Business
Montage Gold Closes Acquisition of Mankono JV from Barrick Gold and Endeavour Mining; Exploration of High-Grade Targets Underway
VANCOUVER, BC, Nov. 22, 2022 /CNW/ - Montage Gold Corp. ("Montage" or the "Company") (TSXV: MAU) (OTCQX: MAUTF) is pleased to announce that it has closed the ac
About this update from Montage Gold Corp.
[{"type":"text","content":" VANCOUVER, BC, Nov. 22, 2022 /CNW/ - Montage Gold Corp. (\"Montage\" or the \"Company\") (TSXV: MAU) (OTCQX: MAUTF) is pleased to announce that it has closed the acquisition of a 100% indirect interest (the \"Transaction\") in the Mankono Sissédougou Joint Venture Project (\"Mankono\") from subsidiaries of Barrick Gold Corporation (\"Barrick\") and Endeavour Mining plc (\"Endeavour\"). Montage has acquired 100% of the issued and outstanding shares of Mankono Exploration Limited (a Jersey company) (\"MEL\"), which indirectly holds Mankono, for total consideration of C$30,000,000 comprised of C$14,500,000 in cash, 22,142,857 common shares of Montage, and the granting of a 2% NSR royalty. Closing of the Transaction follows the receipt by Mankono of the signed Presidential decrees granting it the Gbongogo Exploration Permit (\"Gbongogo\") as well as the Sisséplé Exploration Permit (\"Sisséplé\"). HIGHLIGHTS Montage closes acquisition of Mankono With Mankono, consolidated Koné Gold Project (\"KGP\") now covers 2,258km2 Drilling has started on Mankono properties 14 drill-ready targets; 25,000m of drilling planned Two drill rigs mobilized to cover six initial target areas First assay results expected in December Transaction will expand the KGP High-grade reserves delineated following planned exploration could significantly improve KGP KGP economic study will be revised following exploration program High-Grade Gbongogo priority prospect to be drill tested Initial Inferred Mineral Resource of 5.2Mt at 2.1g/t for 351,000oz at 1.2g/t cut off Open in all directions 30km trucking distance from Koné deposit RC drilling targeting strike extensions north and south Five additional district targets being drilled Initial RC drilling to be completed before year-end Target areas include several historic high-grade intercepts, including: Koban North: 20m at 1.94g/t, 21m at 1.67g/t Lokolo Main: 20m at 2.19g/t Sena: 19m at 1.75g/t Sisséplé North anomalies improve with infill soil program Two anomalies, each over 1km in strike length, averaging over 100ppb Montage welcomes new shareholders Barrick (9.7%) and Endeavour (4.1%) Rick Clark, Montage CEO commented, \"We are very pleased to be closing the acquisition of Mankono and would like to acknowledge the efforts of Barrick and Endeavour in achieving this result and to sincerely thank the Gove...