B2Gold off to a solid start at Quebradona

B2Gold‘s (BTO-V) first set of drill results from its Quebradona joint venture property in Colombia have confirmed grades from surface sampling and trenching with some near-surface intersections extending beyond 200 metres.

By funding the 5,000-metre drill program, B2Gold will end up with a 51% stake in the 24-sq.-km property with partner, AngloGold Ashanti (AU-N).

The drill program is now nearly complete, with less than 1,000 metres to go.

The company has received assays for the first six holes totaling 1,700 metres with the first set of results from the La Mama zone, which is a part of the Aurora porphyry system.

The entire length of Hole 2 returned a 52.7-metre intersection grading 1.36 grams gold per tonne, 2.1 grams silver and 0.144% copper.

Hole 4 returned 86 metres grading 2.08 grams gold per tonne, 2.6 grams silver and 0.166% copper.

Hole 6, drilled the deepest to 235 metres, yielded 229 metres grading 0.8 gram gold per tonne, 2 grams silver an d0.145% copper, including 125 metres grading 1.07 grams gold per tonne.

The holes were drilled over a 400-metre by 300-metre area and all six holes were found to be hosted by strong potassic-altered intermediate volcanic rocks, diorite, and microdiorte, with abundant magnetite-quartz and stock working.

The Aurora system covers an 800-metre by 700-metre area and also includes the La Isla zone.

Both La Mama and La Isla are open to the south, north and at depth. A second drill program is planned to further test Aurora with a focus on three other porphyry gold targets on the Quebradona property.

B2Gold has a deal with AngloGold Ashanti for several other Colombian properties in return for a stake in B2Gold of up 26%, if all warrants are exercised.

B2Gold shares were up 10 by late morning to $1.50 each on a volume of 98,000 shares.