Montage Gold Corp. Reports Infill Drill Results and Feasibility Study Update
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Montage Gold Corp. Reports Infill Drill Results and Feasibility Study Update
Vancouver, British Columbia — June 22, 2021 — Montage Gold Corp . (“Montage” or the “Company”)
( T S X V : M A U ) ( O T C P K : M A U T F ) i s p l e a s e d t o r e p o r t a d d i t i o n a l r e s ults from the Company’s infill drill
program and an update on the ongoing Feasibility Study at the Koné Gold Project (“KGP”) in Côte d’Ivoire.
Hugh Stuart, Montage CEO commented, “Infill drilling at the KGP is nearing completion and Management
continues to be highly encouraged by the results, which are consistently demonstrating wide homogenous
mineralization throughout the deposit. The key question at this stage of any project is how much of the
Inferred Mineral Resource will convert to the Indicated Mineral Resource category to support the
calculation of a Mineral Reserve estimate. Given the nature of the mineralization and the conservatism of
our modelling approach we are expecting a conversion rate of ov er 90%, and results to date support this
view. The Company is on track for the calculation of the maiden Indicated Mineral Resource estimate in
early Q3 of this year.
“Significant progress is also being made in respect of the Feas ibility Study. Geotechnical drilling has been
completed, hydrological drilling is in progress and 2,200kg of metallurgical samples have been sent to SGS
Lakefield in Canada for Feasibility level leach and comminution variability testing. Lycopodium Minerals
Pty Ltd. (“Lycopodium”) and Knight Piesold have also commenced feasibility level design and engineering.
“With the completion and filing of the Preliminary Economic Assessment (the “PEA”), the Company is
pressing hard on the work to advance and de‐risk the KGP. Manag ement expects the Feasibility Study to
be completed by year‐end 2021 and to have a fully‐permitted project in early 2022.”
HIGHLIGHTS
Latest results from infill program continue to confirm, or improve upon, existing mineralization
within the core of the Koné deposit, including:
o MDD066: 105.00m grading 1.10g/t w ithin 230.05m grading 0.93g/t
o MDD068: 111.00m grading 1.04g/t w ithin 241.05m grading 0.77g/t
o MDD069: 77.15m grading 0.80g/t w ithin 301.80m grading 0.60g/t
Feasibility Study test work progressing.
o 135 metallurgical samples (2,200kg) sent to SGS Lakefield for l each and comminution variability
program;
o Geotechnical drilling completed;
o Hydrological drilling in progress; and
o Feasibility level design and engineering work commenced by Lyco podium and Knight Piesold.
ESIA and permitting efforts continue to advance.
o Community consultations have commenced;
o ESIA related field work is complete; and
o Permitting advisor has been engaged.
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DETAILS
Infill Drill Results
Montage has been continuously drilling since January 2021 with as many as seven drill rigs in operation.
The expanded infill drill program is now 95% complete with a to tal of 49,694m drilling now completed
(30,267m core, 19,427m RC). All assays are expected to be received by late July.
The primary aim of this infill program is to upgrade the existing Inferred Mineral Resource to the Indicated
Mineral Resource category in support of the ongoing Feasibility S t u d y . D u e t o t h e c o n s i s t e n c y o f
mineralization at Koné and our conservative resource modelling approach we expect a high degree of
conversion, and this has been reinforced by the assay results we have been receiving throughout the
program.
The infill section shown below shows the January 2021 Inferred Mineral Resource model overlain with
results from drilling completed since that time and coloured in the same way. The grade profile in both
the resource model and infill drill assays are very similar and support our expectation that +90% of the
Inferred Mineral Resource estimate will be converted to the Indicated Mineral Resource category.
Figure 1: Koné deposit cross‐section 4850 with infill drill results highlighted.
In addition, drill holes have been targeted to test the depth extension of mineralization below the current
PEA Pit design. As the section above also shows the current PEA pit design lies very close to the base of
t h e r e s o u r c e m o d e l a n d h a s t h e p o t e n t i a l t o g o d e e p e r p r o v i d i n g f u r t h e r u p s i d e t o t h e p r o j e c t . T h e
complete table of drill results reported in this release is included as Appendix 1.
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Feasibility Study Update
Several work programs are underway in support of the ongoing Fe asibility Study for the KGP, including
design and engineering currently underway by Lycopodium and Kni ght Piesold. The Feasibility Study is
targeted for completion by the end of 2021.
The company has shipped 135 samples totalling 2,200kg of materi al to SGS Lakefield in Ontario, Canada
for leaching and comminution variability testing. These samples were selected to be representative of the
grade profile and rock types of the Koné deposit to better support the estimates that will be incorporated
into the Feasibility Study. Montage has already conducted a significant amount of variability testing, based
on 43 comminution samples and 39 leach samples. Prior testing h as demonstrated that the Koné deposit
mineralization can deliver high gold recoveries with low reagen t consumptions and medium‐low
resistance to grinding provide favourable processing economics and a simple flowsheet.
