B2Gold Revises Mineral Estimates At Goose, Begins Study To Expand Mill

B2Gold Corp (TSX: BTO) has updated its mineral reserve and resource estimates for the up and coming Goose Project, part of the Back River Gold District found in Nunavut. The update is part of a refreshed technical report for the entire Back River region owned by B2Gold, with the report having the implication of updating the life of mine plan for Goose.

The updated report has noted three changes for the reserves and resources at Goose, including:

• Indicated resources of 3.56 million ounces of gold at 7.16 g/t
• Inferred resources of 2.44 million ounces of gold at 7.54 g/t
• Probable mineral reserves of 2.48 million ounces at 6.82 g/t gold

The impact here is that measured resources of 1.8 million gold ounces have been removed from the estimate entirely for the Back River property. Total indicated resources across the property have also declined, falling from 4.5 million ounces in prior estimates to 4.0 million ounces under the current estimate. Inferred resources meanwhile have grown across the entire group of claims, which went from 2.9 million ounces to 3.6 million ounces.

The changes have resulted in an initial life of mine estimate of 9 years for the open pit and underground gold mine, which is based on mining the Goose, Echo, Umwelt and Llama open pits, and the Umwelt underground. Additional infill drilling is expected to move much of that inferred resource into the indicated category.

The report also calls for the production of 2.3 million ounces of gold over the initial life of mine, with average annual production of 300,000 ounces a year for the first six years at an average grade of 6.82 g/t gold. Recoveries are estimated at 92.5%. All in sustaining costs over the life of mine meanwhile are estimated at $1,547 an ounce.

To add to this, a study is being commissioning that would examine the addition of a SAG mill to the operation, increasing the mill throughput from 4,000 to 6,000 tpd, which would materially impact expected annual production while lowering costs over the life of mine.

In terms of exploration, $32 million is to be spent on the Back River district this year, of which $21 million has been allocated to Goose.

The Goose Project is currently expected to see its first gold pour in the second quarter of 2025, followed by commercial production levels being achieved in Q3. Gold production for 2025 is estimated to be between 120,000 to 150,000 ounces. Total construction expenditures are expected to come in at $1.54 billion.

B2Gold last traded at $4.54 on the TSX.

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