Montage Discovers New High-Grade Targets at Koné Gold Project, including 27m at 8.97g/t at Yeré North and 36m at 2.45g/t at Gbongogo South; Continues to Confirm Resource at Gbongogo Main and Expands Drill Program
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Montage Discovers New High-Grade Targets at Koné Gold Project, including 27m at 8.97g/t at Yeré
North and 36m at 2.45g/t at Gbongogo South; Continues to Confirm Resource at Gbongogo Main and
Expands Drill Program
Vancouver, British Columbia — March 27, 2023 — Montage Gold Corp. (“Montage” or the “Company”)
(TSXV: MAU) (OTCQX: MAUTF) is pleased to report results from ongoing drilling at the Koné Gold Project
(“KGP”). A resource expansion program began in late November 2022 and is ongoing on numerous targets
including Yeré North and Gbongogo South where shallow initial RC drilling has intersected high-grade
intercepts from surface. Concurrently, diamond drilling at the Gbongogo Main deposit (formerly referred
to as the Gbongogo deposit) continues to confirm and expand the re source with the most recent deep
holes ending in mineralization. Exploration is ongoing and has been expanded based upon impressive
discoveries since commencement of the program in November 2022.
HIGHLIGHTS
• Drilling at Gbongogo Main delivers wide high-grade intervals and depth extension
o Diamond core drilling to support resource confirmation and metallurgical testing
GBDD030: 233.7m at 2.08g/t from surface (down plunge)
GBRC031: 152.7m at 2.10g/t from surface (down plunge)
o Hole GBDD030 extended below prior drilling and ended in mineralization
o Drilling ongoing to further test depth potential and engineering parameters
• Shallow RC drilling at Gbongogo South defines new target with over 400m strike length
o MMKAC057: 36m at 2.45g/t
o MMKAC006: 21m at 3.31g/t
• Shallow RC drilling makes new discovery at Diouma North, located 2km south of Gbongogo Main
o GBRC070: 12m at 2.64g/t
o GBRC071: 15m at 3.84g/t
o GBRC065: 23m at 1.43g/t and 22m at 1.55g/t
• Shallow RC drilling confirms Yeré North target and demonstrates new high-grade potential
o MMKAC141: 27m at 8.97g/t including 9m at 24.58g/t
• General drill program expanded to 40,000m with 4 rigs drilling existing and new targets and
expanding the resource at Gbongogo Main.
Rick Clark, Montage CEO commented, “We have only been exploring on the expanded KGP since
November 2022 and have already demonstrated the significant potential for new discoveries which could
have a material impact on the KGP economics. These latest drill results more than support our decision to
acquire the Mankono Joint Venture ground from Barrick and Endeavour. Our ongoing exploration
continues to generate new target areas at an impressive rate and is proving up and expanding
mineralization already identified. Equally significant is the successful ongoing technical drilling at
Gbongogo Main which is confirming the high-grade nature of this deposit and expanding its dimensions.
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“Our plan is to continue regional, systematic exploration of our large land package looking to identify more
zones of economic significance to the KGP. At the same time, we intend to aggressively follow up on our
recent discoveries towards including these areas and ounces in our next study update.
“These are very exciting times for our Company, and we look forward to keeping our shareholders and the
market updated as we continue to demonstrate the expanded potential of the KGP.”
DETAILS
KGP Overview and Exploration Strategy
The KGP forms a contiguous block of 1,800 sq km of exploration permits and a further 458 sq km of
exploration permit applications, for a total of 2,258 sq km and covers a strike length of over 75km on one
of the most prospective gold belts in West Africa (see Figure 1).
Montage has completed 15,000m of a planned program that has now been increased to over 40,000m
and includes a combination of RC, diamond core, and reconnaissance, shallow RC drilling across a range
of targets. The primary objective of the program is to identify high-grade satellite deposits grading +1.5g/t
or better that will enhance the large-scale Koné deposit.
Figure 1: KGP Footprint and Target Areas
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Drilling at Gbongogo Main Delivers Wide High-Grade Intervals and Depth Extension
Resource RC drilling of the upper part of the Gbongogo Main deposit is now complete (see press release
dated January 23, 2023) and core drilling commenced at the start of February with 1,454m drilled to date.
