Montage Resumes Depth Extension Drilling at Koné
VANCOUVER, May 28, 2020 /CNW/ - Montage Gold Corp. ("Montage" or the "Company") is pleased to announce that diamond drilling has resumed on its 100%-owned Morondo Exploration Permit in central Côte d'Ivoire.
Exploration Highlights:
- Follow-up drill programme resumes to test depth extension of Koné mineralization
- 3,500m of diamond core drilling planned in 8 holes
- Targeting extension up to 400m vertical depth
- New grant of 353km2 Korokaha South Exploration Permit contiguous to Barrick's Tongon Mine Lease
EXPLORATION UPDATE
Koné Deep Drilling
Montage has resumed deep drilling at Koné under a drill plan that includes 3,500m of diamond core for 8 holes.
This round of drilling is to further test the successful depth extension announced in Montage's press released dated February 24, 2020 where Montage confirmed the Koné mineralization to 300m below surface:
Hole |
From |
To |
Metres |
Au g/t Uncut |
MRRD001 |
198.35 |
297.00 |
98.65 |
1.06 |
MRRD002 |
334.83 |
426.16 |
91.33 |
1.22 |
MRRD003 |
348.00 |
411.30 |
63.30 |
0.73 |
MRRD004 |
215.00 |
348.00 |
133.00 |
0.67 |
MRRD005 |
262.00 |
354.00 |
92.00 |
0.75 |
MRRD006 |
86.10 |
239.85 |
153.75 |
0.77 |
Intercepts are +90% of true width. |
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The aim of this current programme is to confirm the potential of Koné to host a multi-million-ounce gold deposit amenable to open pit mining.
Drilling is expected to be completed by August 2020 and Montage anticipates initial assay results from the first holes in June. See Figure 1 (https://www.montagegoldcorp.com/press-release-may-28/kone-drill-plan-map) for a plan view map of the drill programme and Figure 2 (https://www.montagegoldcorp.com/press-release-may-28/kone-cross-section) for a cross section.
Korokaha South Exploration Permit
Montage is also pleased to announce the receipt of a new exploration permit contiguous to Barrick's Tongon mine in northern Côte d'Ivoire. The Korokaha South Exploration Permit has an initial four-year term and sits immediately to the south of Montage's 300km2 Korokaha North Exploration Permit. Currently, Korokaha North hosts an 8-km strike length gold-in-soil anomaly within 15km of the Tongon mill. Montage is in the planning stages for an initial work programme at Korokaha South and will update shareholders once the programme is determined. Please see Figure 3 (https://www.montagegoldcorp.com/press-release-may-28/korokaha-north-south-permits ) for a plan map of Montage's permits and application in this area.
Covid-19 Precautions
As previously reported, drilling was suspended by Montage in March 2020 due to restrictions associated with COVID-19. However, to date, there have been no confirmed or presumptive cases of COVID-19 in the region where Montage operates. Montage is taking several precautions to protect its employees and contractors, including the use of masks, gloves, and other PPE, augmented sanitation protocols and social distancing. Staffing is conducted on a rotation-basis, subject to a 14-day quarantine prior to being permitted to enter site.
Corporate Update
Montage has $7.2 million in cash as at April 30, 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. Montage's management is monitoring market conditions to determine the best strategy to 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.
SOURCE Montage Gold Corp
Elina Chow | Investor Relations, Catch Advisory Group Inc., 416.845.8495, [email protected]
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