It is with great pleasure that B2Gold Corp. (“B2Gold”) announces the successful completion of the acquisition of Oklo Resources Limited (ASX: OKU) (“Oklo”). In exchange for 0.0206 of a B2Gold common share (each entire share, a “B2Gold Share”) and A$0.0525 in cash for each Oklo Share held, B2Gold has purchased 100% of the fully paid ordinary shares of Oklo (the “Oklo Shares”). At completion, B2Gold paid Oklo shareholders a total cash consideration of around A$27.4 million and issued 10,742,814 B2Gold Shares to Oklo owners, which amounts to about 1% of the undiluted B2Gold Shares.
With the purchase of Oklo, B2Gold now has a total of 1,405 km2 of additional territory, including the Dandoko Project (550 km2), which is now a component of the Fekola Complex in Mali, one of West Africa’s most promising greenstone belts. The Dandoko Project is situated about 25 kilometres from the Fekola Mine and 25 kilometres from the Anaconda region on a subparallel, north-trending structure east of the productive Senegal-Mali Shear Zone. With an estimated US$35 million budget, B2Gold is now working on a 161,000 metre drill programme for Mali in 2022.
For the Dandoko Project, Oklo provided an initial Measured and Indicated mineral resource estimate in March 2021 that was compliant with JORC 2012 and estimated to contain 8.70 million tonnes at 1.88 grammes per tonne (“g/t”) for 528,000 ounces of gold and 2.63 million tonnes at 1.67 g/t for 141,000 ounces of gold. The Seko, Koko, Disse, and Diabarou deposits, all of which are still open and are anticipated to expand with continued exploratory drilling both along strike and at depth, are where the mineral resources are dispersed. Significantly, B2Gold thinks the Oklo resource would be suitable for processing at B2Gold’s Fekola mill since it has metallurgical traits with the Fekola resources.
By October 2022, the Company anticipates having a diamond drill rig specifically for the Dandoko project on-site with the aim of finishing up to 4,000 metres of combined metallurgical and geotechnical drilling as well as the preliminary stage of strategic exploration drilling. At this point, further early-stage targets inside the recently purchased landholding will also be evaluated.
The company is still assessing its options for the timing and sourcing of material from all deposits within the Fekola Complex area in light of the acquisition of Oklo and its flagship Dandoko project (including Fekola, Cardinal, the Anaconda Area, Bakolobi and Dandoko). First saprolite production is now projected in the second quarter of 2023, and this new review is scheduled to be finished by the end of 2022. The Company aims to start its planned Phase I infrastructure development in the fourth quarter of 2022, subject to receiving all required permits and finishing a final development plan.
The data has been examined and approved by Tom Garagan, Senior Vice President of Exploration at B2Gold and a qualified person as defined by National Instrument 43-101.
About B2Gold Corp.
A low-cost international senior gold producer with its main office in Vancouver, Canada, is B2Gold. Since its founding in 2007, B2Gold has developed and is currently running gold mines in the Philippines, Namibia, and Mali as well as many exploration and development projects in Mali, Colombia, Finland, and Uzbekistan. Between 990,000 and 1,050,000 ounces of total combined gold production are what B2Gold predicts will be produced in 2022.