B2Gold’s Goose area keeps laying bonanza eggs

B2Gold (TSX: BTO; NYSE-A: BTG) says infill drilling in Nunavut’s Back River gold district reinforces the area’s expansion potential while improving the odds that mine life can be prolonged.

Standout hole 25GSE-702 at the Llama deposit cut 13.7 metres grading 41.95 grams gold per tonne from 218.25 metres depth, B2Gold said late Wednesday in a statement. Nearby hole 25GSE-715Z1, meanwhile, intersected 38.2 metres of 17.95 grams gold over 38.20 m from 501.1 metres.

Llama is one of six main deposits that B2Gold is exploring near its existing Goose mine, which reached commercial production in October. Goose accounted for about 13% of B2Gold’s total output in the fourth quarter – a share that the company projects will rise to 22% this year.

B2Gold’s 2025 exploration campaign “further demonstrates the exploration potential of the Back River gold district and the opportunity to extend the mine life of Goose,” Scotia Capital mining analyst Ovais Habib said Thursday in a note.

Mine plan

Although B2Gold’s current mine plan targets total production of 2.3 million oz. over nine years, it is based on just a fraction of the Back River district’s resource base.

Back River holds 15.5 million indicated tonnes grading 7.16 grams gold for 3.56 million oz. gold of contained metal, according to a December 2024 technical report on the Goose project. Inferred resources are pegged at 10.1 million tonnes grading 7.54 grams for contained metal of 2.44 million oz. gold.

At the nearby Nuvuyak deposit, drilling continued to intersect mineralization, extending known zones and pointing to potential future additions to the mine’s production profile, B2Gold said Thursday. For example, hole 25GSE700Z2 cut 27.3 metres grading 6.65 grams gold from 1,017 metres depth.

Mining at Nuvuyak isn’t yet contemplated in Goose’s life of mine plan, though it remains a high-priority target based on drilling to date, B2Gold said. Nuvuyak holds 2.63 million inferred tonnes grading 8.26 grams gold for contained metal of 700,000 oz. of gold, according to the December 2024 technical report.

Llama is scheduled as the next deposit to be mined in the life of mine plan for Goose. It’s located about 1,500 metres north of the Umwelt deposit, where mining operations are ongoing.

Spending boost

Other highlights released Wednesday included hole 25GSE-715Z3, which cut 19.5 metres of 10.16 grams gold from 490.60 metres depth, and hole 25GSE-720Z1, which cut 18.80 metres grading 19.74 grams gold starting at 513.60 metres. Hole 25GSE-721Z2, meanwhile, cut 21.85 metres of 13.30 grams gold from 470.60 metres downhole.

Exploration is a cornerstone of B2Gold’s strategy at Back River. After spending $32 million on the district last year, the company has set aside another $46 million in 2026.

B2Gold’s 2025 exploration program covered 28,599 metres in 140 drill holes across both near-mine and regional targets. Work focused on tightening drill spacing, testing depth extensions and advancing new targets across the district.

Geologically, the district hosts multiple deposits along a continuous iron formation corridor that remains open in several directions, suggesting significant exploration upside.

Located about 1,400 km west of Iqaluit, Goose is expected to produce between 170,000 and 230,000 oz. of gold this year. Output is projected to climb to more than 300,000 oz. in 2027, continuing over the medium term.

B2Gold shares rose about 1% to C$5.87 Thursday morning in Toronto, boosting the company’s market value to about $7.9 billion (US$5.7 billion). The stock has traded between $3.62 and $8.60 in the past year.