B2Gold banks on Antelope deposit for growth

New life
B2Gold's Antelope deposit, located 3 kilometres south of its Otjikoto mine's pit, holds potential to breathe new life into the mining operation, which was originally anticipated to cease operations in 2031.
Ogone Tlhage
  • 2 Days Ago
Canadian miner B2Gold is banking its hopes on the Antelope deposit to supplement gold production at its Otjikoto mine, it said.

The mining company expects to receive a Preliminary Economic Assessment (PEA) before the end of the first quarter of 2025 that will determine whether it will be able to proceed with the development of the Antelope deposit.

It follows the completion of an initial inferred mineral resource assessment completed in 2024, it said in an update to the market.

“Following the successful completion in 2024 of an initial Inferred Mineral Resource Estimate for the Springbok Zone, which is the southernmost shoot of the recently discovered Antelope deposit located approximately 3 kilometres (km) south of the Otjikoto Phase 5 open pit at the Otjikoto Mine in Namibia, the Company commenced a PEA which is expected to be completed early in the first quarter of 2025,” B2Gold said.

Pending the outcome of the PEA, B2Gold said mining of the Antelope deposit, which encompasses the Springbok Zone, was expected to commence as early as 2028.

“Subject to receipt of a positive PEA and necessary permits and approvals, mining of the Springbok Zone could begin to contribute to gold production at Otjikoto as early as 2028. An initial budget of up to $10 million (N$189 million) has been approved to de-risk the Antelope deposit development schedule by advancing early work planning, project permits and long lead orders,” the mining company said.

Further exploration of the Antelope deposit held the potential to supplement up to 90 000 ounces to the Otjikoto mine’s existing production from 2029 through to 2032, with the potential to further extend its life of mine beyond the anticipated closure in 2031.

“Exploration of the greater Antelope deposit has the potential to supplement the processing of low-grade stockpiles at Otjikoto, with an initial goal of adding between 80 000 and 90 000 ounces of additional gold production per year from 2029 through 2032, with potential to extend mine life further through additional drilling at the Springbok and Oryx Zones at the Antelope deposit,” B2Gold.