Montage Gold Corp. Drills 6m grading 10.8g/t Near Surface 8km East of Koné
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Montage Gold Corp. Drills 6m grading 10.8g/t Near Surface 8km East of Koné
Vancouver, British Columbia — November 16, 2021 — Montage Gold Corp. (“Montage” or the
“Company”) (TSXV: MAU) (OTCPK: MAUTF) is pleased to report additional near surface high-grade drill
results from the Petit Yao Central target within the Koné Gold Project (“KGP”) in C ôte d’Ivoire. The
Company is also pleased to provide an update on the ongoing Feasibility Study and permitting progress at
the KGP as well as other exploration activities within the portfolio.
Hugh Stuart, Montage CEO commented, “We continue to be impressed with the high -grade drill results
at Petit Yao Central which is showing potential as a satellite pit for th e KGP. The mineralization sits near
surface, predominantly in oxides, is shallow dipping and is open in all directions. This program will enable
us to evaluate the resource potential of Petit Yao Central while we plan to test the strike extensions.
“Within the broader Petit Yao North area, recent soil sampling has identified several kilometres of new
anomalism for further testing. Given the success at Petit Yao Central, we are highly encouraged by the
potential to identify additional satellite pit targets near the Koné deposit.
“The Feasibility Study for the KGP is progressing well and we expect it to be completed in January 2022.
Thus far, the test work and studies completed have largely confirmed the assumptions from the
Preliminary Economic Assessment (“PEA”) from May 2021. We are expecting the maiden Mineral Reserves
Estimate to be in-line with in-pit material reported from the PEA, with the production profile in early years
improving slightly due to grade improvements demonstrated from the August 2021 Indicated Mineral
Resource Estimate. Inflation impacts to operating and capital costs have been observed in some areas,
however thus far we are also seeing improvements in other cost areas, driven by optimization work
conducted as part of the Feasibility Study.”
HIGHLIGHTS
• Multiple Shallow High-grade drill results from Petit Yao Central including:
o MRPYRC030A: 6m grading 10.82g/t Au from 37m
o MRPYRC039: 3m grading 15.51g/t Au from 28m
o MRPYRC049: 4m grading 8.31g/t Au from 35m
o All results within 50m of surface in oxide zone
• Over 4km strike length of new anomalism to be drill tested in Petit Yao North area.
o Targets all within 10km from Koné deposit
• Detailed mapping underway on Faradougou Exploration License.
o 361.5km2 area previously unexplored; within trucking distance to Koné deposit
o Soil sampling program to commence in November 2021
• Feasibility Study on KGP progressing well; expected completion in January 2022.
• Soil program underway testing district scale anomaly on Korokaha South
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DETAILS
Petit Yao Exploration Results
During October, Montage completed a 1,850m reverse circulation (“RC”) drilling program at the Petit Yao
Central target, 8km east of the Koné deposit (Figure 1). The program was following up 2020 drilling that
intersected a shallow dipping shear zone hostin g one or more quartz veins . The current program
successfully targeted high grade oxide mineralisation up to a maximum vertical depth of 50m and over a
strike length of 300m (Figures 2 and 3).
Completed assay results from the program are being reported on 21 drill holes with numerous holes
intersecting high grades notably, holes MRPYRC030A which returned 6m grading 10.82g/t from 37m and
MRPYRC039 which intersected 3m grading 15.51g/t. Selected highlight drill holes are presented in Table
1 below. Complete d ata from Petit Yao Central drilling reported in this press release is included as
Appendix A of this release.
Table 1: Highlight Drill Results from Petit Yao Central
Hole
Down-hole Intercept (m) Grade
Au g/t From To Metres
MRPYRC028 46 50 4 5.05
MRPYRC029 13 17 4 1.60
MRPYRC030A 37 43 6 10.82
MRPYRC039 28 31 3 15.51
MRPYRC049 35 39 4 8.31
These results from Petit Yao Central are very encouraging . The key being that with the large-scale, low-
cost operation being envisaged at the KGP, exploration no longer needs to find a standalone resource and
the discovery of satellites as small as 50 koz to 100koz that can be trucked within the KGP can have a
significant impact on the economics of the project. The Company sees that potential in Petit Yao Central.
Once the remaining assays are received the company will evaluate Petit Yao Central as a satellite deposit
feeding the KGP and will determine what further work needs t o be completed to extend the known
mineralisation which is open in all directions.