Gbongogo Main currently hosts an Inferred Mineral Resource of 5.2Mt at 2.1g/t for 351k oz (1.2g/t cut
off). The initial core holes have been drilled down plunge to provide samples for metallurgical test work,
to improve understanding of the high -grade quartz tourmaline vein sets that cut the plunging quartz
diorite unit and to test depth extension of the mineralization (see Figures 2, 3, and 4).
This drilling has further confirmed the high-grade nature of Gbongogo Main and work is now focused on
systematic infill drilling in the deeper parts of the resource. Results received from GBDDH033 demonstrate
that the plunging intrusive body is still open and widening at depth to a true width of close to 100m (Figure
4).
Hole From (m) To(m) Length (m) Au g/t
GBDDH029* 0 94 94.0 1.48
GBDDH030* 0 233.7 233.7 2.08
GBDDH031* 0 152.7 152.7 2.10
GBDDH032* 0 186.4 186.4 0.91
GBDDH033 136 235 99.0m 1.21
Note: For down plunge holes (*) intercept widths are not relevant; GBDDH033 intercept is 90 -
100% of true width.
Montage is upgrading and expanding the resource at Gbongogo Main and aims to define an Indicated
Mineral Resource in the coming months . Metallurgical samples are being shipped to SGS Lakefield,
hydrogeological drilling is complete and geotechnical drilling will commence in April as part of the
engineering work towards the delivery of a revised Feasibility Study.
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Figure 2: Gbongogo Main Plan View
Figure 3: Gbongogo Main Cross Section Line 1
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Figure 4: Gbongogo Main Cross Section Line 2
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Gbongogo South Reconnaissance Drilling
Shallow reconnaissance RC drilling (30m vertical) forms a major part of Montage’s strategy to evaluate
the wider exploration potential of the KGP. The first target drilled in this initial program wa s Gbongogo
South where historic drilling intersected inconsistent mineralization over a strike length of > 500m, just
south of the Gbongogo Main deposit. Montage’s evaluation of the area suggests that the primary control
on the north -plunging intrusive at Gbongogo Main is a major north -south break in the geology
representing the eastern margins of a district scale shear zone that extends northward for over > 15km
(see Figure 5).
Reconnaissance drilling at Gbongogo South by the Company has intersected good widths and grades on
two lines coincident with the new interpretation of the regional geology:
Hole From (m) To(m) Length (m) Au g/t
MMKAC003 33 39 6 2.17
MMKAC004 30 39 9 0.83
MMKAC005 18 39 21 3.31
MMKAC006 0 15 15 1.14
MMKAC058 0 6 6 2.34
MMKAC059 0 36 36 2.45
MMKAC060 0 18 18 1.00
MMKAC061 18 39 21 0.65
MMKAC062 0 12 12 0.81
Note: Insufficient information to enable estimation of true widths.
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Figure 5: Gbongogo South
Diouma North Prospect
Diouma North is located 2km south of Gbongogo Main (see Figure 1) and is a new discovery by Montage
from mapping out the southern extensions of Gbongogo Main and Gbongogo South. It lies outside historic
soil anomalies and clearly illustrates the serious potential of the area beyond historical work conducted
by 3rd parties. Results have been received for the first six of eight holes drilled to date:
Hole From (m) To(m) Length (m) Au g/t
GBRC065
24 47 23 1.43
53 75 22 1.55
GBRC066 Assays Pending
GBRC067 Assays Pending
GBRC068 No Significant Intercept
GBRC069 45 55 10 0.64
GBRC070 12 24 12 2.61
GBRC071 79 94 15 3.84
GBRC072 No Significant Intercept
Note: Insufficient information to enable estimation of true widths.
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GBRC065 intersected wide zones of mineralization hosted within a silicified diorite intrusive with widely
disseminated pyrite. 100m to the south , holes GBRC070 and GBRC071 intersected tighter, higher-grade
mineralization with the intervening section returning lower grade intercepts.
The limited drilling to date by Montage has defined a north -east trending mineralised structure with
coincident mineralised intrusive material over a strike length of 150m which is open in all directions in an
under-explored part of the project area. Follow-up drilling is a priority.
Figure 6: Diouma North