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Montage Releases First Results from Satellite Drill Program including 78m of 2.70g/t Gold at Gbongogo and 20m of 7.22g/t Gold at Lokolo Main

Montage Releases First Results from Satellite Drill Program including 78m of 2.70g/t Gold at Gbongogo and 20m of 7.22g/t Gold at Lokolo Main
PR Newswire
VANCOUVER, BC, Jan. 23, 2023

VANCOUVER, BC, Jan. 23, 2023 /PRNewswire/ – Montage Gold Corp. (“…

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Montage Releases First Results from Satellite Drill Program including 78m of 2.70g/t Gold at Gbongogo and 20m of 7.22g/t Gold at Lokolo Main

PR Newswire

VANCOUVER, BC, Jan. 23, 2023 /PRNewswire/ – Montage Gold Corp. (“Montage” or the “Company”) (TSXV: MAU) (OTCQX: MAUTF) is pleased to report its first drill results on the recently acquired Mankono Sissédougou Joint Venture, which now forms part of a much larger 2,258 sq km Koné Gold Project (“KGP”). Drilling began in November 2022 and with strong early success will continue through 2023. Results in this release reflect 6,713 metres of RC drilling completed on five target areas to the end of 2022.

HIGHLIGHTS
  • Gbongogo Delivers
    • Acquisition strategy successful with intercepts of high-grade achieved
    • GBRC024:    95m at 2.03g/t from surface
    • GBRC023A: 37m at 2.49g/t from 1m
    • GBRC025:    70m at 2.25g/t from 49m
    • GBRC026:    78m at 2.70g/t from surface
  • Lokolo Main – Initial Testing Shows Impressive High-Grade
    • LOKRC026:  20m at 7.22g/t from 25m
    • LOKRC025: 20m at 2.45g/t from 42m
    • Sits within a broad 12-km anomalous trend
  • First Regional Targets Drilled Deliver Encouraging Results
    • Koban North:  KBNRC003:       13m at 2.06g/t from 51m
    • Sena:                 SENARC004:     15m at 2.37g/t from 6m
    • Lokolo North:  LOKRC021:         20m at 1.74g/t from 38m
  • With Strong Initial Success Drilling Program Being Expanded to Three Rigs

Rick Clark, Montage CEO commented, “We are very pleased to report these initial drill results. As we have previously stated, the addition of high-grade satellite targets will significantly enhance the KGP and position it as one of the most attractive gold development projects in West Africa.

“The high-grade intercepts at Gbongogo alone position Montage to substantially upgrade the economic potential of the KGP and the new discoveries being made in areas such as Lokolo Main add a whole new and exciting upside, and we are just getting started. We look forward to reporting on our progress on a regular basis in the coming months towards a new economic review of the KGP.”

DETAILS
KGP Overview and Exploration Strategy

The KGP forms a contiguous block of 1,800 sq km of exploration permits and a further 458 sq km of exploration permit applications, for a total of 2,258 sq km covering a strike length of over 75km on one of the most prospective gold belts in West Africa (see Figure 1).

Montage has completed 6,713m of a 25,000m exploration program that will include a combination of RC, diamond, and aircore drilling that will continue over the coming months. It is expected that at least nine existing targets will be drilled with the aim of identifying new high-grade satellite deposits grading +1.5g/t or better that will complement the large-scale Koné deposit.  

Generative exploration is also underway to identify other prospective drilling targets.

https://montagegoldcorp.com/_resources/news/2023/~Images/2023-01-23/Picture1.png
Figure 1: KGP Footprint and Target Areas

Historic results from the targets shown in Figure 1 were reported in the Company’s press release dated November 22, 2022.

Gbongogo Delivers

Currently, the top priority prospect for resource development at the KGP is Gbongogo which hosts an Inferred Mineral Resource of 5.2Mt at 2.1g/t for 351koz (1.2g/t cut off). The first drilling program completed by Montage (2,979m to date) on this target and has already returned impressive intercepts that will aid in the upgrade to an Indicated Mineral Resource later this year.