A further two holes (650m) have been drilled to complete the Feasibility Study geotechnical drilling
program. Prior testwork has determined that the host rock is extremely competent with minimal faulting
supportive of pit wall angles of 55° for the hanging wall and f ootwall, a key driver of the projected low
strip ratio of 0.93:1.
Additional hydrology drilling and test work is being conducted and prior hydrology testing completed by
GCS (Pty) Ltd. determined that in‐pit water inflows were manageable.
Permitting Efforts
The ESIA is advancing, and all field related work is now comple te. The public consultation process has
commenced, and the company recent ly presented to 11 government institutions that will be involved in
the environmental and mining permitting process. Support for th e project thus far has been very strong
from all stakeholder groups and Montage will continue to engage with local communities and government
bodies as the permitting process advances.
The Company anticipates the submission of the ESIA in Q4 2021 along with the mining permit application.
Based on precedent, the Company believes it will be possible to have both environmental and mining
permits in hand in early 2022. To support these efforts, Montag e has engaged a local permitting advisor
who has experience working with several mid‐tier and larger mining companies in Côte d’Ivoire.
ABOUT MONTAGE GOLD CORP.
Montage is a Canadian‐based precious metals exploration and dev elopment company focused on
opportunities in Côte d’Ivoire. The Company’s flagship property i s t h e K o n é G o l d P r o j e c t , l o c a t e d i n
northwest Côte d’Ivoire, which currently hosts an Inferred Mineral Resource of 211Mt grading 0.59g/t for
4.00Moz of gold, based on a 0.20g/t cutoff grade (please see the NI 43‐101 Technical Report titled
“Preliminary Economic Assessment for the Koné Gold Project” available on the Company’s website at
www.montagegoldcorp.com and unde r the Company’s profile at www. sedar.com). Montage has a
management team and board with s ignificant experience in discov ering 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.
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QUALIFIED PERSONS STATEMENT
The technical contents of this release have been approved by Hu gh Stuart, BSc, MSc, a Qualified Person
pursuant to National Instrument 43‐101. Mr. Stuart is the Chief E x e c u t i v e O f f i c e r o f t h e C o m p a n y , a
Chartered Geologist and a Fellow of the Geological Society of London. 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 and at Intertek in Tarkwa Ghana. 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
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
FORWARD LOOKING STATEMENTS
This press release contains certain forward‐looking information and forward‐looking statements within
the meaning of Canadian securities legislation (collectively, “ Forward‐looking Statements”). All
statements, other than statements of historical fact, constitute Forward‐looking Statements. Words such
as “will”, “intends”, “proposed” and “expects” or similar expre ssions are intended to identify Forward‐
looking Statements. Forward looking Statements in this press re lease include statements related to the
Company’s resource properties, and the Company’s plans, focus a nd objectives. Forward‐looking
Statements involve various risks and uncertainties and are based o n c e r t a i n f a c t o r s a n d a s s u m p t i o n s .
There can be no assurance that such statements will prove to be accurate, and actual results and future
events could differ materially from those anticipated in such statements. Important factors that could
cause actual results to differ materially from the Company's expectations include uncertainties related to
f l u c t u a t i o n s i n g o l d a n d o t h e r c o m m o d i t y p r i c e s , u n c e r t a i n t i e s inherent in the exploration of mineral
properties, the impact and progression of the COVID‐19 pandemic and other risk factors set forth in the
Company’s final prospectus under the heading “Risk Factors”. Th e Company undertakes no obligation to
update or revise any Forward‐looking Statements, whether as a r esult of new information, future events
or otherwise, except as may be required by law. New factors emerge from time to time, and it is not
possible for Montage to predict all of them, or assess the impact of each such factor or the extent to which
any factor, or combination of factors, may cause results to dif fer materially from those contained in any
Forward‐looking Statement. Any Forward‐looking Statements contained in this press release are expressly
qualified in their entirety by this cautionary statement.
