Business & Finance
Business and Finance
Business and Finance
Mon, June 21, 2010 B2Gold Corp. Announces Additional Positive Exploration Results at La Libertad and Limon Properties in Nicaragua
VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 21, 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 properties in Nicaragua.
La Libertad Property Exploration
The total exploration and drilling budget for 2010 for La Libertad Property is $3.1 million with a total of 12,000 metres ("m") of diamond drilling planned. Drilling commenced on February 19, 2010 and is ongoing with 50 holes totaling 7,036 m completed to date with two drill rigs on site.
Jabali Vein System
Trenching and diamond drilling for possible open pit and/or underground resources at the Antenna and Central zones are currently underway. Most of the near surface, high grade vein material exposed in the trenching has been partially mined historically, but remains open to depth.
The Jabali quartz vein system has been explored in two zones covering a combined strike length of 3.2 km with 19 trenches and 21 drill holes. The Jabali vein system has a known strike length of 6.2 km.
Antenna Zone
Drilling to define the limits of the mineralized zone is currently ongoing at the Antenna Zone. Hole JB10-020 was drilled 100 m west of hole JB10-005 (29.0 m true width grading 8.74 grams per tonne ("g/t") gold and 38.88 g/t silver) and has intersected 17.94 m (true width 7.5 m) grading 4.23 g/t gold and 31.15 g/t silver. The Antenna zone target is now a minimum of 600 m long, ranging from 7 – 29.0 m true width with grades from 1.37 – 8.74 g/t gold. The Antenna zone remains open 1 km to the east towards Jabali Central and is also open to the west and down dip. Further step-out drilling in both directions is ongoing.
| Deposit | Drill Hole | From | To | Metres* | Approx True Width (m) | Gold g/t | Silver g/t |
| Antenna Zone | JB10-020 | 168.64 | 170.69 | 2.05 | 1.20 | 0.91 | 19.82 |
| JB10-020 | 177.13 | 195.07 | 17.94 | 7.50 | 4.23 | 31.15 | |
| Includes | 179.83 | 186.69 | 6.86 | 2.80 | 10.57 | 66.26 |
| *Metres – indicates down hole interval |
| Note: Old mine stopes were encountered beyond the stockwork zone reported in the table: from 195.07 to 201.17 (3.05 m) and 204.22 to 207.26 (3.04 m) down hole intervals. |
Central Zone
Diamond drilling and trenching in the Jabali Central Zone has defined gold and silver mineralization over a strike length of 1.40 km and a 300 m long higher grade ore shoot ranging from 8.80 – 29.0 m true width grading between 3.52 and 4.34 g/t gold. The Central Zone remains open along strike and downdip. Notable new intersections include hole JB10-008, which intersected a true width of 11.50 m grading 4.34 g/t gold and 16.16 g/t silver, and JB10-010, which intersected a true width of 8.80 m grading 3.52 g/t gold and 21.21 g/t silver. A second ore shoot may be developing in the eastern portion of the Jabali Central Zone where hole JB10-16 intersected higher grade mineralization consisting of 3.00 m true width grading 8.69 g/t gold and 27.55 g/t silver. These intersections indicate the potential for underground mining in portions of the deposit.
