VANCOUVER, BC, April 25, 2022 /CNW/ - Montage Gold
Corp. ("Montage" or the "Company") (TSXV: MAU) (OTCPK:
MAUTF) is pleased to announce that it has been awarded a new
exploration permit within haulage range of the Koné Gold Project
("KGP") in Côte d'Ivoire.
Hugh Stuart, Montage CEO
commented, "With the completion of a very successful
Definitive Feasibility Study ("DFS") our focus now is on expanding
exploration away from the Koné deposit with the aim of locating
higher grade satellite feed that will further boost the economics
of the KGP. The Company has been advised that the Sisséplé
Exploration permit has been granted over an area of
322km2, which brings our total permit holdings to
983km2, all of which is relevant to the large-scale,
low-cost operation planned at Koné. First pass reconnaissance soil
sampling is now in progress in Sisséplé and we have completed the
first phase of sampling on the adjacent Farandougou permit. These
areas have not been previously explored and lie on highly
prospective gold trends and we plan to move quickly to define
targets and then follow up aggressively."
HIGHLIGHTS
- New Sisséplé Exploration Permit adds
322km2
-
- Numerous target structures, previously unexplored
- On trend from nearby anomalism
- Exploration in progress
- Reconnaissance soil geochemistry at Farandougou Exploration
Permit
-
- First phase complete
- Follow-up soil program to commence in May
- Satellite exploration in progress within the Koné
Exploration Permit
-
- Ground geophysical survey completed over the Petit Yao
area
- Extension and resource definition drilling planned at Petit Yao
Central target
DETAILS
Sisséplé Exploration Permit
The Sisséplé permit represents a highly prospective addition to
the KGP which has no history of previous exploration and lies
within haulage distance of the planned Koné plant site (Figure 1).
It sits on three strong structural trends with known endowment (see
map below). In the east, the Syama trend is the principal regional
structure hosting the Koné deposit to the south and extending north
through Barrick's Fonondara and Kasseré prospects, Perseus'
Sissingué Gold mine and further north to the Syama Mine in
Mali.
The Nyangboue trend hosts a clear mineralized system on strike
to the north within Turaco Gold's Boundiali permit where intercepts
of up to 30m at 8.30g/t gold near
surface have been reported at the Nyangboue prospect, 8km north
(see Turaco Gold ASX Announcement 12
November 2021). The Sisséplé trend in the west of the permit
hosts an extension of mineralized structures from the
Barrick/Endeavour joint venture to
the south and is marked by several areas of artisanal workings.
Figure 1: Sisséplé permit targets
Sisséplé Exploration Program
Montage staff completed community consultations in Sisséplé in
late March, meeting with village chiefs accompanied by members of
the mining administration and local government (Figure 2). With
that complete, the Company has commenced fieldwork with an
800m x 50m soil geochemical survey. The program will
initially prioritize key areas but will ultimately cover the entire
permit and will be accompanied by geological and regolith mapping.
Anomalous targets will be followed up with more detailed surveys
and where justified, shallow reverse circulation ("RC")
drilling.
Figure 2: Meeting with Sisséplé community
Koné Exploration Permit – Petit Yao Central Update
Following successful drilling at the Petit Yao Central target in
2021, an induced polarization ("IP") survey was completed over the
wider target area with the aim of better defining the geological
controls on the known mineralization. The survey clarified a strong
northwest trend to the underlying geology and has resulting in a
re-interpretation of the target which better aligns with the strong
gold in soil anomaly and opens the potential to expand the known
mineralization along strike to the southeast and northwest (Figure
3).
A program of RC drilling is planned to define a preliminary
mineral resource at the target and test the extensions both to the
south and north where the anomaly appears limited due to the
presence of a duricrust cap.
Figure 3: Petit Yao Central
Farandougou Exploration Permit Soil Geochemistry
Initial results have now been received from the first widely
spaced 800m x 50m grid soil sampling in the Farandougou permit.
The results have highlighted several areas for follow up sampling
shown in Figure 4.
Given that this area is within easy haulage distance of the KGP
and close to the asphalt road that runs straight to the planned
plant site, the target deposit size is significantly reduced and
infill sampling down to a 200m x
50m grid spacing will now be
completed over the target areas. The sampling teams are now
extending the grid to the west and south.
Figure 4: Farandougou Soil Results
ABOUT MONTAGE GOLD CORP.
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, 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 3.06M ounces with
average annual production of 207koz, and peak production of 320koz.
Montage has a management team and Board with significant experience
in discovering and developing gold deposits in Africa.
TECHNICAL DISCLOSURE
The technical disclosure contained in this press release have
been approved by Hugh Stuart, BSc,
MSc, a Qualified Person pursuant to NI 43-101. Mr. Stuart is the
Chief Executive Officer of the Company, a Chartered Geologist and a
Fellow of the Geological Society of London. Mr. Stuart is not independent of
Montage as he is an officer, director and shareholder of
Montage.
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 that imply the
Company will obtain sufficient or any project financing to permit
the Project to be developed as expected, and also includes those
related to the Company's mineral reserve and resource estimates;
the timing and amount of future production from the Koné Gold
Project; expectations with respect to the IRR, NPV, payback and
costs of the Koné Gold Project; anticipated mining and processing
methods of the Koné Gold Project; anticipated mine life of the Koné
Gold Project; expected recoveries and grades of the Koné Gold
Project; timing for the DFS; and timing for permits and
concessions. 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 inherent in the
preparation of mineral reserve and resource estimates and
definitive feasibility studies such as the mineral reserve and
resource estimates and the DFS, including but not limited to,
assumptions underlying the production estimates not being realized,
incorrect cost assumptions, unexpected variations in quantity of
mineralized material, grade or recovery rates, unexpected changes
to geotechnical or hydrogeological considerations, unexpected
failures of plant, equipment or processes, unexpected changes to
availability of power or the power rates, failure to maintain
permits and licenses, higher than expected interest or tax rates,
adverse changes in project parameters, unanticipated delays and
costs of consulting and accommodating rights of local communities,
environmental risks inherent in the Côte d'Ivoire, title risks,
including failure to renew concessions, unanticipated commodity
price and exchange rate fluctuations, risks relating to COVID-19,
delays in or failure to receive access agreements or amended
permits, 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.
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SOURCE Montage Gold Corp