Hole

From (m)

To(m)

Length (m)

Au g/t

GBRC022

3

30

27

1.87

GBRC023A

1

38

37

2.49

GBRC024

0

95

95

2.03

Incl.

51

64

13

9.75

GBRC025

49

119

70

2.25

GBRC026

0

78

78

2.70

GBRC030

38

88

50

2.04

GBRC033

3

52

49

2.29

 

Mineralization at Gbongogo is hosted within and on the margins of a plunging quartz diorite plug with a surface expression of 250m by 100m (Figure 2). Montage is looking to upgrade and expand the Inferred Resource in Q1 to define a maiden Indicated Mineral Resource in Q2. Phase 2 diamond drilling will test the deeper portions of the resource and provide samples for metallurgical test work. Hydrogeological and geotechnical work is planned for Q2 to support a revised Feasibility Study expected later this year.

RC and Aircore drilling in Q1 will target the northeast and southern extension of Gbongogo, where widespread (+100ppb) anomalism and artisanal mining is extensive.

https://montagegoldcorp.com/_resources/news/2023/~Images/2023-01-23/Picture2.png
Figure 2: Cross Section at Gbongogo Including New and Historic Drilling

Lokolo Main Returns Significant High-Grade

639m of RC drilling (7 holes) was completed in December 2022 to follow up on a historic result of 13m at 2.29g/t. The area is being extensively mined by artisanals, opening up further potential that will be tested by phase 2 drilling (Figure 3).

Hole

From (m)

To(m)

Length (m)

Au g/t

LOKRC024

57

60

3

3.93

LOKRC025

42

62

20

2.45

LOKRC026

25

45

20

7.22

 

These new high-grade results sit within an active artisanal mining area that has not yet been fully assessed within the wider 12-km Lokolo trend.

https://montagegoldcorp.com/_resources/news/2023/~Images/2023-01-23/Picture3.png
Figure 3: Aerial Photo of Lokolo Main Showing Artisanal Working and Drill Results

Other Regional Targets Deliver Positive Results

2,407m of RC drilling to the end of 2022 was also completed on three additional district targets: Koban North, Sena, and Lokolo North. All targets returned high-grade intercepts and have the potential to develop into a satellite pits. Follow up drilling will take place in the first half of 2023.

Target

Hole

From (m)

To(m)

Length (m)

Au g/t

Koban North

KBNRC001A

106

111

5

4.72

KBNRC003

51

64

13

2.06

KBNRC006

37

56

19

1.68

Sena

SENARC002

89

98

9

2.39

SENARC003

47

56

9

1.62

SENARC004

6

21

15

2.37

Lokolo North

LOKRC020

25

38

13

1.75

LOKRC021

38

58

20

1.74

 

Drilling at Koban North focussed on an area of mineralization across 200m in width with historic results that included 20m at 1.94g/t and 21m at 1.67g/t. Montage drilling has returned similar grades and widths over a strike length of 300m.

RC drilling at Sena was to follow up historic results from two aircore holes that included 19m at 1.57g/t and 19m at 1.75g/t over a strike length of 350m. The zone remains open.

At Lokolo North, RC drilling targeted a previously untested area of artisanal workings.

Outlook for 2023

Following the Seasonal break, drilling has resumed at Gbongogo with one RC rig that will soon be joined by a core rig. RC drilling will then move on to test other targets such as Bafretou South, Lokolo West and Yeré North. An aircore rig will commence testing of additional prospective target areas with the aim of generating new RC drill targets. Surface geochemical work is ongoing to add additional prospects for drill testing.

The Company’s aim is to revise the KGP Feasibility Study by year-end 2023 incorporating Gbongogo and potentially one or more other highly prospective satellite prospects.

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, located in northwest Côte d’Ivoire, covering a total area of 2,258 sq km, 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 DFS 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 Prospect 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 Koné Gold Project. Montage has a management team and Board with significant experience in discovering and developing gold deposits in Africa.

