B2Gold Corp. Announces Continued Positive Exploration Drill Results from the Quebradona and Gramalote Gold Properties
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VANCOUVER, BRITISH COLUMBIA, Aug 05 (MARKET WIRE) --
B2Gold Corp. (TSX VENTURE: BTO) ("B2Gold" or the "Company") is pleased to
announce further exploration drilling results from the Quebradona
property in Colombia, and the Company's first drilling results from the
Gramalote property, also in Colombia. The Quebradona and Gramalote
properties are joint ventures with AngloGold Ashanti Limited ("AngloGold
Ashanti").
The new drilling results from Quebradona confirm and extend the good
grade results from the first six holes (see press release dated 02/07/08)
in the Aurora system, while the results from the first 11 holes at
Gramalote are similar to the good grade results from AngloGold Ashanti's
previous 43 drill holes (see press release dated 06/23/08).
Quebradona Property
The Quebradona property is located 60 kilometres ("km") southwest of
Medellin, Colombia. The new results from Quebradona are from an
additional 14 holes, totaling 3,639 metres ("m") on the Aurora system.
The first 5,300 m drill program at Quebradona focused on the Aurora and
Isabella systems, which are two of five gold-bearing porphyry systems
outlined by prior surface sampling on the six by four km Quebradona
property. The Company is planning to drill the remaining three systems
comprising La Sola, Chaquiro and Tenedor in the next several months.
The Aurora system consists of two strong gold occurrences contained
within a suite of intermediate intrusive and volcanic rocks. Aurora
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.
An additional 10 holes totaling 2,836 m have been drilled at Aurora,
including seven holes totaling 1,685 m at La Mama that followed up the
initial six hole 1,662 m program (see press release dated 05/28/08).
Three holes totaling 1,151 m also tested the La Isla zone.
Drilling has now tested a 700 by 400 m area of the La Mama zone with
intercepts up to 162 m of 0.97 grams per tonne ("g/t") gold ("Au") in
Hole 1 and 85 m of 1.20 g/t Au in Hole 11. Significant gold
mineralization has been outlined over a 400 m long by 100 m wide zone
extending to at least 250 m in depth. The zone remains open at depth.
Further drilling will infill the zone with the objective of defining an
inferred resource 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 1.07 g/t Au in Hole 8. Further drilling will
test the extensions of the zone.
Six km southwest of Aurora, surface panel sampling at Isabella returned
up to 19.9 m at 3.15 g/t Au and 9.5 m at 1.49 g/t Au in a 70 m wide
structural corridor containing stockwork and sheeted quartz-sulphide
veining in potassic-altered volcanic rocks. Drilling of four holes
totaling 803 m tested a 250 by 150 m area with results up to 125 m at
1.00 g/t Au in chlorite altered volcanics and intrusives with
magnetite-quartz-sulphide veining. Although the results from Hole 1 are
encouraging, the size of the mineralized system appears to be limited.
Additional drilling is planned to follow up the mineralization
intersected in ISA-001.
Highlights of the results from the first twenty drill holes are shown
below. All reported values have been validated by B2Gold's quality
control procedures:
La Mama Drill Holes 1 to 16 and Isabella Drill Holes 1 to 4 Assay Results
---------------------------------------------------------------------
From To Metres Gold Silver Copper
Location Hole # (m) (m) (m) (g/t) (g/t) (%)
---------------------------------------------------------------------
La Mama 1 4.05 165.92 161.87 0.97 2.50 0.154
---------------------------------------------------------------------
La Mama 2(i) 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 2.08 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 0.60 1.00 0.127
---------------------------------------------------------------------
La Isla incl. 256.60 439.00 182.40 1.07 1.20 0.189
---------------------------------------------------------------------
La Isla 9 136.00 223.00 87.00 0.54 1.80 0.138
---------------------------------------------------------------------
La Isla and 251.00 272.90 21.90 0.53 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
---------------------------------------------------------------------
---------------------------------------------------------------------
Isabella ISA 1 0 234.69 234.69 0.70 (ii) (ii)
---------------------------------------------------------------------
Isabella incl. 4.00 129.00 125.00 1.00 0.90 0.100
---------------------------------------------------------------------
Isabella incl. 22.00 60.00 38.00 2.02 2.10 0.194
---------------------------------------------------------------------
Isabella ISA 2 26.50 56.00 29.50 0.41 0.20 0.048
---------------------------------------------------------------------
Isabella ISA 3 No significant values
---------------------------------------------------------------------
Isabella ISA 4 72.00 105.00 33.00 0.42 0.70 0.116
---------------------------------------------------------------------
(i) Lost hole at 52.70 m in mineralization.
