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Montage Announces the start of a 50,000m Drill Program and Development Plans for its Morondo Gold Project in Côte d'Ivoire

26.10.2020  |  CNW

VANCOUVER, Oct. 26, 2020 - Montage Gold Corp. ("Montage" or the "Company") (TSXV: MAU) is pleased to announce that following the successful completion of its initial public offering ("IPO") of $30,000,000, the Company is now pushing ahead with an aggressive resource expansion drill program at its 100%-owned Morondo Gold Project ("MGP") in Côte d'Ivoire. Technical work programs are also underway that will form the basis of a Preliminary Economic Assessment ("PEA") scheduled for delivery in late Q1 2021.

HIGHLIGHTS:

  • Recent deep drilling intersects 191.2m grading 1.19g/t, 106.15m grading 1.12/t and 91.32m at 1.22g/t and confirms mineralization extends to up to 250m below existing resource
  • 50,000m drill program has commenced and is aimed at expanding and upgrading resources at MGP
    • Five drill rigs on site
    • 20,000m of drilling to update Inferred Mineral Resources in early Q1 2021
    • 30,000m of drilling to upgrade to Indicated Mineral Resources by late Q2 2021
  • Engineering studies underway in support of the PEA
    • Metallurgical testing, environmental baseline, geotechnical and hydrology studies
    • PEA has now been commissioned and will be managed by Lycopodium Pty Ltd
  • PEA delivery targeted by the end of Q1 2021

"The next 15 months are going to be very busy for Montage given the goals we have set for ourselves," commented Hugh Stuart, President and CEO of Montage. "The success of our deep drilling campaign earlier this year has set us up very well to confirm the potential of the Morondo Gold Project as a simple, economically strong, large scale, open pit gold project. Following the completion of our IPO, we are now well-funded to deliver on this objective."

DETAILS:

Exploration Update

As at October 3, 2018, the MGP hosted an Inferred Mineral Resource of 52.5Mt grading 0.91 g/t for 1,536koz of gold (based on a 0.5 g/t cut-off grade) outlined by 18,172m of drilling. Further work completed by Montage during 2019 and 2020 has demonstrated the resource expansion potential at depth, extending the known mineralisation to 400-450m below surface. The table below and figures 2 and 3 show results of the drilling completed during 2019 and 2020:

Hole


Down-hole Intercept (m)

Au g/t



From

To

Length

Uncut

MRRD001*

Mineralised Width

134.00

315.00

181.00

0.77


Including

198.35

298.60

100.25

1.05

MRRD002*

Mineralised Width

244.35

426.16

181.81

0.81


Including

334.83

426.15

91.32

1.22

MRRD003A*

Mineralised Width

243.00

411.30

168.30

0.60


Including

243.00

290.20

47.20

0.95



369.35

386.00

16.65

1.27

MRRD004*

Mineralised Width

175.60

360.25

184.65

0.57


Including

175.60

182.10

6.50

1.00



247.00

255.70

8.70

1.24



283.00

294.00

11.00

0.94



310.70

348.00

37.30

1.04

MRRD005*

Mineralised Width

144.00

354.00

210.00

0.54


Including

259.60

284.70

25.10

1.63



295.00

315.00

20.00

0.73

MRRD006*

Mineralised Width

86.10

241.00

154.90

0.77


Including

86.10

126.00

39.90

0.90



166.00

241.00

75.00

0.91

MRRD007*

Mineralised Width

2.00

118.00

116.00

0.76


Including

2.00

28.00

26.00

1.35



36.00

48.00

12.00

0.98



73.00

83.00

10.00

1.15



107.00

118.00

11.00

0.78

MDD003

Mineralised Width

119.90

311.10

191.20

1.19


Including

122.00

159.70

37.70

2.03



167.40

193.00

25.60

0.99



203.00

223.20

20.20

0.68



229.45

259.50

30.05

1.29



270.00

304.60

34.60

1.79

MDD004

Mineralised Width

366.65

569.60

202.95

0.46


Including

470.65

498.65

28.00

1.51



522.75

531.55

8.80

0.93

MDD005

Mineralised Width

387.10

573.95

186.75

0.88



387.10

417.65

30.55

0.72



475.80

540.40

64.70

1.89

MDD006

Mineralised Width

283.15

556.65

273.50

0.61


Including

283.15

359.00

75.85

0.84



385.00

438.25

53.25

0.82



493.25

524.00

30.75

0.59

MDD007

Mineralised Width

199.75

250.15

50.40

0.67


Including

199.75

215.70

15.95

0.67



231.40

247.55

16.15

0.74

MDD008

Mineralised Width

208.50

405.90

197.40

0.73


Including

255.20

266.70

11.50

0.91



288.40

405.90

117.50

1.00

MDD009

Mineralised Width

175.15

441.15

266.00

0.71


Including

175.15

281.25

106.10

1.12



288.45

319.05

30.60

0.64



413.20

432.65

19.45

0.72

MDD010

Mineralised Width

360.00

433.30

73.30

0.43


Including

360.00

368.55

8.55

1.03



382.60

391.15

8.55

0.57



410.65

423.00

12.35

0.53

* Holes previously released on February 20, 2020

Note: Hole locations are listed in Appendix 1

Exploration Plans

The next 20,000m resource expansion drill program, currently underway, is targeting resource growth from the following areas:

  • At Depth: Tighter drill spacing to depth will establish continuity of mineralization below the existing resource;
  • Near Surface: Additional shallow drilling will be conducted to intersect the footwall contact in areas where earlier drilling (from 2018 and prior) ended in mineralization; and
  • Along Strike: To date, little drilling has been conducted beyond the footprint of the current Inferred Mineral Resource. Drilling will test strike extensions of the mineralization.

