Goose Project Update Highlights
Goose Project on schedule for first gold pour in Q1 2025: All long lead items for the 2024 construction season have been received at B2Gold’s freight consolidation points, prepped for ship transport and currently the 2023 sealift is underway, which includes delivery of 24 million litres of diesel fuel.
- Construction capital expenditures remain in line with
June 2023 estimate ofC$800 million: The updated construction capital expenditure byB2Gold ofC$800 million , plus an additionalC$90 million for accelerating underground development, remains in line with B2Gold’s last estimate as ofJune 2023 . To date, capital expenditures are in line with the Company’s expectations, with approximatelyC$530 million total cash spent on the project to date (byB2Gold and Sabina).
- Accelerated underground mining plan adopted to increase average gold production in the first five years to over 300,000 ounces per year: Underground development at the Umwelt deposit and open pit mining at the Echo deposit is progressing. The Echo open pit is scheduled to be mined out and stockpiled prior to process plant commissioning in order to provide tailings storage capacity.
- Concrete and steel work in the mill area progressing ahead of schedule: Erection of structural steel has commenced, with building cladding to begin shortly. The Company expects the ball mill to be set in place in
December 2023 , ahead of schedule, which significantly de-risks the construction schedule for mill completion and first gold pour in Q1 2025.
- Phase 1 of the accommodation complex opened in
July 2023 : Phase 1 of the accommodation complex includes 310 beds at the permanent site location, which together with the 160 beds located at the existing exploration camp, provide the necessary accommodation to support accelerated construction, mining and exploration activities.
- Earthworks necessary to extend airstrip to be completed in
September 2023 : Planned extension of the airstrip to 5,000 feet will allow large capacity, fully loaded passenger planes to land at theGoose Project during the 2024 construction campaign.
- Winter ice road preparations are well underway: The Request for Proposal process has closed for the selection of the winter ice road constructor and a decision is expected to be made before the end of September. The contractor will be managed by B2Gold’s experienced ice road construction team. The execution strategy for the 2024 ice road season involves an earlier start to the road construction than previous years, which contributes to de-risking the trucking season. In addition, the ice road construction will begin from the middle and work outwards in each direction, which should enable the ice road to be completed earlier than in prior seasons.
- 11,000 meters of drilling over 44 drill holes has been completed to date in 2023 at
Back River : The drill program at theGoose Project has focused on testing the Umwelt and Llama deposits down-plunge for resource confirmation and resource expansion, as well as various regional targets. The drill program is anticipated to run throughDecember 2023 .
Goose Project Capital Expenditures
On
Goose Project Infrastructure
Goose Project Site Overview –
Marine Laydown Area
The purchasing of materials and supplies needed to support the 2024 construction campaign has been completed and all materials have been provided to the ports for the 2023 sealift. Following the acquisition of Sabina, the Marine Laydown Area (“MLA”) located on Bathurst Inlet,
The 2023 sealift is currently underway with an expected shipping volume of 70,000 meters cubed of dry cargo and 24,000,000 liters of arctic grade diesel fuel. As at
Marine Laydown Area offloads –
Phase 1 of the accommodation complex opened in
Concrete and Steel Work
Concrete and steel work in the mill area are progressing ahead of schedule. The first concrete pour was completed in
The 163 kilometer winter ice road between MLA and the
Airstrip
Earthworks necessary to extend the airstrip are expected to be completed in
Underground mining is scheduled to mine and backfill the full Umwelt pillar earlier in the mine life than in prior mine plans, which is expected to contribute over 150,000 ounces of gold production to the life of mine plan. Geotechnical and mine design and engineering continues and is expected to be finalized in the fourth quarter of 2023. The underground development is currently less than 500 meters away from commencing ore production at the Umwelt crown pillar.
Goose Project Update Life of Mine Plan
The
- Mining of the Umwelt crown pillar
- The crown pillar between the Umwelt open pit and underground mining areas contains over 150,000 ounces of gold and was only partially included in prior production schedules.