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Figure 1: Koné Exploration License with Petit Yao Target Areas Highlighted
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Figure 2: Petit Yao Central Cross Section 1 (Looking North)
Figure 3: Petit Yao Central Drill Map and Interpretation (Plan View)
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In the Petit Yao North area further soil sampling has defined three new anomalies covering a combined
strike length of approximately 4.4km (see Figure 4). Follow up exploration in the form of deep pitting is in
progress and results that are positive will be quickly followed up with shallow RC drilling.
Elsewhere in the Koné Exploration License the exploration team is evaluating new targets most notably
the extension of the Petit Yao trend to the south.
Figure 4: Petit Yao Central and North Soil Anomalies
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Faradougou Exploration Update
The Faradougou Exploration License (PR748, 361.5km2 surface area) was awarded in Q3 2021 and has an
initial term of four years with up to two renewals, for a total potential term of nine years. There are no
records of historic exploration on this license, and it carries no private third-party royalties.
An initial exploration program began in October with detailed geological mapping and is now nearing
completion. A soil geochemistry program is set to start in the coming weeks with the aim to identify
anomalism for further testing and eventual drilling if warranted. The southern most border of Faradougou
sits approximately 30km due north of the Koné deposit and the entire license sits within trucking distance
to the planned processing facility at the KGP.
Figure 5: Montage Exploration Licenses and Applications
Korokaha South Exploration Update
The Korokaha Gold Project comprises two exploration licenses and one license application that sit
adjacent to the Tongon Gold Mine operated by Barrick Gold Corp. A two-phase work program is currently
underway on the Company’s Korokaha South Exploration License.
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Figure 6: Korokaha Gold Project Exploration Plans
Phase one is a soil program within a regional structure on trend to the southwest of the Company’s
Badenou anomaly (located on our Korokaha North Exploration License) and to the north east of an
anomalous trend within Barrick’s license. The program will collect approximately 1,000 samples on an
800m by 25m grid along a 4km interpreted trend.
Phase two i ncludes mapping and grab sampling a series of artisanal workings in close proximity to the
Tongon mine access road. This work is a follow -up program on trend from a 500m strike l ength soil
anomaly identified by Montage durin g earlier this year which is coincident with a series of artisanal
workings.
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KGP Feasibility Study Update
All major work programs are underway in support of the ongoing Feasibility Study for the KGP, with
several studies now complete. To this point, all test work and studies have reaffirmed the assumptions
for the KGP used in the PEA released in May 2021. The Feasibility Study is expected to be completed in
January 2022.
Feasibility Study work program status:
o Geotechnical study – completed
o Metallurgical test work – completed
o Pit optimization – completed
o Pit design and scheduling – nearing completion
o Hydrological study – nearing completion
o Tailings disposal study – 70% completed
o Engineering and design – 20% completed
ABOUT MONTAGE GOLD CORP.
Montage is a Canadian -based precious metals exploration and development company focused on
opportunities in Côte d’Ivoire. The Company’s flagship property is the Koné Gold Project, located in
northwest Côte d’Ivoire, which currently hosts an Indicated Mineral Resource of 225Mt grading 0.59g/t
for 4.27Moz of gold, based on a 0.20g/t cut-off grade and an Inferred Mineral Resource of 22Mt grading
0.45g/t for 0.32Moz of gold, based on a 0.20g/t cut -off grade. Montage has a management team and
Board with significant experience in discovering and developing gold deposits in Africa. The Company is
rapidly progressing work programs at the Koné Gold Project towards completion of a Feasibility Study by
the end of 2021.
QUALIFIED PERSONS STATEMENT
The technical contents of this release have been approved by Hugh Stuart, BSc, MSc, a Qualified Person
pursuant to National Instrument 43 -101. Mr. Stuart is the Chief Executive Office r of the Company, a
Chartered Geologist and a Fellow of the Geological Society of Londo n. Samples used for the results
described herein have been prepared and analyzed by fire assay using a 50 -gram charge at the Bureau
Veritas facility in Abidjan, Côte d’Ivoire Field duplicate samples are taken and blanks and standards are
added to every batch submitted.
CONTACT INFORMATION
Hugh Stuart
Chief Executive Officer
Adam Spencer
Executive Vice President, Corporate Development
mobile: +1 (416) 804-9032