Montage GOLD Provides Mid-Year Koné Project Exploration Update; Results Confirm High Grade Mineralization at Multiple Satellite Targets
Press
Release
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MONTAGE GOLD PROVIDES MID-YEAR KONÉ PROJECT EXPLORATION UPDATE;
RESULTS CONFIRM HIGH GRADE MINERALIZATION AT MULTIPLE SATELLITE TARGETS
HIGHLIGHTS:
▪ The Koné project hosts significant exploration potential
− 2,259km2 land package represents one of the largest gold projects by land area in West Africa
− +150km of mineralized structures have been identified across more than 35 targets within 7 mineralized trends
▪ 2024 exploration efforts are being prioritized on delineating higher grade satellite targets with the goal of
supplementing production from the commencement of operations
− 15 targets out of the 35 identified are being drill tested, in addition to further reconnaissance exploration to identify
more targets
− High grade targets in proximity to the Koné and Gbongogo Main deposits, within mining permit area and near the
haul road, are being prioritized
▪ A first 30,000m drill programme is expected to be completed by the end of July 2024, with the goal of ranking high
priority targets and better informing the upcoming drill programmes
▪ As at June 30th, a total of 21,175m had been drilled with preliminary results already successfully returning high grade
intercepts across several targets:
− Diouma North: 14.10m at 8.04g/t Au and 17.45m at 2.74g/t Au, 22.45m at 1.52g/t Au
− Lokolo Main: 12m at 6.60g/t Au
− Sissédougou: 19m at 3.08g/t Au
− Yeré North: 14m at 1.62g/t Au
▪ A second 60,000m drill programme is expected to be launched later in Q3 -2024 with the goal of delineating resources
at top priority targets, in addition to continuing to drill test other targets
Abidjan, Cote d’Ivoire — July 9, 2024 — Montage Gold Corp. (“Montage” or the “Company”) (TSXV: MAU, OTCQX: MAUTF) is
pleased to announce that it is making rapid progress to discover and delineate higher-grade exploration targets with the goal of
further improving the production profile from the commencement of the operation.
Martino De Ciccio, CEO of Montage, commented: “ We are very pleased with the strong momentum we have built across our
business in an aim to rapidly advance our Koné project towards a construction launch while seeking to further unlock value
through exploration success. The drill results published today confirm the prospectivity of the Koné area and provide confidence
in our ability to quickly add higher grade satellite feed.
In addition, we are also making excellent progress to advance detailed engineering with the goal of completing this workstrea m
before launching construction to further de -risk the development phase. We continue to be very pleased with the significant
support received from local stakeholders, including numerous government agencies and local communities , with our
environmental permit already received and our mining permit being in the final approval phase . We are equally pleased with
our ongoing engagement with lenders who are expediently working alongside us.
We look forward to continuing to build on the momentum created to progress our strategy of creating a premier African gold
producer and delivering value for all our stakeholders.”
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Due to historical work conducted on the extensive 2,259km2 land package which hosts Montage’s Kone deposit, significant
exploration potential has been demonstrated given that over 150km of mineralized structures hav ing been identified across
more than 35 targets within 7 mineralized trends.
In order to prioritize efforts, a first 30,000-meter drill programme , amounting to US$6 million, is currently underway and is
expected to be completed in late July 2024, with the goal of testing 15 targets across 3 mineralized trends. High grade targets in
proximity to the Koné and Gbongogo Main deposits, within the proposed mining permit area and near the haul road, are being
prioritized during this first drill ing campaign. A total of 21,175 meters have been drilled in H1 -2024, with high grade intercepts
have been returned from several targets.
A second 60,000 -meter drill programme is expected to be launched in late Q3-2024 with the goal of delineating resources at
selected top priority targets, in addition to continuing to drill test other targets.
Silvia Bottero, EVP Exploration of Montage said: “ We are very excited to be rapidly advancing exploration at our Koné project
given the prospectivity of the area, with the goal of quickly delineating high-grade satellite targets which can be slotted into the
mine plan from the commencement of the operation.
