Canadian miner B2Gold has reaffirmed its C$1.54-billion construction and mine development cost estimate for the Goose project in the Nunavut region, and has revealed that it is evaluating a potential expansion of the project’s mill throughput capacity.

The Goose project, part of the Back River gold district, remains on schedule for first gold production in the second quarter of 2025, with commercial production expected in the third quarter. 

The mine, with a nine-year reserve life, is forecast to produce about 2.3-million ounces of gold over its lifespan, including an average of 300 000 oz/y from 2026 to 2031.

B2Gold’s updated mineral resource estimate for the Goose project confirms 3.56-million ounces of gold in the indicated category and 2.44-million ounces in the inferred category. The company has reclassified some previously indicated resources as inferred owing to stricter drill spacing requirements, but remains confident that infill drilling will convert a significant portion back to indicated and ultimately mineral reserves.

The company is also investigating underground development potential at the Echo, Llama, and Goose deposits, which were excluded from the current mineral reserve plan but could extend the mine life.

B2Gold projects an all-in sustaining cost (AISC) of $1 547/oz over the mine’s reserve life. Excluding one-time costs related to a new renewable-energy facility and power plant optimisation, the AISC would be about $1 490/oz. From 2027 through 2031, the company expects an average AISC of $1 360/oz.

EXPANSION AND OPTIMISATION
To maximise long-term project value, B2Gold has launched multiple optimisation studies, including a review of mining strategies and the feasibility of less frequent winter road construction. The company is also evaluating a semi-autogenous grinding mill to complement the existing 4 000 t/d ball mill, potentially increasing mill capacity to 6 000 t/d.

“With an increase in mill throughput, B2Gold anticipates that the Goose project could achieve an increase in average annual gold production, a reduction in life-of-mine AISC, and an increase in the net present value of the project,” the company said.

The company expects to complete its mill expansion study by late 2025 or early 2026, with results potentially leading to a significant increase in gold production from the Goose project.