Montage Successfully Upgrades Mineral Resources at Gbongogo Main; Total Indicated Mineral Resources at Koné Gold Project Approach 5 Million Ounces
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Montage Successfully Upgrades Mineral Resources at Gbongogo Main;
Total Indicated Mineral Resources at Koné Gold Project Approach 5 Million Ounces
Vancouver, British Columbia — September 7, 2023 — Montage Gold Corp. (“Montage” or the
“Company”) (TSXV: MAU) (OTCQX: MAUTF) is pleased to report an updated Mineral Resource
Estimate (“MRE”) for the Company’s Koné Gold Project (“KGP”) in Côte d’Ivoire. The update
represents the first Indicated Mineral Resource at Gbongogo Main of 12.0Mt grading 1.45g/t for
559koz (at a 0.50g/t cut-off grade, the “September 2023 Gbongogo Main MRE”). The Company is also
pleased to update its shareholders on initiatives to progress the KGP towards a development decision
in early 2024.
HIGHLIGHTS
• Recent drilling at Gbongogo Main achieves a high level of resource conversion from Inferred to
Indicated and sees an increase in grade
o Indicated Mineral Resource of 12.0Mt grading 1.45g/t for 559koz (at 0.50g/t cut-off grade)
o Grade improves by +10% over April 2022 Gbongogo Main MRE
o Anticipated strong positive impact on KGP production profile and economics
o Further drill testing of high-grade veins at Gbongogo Main expected to increase deposit
grade even more
o Feasibility-level metallurgical testing returns positive results
• Total combined Indicated Mineral Resources at Koné Gold Project grow to 4.83Moz plus
additional Inferred Mineral Resources of 0.32Moz (see Table 3 for disclosure)
• Montage strengthens management team with addition of Mike Robinson as Côte d’Ivoire
Country Manager
o Former Country Manager for Red Back Mining in Mauritania; oversaw development and
expansion of Tasiast Project
o Over 40 years of experience in mining operations management, engineering, maintenance
and administration
• Montage continues to advance and de-risk the KGP
o Permitting activities have been ongoing over last several months
o Formal submission of ESIA planned for October 2023
o Updated DFS targeted for release by year-end 2023
o Project finance discussions have commenced
o Corporate headquarters established in Toronto
• Multiple targets within KGP identified for future exploration
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Rick Clark, Montage CEO commented, “The upgrade of the Gbongogo Main deposit is a significant
milestone for Montage and the KGP, with Indicated Mineral Resources now nearly 5 million ounces
across the project. We are very pleased with the successful conversion of Gbongogo Main resources
from Inferred to Indicated and the 10% increase in grade and that has the potential to translate well
into the updated feasibility study. With further testing of the high-grade quartz tourmaline vein sets
that characterize the deposit planned we are confident that we can add further high-grade ounces to
the deposit.
“With the initial conversion of Gbongogo Main now completed, we are on track to make a construction
decision for the KGP. The formal permitting process will begin in Q4 2023 with the submission of the
ESIA and we are confident that the project will be fully permitted during the first half of 2024. An
updated DFS is on track and is expected to be completed by the end of 2023 and will incorporate
additional reserves from Gbongogo Main.
“From an operations perspective we are very excited to have Mike Robinson join our management
team in charge of the in-country operations and development of the KGP. Mike, together with other
former development and operations management from Red Back, will be the backbone of our business
plan for the KGP and Côte d’Ivoire. Our track record speaks for itself.”
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DETAILS
Updated Mineral Resource Estimate for Gbongogo Main
The September 2023 Gbongogo Main MRE was undertaken by Matrix Resource Consultants of Perth,
Australia (“Matrix”) who estimated recoverable mineral resources using Multiple Indicator Kriging
(“MIK”).
Relative to information available for the April 2022 Gbongogo Main MRE, the current dataset includes
information for drill holes totalling an additional 12,246.9m (7,329.9m of core and 4,917.0m of reverse
circulation (“RC”)) giving a total of 18,389.3m (12,157.3m of core and 6,232.0m of RC) on which this
new estimate has been based.
The September 2023 Gbongogo Main MRE is reported within an optimal pit shell based on a
US$1,500/oz gold price and is shown below at a range of cut-off grades (Table 1). A cut-off grade of
0.50g/t is the preferred scenario based on preliminary estimates of mining and haulage costs to the
proposed Koné process plant and estimates of metallurgical recoveries and process costs.