The Kone project’s significant exploration potential is already supported by the identification of 150km of mineralized structures
across more than 35 targets within 7 mineralized trends . Furthermore, we believe that we are just scratching the surface given
that Koné is one of West Africa's largest gold projects by land area and is located in a very favorable geological setting, being at
the junction of major shearing structures hosting multimillion ounce deposits. Given the significant amount of historical drill data
available, targets identified, and the extend of the land package, we are currently working on drill testing targets with the goal
of completing a comprehensive screening and ranking of the targets to better inform future drill programmes.
As a result of the ongoing success of our first 30,000 -meter drill programme, having confirmed higher grade mineralization at
several targets, we expect to commence our next 60,000-meter drill programme later this quarter with the goal of delineating
resources by year end at selected targets.”
ABOUT THE EXPLORATION PROGRAMME
As shown in Figure 1 below, the current production profile, as per the Updated Feasibility Study (the “UFS”) published on January
16, 2024 demonstrates an average annual production of 301,000 ounces over the first 8 years, stepping down afterwards as
lower grade stocked material is processed after year 8. Given the recent exploration success, the addition of the Gbongogo
Main higher grade satellite deposit (10.7MT at 1.43g/t Au containing 490koz of Probable Reserves) which is to be blended with
the Koné deposit ore feed over the first three years of operations, has resulted in an average gold production of 349,000 ounces
per year during this period given that the Gbongogo Main deposit reserve grade is approximately 95% higher than that of the
Koné deposit ore feed over the life of mine.
Figure 1: Current production profile
Source: See UFS and press release dated January 16, 2024 available on Montage’s website and on SEDAR .
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Management believes that significant potential exists to add further high-grade satellite deposits, with the aim of enhancing the
profile of the Koné project by slotting these discoveries early in the mine plan. As shown in Figure 2 below, more than 35 targets
have been identified within 7 mineralized trends, with many targets already drill tested.
Figure 2: Koné property exploration map
Source for Indicated resources stated in map above: See press release dated January 16, 2024 available on Montage’s website a nd on SEDAR.
As detailed in Table 1 below, a 30,000 meter drilling programme is expected to be completed in late July 2024, prioritizing 15
targets across three major trends (Gbongogo-Korotou Trend, Lokolo Trend and Bafretou-Niondje Trend), which are located near
the planned haul road.
Table 1: Current 30,000m drill program breakdown
Gbongogo-Korotou Trend
(18,000 meters of drilling planned)
Lokolo Trend
(6,000 meters of drilling planned)
Bafretou-Niondje Trend
(6,000 meters of drilling planned)
Diouma North Lokolo Main Niondje
Gbongogo Main Lokolo West Bafretou 1
Gbongogo South Lokolo W-N Bafretou 2
Sena Lokolo South 2 Bafretou 3
Marahoué Gap Lokolo North
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The main objectives of the drilling programme vary by area, as detailed below:
− Diouma North, Gbongogo South and Lokolo Main tar gets: Prove the continuity of mineralization and the determine their
potential scale
− Bafretou 2, Sena, Niondje, Lokolo South 2 targets: Follow-up on historical intercepts
− Sissedougou: Re-interpretate and confirm historical data with further drilling expected
− Bafretou 3, Marahoué Gap, Gbongogo -Korotou Trend, Yere targets: Develop new targets along untested geochemical or
structural trends
As of June 30, a total of 21,175 meters had been drilled across 513 holes comprised of 19 Diamond Drilling (“DD”) holes for 1,765
meters, 79 Reverse Circulation (“RC”) holes for 7,159 meters, 342 Air core holes for 11,872 meters, and 73 Auger holes for 379
meters. During Q1-2024, exploration efforts focused on DD drilling whereas efforts in Q2-2024 focused on RC, Aircore, and Auger
drilling to better inform the upcoming Diamond Drilling programme. The results in this press release relate to the DD programme
completed as the preliminary RC and Aircore drill results are currently being analyzed with full assays results expected to be
received in the coming weeks.
