Montage Gold Corp. has announced a substantial increase in higher-grade satellite resources at its Koné project in Côte d’Ivoire. The measured and indicated (M&I) resources for satellite deposits have grown to 1.7 million ounces at 1.51 grams per tonne (g/t) gold, up from 520,000 ounces at 1.48 g/t used in the 2024 Updated Feasibility Study (UFS). Inferred resources for satellite deposits have increased from nil to 0.8 million ounces at 1.34 g/t gold.
Key Highlights
- Satellite M&I grades range from 1.3 to 2.0 g/t gold
- Overall Koné project M&I grade increased by 27% to 0.80 g/t gold
- 90,000-meter drill program currently underway
The overall Koné project M&I resource increased by 1.4 million ounces to 6.3 million ounces, with grade up 27% to 0.80 g/t gold. Inferred resources increased by 1.6 million ounces to 2.0 million ounces, with grade up 36% to 0.68 g/t gold, compared to the UFS basis.
The company exceeded its October 2024 target of delineating over 1 million ounces of M&I resources at a grade more than 50% higher than the Koné deposit's 2024 M&I grade of 0.59 g/t gold. This aims to supplement production from the onset.
Mineralization has been intercepted at 25 targets, with a growing pipeline of over 20 targets still to be drill-tested. Twelve deposits have now been delineated, compared to two in the 2024 UFS, based on a disciplined exploration approach that outlines starter resources to assess grade and size before prioritizing infill and step-out drilling.
M&I resource grades of new discoveries range between 1.3 and 2.0 g/t gold for notable deposits including Petit Yao (1.51 g/t), Gbongogo South (1.47 g/t), Soman (1.42 g/t), Koban North (1.29 g/t), Sena (2.06 g/t), Diouma North (1.33 g/t), ANV (1.83 g/t), Yeré North (2.03 g/t), and Lokolo Main (1.92 g/t).
Step-out and infill drilling has focused on growing M&I resources at Gbongogo Main, Gbongogo South, Koban North, and ANV deposits, with M&I resources standing at 783,000 ounces at 1.51 g/t, 230,000 ounces at 1.47 g/t, 167,000 ounces at 1.29 g/t, and 168,000 ounces at 1.83 g/t, respectively. Further exploration is underway.
A maiden M&I resource of 102,000 ounces at 1.51 g/t gold was achieved for Petit Yao, with a maiden inferred resource of 391,000 ounces at 1.28 g/t gold. Drilling is ongoing, and mineralized extensions have been identified.
Further resource updates are expected throughout the year as the 90,000-meter program advances. Construction of the Koné project remains on-budget and ahead of schedule, with first gold pour targeted in late Q4-2026.
Martino De Ciccio, CEO of Montage, commented: "We are pleased with our continued progress to unlock exploration value at the Koné project, where construction remains on-budget and ahead of schedule with first gold pour expected in late Q4-2026. Since the publication of the 2024 Updated Feasibility Study, a total of approximately 330,000 meters has been drilled in addition to the 118,525 meters completed prior, focused on discovering higher-grade satellite deposits to enhance the production profile from commencement. In October 2024 we published a target of delineating more than 1Moz of M&I Resources at a grade at least 50% higher than that of the Koné deposit, and we are very pleased to have already significantly exceeded this target. We look forward to unlocking additional exploration value across the Koné project and our broader exploration portfolio as we continue on our journey of creating a premier multi-asset African gold producer."
Silvia Bottero, EVP Exploration of Montage, added: "To maximize efficiency, we have adopted a systematic approach whereby we initially drill test the highest-priority targets to confirm potential and define starter resources before undertaking larger infill and step-out drilling campaigns. Our ongoing exploration programme continues to focus on three parallel workstreams: infill and step-out drilling of previously delineated deposits, advancing targets towards maiden resource status, and testing new targets through regional scout drilling. We look forward to continuing to aggressively advance exploration across the Koné project through the ongoing 90,000-meter drill programme, which we expect will support further resource updates throughout the year. We are also excited by the ongoing exploration programmes across our broader Côte d’Ivoire portfolio, including at Didievi and Wendé."
