Montage Intersects Higher‐Grade Mineralization at Gbongogo Main and Confirms High Grade Potential at Yeré North
1
Montage Intersects Higher‐Grade Mineralization at Gbongogo Main
and Confirms High Grade Potential at Yeré North
Vancouver, British Columbia — May 11, 2023 — Montage Gold Corp. (“Montage” or the
“Company”) (TSXV: MAU) (OTCQX: MAUTF) is pleased to report further results from ongoing resource
drilling at the Gbongogo Main deposit within the Koné Gold Project (“KGP”). A resource definition
program began in late November 2022 designed to upgrade the Inferred Mineral Resource of 5.2Mt
at 2.1g/t for 351koz (1.2g/t cut off). This program is nearing completion and continues to confirm
higher grade zones in the overall deposit.
HIGHLIGHTS
Ongoing diamond drilling at Gbongogo Main defines and extends mineralization:
o GBDD035: 113.25m at 2.30g/t
o GBDD037: 48.00m at 1.72g/t
o GBDD038: 45.75m at 1.90g/t
Results within quartz‐tourmaline vein sets at Gbongogo Main improve confidence of higher‐
grade controls
o GBDD039: 20.50m at 10.95g/t
o GBDD043: 17.00m at 8.56g/t
RC drilling at Yeré North confirms and improves initial reconnaissance results
o YERNRC010: 23m at 12.91g/t (twin of hole MMKAC141)
o YERNRC007: 14m at 5.09g/t
Program continues with 4 rigs drilling multiple targets across the Koné Gold Project
Rick Clark, Montage CEO commented, “New results from Gbongogo Main, the best drilled by Montage
to date, strongly support management’s view of expanded resource potential and the possibility of an
overall higher grade to the ore body.
“We are also very encouraged by the confirmation and expansion of high‐grade results at the Yeré
North prospect. While Yeré North remains early stage, it is showing the potential to develop into an
additional satellite deposit for the overall Koné Gold Project. The discovery of Yeré North clearly
demonstrates the underexplored nature of our land package and gives us confidence that other high‐
grade satellites will be discovered.”
2
DETAILS
Drilling at Gbongogo Main Delivers Wide High‐Grade Intervals and Depth Extension
Resource RC drilling of the upper part of the Gbongogo Main deposit was completed in January
(3,042m) and core drilling commenced at the start of February with 3,372m drilled to date.
Gbongogo Main currently hosts an Inferred Mineral Resource of 5.2Mt at 2.1g/t for 351koz (1.2g/t cut
off). The first four core holes were drilled down plunge to provide samples for metallurgical test work
(see press release dated March 27, 2023) and since then drilling has been aimed at upgrading and
extending the resource and to improve understanding of the quartz tourmaline vein sets that cut the
plunging quartz diorite plug and are known to carry high grades.
These latest drill results show that the plunging intrusive body is still open and widening at depth to a
true width of close to 100m. Recent drill holes have intersected very high‐grade mineralization often
containing free gold.
Hole From (m) To (m) Length (m)
Uncut
Grade
(Au g/t)
Grade Cut
to 20 g/t
(Au g/t)
GBDDH034 86.00 191.00 105.00 1.27 1.27
GBDDH035 124.00 237.25 113.25 2.30 1.95
GBDDH036 89.70 189.45 99.75 0.92 0.87
GBDDH037 103.00 151.00 48.00 1.72 1.65
GBDDH038 137.60 183.35 45.75 1.90 1.90
GBDDH039 172.50 221.00 48.50 4.93 3.83
including 172.50 195.00 20.50 10.95 8.34
GBDDH040 70.00 166.00 96.00 1.13 1.13
GBDDH041 183.00 196.00 13.00 1.05 1.05
GBDDH042 No significant intercept
GBDDH043 197.00 214.00 17.00 8.56 5.35
Note: Intercepts are 90‐100% of true width.
High Grades Associated with Quartz Tourmaline Veins
Mineralization at Gbongogo Main is hosted within a plunging quartz‐diorite plug. The intrusive is cut
by a stockwork of thin quartz‐tourmaline veins with numerous orientations. In some historic drillholes
the veins are better developed giving intercepts of 16.0m at 10.00g/t (GBRC013; 61m to 71m), 9.80m
at 10.77g/t (GBDDH004; 85.4m to 95.2m) and 16.90m at 10.60g/t (GBDDH007; 61.2m to 78.1m) but
in general these are irregular in nature.
However, the new holes, which represent some of the highest‐grade intercepts to date are located
50m apart and are related to some of the strongest and most consistent veining seen at Gbongogo
Main (Figure 1).
3
A key aspect to Montage’s work with this drill program is to build an understanding of the controls on
the veining so that it can be targeted specifically, and these intercepts will now be developed with
further drilling (Figures 2, 3 and 4).
Figure 1: High Grade quartz tourmaline veins in GBDDH039 with gold grade in g/t (1m samples)
4
Figure 1: Gbongogo Main Plan View
Figure 2: Gbongogo Main Cross Section Line 1 (looking north‐east)
5
Figure 4: Gbongogo Main Cross Section Line 2 (looking north‐east)
Yeré North – follow‐up RC drilling improves upon high‐grade reconnaissance results
Following successful shallow reconnaissance drilling at Yeré North, seven RC holes for 842m have been
completed as follow‐up. This drilling has confirmed mineralisation on all sections, most notably on the
southern line where two zones of mineralisation have been identified (Figure 5).
Hole From (m) To (m) Length (m)
Uncut
Grade
(Au g/t)
Grade Cut
to 20 g/t
(Au g/t)
YERNRC003 23 32 9 3.43 3.43
YERNRC004 No Significant Intercept
YERNRC005 37 43 6 2.13 2.13
YERNRC006 No Significant Intercept
YERNRC007
and
24 38 14 5.09 4.12
72 86 14 1.29 1.29
YERNRC008 10 35 25 1.95 1.95
YERNRC009A Hole stopped short of target due to bad ground
YERNRC010 1 24 23 12.91 7.83
Including 3 16 13 21.03 12.04
Note: Intercepts are 60‐70% of true width.
6
The high‐grade reconnaissance drilling intercept (3m composite samples) was twinned for
confirmation with 1m samples (and returned a significantly better intercept of 23m at 12.91g/t (incl.
13m at 21.03g/t) relative to the earlier 27m at 8.97g/t (incl. 9m at 24.58g/t). Unfortunately, the hole
drilled to test the depth extent failed due to bad ground conditions.
The prospect is at an early stage and remains open in all directions. Further lines of reconnaissance
holes have been drilled north and south and once assay results are received, a further round of RC
drilling will be undertaken.
Figure 5: Yeré North Cross (looking north‐east)
Outlook for Q2
Over the course of Q2, the Company intends to continue its aggressive exploration program across the
KGP following upon our initial success since November 2022. The new discoveries recently identified
will be prioritized to establish their resource potential. At the Gbongogo Main deposit work will also
continue towards achieving an initial Indicated Resource. In the background, work is ongoing to
expand upon the ESIA and complete the necessary engineering studies required to bring Gbongogo
Main to a feasibility study level.
7
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 (“KGP”),
located in northwest Côte d’Ivoire, covering a total area of 2,258km2 and which currently hosts a
Probable Mineral Reserve of 161.1Mt grading 0.66g/t for 3.42M ounces of gold. The Company released
the results of a Definitive Feasibility Study on the Koné Gold Project on February 14, 2022, outlining a
15‐year gold project producing an estimated 3.06M ounces of gold over life of mine, with average
annual production of 207koz, and estimated peak production of 320koz. The Project also contains an
Inferred Mineral Resource of 5.2Mt at 2.1g/t for 351,000oz at 1.2g/t cut off at the Gbongogo Main
deposit located 30km north of the Koné deposit. Montage is executing an exploration program in
2022/23 with the objective of discovering multiple high‐grade satellite deposits to supplement the
Probable Reserves at the KGP. Montage has a management team and Board with significant
experience in discovering and developing gold deposits in Africa.