Highlights of the Jabali Central drilling results are as follows (Uncapped):
| Deposit | Drill Hole | From | To | Metres* | Approx True Width (m) | Gold g/t | Silver g/t |
| Central Zone | JB10-008 | 76.76 | 80.91 | 4.15 | 2.00 | 2.36 | 4.08 |
| Central Zone | JB10-008 | 89.82 | 108.60 | 18.78 | 11.50 | 4.34 | 16.16 |
| Includes | 97.04 | 107.97 | 10.93 | 6.80 | 6.25 | 24.71 | |
| Central Zone | JB10-009 | 114.70 | 122.80 | 8.10 | 5.30 | 2.72 | 8.39 |
| Includes | 118.00 | 121.30 | 3.30 | 2.40 | 4.94 | 13.46 | |
| Central Zone | JB10-010 | 77.72 | 91.29 | 13.57 | 8.80 | 3.52 | 21.21 |
| Central Zone | JB10-011 | 117.55 | 125.85 | 8.30 | 6.60 | 1.06 | 2.55 |
| Central Zone | JB10-012 | 0.00 | 1.52 | 1.52 | 1.20 | 2.38 | 1.10 |
| Central Zone | JB10-012 | 100.74 | 113.93 | 13.19 | 10.50 | 1.58 | 7.88 |
| Includes | 109.40 | 113.43 | 4.03 | 3.00 | 3.51 | 16.91 | |
| Central Zone | JB10-013 | 94.76 | 102.61 | 7.85 | 6.20 | 1.20 | 4.24 |
| Central Zone | JB10-014 | 48.07 | 50.29 | 2.22 | 2.20 | 2.72 | 31.46 |
| Central Zone | JB10-015 | 134.55 | 145.23 | 10.68 | 6.50 | 1.19 | 31.46 |
| Includes | 137.16 | 141.73 | 4.57 | 3.70 | 2.12 | 68.06 | |
| Central Zone | JB10-016 | 66.61 | 70.75 | 4.14 | 3.00 | 8.69 | 27.55 |
| JB10-017 | 60.34 | 68.56 | 8.22 | 7.00 | 1.25 | 13.55 | |
| Includes | 64.01 | 65.53 | 1.52 | 1.20 | Open Stope | ||
| *Metres – indicates down hole interval |
The current Jabali Central trenches are located 430 m east of the previously reported trenches and test the eastern portion of the vein system. The Jabali Central vein assay highlights are shown in the table below, but of note is trench JBTR10-18, which ended in mineralized weathered rock to the south. Additional trenching to test the remainder of the strike length is ongoing.
Highlights of the Jabali Central trenching results are as follows (Uncapped):
| Deposit | Trench | From | To | Length | Gold (g/t) | Silver (g/t) | Comments |
| Central Zone | JBTR10-17 | 17.50 | 23.50 | 6.00 | 1.63 | 4.20 | Old mine fill |
| Central Zone | JBTR10-18 | 0.00 | 3.00 | 3.00 | 0.94 | 7.10 | Colluvium |
| Central Zone | JBTR10-18 | 3.00 | 4.00 | 1.00 | 0.86 | 8.80 | Quartz breccia |
| Central Zone | JBTR10-18 | 4.00 | 6.00 | 2.00 | 1.06 | 3.40 | Colluvium |
| Central Zone | JBTR10-18 | 6.00 | 10.00 | 4.00 | 1.63 | 12.16 | Quartz breccia |
| Central Zone | JBTR10-18 | 10.00 | 13.00 | 3.00 | 1.09 | 15.10 | Old mine fill |
| Central Zone | JBTR10-18 | 19.00 | 23.00 | 4.00 | 1.13 | 1.90 | Weathered rock |
In addition to the Jabali vein system, two other veins located seven km northeast of the Libertad Mine were drill tested. The east-west trending El Carmen and Escandalo veins have been traced for 1,200 m and 500 m respectively and are open along strike. Both veins have been mined to shallow depths on a small, artisanal scale.
Highlights of the drilling at El Carmen and Escandalo are as follows:
| Deposit | Drill Hole | From | To | Metres* | Approx True Width (m) | Gold g/t | Silver g/t |
| El Carmen | CA10-001 | 21.84 | 28.96 | 7.12 | 7.00 | 1.12 | 1.43 |
| Escandalo | ES10-001 | 35.05 | 41.85 | 6.80 | 6.10 | 2.08 | 12.72 |
| *Metres – indicates down hole interval | |||||||
The Company has also received positive drill results from the initial diamond drilling in and adjacent to the Mojon, Santa Maria, Los Angeles and San Juan deposits.
Highlights from the recent drilling are as follows (Uncapped):
| Deposit | Drill Hole | From | To | Metres* | Approx True Width (m) | Gold g/t | Silver g/t |
| Mojon | MJ10-004 | 53.40 | 68.50 | 15.10 partial | 10.0 partial | 2.10 | 9.76 |
| Santa Maria | SM10-001 | 126.96 | 129.87 | 2.91 | 2.10 | 7.38 | 16.57 |
| Santa Maria | SM10-002 | 140.95 | 142.50 | 1.55 | 1.20 | 5.26 | 29.38 |
| Santa Maria | SM10-003 | 117.00 | 123.40 | 6.40 | 5.10 | 8.47 | 8.57 |
| Los Angeles | AN10-002 | 33.50 | 54.10 | 20.60 | 13.00 | 1.88 | 35.37 |
| Los Angeles | AN10-003 | 59.10 | 73.50 | 14.40 | 12.40 | 0.83 | 9.88 |
| Includes | 62.00 | 69.35 | 7.35 | 6.20 | 1.28 | 15.52 | |
| San Juan | SJ10-002 | 65.40 | 72.00 | 6.60 | 3.60 | 3.28 | 20.35 |
| *Metres – indicates down hole interval |
El Limon Property Exploration
Exploration continues on the El Limon property with two drills currently operating and ground magnetic geophysical surveying, soil geochemical sampling and geological mapping programs underway. The 2010 program has a budget of $3.8 million with a total of 14,800 m drilling scheduled. Twenty five holes totaling 3,730 m have been completed to date in the 2010 drill program.
