B2Gold, a low-cost international senior gold producer, has announced positive exploration drilling results at the Otjikoto Mine in Namibia, revealing an opportunity to expand the underground mining operation
It appears that the US$3.3mn B2Gold put into an exploration programme into Namibia is paying off for the company. Exploration drilling focused on the ML169 mining license that surrounds Otijkoto, with a total of 22,058 m of drilling completed in 2023. The majority of this targeted the high-grade mineralisation of the Antelope deposit (comprised of the Springbok Zone, Oryx Zone and possible third structure of Impala) which was discovered in 2022 following deep drill testing on three-dimensional models of magnetic inversion data.
High-grade mineralisation has now been discovered across the structures of the Antelope deposit with drill results at the Springbok Zone and Oryx Zone indicating the potential for possible underground development.
Further exploration drilling
The company has now stated there will be an exploration budget of US$9mn for Namibia in 2024, with a 39,000 m drill programme planned to define and expand the Antelope deposit. An initial mineral resource estimate at the deposit is anticipated by the third quarter of 2024.
Currently at Otjikoto, open pit mining operations are scheduled to ramp down throughout 2024 and conclude in 2025, but underground mining operations at Wolfshag are expected to continue through 2026. Processing operations will continue through 2031, when economically viable stockpiles are forecast to be exhausted.
The positive drill results from the Antelope deposit, however, indicate there is potential for a possible underground development to supplement the processing of stockpiles through 2031, with a goal of increasing the mine's gold production levels to more than 100,000 ounces per year between 2026 and 2031.
Elsewhere, one of Africa’s largest gold mines has gone green through the use of green electricity on site. Discover the full story at: https://africanreview.com/mining/one-of-africa-s-largest-gold-mines-goes-green