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APPENDIX 1: Core Drilling Results for Assays Received after the May 11, 2021 Press Release
Note: Bolded intervals represent the full mineralized width of the Koné deposit
Intercepts are +90% of true width
Grid: WGS84 UTM Zone 29N
Hole Collar Location Depth Orient Down‐hole Intercept (m) Au g/t
mE mN mRl (m) Az/Dip From To Length Uncut
MRGT006 756,661 964,406 374 251.8 121/‐61 0.00 174.00 174.00 0.34
6.00 38.85 32.85 1.03
MDD063 756,437 964,743 386 503.8 127/‐58 283.30 471.00 187.70 0.80
283.30 300.00 16.70 1.30
316.80 337.65 20.85 0.49
366.55 400.10 33.55 1.58
406.00 447.00 41.00 1.15
456.45 471.00 14.55 0.70
MDD065 756,415 964,390 376 341.7 126/‐56 150.00 318.00 168.00 0.24
MDD066 756,480 964,592 380 440.7 125/‐57 206.95 437.00 230.05 0.93
219.00 324.00 105.00 1.10
342.00 362.00 20.00 0.81
400.75 437.00 36.25 1.74
MDD067 756,512 964,203 369 260.8 125/‐55 86.00 260.80 174.80 0.39
182.00 260.80 78.80 0.51
MDD068 756,585 964,640 380 426.1 127/‐57 130.20 371.25 241.05 0.77
142.00 253.00 111.00 1.04
298.00 330.00 32.00 0.86
349.00 371.25 22.25 0.65
MDD069 756,430 964,628 382 530.8 128/‐58 229.00 530.80 301.80 0.60
229.00 306.15 77.15 0.80
325.00 402.00 77.00 0.80
442.00 494.00 52.00 0.52
MDD070 756,558 964,352 374 317.7 126/‐56 53.00 297.00 244.00 0.23
53.00 72.75 19.75 0.64
90.00 110.95 20.95 0.43
275.00 301.00 26.00 0.40
MDD071 756,360 964,431 375 410.7 127/‐58 254.00 360.25 106.25 0.29
MDD072 756,380 964,661 383 542.8 127/‐58 304.00 516.00 212.00 0.65
333.00 353.00 20.00 0.82
392.00 433.00 41.00 0.62
445.00 458.00 13.00 0.71
466.00 516.00 50.00 1.23
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MDD073 756,309 964,588 380 519.0 128/‐59 318.90 519.00 200.10 0.64
358.00 401.00 43.00 1.12
405.25 421.00 15.75 1.15
431.00 461.00 30.00 1.04
472.00 491.00 19.00 0.72
MDD074 756,373 964,545 379 489.1 127/‐58 254.00 447.00 193.00 0.66
276.00 361.00 85.00 0.68
370.00 424.00 54.00 0.95
MDD077 756,712 964,977 394 329.6 126/‐56 59.00 275.00 216.00 0.44
110.00 129.55 19.55 0.66
139.20 146.00 6.80 1.49
155.00 164.30 9.30 0.83
210.00 219.30 9.30 1.07
225.25 233.00 7.75 0.74
MDD078 756,818 964,967 394 230.7 126/‐57 59.20 183.85 124.65 0.91
59.20 100.00 40.80 1.06
108.65 142.00 33.35 1.01
MDD080 757,275 965,921 379 95.7 123/‐54 41.00 82.00 41.00 0.40
MDD081 757,223 965,835 375 119.7 127/‐56 6.00 27.00 21.00 0.44
MDD082 757,279 965,794 372 45.8 126/‐56 No Significant Intercep t
MDD083 757,236 965,710 368 45.8 125/‐55 No Significant Intercep t
MDD084 757,121 965,557 374 75.8 126/‐56 33.50 59.00 25.50 1.15
MDD085 757,030 965,364 378 60.9 125/‐56 3.00 34.00 31.00 0.61
MDD086 756,992 965,392 377 101.8 124/‐57 74.00 98.00 24.00 0.78
MDD087 756,870 964,991 392 182.6 127/‐56 16.00 32.00 16.00 0.65
57.25 68.00 10.75 0.74
89.90 120.85 30.95 1.28
MDD088 756,423 964,511 378 429.4 127/‐58 206.00 402.00 196.00 0.64
206.00 214.00 8.00 0.66
348.80 402.00 53.20 1.01
MDD089 756,247 964,632 383 600.0 129/‐58 382.00 576.00 194.00 0.52
382.00 426.00 44.00 1.23
430.00 469.00 39.00 0.49
485.00 507.00 22.00 0.57
MDD090 756,323 964,701 390 569.8 127/‐58 368.40 567.00 198.60 0.57
368.40 404.00 35.60 0.75
448.00 519.00 71.00 0.78
539.00 567.00 28.00 0.55
MDD092 756,389 964,837 393 551.8 129/‐59 321.00 525.00 204.00 0.72
431.00 473.00 42.00 1.69
485.00 495.00 10.00 1.16
515.35 524.00 8.65 3.17
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MDD093 756,861 964,700 380 302.6 129/‐57 0.00 181.10 181.10 0.78
0.00 22.00 22.00 0.85
39.00 78.00 39.00 0.59
105.00 124.75 19.75 3.24
MDD094 756,471 964,476 379 441.2 129/‐58 170.00 314.35 144.35 0.44
170.00 190.00 20.00 0.47
209.00 245.35 36.35 0.73