With the latest results from more than 30,000 metres worth of diamond drilling at its Gramalote gold property in Colombia in hand, B2Gold (BTO-T, BGLPF-O) is expecting to release a resource estimate shortly.
The operator of the project, B2Gold holds a 51% interest in the property, earned from joint-venture partner AngloGold Ashanti (AU-N, AGD-L).
Most of the 90 holes completed last year were drilled on the Gramalote Ridge zone, with 4,200 metres drilled on other targets, including the Felipe, Balzal/ Reina, San Antonio, and the Concha Sur zones.
The company plans to continue exploring the newly found zones on the Gramalote property in 2009 while working on a scoping study for the Gramalote Ridge zone. The upcoming resource estimate will focus on the Gramalote zone.
Highlights from the Gramalote Ridge zone include: 165 metres grading 1.6 grams gold per tonne in hole 60, 115 metres of 2 grams gold in hole 79 and 172 metres averaging 1.1 grams gold in hole 89.
B2Gold says these results confirm the solid grades and consistency of gold mineralization in drilling carried out earlier in the year. The results are also similar to the grades AngloGold had previously reported.
The Felipe zone is located about 130 metres west of the Gramalote Ridge zone and has so far been tested over a 280 by 340-metre area with five holes totalling 1,400 metres. Alteration and mineralization have been similar to the Gramalote Ridge zone.
Highlights from Felipe include 15 metres grading 1.5 grams gold per tonne and 16.2 metres grading 1.2 grams gold.
The Balzal/Reina zone, 180 metres south of the Gramalote Ridge zone, was also similar in alteration and mineralization. Highlights include a 46.5-metre intercept grading 2 grams gold per tonne for the Balzal area and 26.1 metres at 2.2 grams gold.
B2Gold also detected a new zone, named Trinidad, about 5 km west of the Gramalote Ridge zone. The company has drilled about 20 holes totalling 7,000 metres over a 1,100 by 500-metre area. Highlights from the most recent eight holes include 102 metres grading 0.83 gram gold per tonne in hole 15, and 51.8 metres at 0.96 gram gold in hole 17.
An even newer zone was detected recently 150 metres southeast of the Trinidad zone. It was detected in Trinidad drill hole 20, which returned 62.4 metres of 0.64 gram gold. The company plans to follow up on this discovery in 2009.
Another 1,000 metres have been completed on the Cristales zone, which is about 3 km south of the Gramalote Ridge zone, and has shown wide zones of alteration and veining similar to the Gramalote Ridge zone but assay results have not yet been sent back from the lab.
The Gramalote project is one of four the company is working on in Colombia in addition to two projects in western Russia.
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