ABIDJAN, Cote d'Ivoire- Montage Gold Corp. ('Montage' or the 'Company') (TSX: MAU, OTCQX: MAUTF) is pleased to report that ongoing exploration at its Kone Project in Cote d'Ivoire demonstrates that the Sissedougou trend is emerging as another highly prospective area, as the resource for the ANV deposit has more than doubled since the starter resource was defined earlier this year, while several additional targets along the trend are advancing towards a maiden resource.
The Kone project comprises 7 mineralised trends hosting 52 identified targets with mineralization confirmed at all 23 targets drill-tested so far.
The Gbongogo-Koroutou trend hosts 24 identified targets, of which 5 were already delineated to resource stage (Gbongogo Main, Gbongogo South, Koban North, Diouma North and Sena) and are expected to continue to grow given the ongoing drill programme. Furthermore, maiden resources are expected to be delineated as a further 19 targets were identified on the trend, of which 5 were already drill tested and advanced to pre-resource stage earlier this year.
The Sissedougou trend, which extends over 10km in strike length hosting the ANV deposit and other attractive targets, is emerging as another highly prospective area. The exploration programme on the Sissedougou trend has resulted in a further increase to the Mineral Resource Estimate ('MRE') at the ANV deposit, where Indicated Resources have increased by 72koz to 129koz at 1.06 g/t Au and Inferred Resources have increased by 54koz to 85koz at 1.1 g/t Au. Most notably, exploration results in the vicinity of the ANV deposit demonstrate its upside, as it remains open down dip, along strike, with further potential across parallel lineaments within 150 meters of the existing deposit. Additionally, an approximately 5 km2 gold-in-saprolite anomaly has been identified through an extensive auger drilling campaign immediately north of the ANV deposit, whilst mineralised intercepts have been identified to the west of ANV on a possible splay of the main Sissedougou structure, indicating further exploration potential. Towards the southern extent of the trend, previously identified targets towards Kagon continue to return higher-grade mineralised intercepts.
Martino De Ciccio, CEO of Montage commented: 'We are very pleased with the rapid progress being made to unlock value at our Kone project in Cote d'Ivoire where exploration efforts continue to yield strong results while construction continues to rapidly advance on-budget and well on-schedule.
We are encouraged by the growing prospectivity of the 7 mineralised trends on the property, including the Sissedougou trend, where we have drill tested nearly half of the 50+ targets identified, and all targets drill tested to date have returned positive mineralized intercepts. The project now hosts 8 higher grade satellite deposits for an aggregate of 1.0 million ounces of Indicated Resources at a grade of 1.29 g/t Au, with all deposits expected to grow alongside maiden resources at new deposits. The progress aligns with our strategic objective of integrating higher-grade material from the onset of production and thereby representing a significant return on our exploration investment.
On the construction front, we are making strong progress with some key work packages tracking up to three months ahead of schedule. In the processing plant area, we have completed all seven tanks on the first CIL train and major foundation pours have been completed. We are also pleased with the progress being made on the oxide circuit construction as its early completion may allow us to bring forward our first gold pour.
Our rapid construction progress, ongoing initiatives and exploration success continues to position us to deliver on our strategy of creating a premier African gold producer and delivering value for all our stakeholders.'
Silvia Bottero, EVP Exploration of Montage commented: 'We continue to be very excited about the exploration potential at our Kone Project in Cote d'Ivoire, driven by the ongoing success of our exploration program. Our 2025 program is advancing along three parallel tracks: infill and step-out drilling of previously delineated deposits, progressing advanced targets toward maiden resource status, and testing new targets through regional scout drilling.
Following the successful mid-year resource updates at the Gbongogo South and Koban North deposits along the Gbongogo-Koroutou trend, we are pleased to now deliver a resource update at the ANV deposit on the Sissedougou Trend, where we have more than doubled both the Indicated and Inferred Resources. Mineralization remains open along strike and at depth, with large adjacent soil and gold-in-saprolite anomalies along the trend's 10km strike yet to be tested, and we plan to continue testing these extensions through a broader, systematic step-out drilling campaign.
We anticipate further growth as drilling continues across multiple deposits and targets, whilst our results to date underscores both the quality of our land package and the effectiveness of our disciplined, results-driven exploration programme.'
ABOUT THE EXPLORATION PROGRAMME
To date, 6 targets (including the ANV west and north target areas) have been identified on the trend through an extensive soil and saprolite auger sampling and target definition programme, with further target definition underway and showing promising results. The ANV target is the most advanced target on the Sissedougou Trend, due to historical drill workings, and to date Mineral Resources has been defined over a 1.2km strike length that remains open at depth and along strike over two parallel trends. Advanced targets under investigation include Kagon Main and ANIII. Target definition programmes through shallow exploratory drilling are underway at Kagon NE, ANV West and ANV North areas. All targets tested on the trend to date have returned positive mineralised intercepts.
ANV DEPOSIT ON THE SISSEDOUGOU TREND
Geology and mineralization
Lithologies at the ANV deposit comprise moderately dipping Birimian detrital sediments, including poorly sorted, matrix-supported polymictic conglomerates locally containing sulphides (pyrite, pyrrhotite and traces of chalcopyrite) and medium to coarse-grained sandstone. Deformation is characterized by steeply dipping foliations (70-degree-80-degree) and shearing, both striking southwest-northeast (25-degree-30-degree). Conglomerate pebbles and sulphides are stretched.