Notable intercepts from the Diamond Drilling campaign include:
(apparent width)
− Diouma North: 14.10m at 8.04g/t Au and 17.45m at 2.74g/t Au, 22.45m at 1.52 g/t Au
− Lokolo Main: 12m at 6.60g/t Au
− Sissédougou: 19m at 3.08g/t Au
− Yeré North: 14m at 1.62g/t Au
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DETAILS BY SELECTED TARGETS
Diouma North hits multiple high-grade intercepts from recent diamond drilling
As shown in Figure 3 below, Diouma North lies 500 meters from the proposed Koné -Gbongogo Main haul road and has
mineralisation hosted by gold bearing quartz -tourmaline veins within an intrusive rock such as that at the Gbongogo Main
deposit.
Figure 3: Cross-section looking west at Diouma North
Source for Indicated resources stated in map above: See press release dated January 16, 2024 available on Montage’s website and on SEDAR.
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Diamond drilling completed at Diouma North in H1-2024 has significantly improved the geological understanding of
mineralization, with results presented in Table 2 below.
Table 2: Highlight drill results from Diouma North (apparent width)
Hole From
(m)
To
(m)
Length
(m)
Uncut Grade
(Au g/t)
Grade Cut to 20 g/t
(Au g/t)
GBDDH064* 78.85 96.30 17.45 2.74 2.16
GBDDH064* 127.00 138.00 11.00 2.21 2.21
GBDDH065 83.00 105.45 22.45 1.52 1.52
GBDDH066 134.60 148.70 14.10 8.04 2.00
*Previously published results
As shown in Figure 4 below, e arly drilling was sub -parallel to the intrusive hosted veins and this new drilling, oriented
perpendicular to the veins has defined a south dipping minerali zed structure up to 30 meters wide with minor mineralization in
the hanging wall that can now be developed through systematic RC drilling. Further work will also target the North – South
trending veins within the surrounding sediments.
Figure 4: Cross-section looking west at Diouma North
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Lokolo Main intersects 12m at 6.6g/t in follow-up drilling
Lokolo Main is the more advanced target of Lokolo trend and it lies 13km from the haul road and sits on the main North-East
trending Séguéla – Syama regional structure. As shown in Figure 5 below, a single core hole (GBDDH069) was drilled in follow up
to hole LOKRC026 which previously intersected 20 meters grading 7.22g/t Au. Hole GBDDH069 intersected 12 meters at 6.6g/t
Au, confirming the nature of the mineralization related to an altered dyke, hosted within an area extensively exploited by
artisanal mining. A follow-up RC infill drilling programme, with a 50 -meter by 25-meter grid spacing, is expected to soon
commence. For complete details of drill hole GBDDH069, please see Appendix 1.
Figure 5: Plan View of Lokolo Trend Inset with Plan View of Lokolo Main
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Sissédougou returns multiple high-grade intercepts at depth near historic resource area
The Sissédougou target was drilled between 2012 and 2017 by La Mancha and Endeavour Mining. Montage is therefore currently
in the process of compiling and verifying the historic data . As shown in Figure 6 below, recent confirmatory diamond drilling ,
across three holes, intersected an array of gold bearing quartz veins inside a sheared package of siliciclastic sediments. The
highlight intercept was within hole SDDDH008 which intersected 19 meters at 3.08g/t Au. The grades and widths of the
intercepted mineralization are encouraging which suggests that Sissédougou has the potential to be a satellite deposit for the
Koné project. Interpretation and review of the geology and the structural control of the mineralization is ongoing, with follow-
up drilling planned for Q4-2024. Complete results from the three diamond core holes are reported in Appendix 1.
Figure 6: Cross-Section of Sissédougou Looking North-East