TECHNICAL DISCLOSURE – GBONGOGO

The Mineral Resource Estimate for Gbongogo has an effective date of Aprill 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 GOLD PROJECT

The Mineral Reserve Estimate for the Koné Gold Project 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 Koné Gold Project 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.

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 Project, 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 – NEW DISCOVERIES WITHIN KGP

Samples used for the results described 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. 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.

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 and objectives, including its exploration objectives and future exploration programs at Mankono and districtwide at the KGP, expectations that the Gbongogo Inferred Mineral Resource will become an Indicated Mineral Resource, expectations that the KGP will be improved and that additional higher grade resources will be added, the details regarding the conceptual exploration targets for Mankono, and timing for an updated technical report on the KGP. Forward-looking Statements involve various risks and uncertainties and are based on certain factors and assumptions, including, with respect to mineral resource estimates, those set out in the DFS and those set out under the heading “Mineral Resource Modeling and Estimation Assumptions – Gbongogo” in 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. 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 gold and other commodity prices, including lower than expected future gold prices which could reduce the economic returns on, or the viability of, a deposit, uncertainties inherent in the exploration of mineral properties such as incorrect resource estimates due to incorrect modelling or unforeseen geological conditions, the impact and progression of the COVID-19 pandemic and other risk factors set forth in the Company’s annual information form 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 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.

Appendix 1: Listing of Intercept Detail

Prospect

Hole ID

Drill Type

Collar Location
(UTM Zone 29N)

Orientation

Depth

From

(m)

To

(m)

Length

(m)

