Montage GOLD Sets Short-Term Discovery Target of More Than 1 Million Ounces of Higher-Grade M&i Resources
Press
Release
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MONTAGE GOLD SETS SHORT-TERM DISCOVERY TARGET OF MORE THAN
1 MILLION OUNCES OF HIGHER-GRADE M&I RESOURCES
HIGHLIGHTS:
▪ 2024 exploration efforts at the Koné project are focused on both delineating higher grade satellite targets, with the
goal of supplementing production from the commencement of operations , and identifying new targets
▪ A first drill campaign, totalling 30,170m, was completed at the end of July 2024
− Mineralisation has now been confirmed at all 14 targets drilled since the start of the year
− 52 exploration targets now identified on the property, an increase from the 35 targets reported in July 2024
▪ Drill results confirm potential to rapidly delineate maiden resources across several targets:
− Gbongogo deposit: Southern mineralised extension was confirmed, with results including 9m at 5.01 g/t Au, 13m at
1.53 g/t Au and 9m at 1.75 g/t Au
− ANV target: Confirmation of 1km long mineralised trend, with results including 51m at 2.00 g/t Au (incl. 1m at 18.86 g/t
Au), 13m at 4.00 g/t Au (incl. 1m at 13.65 g/t Au), 17m at 1.86 g/t Au and 23m at 2.30 g/t Au (incl. 1m at 12.02g/t Au)
− Lokolo Main target: High grade mineralisation confirmed with results including 5m at 2.70 g/t Au, 8m at 5.56 g/t Au
(incl. 2m at 35.13 g/t Au) and 11m at 6.28 g/t Au
− Diouma North target: High grade mineralisation confirmed with results including 22m at 2.9 g/t Au and 8m at 8.46 g/t
Au (incl. 1m at 25.65 g/t Au and 1m at 28.58 g/t Au)
▪ A second 60,000m drill programme was launched in September 2024 with the goal of delineating resources by year-end
at several targets, in addition to further drill testing of other targets
▪ Targeting the discovery of more than 1Moz of M&I resources, at a grade 50% higher than the Koné deposit, to be
achieved before the commencement of production
Abidjan, Cote d’Ivoire — October 7, 2024 — Montage Gold Corp. (“Montage” or the “Company”) (TSXV: MAU, OTCQX: MAUTF)
is pleased to announce that it is continuing to make rapid progress to discover and delineate higher grade exploration targets at
its Koné project in Côte d’Ivoire, with the goal of further improving the production profile from the commencement of the
operation.
2024’s first drill campaign was completed at the end of July, totalling 30,170 metres at a cost of approximately US$4 million, with
the goal of prioritising key targets for the next drill programme. The drill programme successfully confirmed mineralisation at all
14 targets which were drilled. A second 2024 drilling campaign, totalling 60,000 metres at an approximate cost of US$8 million,
commenced mid -September with the goal of delineating resources at selected advanced targets by year -end, in addition to
continuing to drill test and progress other targets.
Martino De Ciccio, CEO of Montage, commented: “We are very pleased with the rapid progress that we are making to accelerate
our Koné project towards a construction launch, while seeking to further unlock value by investing in exploration. The drill results
published today, along with the exhaustive review of historical geological data, confirm the prospectivity of the Koné area and
provide confidence in our ability to quickly add higher grade satellites.
Moreover, in line with our commitment to accountability and transparency, we are pleased to set an aggressive Measured and
Indicated Resource discovery target of at least 1 million ounces at a grade of more than 1 g/t Au, which would be 50% higher
compared to the current Koné deposit grade, to be achieved before the commencement of production . This would represent
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significant returns on our exploration investment a nd aligns with our strategic objective of boosting production from the
commencement of production while maintaining an annual production of at least 300koz for more than 10 years.
Following the recent award of our mining permit, we now look forward to further derisking the Koné project with the
advancement of detailed engineering and concluding our financing process. This would further build on the momentum
generated to progress our strategy of creating a premier African gold producer and delivering value for all our stakeholders.”
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 operatio n. Moreover, the exhaustive geological review conducted, along with the
excellent drill results obtained from the ongoing exploration programme, underpins our confidence in setting aggressive short-
term discovery targets to quickly unlocking value through exploration.
Our exploration strategy is focused on both delineating resources in the short-term while also preparing for medium and longer-
term exploration success , by continuously advancing exploration targets from conceptual stage through to the resource
delineation phase. Given that we have already identified 52 exploration targets, which are at various stages of advancement, we
are equally allocating our drilling capacity to immediate resource delineation and to progress early-stage targets. We are very
excited to pursue early-stage reconnaissance drilling as 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 favourable geological setting, being at the junction of
major shearing structures hosting multimillion ounce deposits.
Beyond our Koné project, we are also making good progress on our strategic objective of building a standalone greenfield
exploration portfolio, by applying for highly prospective grounds in the region, with the goal of sourcing our next development
project through our exploration success.
Lastly, I’d like to thank our exploration team for their significant efforts and dedication to achieving rapid success. I’d also like to
extend a warm welcome to the many that have eagerly joined our exploration team given our common objective of unlocking
value through the execution of our proven exploration methodology.”
