Mid-Year Exploration Update for the Koné Project
Key Highlights:
- Montage Gold Corp. (“Montage” or the “Company”) (TSX: MAU, Other OTC: MAUTF) is on target to uncover over 1 million ounces (Moz) of Measured and Indicated (M&I) resources at 50% higher grade than the Koné deposit, with an increase in Indicated Resources for satellite deposits to 924,000 ounces at an average grade of 1.32 grams per tonne (g/t) of gold.
- The 2025 exploration program has expanded from an initial target of 90,000 meters to 120,000 meters, having already completed 83,280 meters in the first half of the year.
- Mineralization has been confirmed across all tested targets, up from the 18 targets explored in the previous year, now reaching 23 out of 52 identified targets.
- Current efforts include step-out and in-fill drilling at seven new high-grade satellite deposits, with resource growth anticipated as drilling progresses.
- The construction of the Koné project is advancing rapidly, with operations remaining on-budget and on-schedule.
Montage is excited to report substantial progress in its mid-year exploration efforts at its flagship Koné project in Côte d'Ivoire. Already, 2025 exploration activities have led to the confirmation of significant mineralization at multiple new targets, demonstrating the potential for substantial resource growth ahead of production.
Exploration Achievements in 2025
Since the beginning of the year, Montage has drilled a total of 83,280 meters, already surpassing the total meters drilled throughout 2024. This level of exploration activity, combined with encouraging results, prompted the Company to increase its exploration budget by $4 million, bringing it to a total of $18 million for 2025.
The expansive land package of over 1,318km2 includes 52 identified targets. The Company has prioritized drilling on selected targets to confirm their potential and delineate starter resources that validate their grade profiles. After testing 23 targets in the first half of 2025, all have returned positive results with evidence of mineralization.
Satellite Deposits Resource Expansion
Recent advances include notable findings at two individual deposits: the Gbongogo South and Koban North. At Gbongogo South, Indicated Resources have jumped to 140,000 ounces at grades of 1.26 g/t, alongside an Inferred Resource of 46,000 ounces at 1.28 g/t. Meanwhile, Koban North has seen its maiden Indicated Resource modestly assessed at 133,000 ounces at 1.07 g/t, indicating a promising start for this site.
Future Expectations and Potential
Montage anticipates an updated resource report for the ANV deposit by the end of the third quarter of 2025, buoyed by the success of its ongoing drilling initiatives. Resource updates for other targets, including Yere North, Lokolo Main, Sena, and Diouma North, are also expected by year-end, as results from continued drilling become available.
CEO Martino De Ciccio expressed confidence in the project’s potential, stating, “We are incredibly excited by the results from our exploration program and the possibilities it presents for our Koné site. As we continue construction, the dual approach of advanced resource identification alongside robust construction efforts positions us to achieve sustained growth and success.”
Advancing Toward Production
With the planned production timeline aiming for gold production commencement in the second quarter of 2027, Montage is strategically enhancing its exploration and construction initiatives. In the interim, the ongoing pre-production drilling program of 56,000 meters is expected to enhance resource accuracy ahead of first gold pour.
As of mid-2025, significant drilling has already been conducted with high-grade intercepts worth noting across various targets:
- At Gbongogo South, one drill hole returned 7 meters at 10.29 g/t Au, demonstrating the potential for high-grade zones within the area.
- Koban North drilling has yielded impressive intercepts, including 5 meters at 7.68 g/t Au from one of the drill holes, further validating the site’s resource potential.
Looking Ahead
Montage will continue to focus on its aggressive exploration strategies while ensuring that construction of the Koné project aligns with its targets. Looking forward, the upcoming exploration catalysts include updates on the ANV deposit and further drilling results from multiple sites, with a keen eye on achieving larger resource estimates and enhanced grade profiles.
All eyes are on Montage Gold’s commitment to becoming a premier gold producer in Africa, with its Koné project acting as the cornerstone for this ambitious vision.
Frequently Asked Questions
What is the current status of the Koné project exploration?
The Koné project has confirmed mineralization at all 23 of the 52 identified targets tested so far in 2025, with significant resource growth expected.
What is the total drilling meterage planned for 2025?
The exploration program for 2025 has been increased to 120,000 meters, allowing for extensive resource delineation.
What are the grades of the newly identified resources?
Newly identified resources at satellite deposits include grades of 1.26 g/t Au for Gbongogo South and 1.07 g/t Au for Koban North.
When is the anticipated production start date for the Koné project?
Production is slated to begin in the second quarter of 2027.
How does the exploration budget impact future developments?
The increase of the exploration budget by $4 million facilitates more extensive drilling and resource confirmation, critical for boosting production estimates.