(ii) Pending quality control validation.
Under its Colombian joint venture agreement with AngloGold Ashanti,
B2Gold has the right to carry out the first 5,000 m of exploration
drilling on each property assigned to the joint venture. Upon completion
of the first 5,000 m drill program, AngloGold Ashanti has the following
options: (i) elect to participate in future exploration as the operator
at 65% and free carry B2Gold 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 Company completed the 5,000 m
drill program at Quebradona on May 28, 2008 and expects a participation
decision by AngloGold Ashanti by the end of August. In the event
AngloGold Ashanti decides to fund as the owner of a 49% interest with the
Company as the operator, the Company plans to commence an aggressive
drill program to further drill test the Aurora zones as well as carry out
initial exploration drilling on the other three defined porphyry gold
targets as well as the prominent magnetic high targets outlined by the
1,320 line-km airborne magnetic survey on the Quebradona property.
Since completing the initial 5,000 m, an additional six holes totaling
2,836 m have now been drilled in the La Mama zone for a total of 22 holes
and 6,090 m drilled at Aurora to date. Several of these additional drill
holes have encountered similar stockwork mineralization encountered in
the first 16 holes. Assay results from these additional holes are
pending, and will be released as available.
Gramalote Property (B2Gold 51%, AngloGold Ashanti 49%)
Drilling is ongoing with five drills at the Gramalote property located
230 km northwest of Bogota and 80 km northeast of Medellin in central
Colombia. The current drill program is testing the Gramalote Ridge and
Trinidad zones. Twenty nine holes totaling 9,547 m have been completed at
Gramalote Ridge for a total of 14,631 m in 42 holes, which includes 13
holes totaling 5,085 m completed at Trinidad. Drilling at Gramalote Ridge
has tested a 900 by 450 m area and results are similar to those that
AngloGold Ashanti found in previous drilling of 43 holes. In-fill
drilling is ongoing with four drills at Gramalote Ridge. The plan is to
complete a resource study once all results for the in-fill program are
received. At Trinidad, initial drilling has encountered similar
mineralization to that of Gramalote Ridge over a 600 m by 500 m area.
Partial results for the first 11 holes at Gramalote Ridge are listed
below and results from the first round of drilling at Trinidad are
expected to be released by the end of August.
--------------------------------------------------------------------------
Gold Sil-
From To Length Gold capped ver
Hole (m) (m) (m) g/t at 20 g/t g/t Comments
--------------------------------------------------------------------------
--------------------------------------------------------------------------
GR08-044 24.76 186.65 161.89 0.54 0.54 0.69
--------------------------------------------------------------------------
and 258.05 281.15 23.10 3.59 2.72 2.13
--------------------------------------------------------------------------
--------------------------------------------------------------------------
GR08-045 35.47 98.40 62.93 0.53 0.53 0.70
--------------------------------------------------------------------------
and 111.80 181.05 69.25 1.23 1.23 0.95
--------------------------------------------------------------------------
and 233.15 356.60 123.45 1.59 1.46 2.96
--------------------------------------------------------------------------
and 356.60 457.75 101.15 0.51 0.51 2.10
--------------------------------------------------------------------------
--------------------------------------------------------------------------
GR08-046 0 86.10 86.10 0.72 0.72 0.83
--------------------------------------------------------------------------
and 110.30 175.00 64.70 1.02 1.00 1.02
--------------------------------------------------------------------------
and 207.20 241.30 34.10 2.60 1.59 3.80
--------------------------------------------------------------------------
and 356.50 421.00 64.50 0.85 0.85 0.94
--------------------------------------------------------------------------
--------------------------------------------------------------------------
GR08-047 72.82 162.07 89.25 1.66 1.05 1.24
--------------------------------------------------------------------------
Portion of
interval to be
and 195.63 250.12 54.49 0.93 0.93 0.92 rerun
--------------------------------------------------------------------------
and 279.49 383.90 104.41 0.99 0.98 0.62
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Portion of
interval to be
GR08-048 281.80 390.30 108.50 0.49 0.49 1.54 rerun