This initial phase of drilling is expected to be completed before year-end 2020 and will position Montage to release an updated Inferred Mineral Resource estimate in Q1 2021.

Preliminary Economic Assessment Underway

In parallel with ongoing drilling, Montage has now commissioned a PEA that will be overseen by Lycopodium in Brisbane, Australia employing several international consultants, including:

Study

Consultant

Metallurgical Test Work

SGS Lakefield, Canada

Resource Estimation

MPR Geological Consultants Pty Ltd., Perth, Australia

Geotechnical Study

SRK, Cardiff, UK

Mining Studies

Carci Consultants, UK

Hydrology Study

GCS Consultants Ltd., RSA

Tailings and Water Storage

Knight Piesold, Brisbane, Australia

Environmental

Mineesia, UK

The goal of the PEA is to demonstrate the viability of a large-scale open pit development at the MGP. The Project exhibits a number of characteristics that position it well to achieve this goal, including:

  • The primary deposit at MGP, Koné, is characterized by a simple, wide body of mineralisation ideally suited for large scale, low cost, open pit mining;
  • Preliminary metallurgical work supports a simple, standard, crush-grind-leach flowsheet;
  • A low rock hardness, reducing power consumption
  • True widths of mineralization up to 250m and a 45° dip to the west, suggest a very low strip ratio;
  • Close proximity to grid power; and
  • Strong community support and minimal habitation within the project footprint

The PEA will be based on an upgraded Inferred Mineral Resource and is expected to be completed by late Q1 2021.

Future Plans

Upon completion of the current 20,000m drill program (early Q1 2020) the Company will follow-up with a 30,000m program designed to upgrade estimated Inferred Mineral Resources to the Indicated Mineral Resource category by the end of Q2 2021. This new Indicated resource could then form the basis for a Feasibility Study, expected to be completed by the end of 2021.

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 ("MGP"), located in northwest Côte d'Ivoire, which hosts an Inferred Mineral Resource of 52.5Mt grading 0.91 g/t for 1,536koz of gold, based on a 0.5 g/t cutoff grade. Montage has a management team and board with significant experience in discovering and developing gold deposits in Africa.

The Inferred Mineral Resource was estimated using an optimal pit shell generated for constraining Inferred Mineral Resources with dimensions of approximately 1,100 m by 620 m, with a maximum depth of around 260 m, and used a gold price of US$1,500/oz. See the Company's amended and restated technical report entitled "Amended and Restated NI 43-101 Technical Report for the Morondo Gold Project, Côte d'Ivoire" with an effective date of September 17, 2020, available on SEDAR at www.sedar.com, which was prepared for the Company by Jonathon Robert Abbott, BASc Appl. Geol, MAIG, of MPR Geological Consultants Pty Ltd. and Remi Bosc, Eurgeol, of Arethuse Geology SARL, who are "qualified persons" and "independent" of Montage within the meanings of NI 43-101.

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 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 analysed 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.

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.

Figure 1: Koné Prospect Map

Figure 2: Cross Section 4800N

Figure 3: Cross Section 4900N

Appendix 1: Drill Hole Locations from 2020 Drilling Completed

Hole

Collar Location

Depth

Orient

mE

mN

mRl

(m)

Az/Dip

MRRD001

756,634

964,787

384

356.82

125/-57

MRRD002

756,484

964,769

390

450.3

126/-56

MRRD003A

756,434

964,672

383

411.3

125/-56

MRRD004

756,460

964,544

380

360.25

127/-55

MRRD005

756,618

964,928

394

381.03

126/-56

MRRD006

756,691

964,752

383

330.2

126/-55

MRRD007

756,802

964,662

379

240.1

125/-55

MDD003

756,596

964,693

381

398.1

125/-56

MDD004

756,337

964,874

393

599.5

128/-56

MDD005

756,316

964,767

392

621.7

127/-57

MDD006

756,374

964,605

381

557.7

127/-56

MDD007

756,452

964,427

377

449.8

126/-57

MDD008

756,535

964,859

393

470.8

130/-56

MDD009

756,520

964,609

381

443.3

129/-57

MDD010

756,435

964,928

394

551.4

126/-57

Coordinate system: WGS84, UTM 29N

SOURCE Montage Gold Corp.



Contact
Adam Spencer, Executive Vice President, Corporate Development, aspencer@montagegoldcorp.com
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