Montage Gold Corp has reported the final drill results from the Company’s infill and expansion drill program and updates on the ongoing Feasibility Study and other activities at the Company’s Koné Gold Project (“KGP”) in Côte d’Ivoire.
Hugh Stuart, Montage CEO commented, “Infill drilling is complete, and we are focused on finalizing the maiden Indicated Mineral Resource Estimate for the KGP. Infill drilling has consistently demonstrated broad zones of homogenous mineralization throughout the deposit which has given Management a high degree of confidence in the conversion of Mineral Resources from the Inferred to Indicated category. Given the nature of the mineralization and the conservatism of our modelling approach we are expecting a conversion rate of over 90%. The upcoming resource update is a critical input for the ongoing Feasibility Study, and we look forward to delivering this milestone to our shareholders imminently.
“The Feasibility Study remains on track for completion by year-end 2021 with several work programs in progress. All geotechnical drilling has been completed and hydrological drilling will be completed by the end of August. The metallurgical test program is underway at SGS Lakefield in Canada and the environmental baseline study is complete. Engineering design work continues to progress with Lycopodium Minerals Pty Ltd. (“Lycopodium”) and Knight Piesold.
“Management is also expecting the issue of new Exploration Licenses within the KGP area in the coming quarter. Once issued, Montage will be able to conduct district-scale exploration outside of the Koné deposit for the first time. Montage holds exploration applications covering 1,142km2 of unexplored ground within trucking distance of the Koné deposit.”
Montage has been continuously drilling since January 2021 with as many as seven drill rigs in operation. The infill/expansion drill program is now complete with a total of 60,155m completed (38,497m core, 21,658m RC). In total, just over 100,000m of drilling all categories has now been completed at the Koné deposit.
The primary aim of the infill drilling is to upgrade the existing Inferred Mineral Resource to the Indicated Mineral Resource category in support of the ongoing Feasibility Study. Due to the consistency of mineralization at Koné and our conservative resource modelling approach we expect a high degree of conversion, and this has been reinforced by the assay results received since the start of the program.