Name of the Project
Back River Gold – Goose mine gold project.

Location
Back River district, in Nunavut, Canada.

Project Owner/s
Precious Metals miner B2Gold.

Project Description
The Back River gold district comprises 11 mineral claims blocks along an 80 km belt. Construction is under way at Goose, the most advanced project in the district.

Based on the mineral reserve life-of-mine (LoM) plan, B2Gold is evaluating a flotation/concentrate leach process as a potential option to increase gold recovery and reduce operating costs. 

The company is starting a study on the installation of a semiautogenous grinding (SAG) mill, to be paired in conjunction with the existing 4 000 t/d ball mill, which could potentially expand mill throughput capacity.

B2Gold believes that the addition of a SAG mill could potentially result in an increase in the mill throughput, from 4 000 t/d to 6 000 t/d, which, in turn, could result in an increase in average yearly gold production.

The miner further plans to evaluate underground and openpit mining strategies to lower costs and capture additional existing mineral resources into the mine plan.

The mineral reserve estimate includes probable reserves of 11.3-million tonnes grading 6.82 g/t gold for a total of 2.48-million ounces of gold.

Average yearly gold production is estimated at 270 000 oz over the mineral reserve LoM of nine years.

The company is also evaluating the viability of building and running the Goose project winter ice road on a less than yearly basis.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has an estimated after-tax net present value, at a 5% discount rate, of C$1.1-billion and an internal rate of return of 28%, with a payback of 2.3 years.

Capital Expenditure
C$1.54-billion.

Planned Start/End Date
Construction and development are on schedule for first gold pour in the second quarter of 2025, followed by ramp-up to commercial production, expected in the third quarter of 2025. 

Latest Developments
B2Gold has poured first gold at its Goose mine, officially starting production at its first Canadian operation and expanding the company’s global footprint.

The mine processed its first ore on June 24 and has since been running at about 50% of design capacity, in line with commissioning plans. The company expects to reach commercial production during the third quarter of 2025, with throughput ramping up to full capacity in the near term.

B2Gold’s first gold pour at Goose comes as the company pivots toward lower-risk jurisdictions, having made its Canadian debut through the 2023 acquisition of Sabina Gold and Silver and the Back River project.

B2Gold has also acknowledged the Kitikmeot Inuit Association (KIA), which has been a long-standing partner in the development of the project.

“Respect and collaboration with the KIA is central to the licence to operate in the Back River gold district and B2Gold will prioritise operating the Goose mine in a manner that recognises Inuit priorities, addresses concerns, and brings long-term socioeconomic benefits to the Kitikmeot region,” the company has said.

A total of $32-million has been allocated for exploration across the Back River gold district this year, forming part of B2Gold’s broader $61-million global exploration budget.

The company has said there is significant potential for resource growth in the region.

Key Contracts, Suppliers and Consultants
None stated.

Contact Details for Project Information
B2Gold, tel +1 604 681 8371 or email investor@b2gold.com.