Gold mineralization is hosted in conglomerates within a brittle-ductile sheared corridor, southwest-northeast striking, controlled by two early reverse faults, interpreted to have been re-activated during gold deposition. Mineralisation occurs as different types of quartz veins (+/- carbonate, +/- sulphide, +/- tourmaline), forming an anastomosing network crosscutting the conglomerate host rock. These veins display variable orientations: sub-horizontal, moderately dipping to the southwest, and steeply dipping parallel to the foliation (70-80-degree to the southeast). Quartz-tourmaline veins are often associated with elevated gold concentrations and also visible gold.
ANV METALURGICAL RESULTS
Initial metallurgical and preliminary bottle roll tests indicate recoveries on average at 90% with further metallurgical assessments in progress.
2025 DRILLING PROGRAMME
As previously reported, the 2025 exploration programme was upsized from 90,000 meters to 120,000 meters, of which a total of 87,595 meters have been drilled to date, focussing on three parallel tracks: Step-out and in-fill drilling at all 7 higher-grade satellite deposits for which starter maiden resources were published in 2025, which has already resulted in updated MRE at Gbongogo South, Koban North and ANV deposits, while additional updates are expected for other deposits such as Yere North, Lokolo Main, Sena and Diouma North; Progressing the 6 advanced targets towards maiden resource definition, including Soman 1 & 2 and Petit Yao, with the goal of delineating starter resources to assess the grade profiles in order to prioritize upcoming drill efforts and Systematically testing targets across the project, given that 52 targets have been identified on the property and only 23 targets have been drill tested thus far.
PRE-PRODUCTION DRILLING PROGRAMME
In addition to the 120,000-meter exploration drilling programme, the Company's pre-production drilling programme of approximately 56,000 meters has concluded, with Grade Control ('GC') and Advanced Grade Control ('AGC') data covering approximately the first two years of production at the Kone deposit and first three years of production at the Gbongogo Main deposit. Preliminary assay results received to date have confirmed both the grade and continuity of the mineralized envelopes, whilst also highlighting the potential to delineate higher-grade zones within both deposits. Full results are being integrated into the resource block model and are expected to be published in the coming weeks.
ABOUT MONTAGE GOLD
Montage Gold Corp. (TSX: MAU) is a Canadian-listed company focused on becoming a premier African gold producer, with its flagship Kone project, located in Cote d'Ivoire, at the forefront. Based on the Updated Feasibility Study published in 2024 (the 'UFS'), the Kone project has an estimated 16-year mine life and sizeable annual production of +300koz of gold over the first 8 years and is expected to enter production in Q2-2027.
Contact:
Jake Cain
Email: jcain@montagegold.com
Tel: +44-7788-687-567
John Vincic
Email: john@oakstrom.com
Tel: +1-647-402-6375
Kathy Love
Email: klove@montagegold.com
Tel: +1-604-512-2959
FORWARD-LOOKING STATEMENTS
This press release contains certain forward-looking information and forward-looking statements within the meaning of Canadian securities legislation (collectively, 'Forward-looking Statements'). All statements, other than statements of historical fact, constitute Forward-looking Statements. Words such as 'will', 'intends', 'proposed' and 'expects' or similar expressions are intended to identify Forward-looking Statements. Forward-looking Statements in this press release include statements related to the Company's mineral reserve and resource estimates; the timing and amount of future production from the Kone project; anticipated mining and processing methods of the Kone project; anticipated mine life of the Kone project; targeted improvements in the production profile; expected timing of commencement and completion of stated drill programs in 2025; results of the drill programs including targeted additions to the estimated mineral resources at the Kone project, and the timing thereof, growth at the Gbongogo South, Koban North and ANV deposits and resource updates at the Yere North, Lokolo Main, Sena and Diouma North and other satellite deposits; the grade and quantity potential of exploration targets; the establishment and prospectivity of satellite deposits, additions to estimated Mineral Resources at such deposits, and the development of these deposits; establishing new maiden resources; the publishing of an updated resource block model in late 2025; the publishing of end of year Mineral Resource Estimates; expected recoveries and grades of the Kone project; timing in respect of the completion of construction; timing and amount of necessary financing related to the mining operations at the Kone project; expected additions to the land package at Kone and timing for permits and concessions, including that the Company will receive all approvals necessary to complete construction of the project and conduct exploration.
Forward-looking Statements involve various risks and uncertainties and are based on certain factors and assumptions. There is no assurance that any economic satellite deposits will be discovered, and if discovered ever developed or mined. There can be no assurance that any Forward-looking Statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from include uncertainties inherent in the preparation of mineral reserve and resource estimates and definitive feasibility studies, and in delineating new mineral reserve and resource estimates, including but not limited to, assumptions underlying the production estimates not being realized, incorrect cost assumptions, unexpected variations in quantity of mineralized material, grade or recovery rates being lower than expected, unexpected adverse changes to geotechnical or hydrogeological considerations, or expectations in that regard not being met, unexpected failures of plant, equipment or processes (including construction equipment), delays in or increased costs for the delivery of construction equipment and services, unexpected changes to availability of power or the power rates, failure to maintain permits and licenses, higher than expected interest or tax rates, adverse changes in project parameters, unanticipated delays and costs of consulting and accommodating rights of local communities, environmental risks inherent in the Cote d'Ivoire, title risks, including failure to renew concessions, unanticipated commodity price and exchange rate fluctuations, delays in or failure to receive access agreements or amended permits, and other risk factors set forth in the Company's most recent Annual Information Form available at www.sedarplus.ca, under the heading 'Risk Factors'. The Company undertakes no obligation to update or revise any Forward-looking Statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for Montage to predict all of them, or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any Forward-looking Statement. Any Forward-looking Statements contained in this press release are expressly qualified in their entirety by this cautionary statement.
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