Recent Drilling Extends Koné Mineralization to Depth and Exploration Discovers New Anomaly
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Activity since the Company's inception in August 2019 has focused on the 100%-owned Morondo Exploration Permit in central Côte d'Ivoire.
Exploration Highlights:
• Core drilling intersects significant width and higher grade below the current 1.2Moz inferred primary mineral resource at Koné including:
o 91.33m at 1.22g/t Au from 244m in MRRD002
o 98.65m grading 1.06g/t Au from 136m in MRRD001
• Aircore drilling intersects 30m at 1.11g/t Au along strike to the south of Koné
• Discovery of a new high-grade anomaly 8km east of Koné
o +100ppb anomaly covering 1km x 1km.
o Small artisanal mining site drilled with all 4 holes intersecting mineralisation up to 15m at 1.71g/t Au.
• Successful application for a new permit contiguous with the eastern border of Morondo adds 76km2 in immediate vicinity of Koné prospect along prospective structural trends
EXPLORATION UPDATE
Koné Deep Drilling
Montage has completed a total of 2,530m of diamond core drilling in 7 holes. Five of the holes (MRRD001 to 5) were drilled to test the depth extension at Koné and successfully intersected similar to higher grades and significant widths of mineralisation below the current resource (see section figure 1 and map figure 2).
Two holes were drilled to better understand the geology at Koné which, prior to this latest programme, had only seen 18,065m of mainly reverse circulation drilling.
The extensive widths of mineralisation at Koné (up to 180m true width) form an ideal target for an open pit mining operation. The recent core drilling programme confirms that the mineralisation extends to depth and has increased our understanding of the geology of the deposit.
The Koné resource has the potential to expand significantly and the width and geometry of the mineralisation suggests that the deposit can be mined to a considerable depth. The next drill programme will test the full potential of Kone and define the ore body.
Drilling Results:
Hole Additional From To Metres Au g/t Uncut
MRRD001 198.35 297.00 98.65 1.06
including 198.35 231.05 32.70 1.27
including 235.85 255.25 19.40 1.29
including 261.30 297.00 35.70 1.01
MRRD002 334.83 426.16 91.33 1.22
including 340.95 352.00 11.05 0.93
including 358.00 367.50 9.50 2.81
including 373.20 411.30 38.10 1.58
including 414.05 426.15 12.10 0.62
MRRD003 270.75 290.20 19.45 1.36
348.00 411.30 63.30 0.73
including 348.00 362.10 14.10 0.83
including 370.00 386.00 16.00 1.36
MRRD004 215.00 348.00 133.00 0.67
including 215.00 230.00 15.00 0.78
including 247.00 255.70 8.70 1.24
including 283.00 294.00 11.00 0.94
including 310.7 348.00 37.30 1.04
MRRD005 262.00 354.00 92.00 0.75
including 262.00 273.00 11.00 1.19
including 279.00 284.70 5.70 4.55
including 308.00 315.00 7.00 1.17
including 348.55 354.00 5.45 0.65
MRRD006 86.10 239.85 153.75 0.77
including 86.10 93.70 7.60 0.87
including 102.00 126.00 24.00 1.18
including 166.00 172.00 6.00 1.3.
including 200.00 239.85 39.85 1.2.
308.20 321.00 12.8 0.93
MRRD007 2.00 28.00 26.00 1.35
37.00 47.00 10.00 1.08
73.00 83.00 10.00 1.15
107.00 118.00 11.00 0.78
Intercepts are +90% of true width. Hole locations are detailed in Appendix 1
Next Drill Programme
The Company plans to accelerate drilling at Koné with the introduction of a second rig and a 10,000m programme aimed at demonstrating the potential of the project to deliver a significantly larger and higher grade resource.