--------------------------------------------------------------------------
and 428.90 460.27 31.37 3.10 2.86 2.48
--------------------------------------------------------------------------
--------------------------------------------------------------------------
GR08-049 0 72.00 72.00 1.19 1.19 2.05
--------------------------------------------------------------------------
and 217.60 282.00 64.40 0.64 0.64 1.17
--------------------------------------------------------------------------
--------------------------------------------------------------------------
GR08-050 74.08 227.06 152.98 0.92 0.92 1.06
--------------------------------------------------------------------------
--------------------------------------------------------------------------
GR08-051 0 10.20 10.20 0.96 0.95 5.22
--------------------------------------------------------------------------
and 54.55 112.40 57.85 1.33 0.99 0.67
--------------------------------------------------------------------------
and 152.90 166.00 13.10 3.13 2.89 1.12
--------------------------------------------------------------------------
and 207.26 237.35 30.09 Results pending
--------------------------------------------------------------------------
and 237.35 245.65 8.30 1.57 1.57 1.48
--------------------------------------------------------------------------
--------------------------------------------------------------------------
GR08-052 156.08 194.80 38.72 0.78 0.78 0.70
--------------------------------------------------------------------------
and 304.43 327.28 22.85 1.07 1.07 0.68
--------------------------------------------------------------------------
--------------------------------------------------------------------------
GR08-053 237.20 316.90 79.70 0.99 0.59 0.78
--------------------------------------------------------------------------
--------------------------------------------------------------------------
GR08-054 102.16 110.51 8.35 0.94 0.94 2.47
--------------------------------------------------------------------------
and 129.99 196.05 66.06 Results pending
--------------------------------------------------------------------------
and 213.38 240.90 27.52 4.67 3.42 3.51
--------------------------------------------------------------------------
--------------------------------------------------------------------------
GR08-055 82.78 177.48 94.70 1.58 1.58 1.48
--------------------------------------------------------------------------
and 198.50 327.75 129.25 1.77 1.51 1.19
--------------------------------------------------------------------------
--------------------------------------------------------------------------
GR08-056 212.70 278.10 65.40 1.61 1.40 1.18
--------------------------------------------------------------------------
--------------------------------------------------------------------------
GR08-057 0 46.3 46.3 Results pending
--------------------------------------------------------------------------
and 53.05 74.66 21.61 0.46 0.46 1.18
--------------------------------------------------------------------------
and 265.00 336.15 71.15 Results pending
--------------------------------------------------------------------------
and 336.15 348.20 12.05 1.24 1.24 1.54
--------------------------------------------------------------------------
and 348.2 389.75 41.55 Results pending
--------------------------------------------------------------------------
--------------------------------------------------------------------------
GR08-058 58.60 203.15 144.55 1.13 1.10 0.94
--------------------------------------------------------------------------
B2Gold is planning to drill a total of 25,000 m at Gramalote for 2008.
At the 100% owned Mocoa copper molybdenum deposit B2Gold is currently
drilling with two drills as part of a 3,800 m drill program. B2Gold has a
2008 Colombian exploration budget of US$21.8 million.
The drilling program at the Quebradona and Gramalote properties are
reviewed and the results approved by Tom Garagan, B2Gold's Qualified
Person under Natural Instrument 43-101. Both the Quebradona and Gramalote
drill programs utilize extensive QAQC (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.
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.
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 TSX Venture Exchange neither
approves nor disapproves the information contained in this News Release.
Contacts:
B2Gold Corp.
Ian MacLean
Vice President, Investor Relations
(604) 681-8371
B2Gold Corp.
Kerry Suffolk
Manager, Investor Relations
(604) 681-8371
Website: www.b2gold.com
Copyright 2008, Market Wire, All rights reserved.
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