Montage Gold Corp.

Company Data | Introduction | Projects in Hand | Management
News Update
| Chinese

Address :  2000 HSBC Building
885 West Georgia Street
Vancouver, British Columbia
Canada V6C 3E8
Tel No.: +1 416-804-9032
Web Site:
Contact Person: Adam Spencer
Position: EVP Corporate Development

Company Data

Traded Market: TSX-V
Traded Symbol: MAU
Outstanding Shares: ~105M
Public Float: ~51M
52 Week High: $1.06
52 Week Low: $ 0.60
Present Price: Click Here








Montage is a Canada-based well-funded precious metals exploration and development company focused on opportunities in Ivory Coast. The Company's flagship property is the Koné Gold Project (“KGP”, or the “Project”), located in northwest Ivory Coast. Montage has a management team and board with significant experience in discovering and developing gold deposits in Africa. The feasibility study for the Koné Gold Project is progressing well and Montage expects it to be completed in January, 2022.

Introduction & Highlights

Experienced Team & Strong Backing

  • Led by Red Back Mining management
  • Significant experience discovering and growing gold deposits in Africa
  • Backed by Lundin Family, Ross Beaty and Sandstorm
  • Backed by strong community support from the surrounding villages of Fadiadougou and Batogo

Koné Preliminary Economic Assessment (PEA) Delivers Strong Economics with Simplicity and Scale

  • 3.37Moz in-pit Mineral Resource
  • 15-years production at >200,000 oz/year
  • Low strip ratio, soft rock and scale are key drivers

District Potential to be Tested

  • KGP includes 1,442 sq. km of ground; mostly unexplored
  • Over 100km of unexplored mineral trends within trucking distance
  • 8 targets identified for initial testing
  • Petit Yao Central showing potential as first satellite pit
    • Petit Yao Central only 8km east of Koné deposit
    • Oxide mineralization near surface around 2 g/t
  • Faradougou exploration starts now
    • New exploration license; No history of exploration
    • Over 40 km of structural trends
    • Soil sampling and detailed mapping planned
    • Asphalt road goes through license

Rapidly Advancing

  • Infill drilling complete: Resource growth by 2x, upgraded and expanded
  • 4.27 million ounces of gold Indicated Mineral Resource; 0.32 million ounces of gold Inferred Mineral Resource
  • Feasibility Study on track for completion in January 2022


Koné Gold Project, Ivory Coast

The Koné Gold Project is located approximately 350 kilometres north-west of Yamoussoukro, the political capital of Ivory Coast, and approximately 600 kilometres north-west of Abidjan, the commercial capital of the country. The Project is ideally situated near existing infrastructure and is accessible year-round via asphalt road and has access to ample water resources.

It comprises the 300 sq. km Koné Exploration Permit (PR 262), the 362 sq. km Faradougou Exploration Permit (PR 748) and three exploration permit applications that have been submitted by Montage totaling 780 sq. km. In total, the KGP covers 1,442 sq. km of highly prospective exploration ground, the majority of which has never been explored.

The Koné Exploration Permit hosts the Koné deposit which currently hosts an Indicated Mineral Resource of 225 million tonnes grading 0.59 g/t for 4.27 million ounces of gold and an Inferred Mineral Resource of 22 million tonnes grading 0.45 g/t for 320,000 ounces of gold, at a 0.20 g/t cut-off grade (the “August 2021 MRE”).

With a $652 million after-tax Net Present Value (NPV) (based on US$1,600/oz gold), and 31% after-tax Internal Rate of Return (IRR), the Koné Gold Project is expected to deliver over 200 koz gold per year.

Montage believes the Koné deposit has the potential to become the centre of gravity in new gold district with the potential to exploit numerous small, higher-grade satellite deposits the effect of which will be to further improve Project economics.


  • Koné Deposit 4.27Moz Indicated with Room to Grow
  • PEA Complete: 15 years at >200koz pa
  • Feasibility Study Underway: Expected in January 2022
  • Petit Yao Central: High-grade, near surface satellite potential
  • Over 100km Unexplored Trends at 1,442 sq. km KGP
  • Fully-Funded: $12.7 Million Cash on Hand


Management and Directors

Hugh Stuart, B.Sc (Hons), M.Sc, FGS, CGeol, Chief Executive Officer

Over 30 years in exploration

Track record of significant grassroots discoveries (Geita, Block 14)

Former VP Exploration of Red Back Mining Inc. (Tasiast, Chirano)

Adam Spencer, CFA, Executive Vice President, Corporate Development

Over 15 years in mining capital markets

Former SVP Corporate Development, Sandstorm Gold Royalties

Former Director of Mining Investment Banking at Cormark Securities

Kevin Ross, Eur Ing, MBA, MIMMM, Chief Operating Officer

Over 40 years in mining operations

Current COO of Orca Gold (Block 14 Gold Project)

Former COO of Red Back Mining (Tasiast, Chirano)

Glenn Kondo, B.Comm, CA, Chief Financial Officer

Over 20 years in finance

Specializes in M&A, Corporate Finance & Operations

Former CFO, Lucara Diamond Corp.

CFO of Orca Gold Inc.

Board of Directors

Richard P. Clark, Non-Executive Chairman

David Field, Independent Director

Sasha Bukacheva, Independent Director

Peter Mitchell, Independent Director

Alessandro Bitelli, Independent Director

Hugh Stuart, Non-Independent Director

News Update

On March 18, 2022, Montage Gold Corp. has filed the definitive feasibility study National Instrument 43-101 technical report on the Kone gold project in Ivory Coast on SEDAR. The technical report, which is dated March 14, 2022, has an effective date of Feb. 14, 2022, and is entitled "Kone Gold Project, Cote d'Ivoire Definitive Feasibility Study National Instrument 43-101 Technical Report." The results of the definitive feasibility study were previously disclosed in summary form in the company's news release dated Feb. 14, 2022.

On November 16, 2021, Montage Gold Corp. has released additional near-surface high-grade drill results from the Petit Yao Central target within the Koné gold project (KGP) in Ivory Coast. The Company also provided an update on the continuing feasibility study and permitting progress at the KGP as well as other exploration activities within the portfolio.


  • Multiple shallow high-grade drill results from Petit Yao Central including:
    • MRPYRC030A: six metres grading 10.82 grams per tonne gold from 37 m;
    • MRPYRC039: three m grading 15.51 g/t Au from 28 m;
    • MRPYRC049: four m grading 8.31 g/t Au from 35 m;
    • All results within 50 m of surface in oxide zone.
  • Over four-kilometre strike length of new anomalism to be drill tested in Petit Yao North area:
    • Targets all within 10 km from Koné deposit.
  • Detailed mapping under way on Faradougou exploration licence:
    • 361.5-square-kilometre area previously unexplored; within trucking distance to Koné deposit;
    • Soil sampling program to commence in November, 2021.
  • Feasibility study on KGP progressing well; expected completion in January, 2022;
    • To this point, all testwork and studies have reaffirmed the assumptions for the KGP used in the PEA released in May, 2021.
  • Soil program under way testing district-scale anomaly on Korokaha South.


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