Table 1: September 2023 Gbongogo Main MRE by Cut-off Grade
Cut-off Grade Indicated Inferred
Au g/t Mt Au g/t Au Koz Mt Au g/t Au Koz
0.1 20.9 0.94 632 1.1 0.23 8.1
0.2 16.8 1.13 610 0.26 0.52 4.3
0.3 15.1 1.23 597 0.18 0.64 3.7
0.4 13.5 1.33 577 0.13 0.77 3.2
0.5 12.0 1.45 559 0.09 0.89 2.6
0.6 10.6 1.56 532 0.07 1.0 2.3
0.7 9.30 1.69 505 0.05 1.1 1.8
0.8 8.20 1.82 480 0.04 1.2 1.5
0.9 7.20 1.95 451 0.03 1.4 1.4
1.0 6.40 2.08 428 0.02 1.5 1.1
1.2 5.00 2.34 376 - - -
1.4 4.00 2.60 334 - - -
Notes
1. Rounding errors are apparent.
2. The updated Mineral Resources are reported in accordance with NI 43-101 with an effective date of the 7th
September 2023, for the Gbongogo Main deposit within the Koné Gold Project.
3. The MRE is reported on a 100% basis and is constrained within an optimal pit shell generated at a gold price of
US$1,500/ounce.
4. The identified Mineral Resources are classified according to the “CIM” definitions of Inferred Mineral Resources.
5. This Mineral Resource Estimate was prepared by Mr. Jonathon Abbott of Matrix Resource Consultants of Perth,
Australia who is a Qualified Person as defined by NI 43-101.
6. The estimates at 0.50g/t cut-off grade represent the base case or preferred scenario.
7. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
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Table 2 shows a comparison of the September 2023 Gbongogo Main MRE against the April 2022
Gbongogo Main MRE across a range of cut-off grades to demonstrate conversion of Mineral Resources
from Inferred to Indicated and to illustrate the change in tonnage, grade, and ounces.
As can be seen from the Table infill drilling has succeeded in defining +99% Indicated resources within
the resource reporting pit and has resulted in an increase in resource grade of approximately 10%
across a range of cut-off grades.
Table 2: Comparison of September 2023 Gbongogo Main MRE to April 2022 Gbongogo Main MRE
Cut-off
Grade
September 2023 Gbongogo Main MRE April 2022 Gbongogo Main MRE
Indicated Mineral Resource Inferred Mineral Resource Inferred Mineral Resource
Au g/t Mt Au g/t Au Koz Mt Au g/t Au Koz Mt Au g/t Au Koz
0.4 13.5 1.33 577 0.13 0.77 3.2 15.0 1.20 579
0.5 12.0 1.45 559 0.09 0.89 2.6 13.2 1.29 549
0.6 10.6 1.56 532 0.07 1.0 2.3 11.0 1.40 495
0.8 8.20 1.82 480 0.04 1.2 1.5 8.8 1.60 453
1.0 6.40 2.08 428 0.02 1.5 1.1 6.7 1.80 388
1.2 5.00 2.34 376 - - - 5.2 2.10 351
Notes:
1. See Table 1 for disclosures relating to the September 2023 Gbongogo Main MRE.
Combined Indicated Mineral Resources at KGP grows to nearly 5 million ounces
On a combined basis (Table 3) the KGP now hosts total Indicated Mineral Resources of 4.83Moz and
additional Inferred Mineral Resources of 0.32Moz.
Table 3: Combined Mineral Resources at Koné Gold Project
Deposit
Cut-off
Grade Indicated Mineral Resource Inferred Mineral Resource
Au g/t Mt Au g/t Au Moz Mt Au g/t Au Moz
Koné 0.2 225 0.59 4.27 22 0.45 0.32
Gbongogo Main 0.5 12 1.45 0.56 - - -
KGP Total 237 0.63 4.83 22 0.45 0.32
Notes:
1. See Table 1 for disclosures relating to the September 2023 Gbongogo Main MRE.
2. Inferred Mineral Resources for September 2023 Gbongogo Main MRE are not shown in the above table due to
rounding
3. See press release dated August 19, 2021 for disclosures relating to the Koné deposit Mineral Resource Estimate
(the “August 2021 Koné Deposit MRE”)
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High grade vein sets to be further defined
High grades at Gbongogo Main are controlled by a stockwork of largely irregular, generally thin, quartz-
tourmaline veins. With the systematic approach taken by Montage, drilling has now intersected a
number of wider, better developed veins. Drill results that have intersected these vein sets are shown
in Table 4 below and include new results from holes GBDDH044 and GBDDH045 from the end of the
recent drill program.
