B2Gold’s Otjikoto Mine in Namibia, in which the Company holds a 90% interest, had a strong finish to 2023 and produced an annual record of 208,598 ounces of gold, at the upper end of the guidance range of 190,000 to 210,000 ounces, mainly due to improved processed grade as a result of higher-grade ore mined from the Wolfshag underground mine.
According to the Company’s full year results for the year ended December 31 released yesterday, mill feed grade was 1.91 g/t, mill throughput was 3.44 million tonnes, and gold recovery averaged 98.6%.
In the fourth quarter of 2023, the Otjikoto Mine produced a quarterly record of 81,111 ounces of gold. For the fourth quarter of 2023, mill feed grade was 2.88 g/t, mill throughput was 0.89 million tonnes, and gold recovery averaged 98.5%.
“As of the beginning of 2023, the Probable Mineral Reserve estimate for the Wolfshag deposit included 203,000 ounces of gold in 1.1 million tonnes of ore at an average grade of 5.55 g/t gold. Open pit mining operations at the Otjikoto Mine are scheduled to ramp down throughout 2024 and conclude in 2025, while 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,” said the miner.
On January 31, 2024, the Company announced positive exploration drilling results from the Antelope deposit at the Otjikoto Mine. The Antelope deposit, comprised of the Springbok Zone, the Oryx Zone, and a possible third structure, Impala, subject to further confirmatory drilling, is located approximately 3 km south of the Otjikoto Phase 5 open pit. The Antelope deposit has the potential to be developed as an underground mining operation, which could complement the expected processing of low-grade stockpiles at the Otjikoto mill from 2026 through 2031.