Business
Montage Gold Announces the start of a 50,000m Drill Program and Development Plans for its Morondo Gold Project in Côte d'Ivoire
VANCOUVER, BC, Oct. 26, 2020 /CNW/ - Montage Gold Corp. ("Montage" or the "Company") (TSXV: MAU) is pleased to announce that following the successful completion
About this update from Montage Gold Corp.
[{"type":"text","content":" VANCOUVER, BC, Oct. 26, 2020 /CNW/ - Montage Gold Corp. (\"Montage\" or the \"Company\") (TSXV: MAU) is pleased to announce that following the successful completion of its initial public offering (\"IPO\") of $30,000,000, the Company is now pushing ahead with an aggressive resource expansion drill program at its 100%-owned Morondo Gold Project (\"MGP\") in Côte d'Ivoire. Technical work programs are also underway that will form the basis of a Preliminary Economic Assessment (\"PEA\") scheduled for delivery in late Q1 2021. HIGHLIGHTS: Recent deep drilling intersects 191.2m grading 1.19g/t, 106.15m grading 1.12/t and 91.32m at 1.22g/t and confirms mineralization extends to up to 250m below existing resource 50,000m drill program has commenced and is aimed at expanding and upgrading resources at MGP Five drill rigs on site 20,000m of drilling to update Inferred Mineral Resources in early Q1 2021 30,000m of drilling to upgrade to Indicated Mineral Resources by late Q2 2021 Engineering studies underway in support of the PEA Metallurgical testing, environmental baseline, geotechnical and hydrology studies PEA has now been commissioned and will be managed by Lycopodium Pty Ltd PEA delivery targeted by the end of Q1 2021 \"The next 15 months are going to be very busy for Montage given the goals we have set for ourselves,\" commented Hugh Stuart, President and CEO of Montage. \"The success of our deep drilling campaign earlier this year has set us up very well to confirm the potential of the Morondo Gold Project as a simple, economically strong, large scale, open pit gold project. Following the completion of our IPO, we are now well-funded to deliver on this objective.\" DETAILS: Exploration Update As at October 3, 2018, the MGP hosted an Inferred Mineral Resource of 52.5Mt grading 0.91 g/t for 1,536koz of gold (based on a 0.5 g/t cut-off grade) outlined by 18,172m of drilling. Further work completed by Montage during 2019 and 2020 has demonstrated the resource expansion potential at depth, extending the known mineralisation to 400-450m below surface. The table below and figures 2 and 3 show results of the drilling completed during 2019 and 2020: Hole Down-hole Intercept (m) Au g/t From To Length Uncut MRRD001* Mineralised Width 134.00 315.00 181.00 0.77 Including 198.35 298.60 100.25 1.05 MRRD...