Montage Gold Corp. [MAU-TSXV] on Monday April 19 reported additional results from its ongoing 35,000-metre drill program at the Morondo Gold Project in CÃ´te d Ivoire (Ivory Coast), West Africa.
Montage shares advanced on the news, rising 4.3% or $0.03 to 73 cents. The shares are trading in a 52-week range of 41.27 and 65 cents.
â€œThe infill program is all about resource conversion from inferred to indicated and the results received to date continue to reinforce our expectation of very high resource conversion due to the simplicity of the orebody, the consistent nature of the mineralization and the conservatism of our resource modelling,â€ the company said in a press release.
The company said the 35,000-metre infill program is now 60% complete and is on track to be wrapped up by the end of June. Results released Monday are from 13 drill holes, representing 4,845 metes of drilling.
The Morondo Gold Project is located approximately 350 kilometres north-west of Yamoussoukro, the political capita of Cote dâ€™Ivoire, and approximately 600 km north-west of Abidjan, the commercial capital of the country.
It consists of the 300 km2 Morondo Exploration Permit and four exploration permit applications that have been submitted by Montage and cover 1,143km2.
The Morondo Exploration Permit hosts the Kone deposit, which hosts an inferred resource of 123 million tonnes of grade 0.80 g/t or 3.16 million ounces of gold, based on a 0.4 g/t cut off.
Exploration since the formation of Montage in August, 2019, has focused on expanding the knowledge of the Kone deposit at depth and extending surface geochemistry across the previously unsampled eastern part of the permit.
There are seven rigs on site working to allow the preparation of the first indicated mineral resource estimate for Kone early in Q3 2021, said CEO Hugh Stuart.
â€œWe are also pleased to report that an eighth rig is being mobilized this week to the Petit Yao target, which is situated just 8.0 kilometres east of the Kone deposit. We have planned for a 3,000-metre follow-up drill program to further test near-surface high grade mineralization,â€ Stuart said.
Latest results from the infill program continue to confirm, or improve upon, existing mineralization within the core of the Kone deposit, including MDD048, which returned 105.0 metres of grade 1.39 g/t gold within 183.0 metres at 0.98 g/t. Drill hole MDD054 returned 71 metres of grade 1.50 g/t gold within 188.7 metres at 0.83 g/t gold.