Montage Gold Corp. Announces Government Approval of Mankono Exploration Permits and Provides Corporate Updates
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Montage Gold Corp. Announces Government Approval of Mankono Exploration Permits
and Provides Corporate Updates
Vancouver, British Columbia — September 8, 2022 — Montage Gold Corp. (“Montage” or the
“Company”) (TSXV: MAU) (OTCQX: MAUTF) is pleased to announce that on September 6, 2022, the Ivorian
Council of Ministers approved the award of the Gbongogo and Siss éplé Exploration Permits to the
Mankono-Sissédougou Joint Venture (“Mankono”). Public disclosure of these awards can be viewed at
the following url: https://rti.info/politique/13686. This marks a critical step in the process towards closing
of the previously announced acquisition of Mankono by Montage (the “Transaction”, see press release
dated June 8, 2022, for more details). Montage expects to close the Transaction in the coming weeks,
following receipt of the signed Presidential decree in respect of the Gbongogo Exploration Permit. With
the granting of the Mankono permits now approved, Montage is pleased to provide disclosure of the
extensive historic database of results from Mankono for the first time, as well as details of the Company’s
exploration plans and strategy.
HIGHLIGHTS
• Mankono exploration permits approved by Government of CDI
o Transaction to close following receipt of signed Presidential decree; expected in coming
weeks
• 14 drill-ready targets; initial 25,000m of drilling planned
o Drill rig mobilization by end of September
o 65km strike length of soil anomalism
o US$20M in historic exploration with large database
• Transaction will expand Koné Gold Project (“KGP”)
o High-grade reserves delineated following further exploration could significantly improve KGP
o KGP economic study will be revised following aggressive exploration program
• Gbongogo prospect gives high-grade head start 30km from Koné deposit
o Numerous significant intercepts, including:
§ 135.2m at 2.63g/t from 1m
§ 92m at 2.99g/t from 33m
§ 77m at 2.48g/t from 61m
o Initial Inferred Mineral Resource of 5.2Mt at 2.1g/t for 351,000oz at 1.2g/t cut off
§ Open in all directions
• Other top priority targets with high-grade drill results, include:
o Sissédougou: 60m at 2.63g/t
o Bafretou South: 17m at 3.28g/t on strike 6km from Koné deposit
o Dokeka: 13m at 26.80g/t
o Lokolo South: 2m at 32.20g/t
o Lokolo Main: 20m at 2.19g/t
o Koban North: 20m at 1.94g/t
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Rick Clark, Montage CEO commented, “We are very pleased to have received notice of the approval of
the Mankono exploration permits and look forward to closing the Transaction with Barrick and Endeavour
upon receipt of the Presidential decree. We very much appreciate the support of the Government of Côte
d’Ivoire towards accomplishing this.
“With the addition of Mankono, our consolidated land position grows to more than 2,250km2 over one of
the most prolific gold belts in West Africa, all of which is within haulage distance of the expanded Koné
Gold Project. We intend to explore aggressively to prove up multiple satellite targets and the high-grade
Gbongogo deposit which remains open in all directions gives us an excellent head start. Based on our
evaluation of the historic data we believe that, in addition to the initial Inferred Mineral Resource at
Gbongogo, the Mankono package has real potential for further discoveries of 0.8Moz to 1.2Moz at a grade
of between 1.5g/t and 2.0g/t*. Given the average mineral reserve grade of the Koné deposit of 0.66g/t,
the addition of higher grade reserves from Mankono could significantly improve the economics of the KGP
going forward.”
*This potential quantity and grade are presently conceptual in nature, and there has been insufficient exploration to
define such a mineral resource and it is uncertain if further exploration will result in the target being delineated as a
mineral resource. The potential quantity and grade were developed based on a review of available historic data, grade,
intersected widths, and possible strike extent at the various prospects and the overall prospectivity of the land package.
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DETAILS
Overview of Mankono-Sissédougou Joint Venture Project
Figure 1: Consolidated Land Position
Mankono consists of the Sissédougou Exploration Permit (PR842, 387km2) issued in 2019, the Gbongogo
Exploration Permit (400km2) and the Sisséplé Exploration Permit (106km2) which are all contiguous with
Montage’s Koné Gold Project as shown in Figure 1. Taken together with Montage’s existing land holdings
they form a block of 1,800km2 in exploration permits and a further 458km2 in exploration permit
applications for a total of 2,258km2.
The Gbongogo area has been explored by Randgold (Barrick) since 2013 and the Sissédougou and Sisséplé
areas by Endeavour and previously La Mancha Resources since 2010. The Mankono Joint Venture was
formed in 2017 and exploration has been managed by Barrick since that time.
The database of the historic work includes over 36,000 soil samples, 15,500m of trenching and 31,000m
of air core drilling. Notably only 6,000m of Reverse circulation (“RC”) drilling and 8,560m of diamond core
drilling has been completed most of which is on the Gbongogo prospect. Historic exploration spending on
the combined land package is approximately US$20 million. Figure 2 shows the consolidated land package
with target areas and highlighted results.
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Figure 2: Exploration Target Areas
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Gbongogo Prospect – Immediate High-Grade Impact
The Gbongogo prospect, which lies 30km north of Koné, hosts an initial Inferred Mineral Resource of
5.2Mt grading 2.1g/t for 351koz and is the primary target for resource expansion and upgrade. Montage
expects that this prospect can be expanded quickly and has an initial program of 4,000m planned in
pursuit of this objective.
Mineralization at Gbongogo is hosted within and on the margins of a plunging quartz diorite plug with a
surface expression of only 250m by 100m (see Figure 4). Table 1 shows intercepts from historic drilling
and trenching results. Complete results are presented in Appendix 1 to this release.