Table 4: Intercepts from High-Grade Quartz-Tourmaline Vein Sets
Hole From (m) To (m) Length (m)
Uncut
Grade
(Au g/t)
Grade Cut
to 20g/t
(Au g/t)
GBRC013 61.00 77.00 16.00 10.00 6.16
GBDDH004 85.40 95.20 9.80 10.77 8.38
GBDDH007 61.20 78.10 16.90 10.60 5.00
GBDDH035 168.00 172.00 4.00 17.59 12.16
GBDDH039 172.50 195.00 20.50 10.95 8.34
GBDDH043 197.00 214.00 17.00 8.56 5.35
GBDDH044 233.00 241.00 8.00 15.71 5.57
GBDDH045 238.50 255.00 16.50 10.69 3.10
GBRC024 51.00 64.00 13.00 9.75 8.84
Note: Intercepts are 60-80% of true width
The infill drilling program has provided significantly more structural information on these veins and
there is now enough drill coverage to get an understanding of orientation and control. Of particular
interest is the discovery of several larger veins which have returned some of the more spectacular
intercepts at Gbongogo Main (see GBDDH039 in Figure 1 and Figure 2). These vein systems, particularly
the larger veins, offer the potential to further increase the grade profile at Gbongogo Main.
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Figure 1: Cross Section of Gbongogo Main with High-Grade Quartz Tourmaline Intercepts Highlighted
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Figure 2: High Grade quartz tourmaline veins in GBDDH039 with gold grade in g/t (1m samples)
Feasibility-level metallurgical program at Gbongogo Main returns positive results
A metallurgical testwork program was carried out by SGS Lakefield on 16 leach optimization and 10
comminution variability samples representing a range of material and rock types from the Gbongogo
Main deposit.
The testwork program applied the same conditions as for the Koné deposit (grind size P80 75µm) and
demonstrated that Gbongogo Main is amenable to direct tank carbon in pulp cyanide leaching with
good gold recoveries, low reagent consumptions and medium/low resistance to grinding, providing
favourable processing economics and a simple flowsheet. The important conclusion from the testwork
program is that the flowsheet design already contemplated in the original KGP DFS is appropriate for
the Gbongogo Main mineralization.
Table 5 shows the average gold recoveries and reagent consumptions at the tested grades. Average
gold recoveries include a solution loss of 0.005mg/l gold and carbon fines loss of 0.15%.
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Cyanide consumption is low to very low and lime consumption is low for the dominant fresh material,
but higher for the less dominant transition and oxide zones.
Table 5 – Metallurgical Testwork Summary
Domain
Samples
Tested
Average
Tested
g/t Au
Average
Recovery
(%)
Cyanide
Consumption
(kg/t)
Lime
Consumption
(kg/t)
GB Fresh 8 1.54 86.6 0.42 0.55
GB Transition 4 1.61 91.3 0.21 1.06
GB Oxide 4 2.40 94.7 0.29 2.60
Montage strengthens management team with addition of Mike Robinson as Country Manager
As part of the strategy to position the Company for the development and operation of the KGP,
Montage is expanding its management team. Mike Robinson will be the Company’s Country Manager
in Côte d’Ivoire.
Mr. Robinson has 40 years of experience in mining operations management, engineering, maintenance
and administration, with over 20 years working in Africa in senior management roles in Ghana,
Tanzania and Mauritania.
Notably, Mr. Robinson was part of the Red Back Mining management team from 2004 to 2010,
performing in several roles including as Country Manager, Mauritania, where he played a critical role
in the successful development, operation and expansion of the Tasiast Gold Mine.
In his role with Montage, Mr. Robinson will reside in Abidjan and oversee all aspects relating to the
operations of the Company in Côte d’Ivoire. His initial undertaking will be to expand Montage’s
corporate and development presence in Abidjan, through building out finance, accounting,
engineering, permitting and government relations functions.
Montage continues to advance and de-risk the KGP towards a construction decision
Permitting Update
In parallel with Montage’s 2023 exploration and resource definition campaigns, the Company has been
advancing towards the formal submission of the Environmental & Social Impact Assessment (“ESIA”)
for the expanded KGP. Baseline data collection and analysis has been completed for the inclusion of
Gbongogo Main and the Company anticipates submitting the ESIA in October 2023.
Over the past several months the Company has been engaging with the various government ministries
that will be involved in the permitting process for the KGP, including the Ministry of Water and Forests
and the Ministry of Mines, Petroleum and Energy, as well as with consultants and advisors that will be