Diamond drills working in the Santa Pancha area of the El Limon property continue to intersect significant gold grades over considerable widths. Highlights of the recent drilling include:
- LIM-10-3482 with 16.10 m grading 5.68 g/t gold (SP Deep target)
- LIM-10-3484 with 33.75 m grading 4.64 g/t gold and (SP Deep target) and
- LIM-10-3488 with 12.01 m grading 6.50 g/t gold (#2 Shaft Open pit target)
Four new holes in the area immediately to the south of Shaft #2 in the Santa Pancha vein system followed up on the previously announced (see press release dated 05/11/10) high grade results, which included 11.55 m (true width 7.86 m) grading 12.62 g/t gold in hole LIM-10-3477. New results are tabulated below:
| Hole | Zone | From | To | Metres* | Approx True Width (m) | Gold (g/t) |
| LIM-10-3485 | Santa Pancha Shaft 2 - HW | 7.27 | 13.50 | 6.23 | 5.34 | 6.96 |
| Includes backfilled Stope | 9.75 | 12.30 | 2.55 | 2.19 | 5.39 | |
| LIM-10-3485 | Santa Pancha Shaft 2 -FW | 17.35 | 22.47 | 5.12 | 4.39 | 5.43 |
| LIM-10-3486 | Santa Pancha Shaft 2 | 53.50 | 59.10 | 5.60 | MINED | |
| LIM-10-3488 | Santa Pancha Shaft 2 | 8.59 | 20.60 | 12.01 | 9.70 | 6.50 |
| LIM-10-3489 | Santa Pancha Shaft 2 | 19.90 | 25.60 | 5.70 | 4.96 | 8.30 |
| *Metres – indicates down hole interval |
These new results confirm the grade continuity of the zone and indicate that the gold bearing mineralization extends into the saprolitic zone. Planning and permitting is underway for open pit mining of this area.
Infill drilling of the Santa Pancha "Deep" area continues to intersect good grades over significant widths of colloform banded quartz and quartz-carbonate veins and hydrothermal breccias. Highlights of the new drilling include:
| Hole | Zone | From | To | Metres* | Approx True Width (m) | Gold ( g/t) |
| LIM-10-3481 | Santa Pancha Shaft 1 - HW | 151.20 | 154.20 | 3.00 | 2.27 | 3.88 |
| LIM-10-3482 | Santa Pancha Shaft 1 - HW | 159.00 | 175.10 | 16.10 | 12.57 | 5.68 |
| Includes | 160.40 | 165.30 | 4.90 | 3.83 | 11.65 | |
| LIM-10-3482 | And FW | 198.70 | 209.40 | 10.70 | 8.31 | 3.59 |
| Includes | 205.50 | 209.40 | 3.90 | 3.04 | 6.29 | |
| LIM-10-3483 | Santa Pancha Shaft 1 - HW2 | 193.55 | 194.00 | 0.45 | 0.30 | 19.39 |
| LIM-10-3483 | Santa Pancha Shaft 1 - FW | 229.60 | 245.50 | 15.90 | 10.55 | 1.55 |
| Includes | 240.45 | 243.40 | 2.95 | 1.96 | 4.81 | |
| LIM-10-3484 | Santa Pancha Shaft 1 HW | 178.50 | 212.25 | 33.75 | 28.12 | 4.64 |
| Includes | 186.10 | 198.00 | 11.90 | 9.91 | 7.36 | |
| LIM-10-3491 | Santa Pancha Pozo 2 HW | 189.00 | 192.27 | 3.27 | 2.79 | 7.62 |
| *Metres – indicates down hole interval |
Results to date confirm the previous wide spaced drilling in this area where an inferred resource of 167,000 ounces of gold (1.1 million tonnes at 4.7 g/t gold at 2.3 g/t gold 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. Additional assay results are pending.
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.
ON BEHALF OF B2GOLD CORP.
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.
