B2Gold Corp. Announces Additional Positive
Exploration Drill Results from the Quebradona Gold Property in Colombia
Vancouver, December 18, 2008 - B2Gold
Corp. (TSX: BTO) ("B2Gold" or the "Company"), is pleased
to announce further exploration drilling results from the Aurora target on
the Quebradona property in Colombia. The Quebradona property is a joint
venture with AngloGold Ashanti Limited ("AngloGold Ashanti").
The new drilling results from
Quebradona confirm the good grade and consistency of gold mineralization from
the first 16 holes (see press releases
dated 02/07/08 and 08/05/08) in the Aurora system. The drilling
intersected up to 380 metres ("m") at 1.1 grams per tonne of gold
("g/t Au") in Hole 24.
Quebradona Property
The Quebradona property is
located 60 kilometres ("km") southwest of Medellin, Colombia. The
new results from the Quebradona property are from an additional nine holes
(holes 17 to 25), totaling 2,782.6 m drilled in the La Mama zone of the
Aurora system. The
additional holes followed up positive results obtained from the first 16
holes at Aurora. A total of 25 holes and 7,280.8 m have been drilled at
Aurora in 2008.
In
addition to Aurora, the Company has drill tested the Isabella, La Sola,
Chaquiro and Tenedor gold-bearing porphyry systems outlined by prior surface
sampling over a six by four km area. A total of 13,318.8 m in 43 holes were
drilled at Quebradona in 2008, comprised of 7,280.8 m in 25 holes in Aurora,
803.1 m in four holes in Isabella, 1,900.1 m in six holes in La Sola, 1,987.6
m in five holes at Chaquiro and 1,347.2 m in three holes at Tenedor. Assay
results are pending on La Sola, Chaquiro and Tenedor, and will be released as
available but results are not expected to show significant gold
mineralization. Assay results on Isabella were previously released (see press release dated 08/05/08).
The
Aurora system consists of two strong porphyry gold occurrences contained
within a suite of intermediate intrusive and volcanic rocks. The Aurora
system 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.
The
additional nine holes drilled at Aurora tested the continuity of previously
outlined gold mineralization in the La Mama zone. Of the 25 holes drilled at
Aurora, 22 holes totaling 6,129.9 m tested La Mama and three holes totaling
1,150.9 m tested La Isla.
Highlights
of the results from the additional nine holes (Holes 17 to 25) at Aurora are
shown below.
Aurora Drill Holes 17 to 25 Assay Results
Location
|
Hole
#
|
From
(m)
|
To
(m)
|
Metres
(m)
|
Gold
(g/t)
|
Silver
(g/t)
|
Copper
(%)
|
La Mama
|
17
|
Low Grade
|
La Mama
|
18
|
Low Grade
|
La Mama
|
19
|
0
|
208.1
|
208.1
|
0.90
|
1.9
|
0.124
|
La Mama
|
20
|
0
|
454.5
|
454.5
|
0.69
|
1.8
|
0.124
|
La Mama
|
Incl.
|
135.00
|
264.10
|
129.1
|
1.00
|
2.2
|
0.124
|
La Mama*
|
21*
|
0
|
91.25
|
91.25
|
0.72
|
2.2
|
0.119
|
La Mama
|
22
|
0
|
80.30
|
80.30
|
1.01
|
3.3
|
0.209
|
La Mama
|
23
|
136.00
|
195.20
|
59.20
|
1.66
|
2.5
|
0.192
|
La Mama
|
24
|
0
|
379.9
|
379.9
|
1.09
|
1.6
|
0.161
|
La Mama
|
Incl.
|
60.72
|
141.00
|
80.28
|
2.02
|
2.1
|
0.206
|
La Mama*
|
25*
|
2.00
|
369.65
|
367.65
|
0.67
|
1.6
|
0.126
|
La Mama
|
Incl.
|
2.00
|
80.00
|
78.00
|
1.08
|
2.6
|
0.157
|
*Parts of holes 21
and 25 are currently being re-assayed to meet B2Gold's QA/QC standards
Drilling
has now tested a 700 by 400 m area of the La Mama zone with intercepts from
the recent drilling returning up to 129 m of 1.0 g/t Au in Hole 20, 80 m of
1.0 g/t Au in Hole 22, 380 m of 1.1 g/t Au including 80 m of 2.0g/t Au in
Hole 24 and 78 m of 1.1 g/t Au in Hole 25. Significant gold mineralization
has been outlined over a 400 m long by 150 m wide zone extending to at least
450 m in depth. The zone remains open at depth. The Company expects to
prepare a National Instrument 43-101 compliant resource study based on this
drilling at the La Mama zone of Aurora 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 1.08 g/t Au in Hole 8. Further drilling will test the extensions of the
zone.
Highlights
of the previously released first 16 drill holes at Aurora are shown below.
Aurora Drill Holes 1 to 16 Assay Results - Previously
Released
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
|
2.07
|
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
|
0.61
|
1.00
|
0.127
|
La Isla
|
incl.
|
256.60
|
439.00
|
182.40
|
1.08
|
1.20
|
0.190
|
La Isla
|
9
|
136.00
|
223.00
|
87.00
|
0.54
|
1.80
|
0.138
|
La Isla
|
and
|
251.10
|
272.90
|
21.80
|
0.54
|
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
|
*Lost hole at 52.70 m
in mineralization.
Under
the terms of the Colombian joint venture agreement (the
"Agreement"), B2Gold has earned its 51% interest in the Quebradona
property by completing 5,000 m of exploration drilling. In September 2008,
B2Gold and AngloGold Ashanti reached an agreement to amend the Agreement and
jointly fund an additional 10,000 m of exploration drilling at the Quebradona
Property on a 51% B2Gold / 49% AngloGold Ashanti basis (see press releases dated 16/09/08).
An
additional 8,318.8 m of the planned 10,000 m drilling was completed in 2008
and after receipt of all results, data and interpretation from the drilling
program, AngloGold Ashanti will have 30 days to choose from the following
participation alternative regarding further exploration at the Quebradona
property: (i) elect to fund all future exploration as the operator at 65% and
free carry B2Gold through 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 drilling program at the
Quebradona property is reviewed and the results approved by Tom Garagan,
B2Gold's Qualified Person under National Instrument 43-101. The Quebradona
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.
Further Colombian Exploration
B2Gold has carried out
approximately 30,000 m drilling on the 51% B2Gold / 49% AngloGold Ashanti
Gramalote gold property in 2008 and drilling is continuing. B2Gold intends to
publish a National Instrument 43-101 compliant resource calculation of the
Gramalote Ridge zone on the property in January 2009.
At the 100% owned Mocoa copper
molybdenum deposit, B2Gold has completed a 5,122 m drill program. B2Gold has
a 2008 Colombian exploration budget of US$23 million.
Corporate Update
B2Gold maintains a strong
financial position with approximately CDN$57.6 million in cash. The Company
continues to explore and evaluate potential acquisition opportunities,
capitalizing on the extensive experience and relationships that its management
team has developed in the mining industry over the past 25 years. B2Gold's
corporate objective is to build an intermediate gold company through
exploration and acquisitions.
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: