Montage Reports Positive Infill Drill Results Including 105.0m at 1.39g/t and 71.0m at 1.50g/t
1
Montage Reports Positive Infill Drill Results Including 105.0m at 1.39g/t and 71.0m at 1.50g/t
Vancouver, British Columbia — April 19, 2021 — Montage Gold Corp. (“Montage” or the “Company”)
(TSXV:MAU) is pleased to report additional results from its ongoing 35,000m infill drill program at the
Morondo Gold Project (“MGP”) in Côte d’Ivoire.
“The infill program is all about resource conversion from Inferred to Indicated and the results received to
date continue to reinforce our expectation of very high resource conversion due to the simplicity of the
orebody, the consistent nature of the mineralisation and the conservatism of our resource modelling.
Our 35,000m infill drill program is now 60% complete and we are reporting 13 drill holes in this release
representing 4,845m of core. With seven rigs on site at present, the infill program is on track to be
completed by the end of June, which will allow us to prepare the first Indicated Mineral Resource estimate
for Koné in early Q3,” commented Hugh Stuart, CEO and Director of Montage.
“We are also pleased to report that an eighth rig is being mobilized this week to the Petit Yao target, which
is situated just 8km east of the Koné deposit . We have planned for a 3,000m follow -up drill program to
further test near-surface high grade mineralization.”
HIGHLIGHTS
• Latest results from infill program continue to confirm, or improv e upon, existing mineralization
within the core of the Koné deposit, including:
o MDD048: 105.0m grading 1.39g/t within 183.0m at 0.98g/t
o MDD054: 71.0m grading 1.50g/t within 188.7m at 0.83g/t
o MDD057: 110.7m grading 1.07g/t
• 35,000m infill drill program 60% complete as of April 16, 2021
• PEA results anticipated by mid-May 2021.
• Indicated Mineral Resource update expected in Q3 2021.
• $28M cash on hand and fully funded to advance the MGP to completion of a Feasibility Study by
end of 2021.
2
DETAILS
Infill Drill Program Initial Results
The 35,000m infill drill program started in January with six diamond core rigs and one RC rig drilling and
is designed to convert the existing Inferred Mineral Resource of 123Mt grading 0.80g/t for 3.16Moz (at
0.40g/t cut-off) to the Indicated Mineral Resource category and to support the completion of a Feasibility
Study by the end of 2021.
The cross-section below (Figure 1), shows infill results on section 4950, located in the centre of the Koné
deposit (see F igure 2 for section location). Resource blocks shown are from the January 2021 Inferred
Mineral Resource Estimate. As an infill section, these blocks have been estimated from the 100m spaced
sections that were drilled to define the Inferred Mineral Resource, so they have been estimated from
drilling 50m to the north and south of this section.
The key to the infill drill program is the conversion of the Inferred Mineral Resource to the Indicated
category. As can be seen from section 4950 the infill drilling matches well with the underlying block grades
Figure 1: Koné deposit cross-section 4950 with infill drill results highlighted.
The complete details of the latest drill results are presented in the table below:
3
Hole Collar Location Depth Orient Down-hole Intercept (m) Au g/t
mE mN mRl (m) Az/Dip From To Length Uncut
MDD045 756,606 964,984 395 402 126/-56 149.50 364.00 214.40 0.53
143.00 169.00 26.00 0.74
262.00 292.00 30.00 0.89
MDD046 756,734 964,539 377 254 124/-56 1.00 160.00 159.00 0.62
0.00 54.00 54.00 1.02
68.00 82.00 14.00 0.68
97.00 112.10 15.10 0.67
130.80 146.00 15.20 0.65
MDD047 756,683 964,571 376 306 125/-56 1.00 202.20 201.20 0.45
50.00 157.40 107.40 0.57
294.55 305.09 10.54 1.57
MDD048 756,535 964,796 392 453 127/-57 209.00 392.00 183.00 0.98
278.00 392.00 105.00 1.39
MDD049 756,633 964,605 379 381 127/-58 63.00 247.20 184.20 0.64
99.00 215.25 116.25 0.79
MDD050 756,434 964,865 393 501 128/-58 291.00 500.80 209.90 0.56
398.40 441.00 42.60 1.61
MDD051 756,653 964,955 394 372 127/-57 103.00 335.00 232.00 0.31
103.00 118.00 15.00 0.70
258.00 274.15 16.15 0.55
MDD052 756,627 964,488 377 279 127/-55 46.00 255.00 209.00 0.54
46.00 65.00 19.00 0.53
73.00 134.00 61.00 0.71
207.00 239.00 32.00 1.04
MDD053 756,674 964,457 374 225 126/-56 3.00 211.00 208.00 0.35
46.00 100.00 54.00 0.53
MDD054 756,494 964,826 392 480 128/-58 252.00 440.65 188.65 0.83
342.00 433.00 71.00 1.50
402.10 445.00 42.90 0.83
MDD055 756,577 964,524 377 330 127/-56 91.00 269.90 178.90 0.51
117.00 163.05 46.05 0.57
194.00 239.00 45.00 0.67
MDD056 756,569 964,407 373 312 126/-56 46.80 231.00 184.20 0.42
46.40 63.90 17.50 0.96
83.00 114.00 31.00 0.53
MDD057 756,388 964,778 389 552 128/-58 402.30 531.00 110.70 1.07
Note: Bolded intervals represent the full mineralized width of the Koné deposit
Intercepts are +90% of true width
Grid: WGS84 UTM Zone 29N
4
A drill plan map with collars coloured by grade-thickness is shown below for all drilling completed to date
on the Koné deposit.
Figure 2: Drill hole plan view map showing grade-thickness.
Business Plan Fully Funded for 2021
Montage remains fully funded for its business plan through 2021. This includes the completion of the
current 35,000m drill program , the delivery of the PEA results in mid-May 2021; an Indicated Mineral
Resource estimate in early Q3 2021; and a Feasibility Study by the end of 2021.
As of March 31, 2021, Montage had a cash balance of C$28 million.
5
ABOUT MONTAGE GOLD CORP.
Montage Gold Corp. (TSXV:MAU) is a Canadian -based precious metals exploration and development
company focused on opportunities in Côte d’Ivoire. The Company’s flagship property is the Morondo Gold
Project, located in northwest Côte d’Ivoire, which currently hosts an Inferred Mineral Resource of 123Mt
grading 0.80 g/t for 3.16Moz of gold, based on a 0. 4 g/t cutoff 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 progra ms at the Morondo 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 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. 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 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 the Company’s plans, focus and objectives. Forward -looking
Statements involve various risks and uncertainties and are based on certain factors and assumptions.
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
fluctuations in gold and other commodity prices, uncertainties 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”. The Company undertakes no obligation to
update or revise any Forward-looking Statements, whether as a result of new information, future events
6
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 differ 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.