Orca Gold's subsidiary, Montage Gold Corp. doubles mineralized strike and depth of Koné deposit.
Vancouver, British Columbia — January 19, 2021 — Montage Gold Corp. (“Montage” or the “Company”) (TSXV:MAU) is pleased to report the final results of its Phase 1 resource expansion drill program at the Morondo Gold Project (“MGP”) in Côte d’Ivoire.
“The completion of the Phase 1 expansion drill campaign marks a significant milestone for Morondo. The program has achieved our goal of confirming and further demonstrating the scale potential and simplicity of the Koné deposit. This puts us in a great position for the delivery of the Inferred Mineral Resource update expected by the end of the month,” commented Hugh Stuart, CEO and Director of Montage.
“In many respects, the Koné orebody is similar to a porphyry gold deposit, with very homogenous mineralization and significant true widths up to 330m. It is an ideal open pit development project that can easily be mined on a large scale at low cost thanks to its very low expected strip ratio, relatively soft rock, and favorable location with respect to access and cheap grid power. In addition, the presence of higher-grade intervals within the wider mineralized envelope gives us the opportunity to process at an elevated cut-off grade during the earlier years of the project and this is something we have been evaluating. We continue to deliver on the plans we set for ourselves at the IPO of Montage and look forward to delivering a robust PEA as the next major milestone for the Company at the end of Q1 2021.”
- Resource expansion drilling extends known mineralization to depths of up to 450m and expands strike length of the current deposit to over 2km.
- Phase 1 drill campaign confirms average true width of continuous mineralization exceeds 200m over 800m of strike including:
- MDD014: 200.9m at 0.80g/t including 48.64m grading 1.90g/t
- MDD015B: 330.7m at 0.58g/t including 99.45m grading 0.96g/t
- MDD023: 226m at 0.77g/t including 105m grading 1.24g/t
- Inferred Mineral Resource update by end of January 2021.
- 35,000m Phase 2 drill program underway.
- Exploration drilling outside of Koné to follow up on previous results at Petit Yao target:
- MRAC128: 12m grading 4.15g/t from surface
- MRAC118: 15m grading 1.71g/t from 15m
- Preliminary Economic Assessment (“PEA”) on track for end of Q1.
- $33M cash and fully funded to advance the MGP to completion of a Feasibility Study by end of 2021.
Phase 1 Resource Expansion Drill Program
The Phase 1 Resource Expansion Drill Program was designed to demonstrate the depth potential of mineralization at the Koné deposit as well as extensions along strike (Figures 1 and 2).
A total of 22,193m of drilling (7,566m of RC and 14,627m of core) has been completed since the October 2018 Inferred Mineral Resource Estimate of 52.5Mt grading 0.91g/t 1,536koz (at a 0.50g/t cut-off) (the “October 2018 Resource”) see October 3, 2018 news release on www.orcagold.com.
This drilling has now established continuity of mineralization to depths of up to 450m from surface and over a strike length of 2.1km, doubling the mineralized strike and depth extent of the Koné deposit.