B2Gold Corp. (TSX: BTO) (NYSE AMERICAN: BTG) (NSX: B2G) has hit a significant stride in its exploration efforts at the Back River Gold District in Nunavut. The findings showcase high-grade mineralization at the Goose Project and signal a potential expansion of mineral reserves.
The company’s strategic focus on this rich geological area could pave the way for substantial growth in its mining operations.
B2Gold reported this week that as of October 2023, a total of 23,605 meters were drilled across 77 holes, with particular emphasis on the Goose Project’s Llama deposit.
Exploration efforts yielded positive results at the Llama deposit, showcasing high-grade mineralization located 110 meters down plunge from the existing resource boundary.
Drill hole 23GSE-626 returned a compelling 7.79 grams per tonne over 22.00 meters, including a higher-grade interval of 11.22 g/t over 14.40 meters at a vertical depth of 660 meters.
In addition to the successes at Llama, infill drilling at the Umwelt deposit provided further confirmation of high-grade mineralization.
Other results included drill hole 23GSE-618 returning 14.28 g/t gold over 16.00 meters from 248.00 meters, and drill hole 23GSE-620 reporting 10.20 g/t gold over 19.00 meters from 274.00 meters. These results are set to be integrated into the upcoming optimized life-of-mine plan for the Goose Project.
The exploration initiative was part of B2Gold’s broader strategy, as the company approved a US$20 million exploration budget for the latter part of 2023.
The initiative involved the deployment of two drill rigs in early August 2023 to test the Llama deposit for mineral resource confirmation and expansion. The exploration sought to examine regional targets developed based on structural modelling and geophysical re-processing over a 10-kilometre strike length.
Back River Gold District Overview. Map via B2Gold
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The Goose Project, forming part of the larger Back River Gold District, includes five known deposits with existing mineral resources including Umwelt, Llama, Goose, Echo and Nuvuyak.
The company sees substantial exploration potential across all known deposits, particularly focusing on areas open at depth and underexplored zones within the favourable host stratigraphy.
October assay results from 16 of the 51 drilled holes at the Goose Project have been received. At the Umwelt deposit, drilling was strategically designed to confirm the geometry and grade continuity of high-grade shoots below the planned open pits. The results affirm the continuity of high-grade mineralization in the hinge and short limb of the Umwelt antiform, providing essential information for underground mine design planning.
The parallel exploration activities at the Llama deposit demonstrated the extension of the structure at depth, showcasing the potential for significant gold reserves.
Drill hole 23GSE-626 returned 7.79 g/t over 22.00 meters from 729.00 meters, including a higher-grade intercept of 11.22 g/t over 14.40 meters. Also, drill hole 23GSE-614 returned high-grade narrow results on the less-drilled east limb of the Llama deposit, including 32.75 g/t gold over 2.05 meters from 365.95 meters.
The positive drilling results, particularly at the Goose Project, underscore the potential for expanding mineral reserves, promising a prosperous future for B2Gold in the vibrant gold mining landscape.