TECHNICAL DISCLOSURE – GBONGOGO MAIN DEPOSIT
The Mineral Resource Estimate for the Gbongogo Main deposit has an effective date of April 22, 2022,
and was carried out by Mr. Jonathon Abbott of MPR Geological Consultants of Perth, Western Australia
who is considered to be independent of Montage Gold. Mr. Abbott is a member in good standing of
the Australian Institute of Geoscientists and has sufficient experience which is relevant to the
commodity, style of mineralization under consideration and activity which he is undertaking to qualify
as a Qualified Person under National Instrument 43‐101 (“NI 43‐101”). Mr. Abbott consents to the
inclusion in this press release of the information, in the form and context in which it appears. For
details regarding data verification, QA/QC, interpretations, details regarding drill results and the
assumptions, parameters and related matters with respect to the Inferred Mineral Resource Estimate,
please see the press release titled “Montage Gold Corp. Announces Government Approval of Mankono
Exploration Permits and Provides Corporate Updates” dated September 8, 2022 and filed on the
Company’s SEDAR profile at www.sedar.com.
TECHNICAL DISCLOSURE – KONÉ DEPOSIT
The Mineral Reserve Estimate for the Koné Deposit has an effective date of February 14, 2022 and was
carried out by Ms. Joeline McGrath of Carci Mining Consultants Ltd. who is considered to be
independent of Montage. Ms. McGrath is a member in good standing of the Australian Institute of
Mining and Metallurgy and has sufficient experience which is relevant to the work which she is
undertaking to qualify as a Qualified Person under NI 43‐101.
The Mineral Resource Estimates for the Kone Deposit have an effective date of August 12, 2021 and
were carried out by Mr. Jonathon Abbott of MPR who is considered to be independent of Montage
Gold. Mr. Abbott is a member in good standing of the Australian Institute of Geoscientists and has
sufficient experience which is relevant to the commodity, style of mineralization under consideration
and activity which he is undertaking to qualify as a Qualified Person under NI 43‐101.
8
For further details of the data verification undertaken, exploration undertaken and associated QA/QC
programs, and the interpretation thereof, and the assumptions, parameters and methods used to
develop the Mineral Reserve Estimate and the Mineral Resource Estimates for the Koné Gold deposit,
please see the definitive feasibility study, entitled "Koné Gold Project, Côte d'Ivoire Definitive
Feasibility Study National Instrument 43‐101 Technical Report" (the “DFS”) and filed on SEDAR at
www.sedar.com. The DFS was prepared by Lycopodium Minerals Pty Ltd. and incorporates the work
of Lycopodium and Specialist Consultants, including Mr. Abbott, under the supervision of Sandy
Hunter, MAusIMM (CP), of Lycopodium, a Qualified Person pursuant to NI 43‐101 who is independent
of Montage. Readers are encouraged to read the DFS in its entirety, including all qualifications,
assumptions and exclusions that relate to the details summarized in this news release. The DFS is
intended to be read as a whole, and sections should not be read or relied upon out of context.
TECHNICAL DISCLOSURE – SAMPLING AND ASSAYING
Samples used for the results described have been prepared and analysed by fire assay using a 50‐gram
charge at the Bureau Veritas facility in Abidjan, Côte d’Ivoire or the SGS facility in Yamoussoukro, Côte
d’Ivoire. Shallow RC reconnaissance results are based on 3 metre composite samples. Field duplicate
samples are taken, and blanks and standards are added to every batch submitted. QAQC has been
approved in line with industry standards and interpretations reviewed the Qualified Person.
The technical contents of this press release have been approved by Hugh Stuart, BSc, MSc, a Qualified
Person pursuant to NI 43‐101. Mr. Stuart is the President of the Company, a Chartered Geologist and
a Fellow of the Geological Society of London.
CONTACT INFORMATION
Hugh Stuart
President
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 expressions are intended to identify
Forward‐looking Statements. Forward‐looking Statements in this press release include statements
related to the Company’s resource properties and resource estimates, and the Company’s plans, focus