B2Gold says the Antelope deposit has the potential to develop into an underground mining operation, which could complement the expected processing of stockpiles at the Otjikoto mill from 2026 through 2031.
The Antelope deposit, about 3km south of the Otjikoto Gold Mine, was discovered in 2022 following deep drill testing on three-dimensional models of magnetic inversion data.
The deposit, which comprises the Springbok Zone, the Oryx Zone, and a possible third structure, Impala, is subject to further confirmatory drilling.
The current gold production estimates at Otjikoto are expected to be between 180,000 to 200,000 ounces in 2024 and 2025, just under 100,000 ounces in 2026, and stepping down to sub 50,000 ounces from 2026 through 2031 during the processing of low-grade stockpiles.
The open pit operations at Otjikoto are anticipated to conclude in 2025, while underground mining operations at Wolfshag will continue through 2026.
B2Gold has set aside a US$9m budget for the 2024 exploration, focusing predominantly on the Antelope deposit, the largest drill program since the definition of the Wolfshag discovery in 2012.
A 39,000 m drill program has been planned to define and expand the Antelope deposit, with the initial Mineral Resource estimate at the Antelope deposit anticipated by the third quarter of 2024.
In a statement Wednesday, B2Gold said the drill results at the Springbok Zone and Oryx Zone indicate the potential for possible underground development of the Antelope deposit, which could begin to contribute to gold production at Otjikoto in 2026
The company said the underground mining of the Antelope deposit can supplement stockpile processing through 2031 and increase gold production levels to over 100,000 ounces per year from 2026 through 2031.
“An initial Mineral Resource estimate at the Antelope deposit is anticipated by the third quarter of 2024, with an internal scoping study on an underground mining operation to be completed by the first quarter of 2025,” B2Gold said.
