Montage Gold Extends Koné Mineralization to Depth, Exploration Discovers New Anomaly

VANCOUVER, Feb. 24, 2020 /CNW/ – Montage Gold Corp. (“Montage” or the “Company”) is pleased to provide its first comprehensive update to its shareholders and to the shareholders of Avant Minerals Inc. and Orca Gold Inc.

Activity since the Company’s inception in August 2019 has focused on the 100%-owned Morondo Exploration Permit in central Côte d’Ivoire.

Figure 1: Koné Drill Section showing location of recent drilling in relation to current Inferred Resource (CNW Group/Montage Gold Corp)
Figure 1: Koné Drill Section showing location of recent drilling in relation to current Inferred Resource (CNW Group/Montage Gold Corp)
Figure 2: Koné Section Location (CNW Group/Montage Gold Corp)
Figure 2: Koné Section Location (CNW Group/Montage Gold Corp)
Figure 3: Petit Yao Discovery Location and Djelisso Permit Application area (CNW Group/Montage Gold Corp)
Figure 3: Petit Yao Discovery Location and Djelisso Permit Application area (CNW Group/Montage Gold Corp)
Figure 1: Koné Drill Section showing location of recent drilling in relation to current Inferred Resource (CNW Group/Montage Gold Corp)
Figure 2: Koné Section Location (CNW Group/Montage Gold Corp)
Figure 3: Petit Yao Discovery Location and Djelisso Permit Application area (CNW Group/Montage Gold Corp)

Exploration Highlights:

  • Core drilling intersects significant width and higher grade below the current 1.2Moz inferred primary mineral resource at Koné including:
    • 91.33m at 1.22g/t Au from 244m in MRRD002
    • 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
    • +100ppb anomaly covering 1km x 1km.
    • 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:







HoleAdditionalFromToMetresAu g/t Uncut
MRRD001
198.35297.0098.651.06

including198.35231.0532.701.27

including235.85255.2519.401.29

including261.30297.0035.701.01
MRRD002
334.83426.1691.331.22

including340.95352.0011.050.93

including358.00367.509.502.81

including373.20411.3038.101.58

including414.05426.1512.100.62
MRRD003
270.75290.2019.451.36


348.00411.3063.300.73

including348.00362.1014.100.83

including370.00386.0016.001.36
MRRD004
215.00348.00133.000.67

including215.00230.0015.000.78

including247.00255.708.701.24

including283.00294.0011.000.94

including310.7348.0037.301.04
MRRD005
262.00354.0092.000.75

including262.00273.0011.001.19

including279.00284.705.704.55

including308.00315.007.001.17

including348.55354.005.450.65
MRRD006
86.10239.85153.750.77

including86.1093.707.600.87

including102.00126.0024.001.18

including166.00172.006.001.3.

including200.00239.8539.851.2.


308.20321.0012.80.93
MRRD007
2.0028.0026.001.35


37.0047.0010.001.08


73.0083.0010.001.15


107.00118.0011.000.78
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:

HoleFromToMetresAu g/t Uncut
MRAC0233960.48
MRAC050621150.46
MRAC0631650.92
MRAC072273360.40
MRAC074152160.47
MRAC098618120.32
MRAC107636301.11
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.

HoleFromToMetresAu g/t Uncut
MRAC116222753.73
313430.74
MRAC117202882.06
MRAC1181530151.71
MRAC119313431.09
3946 eoh70.87
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 idHole
Type
EastNorthRLAzimDipDepth
MRRD001DD756,634964,787384125-57357
MRRD002DD756,484964,769390125-56450
MRRD003ADD756,434964,672383124-56411
MRRD004DD756,460964,544380127-55360
MRRD005DD756,618964,928394126-56381
MRRD006DD756,691964,752383126-55330
MRRD007DD756,802964,662379126-55240
MRAC023AC757,161965,406377-5512554
MRAC050AC756,674966,695385-5512546
MRAC063AC756,812966,344377-5512540
MRAC072AC756,554966,286370-5512540
MRAC074AC756,467966,339371-5512540
MRAC098AC760,054964,120365-5512540
MRAC107AC756,552964,347373-5512540
MRAC116AC765,002964,650352-5512548
MRAC117AC765,019964,655353-5512549
MRAC118AC765,036964,656353-5512548
MRAC119AC764,980964,646352-5512546

SOURCE Montage Gold Corp

For further information: Elina Chow, Investor Relations, Catch Advisory Group Inc., 416.845.8495, [email protected]

(Visited 24 times, 1 visits today)
error: Content is protected !!
Copy link