Au g/t

mE

mN

mRL

Dip

Azim

Gbongogo

GBRC022

RC

769,320

993,418

365

-55

140

70

3

30

27

1.87

and

33

45

12

0.83

GBRC023A

RC

769,286

993,385

363

-55

140

60

1

38

37

2.49

GBRC024

RC

769,249

993,422

359

-55

140

100

0

95

95

2.03

Including

51

64

13

9.75

GBRC025

RC

769,219

993,459

358

-55

140

160

49

119

70

2.25

GBRC026

RC

769,289

993,453

354

-55

140

108

0

78

78

2.70

GBRC027

RC

769,260

993,495

363

-55

140

151

53

138

85

1.70

GBRC028

RC

769,366

993,448

377

-55

140

60

0

21

21

1.01

GBRC029

RC

769,326

993,487

356

-55

140

100

34

69

35

0.80

GBRC030

RC

769,297

993,525

353

-55

140

130

38

88

50

2.04

and

95

107

12

0.86

GBRC031

RC

769,397

993,481

354

-55

140

60

0

10

10

0.63

and

29

45

16

0.78

GBRC032

RC

769,365

993,516

355

-55

140

108

35

44

9

0.74

and

67

84

17

1.86

GBRC033

RC

769,248

993,352

361

-55

140

100

3

52

49

2.29

GBRC034

RC

769,215

993,389

361

-55

140

110

0

6

6

0.69

and

48

53

5

1.14

and

70

80

10

0.90

GBRC035

RC

769,337

993,557

356

-55

140

132

46

49

3

4.66

and

55

108

53

1.39

GBRC036

RC

769,439

993,512

351

-55

140

100

No significant intercept

GBRC037

RC

769,407

993,552

353

-55

140

100

45

59

14

1.43

GBRC038

RC

769,378

993,580

353

-55

140

130

74

102

28

1.92

GBRC039

RC

769,518

993,578

347

-55

140

100

No significant intercept

GBRC040

RC

769,448

993,651

349

-55

140

100

No significant intercept

GBRC041

RC

769,480

993,620

348

-55

140

100

No significant intercept

GBRC042

RC

769,428

993,680

350

-55

140

100

No significant intercept

GBRC043

RC

769,590

993,642

345

-55

140

100

No significant intercept

GBRC044

RC

769,559

993,686

345

-55

140

100

No significant intercept

GBRC045

RC

769,526

993,719

346

-55

140

100

No significant intercept

GBRC046

RC

769,497

993,752

346

-55

140

100

No significant intercept

GBRC047

RC

769,686

993,700

342

-55

140

100

No significant intercept

GBRC048

RC

769,640

993,741

344

-55

140

100

No significant intercept

GBRC049

RC

769,606

993,782

344

-55

140

100

No significant intercept

GBRC050

RC

769,568

993,815

344

-55

140

100

No significant intercept

Koban North

KBNRC001A

RC

770,076

1,000,721

405

-55

105

120

46

59

13

0.79

and

106

111

5

4.72

KBNRC002

RC

770,116

1,000,705

406

-55

105

108

5

19

14

1.33

KBNRC003

RC

770,156

1,000,696

408

-55

105

120

4

20

16

1.33

and

51

64

13

2.06

and

75

87

12

0.44

KBNRC004

RC

770,201

1,000,682

411

-55

105

100

No significant intercept

KBNRC005

RC

770,025

1,000,549

404

-55

105

120

72

81

9

0.97

KBNRC006

RC

770,068

1,000,535

407

-55

105

120

19

24

5

1.82

and

27

37

10

0.97

and

37

56

19

1.68

KBNRC007

RC

770,116

1,000,525

412

-55

105

102

17

22

5

1.74

KBNRC008

RC

770,196

1,000,500

421

-55

105

108

77

82

5

1.95

KBNRC009

RC

770,162

1,000,511

418

-55

105

100

No significant intercept

KBNRC010

RC

769,950

1,000,358

397

-55

105

100

No significant intercept

KBNRC011

RC

769,995

1,000,342

399

-55

105

144

No significant intercept

KBNRC012

RC

770,055

1,000,304

404

-55

105

100

25

43

18

0.86

KBNRC013

RC

770,096

1,000,312

409

-55

105

125

No significant intercept

KBNRC014

RC

770,166

1,000,296

418

-55

105

100

No significant intercept

Sena

SENARC001

RC

769,822

997,973

375

-55

109

110

No significant intercept

SENARC002

RC

769,866

997,958

376

-55

109

100

89

98

9

2.39

SENARC003

RC

769,910

997,939

378

-55

109

110

47

56

9

1.62

SENARC004

RC

769,959

997,921

378

-55

109

100

6

21

15

2.37

SENARC005

RC

769,837

997,861

375

-55

109

108

55

74

19

0.72

SENARC006

RC

769,878

997,845

379

-55

109

100

No significant intercept

SENARC007

RC

769,801

997,766

382

-55

109

102

11

14

3

6.15

SENARC008

RC

769,846

997,751

387

-55

109

100

No significant intercept

SENARC009

RC

769,894

997,739

380

-55

109

100

No significant intercept

Lokolo North

LOKRC018

RC

781,282

991,892

362

-55

350

120

No significant intercept

LOKRC019

RC

781,326

991,896

362

-55

350

120

20

26

6

0.89

80

83

3

0.71

LOKRC020

RC

781,376

991,905

362

-55

350

120

25

38

13

1.75

97

109

12

0.95

LOKRC021

RC

781,416

991,901

362

-55

350

108

23

27

4

0.73

38

58

20

1.74

LOKRC022

RC

781,475

991,924

361

-55

350

130

No significant intercept

Lokolo Main

LOKRC023

RC

778,442

989,727

374

-55

350

81

No significant intercept

LOKRC024

RC

778,473

989,688

373

-55

315

100

57

60

3

3.93

LOKRC025

RC

778,523

989,735

371

-55

315

100

42

62

20

2.45

LOKRC026

RC

778,557

989,775

370

-55

315

98

25

45

20

7.22

27

31

4

31.57

LOKRC027

RC

778,493

989,772

372

-55

315

80

No significant intercept

LOKRC028

RC

778,643

989,818

367

-55

315

80

37

51

14

0.65

LOKRC029

RC

778,660

989,794

367

-55

315

100

75

82

7

1.05

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SOURCE Montage Gold Corp

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