon
Vein
To date a
total of 13 drill holes for 1,811 metres have been completed at Mojon, the
majority of the drilling has been focused on near surface infill drilling to
confirm the mine block model. Results are pending for three additional holes.
Holes
MJ10-011 (16.75 metres true width grading 3.42 g/t gold and 10.75 g/t silver,
including 10.25 metres true width grading 5.40 g/t gold and 15.49 g/t silver)
and MJ10-013 (8.5 metres true width grading 9.55 g/t gold and 24.82 g/t
silver) were drilled on the west end of the Mojon pit and represents an area
of possible pit expansion within an as yet largely untested, high grade
hanging wall structure. The average grade of the Mojon deposit is 1.55 g/t of
gold (3.66 million tonnes at 1.55 g/t gold for 182,114 oz gold - proven and
probable reserve December 31, 2009).
San
Juan
A total
of 30 drill holes for 4,253 metres have been completed at the San Juan
deposit, with the majority of the drilling focused on upgrading from inferred
to an indicated resource category on the east end of the vein. This program
will be finished shortly and a new resource will be prepared for the end of
the year's reserve and resource statement. Results are pending for eight more
holes, including one hole drilled in the hanging wall splay to the west, a 50
metre step out of hole SJ10-013.
Drill
highlights for San Juan are as follows:
Drill Hole #
|
From
(metres)
|
To
(metres)
|
Interval
(metres) *
|
True Width
|
Gold
(g/t)
|
Silver
(g/t)
|
TAG
|
SJ10-016
|
128.60
|
135.25
|
6.65
|
5.50
|
1.09
|
2.05
|
MAIN
|
SJ10-020
|
104.70
|
109.55
|
4.85
|
3.40
|
1.24
|
4.09
|
MAIN
|
SJ10-021
|
61.50
|
69.00
|
7.50
|
5.20
|
3.40
|
12.52
|
HW
|
SJ10-022
|
33.65
|
51.80
|
18.15
|
13.70
|
1.52
|
2.63
|
HW
|
Includes
|
33.65
|
35.25
|
1.60
|
1.50
|
7.16
|
3.95
|
Splay
|
Includes
|
49.50
|
51.80
|
2.30
|
2.00
|
4.65
|
7.29
|
|
*Interval
(metres) - indicates down hole interval
Hole
SJ10-022 was drilled at the west end of the San Juan structure on a hanging
wall structure and undercuts hole SJ10-013 (3.6 metres true width grading
8.92 g/t gold and 9.04 g/t silver: see
press release dated September 22, 2010) by 35 metres.
Note: a 1.5
metre wide old mine working was encountered in hole SJ10-021, contiguous with
mineralization.
The
results of the 2010 drilling program at La Libertad have confirmed both the
potential to continue to increase the seven year current projected mine life
and the potential to increase annual gold production by mining and delivering
higher grade material to the property's operating 5,500 tonne per day mill.
An aggressive program of exploration and infill drilling will continue on La
Libertad property in 2011..
Cebollati
Gold Project, Uruguay and Trebol Gold Project, Nicaragua
The
Company is pleased to announce that a 5,000 metre exploration drilling
program has commenced on the Cebollati project in Uruguay and a 5,000 metre
exploration drilling program has also commenced at the Trebol project in
Northeastern Nicaragua (a joint venture with Radius Gold Inc.)
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. 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.
On
Behalf of B2GOLD CORP.
"Tom
Garagan"
Senior Vice
President of Exploration
For more
information on B2Gold please visit the Company web site at www.b2gold.com
or contact:
Ian
MacLean
Vice President, Investor Relations
604-681-8371
|
Kerry
Suffolk
Manager, Investor Relations
604-681-8371
|