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ABOUT THE EXPLORATION PROGRAMME
Exploration Outlook and Objectives
Management believes that significant potential exists to add further higher-grade satellites, with the aim of enhancing the profile
of the Koné project by slotting these discoveries early in the mine plan. In line with its commitment to accountability and
transparency, management has set an aggressive target of discovering of at least 1 million ounces of Measured and Indicated
Resources at a grade of over 1 g/t Au, which would be 50% higher compared to the current Koné deposit grade, to be achieved
before the commencement of production . This confidence is supported by the success of the ongoing exploration programme,
and the potential identified through the exhaustive screening and ranking methodology as described in the section below
entitled “Strategic Exploration Methodology”.
Achieving the set exploration target would represent a significant return on the exploration investment and aligns with the
Company’s s trategic objective of boosting production from the commencement of production while maintaining an annual
production of at least 300koz for more than 10 years. As shown in Figure 1 below, the objective is to replicate the recent
exploration success which resulted in the addition of the Gbongogo Main higher grade satellite deposit (10.7MT at 1.43g/t Au
containing 490koz of Probable Res erves1) which is to be blended with the Koné deposit ore feed over the first three years of
operations, resulting 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 mine1.
Figure 1: Current production profile1
1Source: Updated Feasibility Study press release dated January 16, 2024 available on Montage’s website and on SEDAR+. See “Technical Disclosure”.
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Overview of Exploration Targets
Based on the new drill data received and the below described exhaustive review of all available historical geological data, t he
number of identified exploration targets has increased from 35, as previously reported in July 2024, to 52 targets across 6
mineralised trends in addition to the Koné deposit, as shown in Figure 2 below.
In total, 26 exploration targets are located within the permitted mining area within 3 major trends (Gbongogo-Korotou Trend,
Lokolo Trend and Bafretou -Niondje Trend) which are located near the planned haul road , and host potential for high er grade
discoveries. On the exploration permits, a further 26 targets have been identified across 4 major trends (Gbongogo-Korotou
Trend, Sissédougou Trend, Yere Trend and TZ4 Trend), which also hosts the potential for higher grade mineralisation. Exploration
efforts are focused on both the mining permitted area, due to its potential immediate benefits, as well as on the exploration
permit to the north given the lead time required from discovery to permitting. Management anticipates that a trucking distance
of 75km would result in an impact of approximately 0.2 g/t Au on the cut-off grade, thereby supporting its strategy of targeting
over 1 g/t Au discoveries which have the potential to displace 0.7 g/t Au material sourced from the Koné deposit.
Figure 2: Map with 2024 drill results highlights
Source for Indicated Resources stated in map above: Updated Feasibility Study press release dated January 16, 2024 available on Montage’s website and on SEDAR+. See “Technical
Disclosure”.
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Strategic Exploration Methodology
The Company’s exploration strategy utilises a well -established and tested methodology based on a systematic approach to
prioritise exploration efforts by weighing geological prospectivity against potential operational and economic parameters along
with strategic considerations.
As a starting point, a comprehensive review of all available geological data was conducted by analysing geological maps, cross
sections, structural data, surface geology, geochemistry, geophysics, regolith mapping, alteration profiles, drilling data, c ores,
analysis of artisanal mining activity, outcrops, and other survey data . This data, supplemented by the additional data gathered
during the first drilling programme of 2024, has r esulted in the identification of 52 exploration targets across 6 mineralised
trends, which represents a significant increase over the 35 exploration targets previously reported in July 2024. This process of
assessing the potential of each target is a continuous and reiterative process based on the availability of new geological data.
Given the large number of identified targets, and in order to align exploration efforts to corporate strategic objectives, targets
were then screened and ranked based not only on geological potential (such as potential grade and potential size) but also based
on potential operational and economic parameters (such as potential metallurgical properties, potential strip ratio, distance to
the envisaged Koné processing plant, etc). Lastly, a short, medium and long-term workplan was developed based on the ranking
of the targets and other strategic considerations, such as expected lead-time from discovery to permitting . As a result of this
exercise, a workplan has been developed to achieve the short-term target of discovering more than 1 million ounces of additional
Measured and Indicated Resources at a grade of over 1 g/t Au, which would be 50% higher compared to the current Koné deposit
grade, by the time production commences.
Figure 3 below outlines the Koné exploration targets and their ranking according to their associated level of geological and
engineering data.
Figure 3: Koné Project Exploration Targets
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2024 Exploration Programme
2024’s first drill campaign was completed at the end of July, totalling 30,170 metres at a cost of approximately US$4 million, with
the goal of prioritising key targets for the next drill programme. Priority was attributed to high er grade targets located within
the mining permit area (in proximity to the haul road) and to high grade targets located within the exploration permit (due to
the lead -time required to define resources and obtain the mining permit ). The drill programme successfully confirmed
mineralisation at all 14 targets which were drilled.
As detailed in Table 1 below, the 30,170-metre drill programme was completed across 1,206 holes, which comprised 19 Diamond
Drilling (“DD”) holes for 1,765 metres, 113 Reverse Circulation (“RC”) holes for 11,193 metres, 342 Aircore holes for 11,872
metres, and 740 Auger holes for 5,340 metres.