Regional Exploration
Within the immediate vicinity of Koné, the Company completed a short aircore program (4,761m) to test subtle geochemical anomalies on strike from the existing mineralization. Results from that program identified saprolite mineralization in a number of holes within 1km of the Koné resource, including 30m at 1.11 g/t just south of the current Koné resource. Notable intercepts from the programme are shown below:
Hole From To Metres Au g/t Uncut
MRAC023 3 9 6 0.48
MRAC050 6 21 15 0.46
MRAC063 1 6 5 0.92
MRAC072 27 33 6 0.40
MRAC074 15 21 6 0.47
MRAC098 6 18 12 0.32
MRAC107 6 36 30 1.11
True widths are unknown at this time as this represents the first drilling of these targets
New Discovery (within 8km of Koné – "Petit Yao")
The eastern part of the Morondo Permit had, until recently, not been explored. During the Company's recent exploration programme, soil sampling was carried out over this part of the Permit. Sample results have defined a +100ppb anomaly over an area of 1km x 1km (figure 3). Following up on this sampling, four shallow RC holes were drilled over the small part of the anomaly, with all four holes intersecting mineralisation.
Hole From To Metres Au g/t Uncut
MRAC116 22 27 5 3.73
31 34 3 0.74
MRAC117 20 28 8 2.06
MRAC118 15 30 15 1.71
MRAC119 31 34 3 1.09
39 46 eoh 7 0.87
True widths are unknown at this time as this represents the first drilling of these targets
A follow up shallow RC drilling programme is currently underway to further evaluate this new discovery.
Based upon the success of soil sampling in the East of the Morondo Permit and the resulting discovery of Petit Yao, a further and comprehensive soil sampling programme has been initiated in the area.
New Permit Application
Following the discovery of Petit Yao, Montage has submitted a new permit application for a 76km2 area contiguous with the eastern boundary of the current Permit.
Montage now holds exploration permits and applications totalling 1,440km2 within 70km of Koné. Exploration in these areas will focus on the delineation of satellite deposits that can add to the Koné resource.
CORPORATE UPDATE
Montage has CA$8.5 million in cash as at February 20, 2020 and continues to be well-funded to continue exploration at Koné and other properties within its portfolio.
The Company is preparing for a going-public transaction; however, no final decision has been made in this regard. Management is monitoring market conditions in order to best enhance shareholder value.
About Montage Gold Corp
Montage Gold is a private Canadian resource company focused on exploration and development opportunities in Côte d'Ivoire The Company has an experienced board of directors and management team and a strong balance sheet.
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 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.
Appendix 1: Collar locations for holes included in this release (WGS84, UTM Zone 36N):
Hole id Hole
Type East North RL Azim Dip Depth
MRRD001 DD 756,634 964,787 384 125 -57 357
MRRD002 DD 756,484 964,769 390 125 -56 450
MRRD003A DD 756,434 964,672 383 124 -56 411
MRRD004 DD 756,460 964,544 380 127 -55 360
MRRD005 DD 756,618 964,928 394 126 -56 381
MRRD006 DD 756,691 964,752 383 126 -55 330
MRRD007 DD 756,802 964,662 379 126 -55 240
MRAC023 AC 757,161 965,406 377 -55 125 54
MRAC050 AC 756,674 966,695 385 -55 125 46
MRAC063 AC 756,812 966,344 377 -55 125 40
MRAC072 AC 756,554 966,286 370 -55 125 40
MRAC074 AC 756,467 966,339 371 -55 125 40
MRAC098 AC 760,054 964,120 365 -55 125 40
MRAC107 AC 756,552 964,347 373 -55 125 40
MRAC116 AC 765,002 964,650 352 -55 125 48
MRAC117 AC 765,019 964,655 353 -55 125 49
MRAC118 AC 765,036 964,656 353 -55 125 48
MRAC119 AC 764,980 964,646 352 -55 125 46
SOURCE Montage Gold Corp
For further information:
Elina Chow, Investor Relations
Catch Advisory Group Inc.
416.845.8495
info@montagegoldcorp.com
https://www.montagegoldcorp.com