Montage Reports Positive Infill Drill Results Including 105.0m at 1.39g/t and 71.0m at 1.50g/t
April 19, 2021
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 improve upon, existing mineralization within the core of the Koné deposit, including:
- MDD048: 105.0m grading 1.39g/t within 183.0m at 0.98g/t
- MDD054: 71.0m grading 1.50g/t within 188.7m at 0.83g/t
- 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.
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 Figure 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.
The complete details of the latest drill results are presented in the table below:
| Hole | Collar Location | Dip (m) |
Orient Az/Dip |
Down-hole Intercept (m) | Au g/t Uncut |
||||
|---|---|---|---|---|---|---|---|---|---|
| mE | mN | mRl | From | To | Metres | ||||
| 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 | 964,788 | 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
A drill plan map with collars coloured by grade-thickness is shown below for all drilling completed to date on the Koné deposit.
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.
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 programs 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 Officer 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
hstuart@montagegoldcorp.com
Adam Spencer
Executive Vice President, Corporate Development
aspencer@montagegoldcorp.com
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 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.