- Geotechnical and mine design and engineering is underway with the goal of mining and backfilling the crown pillar prior to completion of the Umwelt open pit.
- Underground mining method
- The
B2Gold engineering team has determined that most of the Umwelt underground mine can be mined effectively with long-hole stoping, which is expected to reduce costs and increase ore production rates.
- The
- Renewable power generation
- The Sabina team previously identified the potential for wind power generation, and studies are in progress by
B2Gold to identify the best solution and to quantify the potential operational and cost impact to theGoose Project .
- The Sabina team previously identified the potential for wind power generation, and studies are in progress by
Back River Exploration Update
In the second quarter of 2023, a significant exploration program was approved at the
Drilling at the
- Select drill holes for a reagent optimization metallurgic sample;
- Test the Umwelt and Llama deposits down-plunge for resource confirmation and resource expansion; and
- Test regional targets at the
Goose Project that were developed based on structural modeling and geophysical re-processing.
The drill program at the
26 drill holes and 6,009 meters of drilling was completed at the
About
Qualified Persons
ON BEHALF OF B2GOLD CORP.
“Clive T. Johnson”
President and Chief Executive Officer
Production guidance presented in this news release reflect total production at the mines
This news release includes certain “forward-looking information” and “forward-looking statements” (collectively “forward-looking statement”) within the meaning of applicable Canadian and
Forward-looking statements necessarily involve assumptions, risks and uncertainties, certain of which are beyond B2Gold’s control, including risks associated with or related to: the volatility of metal prices and B2Gold’s common shares; changes in tax laws; the dangers inherent in exploration, development and mining activities; the uncertainty of reserve and resource estimates; not achieving production, cost or other estimates; actual production, development plans and costs differing materially from the estimates in B2Gold’s feasibility and other studies; the ability to obtain and maintain any necessary permits, consents or authorizations required for mining activities; environmental regulations or hazards and compliance with complex regulations associated with mining activities; climate change and climate change regulations; the ability to replace mineral reserves and identify acquisition opportunities; the unknown liabilities of companies acquired by
B2Gold’s forward-looking statements are based on the applicable assumptions and factors management considers reasonable as of the date hereof, based on the information available to management at such time. These assumptions and factors include, but are not limited to, assumptions and factors related to B2Gold’s ability to carry on current and future operations, including: the timing, extent, duration and economic viability of such operations, including any mineral resources or reserves identified thereby; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; B2Gold’s ability to meet or achieve estimates, projections and forecasts; the availability and cost of inputs; the price and market for outputs, including gold; foreign exchange rates; taxation levels; the timely receipt of necessary approvals or permits; the ability to meet current and future obligations; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions; and other assumptions and factors generally associated with the mining industry.
B2Gold’s forward-looking statements are based on the opinions and estimates of management and reflect their current expectations regarding future events and operating performance and speak only as of the date hereof.
Photos accompanying this announcement are available at
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For more information onB2Gold please visit the Company website at www.b2gold.com or contact:Michael McDonald VP, Investor Relations & Corporate Development +1 604-681-8371 investor@b2gold.comCherry DeGeer Director, Corporate Communications +1 604-681-8371 investor@b2gold.com
Goose Project mill building structural steel - August 2023
Goose Project mill building structural steel - August 2023
Goose Project accommodation complex - September 2023
Goose Project accommodation complex - September 2023
Goose Project accommodation complex overview - August 2023
Goose Project accommodation complex overview - August 2023
Goose Project mill building structural steel - September 2023
Goose Project mill building structural steel - September 2023
Goose Project Site Overview - September 2023
Goose Project Site Overview - September 2023
Marine Laydown Area offloads - September 2023
Marine Laydown Area offloads - September 2023
Marine Laydown Area offloads - September 2023
Marine Laydown Area offloads - September 2023
Goose Project truck shop structural steel - September 2023
Goose Project truck shop structural steel - September 2023
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