Table 1: Recently completed drill program breakdown
Gbongogo-Korotou Trend
(c.18,000 metres completed)
Lokolo Trend
(6,000 metres completed)
Bafretou-Niondje Trend
(c.4,000 metres completed)
Sissédougou Trend
(c.2,000 metres completed)
Diouma North Lokolo Main Niondje ANV
Gbongogo South Lokolo West Bafretou 1
Sena Lokolo W-N Bafretou 2
Marahoué Gap Lokolo South 2 Bafretou 3
Lokolo North
The main objectives of the drilling programme varied by area, as detailed below:
▪ Diouma North, Gbongogo South, Lokolo Main and Sissédougou (ANV) targets: Prove the continuity of mineralisation and
determine their potential scale
▪ Bafretou 2, Sena, Niondje, Lokolo South 2 targets: Follow-up on historical intercepts to advance these targets through the
exploration pipeline
▪ Sissédougou (Koban North) target: Re-interpret and confirm historical data
▪ Bafretou 3, Marahoué Gap, Gbongogo -Korotou Trend, Yere targets: Develop new targets along untested geochemical or
structural trends
Notable intercepts from the ongoing 2024 drilling campaign include:
▪ Gbongogo South: 9m at 5.01 g/t Au (incl. 1m at 40.70 g/t Au) and 13m at 1.53 g/t Au and 9m at 1.75 g/t Au
▪ Diouma North: 22m at 2.90 g/t Au, 17.45m at 2.74g/t Au, 14m at 8.04g/t Au and 23m at 1.52 g/t Au
▪ Lokolo Main: 12m at 6.60g/t Au, 8m at 5.56 g/t Au and 5m at 2.70 g/t Au
▪ Sissédougou / ANV: 51m at 2 g/t Au (incl. 1m at 18.86 g/t Au), 19m at 3.08g/t Au and 13m at 4.00 g/t Au (incl. 1m at 13.65
g/t Au) and 17m at 1.86 g/t Au and 23m at 2.30 g/t Au (incl. 1m at 12.02g/t Au)
▪ Yere North: 14m at 1.62g/t Au
Notable results are further detailed in Appendix 2 with full results available here.
A second 2024 drilling campaign, totalling 60,000 metres for an approximate cost of US$8 million, commenced mid-September.
The drilling metreage is expected to be equally split between a systematic infill drill programme on selected advanced targets
(with the goal of delineating resources by year-end) and drilling to continue to progress other targets. In addition, based on the
progress being made to advance new targets towards resource delineation status and rig availability, Montage will also assess
the potential to conduct a small step-out drill campaign at the Koné and Gbongogo deposits to further evaluate the continuity
of the orebody.
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DETAILS BY SELECTED TARGETS
Gbongogo South confirms potential for Gbongogo mineral resource extension
As shown in Figure 4 below, Gbongogo South is situated approximately 250 metres south of the Gbongogo main pit and has
direct access to the planned Koné-Gbongogo Main haul road, within the mining permit boundary. The first 2024 drill programme
confirmed the continuity of mineralisation from surface up to 100 metres depth over a strike of over 300 metres. Mineralisation
is lithologically c onstrained, mostly following the contact between the rhyolite-footwall contact and the graywacke -
conglomerate hanging wall. Gbongogo South also shows localised diffusion of quartz-tourmaline veins which are associated with
higher grade gold intercepts. Mineralisation remains open along strike and downdip.
Figure 4: Gbongogo South plan view with drilling intercepts
The first 2024 drilling programme successfully confirmed the potential for Gbongogo to extend further south as a result of
significantly improving the definition of mineralisation. As shown in Figure 5 below, results were defined from orientated drill-
holes perpendicular to the interpreted mineralised structures that enabled an interpretation of an estimated 40-metre wide
corridor in which multiple mineralised zones occur . In Q4-2024, the drilling programme is expected to include systematic infill
drilling on Gbongogo South with the objective of delineating a maiden mineral resource estimate. The additional holes aim to
delineate extensions both along strike and down dip on known mineralisation.
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Figure 5: Gbongogo South cross section and drilling intercepts
Lokolo Trend shows potential to host multiple higher-grade satellites
The Lokolo Trend is located adjacent to the main haul road and within the fully permitted Koné-Gbongogo mining area. The
Lokolo Trend, which follows the north-east trending Séguéla-Syama regional structure, has been previously explored returning
higher-grade mineralised intercepts at Lokolo Main, in turn forming the basis for the first 2024 drill programme. Host rocks are
a package of volcanic rocks including silicified rhyolite, andesites and foliated mafic volcanic schists. Higher grade mineralisation
is associated with quartz-diorite intrusions plunging to the SE-SSE. Mineralisation within the Lokolo Trend remains open at depth
and along strike, following a continuous 9km surface geochemical anomaly.
The first 2024 drilling programme explored 4 of a total of 8 targets in the Lokolo area, the most advanced of which, Lokolo Main,
continued to provide higher-grade intercepts as shown in Figure 6 below.