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Friday, Sep 22, 2023
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.


B2Gold increases ownership in Yukon miner Snowline by 4.9%

The company acquired a 5 per cent stake in Snowline Gold in mid-March and now has a 9.9 per cent share

B2Gold increases ownership in Yukon miner Snowline by 4.9%
Snowline Gold employees examine core samples. Photo via Snowline Gold

B2Gold Corp. (TSX: BTO) (NYSE American: BTG) (NSX: B2G) has significantly increased its ownership in the Yukon Territory-focused mining company Snowline Gold Corp. (TSX-V: SGD) (OTCQB: SNWGF).

On Tuesday, Snowline announced that the Vancouver-based international gold producer now owned a 9.9 per cent stake.

The news follows B2Gold acquiring a 5 per cent share of Snowline in mid-March via a non-brokered flow-through private placement consisting of approximately 3.9 million shares sold to B2Gold at $4.86 a piece.

B2Gold’s decision to invest in Snowline was influenced by the promising potential of Yukon’s mining jurisdiction and the untapped potential there. The news comes as the price of gold currently sits at $2,630.65 per ounce, a $200+ increase from its value six months ago.

B2Gold’s CEO Clive Johnson said in March that Snowline’s Valley discovery at its flagship Rogue project was one of the most significant recent discoveries in Canadian history and that its land portfolio had significant untapped greenfield potential.

Snowline started an 18,000-metre drill program at its Yukon projects at the end of May with Phase III drilling now underway at the Rogue project’s Valley Zone.

B2Gold released its seventh annual ESG report entitled “Raising the Bar” in mid-May and generated $108 million more from gold sales in Q1 this year than in 2022, a 29.5 per cent increase.

Read more: Calibre Mining 2022 sustainability report shows strong support for ESG initiatives

Read more: Calibre Mining delivers first shipment of Eastern Borosi ore at La Libertad mill

Mining generates significant revenue for Yukon

Other gold producers operating in the territory include Victoria Gold Corp. (TSX: VGCX), owner of the territory’s largest gold mine; Banyan Gold Corp. (TSX-V: BYN) (OTCQB: BYAGF), which recently announced an updated mineral resource estimate for its AurMac property near Mayo with over 2 million more gold ounces than last year; and Klondike Gold Corp. (TSX-V: KG) (OTC: KDKGF), a miner that acquired 689 Yukon mining claims in February.

Additional Yukon-focused miners include Fireweed Metals Corp. (TSX-V: FWZ) (OTCQB: FWEDF) and Strikepoint Gold Inc. (TSX-V: SKP) (OTCQB: STKSF).

Snowline Gold shares dropped by 3.29 per cent on Tuesday to $3.53 but have risen by 19.66 per cent over the past five days on the TSX Venture Exchange.

B2Gold stock stayed flat at $5.14 on the Toronto Stock Exchange.


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