An additional investment will be made to accelerate underground mining at the Goose project to increase annual gold production over the initial five years of the mine plan to more than 300,000 ounces per year
B2Gold allocates an additional $68.35m investment for the Goose gold project. (Credit: ivabalk from Pixabay)
Canadian gold miner B2Gold has allocated an additional C$90m ($68.4m) for the Goose gold project located in Nunavut, Canada, thereby increasing the total capital expenditure (capex) to C$890m ($676.3m).
The initial capital expenditure estimate for the project is C$800m ($608m).
According to B2Gold, the additional investment will be made to accelerate underground mining at the Goose project. This will increase annual gold production over the initial five years of the mine plan to more than 300,000 ounces per year, including the mining of the Umwelt crown pillar.
Originally, the initial capex estimated for the gold project based on the March 2021 feasibility study was C$610m ($463.5m).
Located in the Back River Gold District, the Goose project was acquired by B2Gold as part of its C$1.2bn ($912m) acquisition of Sabina Gold & Silver in April 2023.
The Goose gold mine is the most advanced project in the gold district, which is fully permitted and ready for construction.
B2Gold said that underground mining is currently slated to mine and backfill the full Umwelt crown pillar earlier in the mine life. It is projected to contribute gold production of more than 150,000 ounces to the life of mine plan.
The Canadian mining company also said that it has received all the critical materials required to complete the construction of the mill at the Goose project on schedule in Q1 2025.
Currently, the camp construction is ongoing, including the setting up of construction workshops, and the installation of generators, said B2Gold.
B2Gold also expects to complete an updated Goose gold project life of mine plan in the second half of this year.