Table 1: Drill and Trench Results from Gbongogo
Hole
From
(m)
To
(m)
Length
(m)
Au
g/t Comments
GBRC013 33 125 92 2.99 Including 16m at 10.0g/t from 61m
GBDDH002 0 86.8 86.8 1.61
GBDDH004 61 138 77.0 2.48 Including 9.8m at 10.7g/t from 85.4m
GBDDH005 13 58 45.0 1.07
GBDDH006 81 178.6 97.6 1.28
GBDDH007 1 136.2 135.2 2.63 Including 16.9m at 10.6g/t from 61.2m. Down plunge hole
GBDDH009 86.65 142.4 55.75 1.81
GBDDH017 241 338 97.0 0.79
GBDDH019 271.9 362.8 90.9 0.77
GBDDH022 221 288 67.0 0.64
GBDDH020 1.3 422 420.7 1.33 Down plunge hole (ends in mineralization)
GBTR012 25 85.5 60.5 0.53 Trench
GBTR017 8.65 57.4 48.75 1.93 Trench
GBTR014 12 113 101 1.93 Trench
GBTR003 10 113 103 1.29 Trench
GBTR007 0 91.5 91.5 1.54 Trench
Note: True widths vary between 60 and 100% of downhole intercepts with exception of down plunge holes. Intercepts
for holes GBDDH002, GBDDH007 and GBDDH020 include un-assayed gaps, which have been assigned the average
intercept grade.
High grades are controlled by two distinct groups of quartz-tourmaline veins with scope to develop the
grade with well placed drilling. The plunging quartz diorite plug is also yet to be fully defined by drilling.
Furthermore, given the small surface expression there is the potential for other similar intrusive bodies
to be present within the north-south trend that hosts Gbongogo that could have been missed on widely
spaced first pass exploration and it will be a priority to follow up in this area.
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Initial Inferred Mineral Resource Estimate
Montage commissioned a Mineral Resource Estimate (“MRE”) by MPR Geological Consultants of Perth,
Australia (“MPR”) based on the historic drill database. MPR estimated recoverable mineral resources
using Multiple Indicator Kriging (“MIK”) based on a dataset that includes 6,142.4m drilling (4,827.4m of
diamond core and 1,315m of RC).
The Inferred MRE is reported within an optimized pit shell based on a US$1,500/oz gold price and is shown
below at a range of cut-off grades. A cut-off grade of 1.2g/t is the base case scenario.
Table 2: Inferred Mineral Resource Estimate by Cut-off Grade
Cut-off Grade Inferred
Au g/t Mt Au g/t Au Koz
0.20 20 0.97 624
0.35 16 1.1 566
0.40 15 1.2 579
0.60 11 1.4 495
0.80 8.8 1.6 453
1.00 6.7 1.8 388
1.20 5.2 2.1 351
1.40 4.1 2.3 303
Notes
1. Inferred Mineral Resources are reported in accordance with NI 43-101 with an effective date of the 22nd of April
2022, for the Gbongogo deposit within the Koné Gold Project. The Inferred MRE was prepared by Mr. Jonathan
Abbott of MPR Geological Consultants of Perth, Australia who is a Qualified Person as defined by NI 43-101.
2. The inferred MRE is reported on a 100% basis and is constrained within an optimal pit shell generated at a gold
price of US$1,500/ounce.
3. The Mineral Resources are classified according to the “CIM” definition of Inferred Mineral Resources.
4. The estimates at 1.2g/t cut-off grade represent the base case or preferred scenario.
5. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
6. Also see “Mineral Resource Modeling and Estimation Assumptions – Gbongogo”.
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Figure 3: Gbongogo Cross Section Looking East
Figure 4: Gbongogo Surface Plan View Map
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Additional Target Areas
Soil sampling across the Mankono project area has defined more than 65km of soil anomalism (see Figure
2). Follow up exploration in the form of pitting, trenching and aircore drilling was widely spaced due to
the nature of the desired target size but has identified a total of twelve targets, in addition to Gbongogo,
where drilling has intersected mineralization with width and grade (see Table 3). These represent
immediate drill targets where Montage will move quickly to drilling.
Table 3: Highlight Drill and Exploration Results from Mankono Prospects (excluding Gbongogo)
Target Hole ID Drill Type
From
(m)
To
(m)
Length
(m)
Au g/t
Sissédougou
SISRC12_66 RC 5 65 60 2.70
SISDD11_06 Core 26.1 44.9 18.8 2.30
74.6 109.2 34 2.08
SISDD11_09 Core 112.7 135.7 23 2.14
Kagon SISRC17-152 RC 90 100 10 1.68
Bafretou
South BFSAC106 Aircore 10 27 17 3.28
Sena SENAC034 Aircore 0 19 19 1.57
SENAC035 Aircore 0 19 19 1.75
Koban North
KOBNA013 Aircore 17 37 20 1.94
KOBNA020 Aircore 0 21 21 1.67
KOBNA015 Aircore 12 22 10 1.80
Lokolo South LOKAC067 Aircore 16 36 20 2.19
LOKAC078 Aircore 2 4 2 32.20
Lokolo Main
LOKRC012 RC 65 71 6 2.16
LOKRC001 RC 55 68 13 2.29
LOKRC010 RC 13 24 11 1.28
LOKAC020 Aircore 19 36 17 1.34
Lokolo West LOKRC003 RC 43 49 6 21.70
Dokeka DKAC024 Aircore 14 27 13 26.80
Yeré North
YERTR001 Trench 47 85.7 38.7 1.57
YERTR002 Trench 39.9 87 47.1 1.62
YERNRC002 RC 17 25 8 4.56
Notes: Insufficient data is available at this time to determine true widths for reported intercepts. See Appendix 1 for
table of complete results.