• Koné’s indicated gold resources rise 4% to 5.41 million ounces.
• New discoveries boost satellite deposits Gbongogo South and Koban North.
• Montage Gold aims to find 1 million more ounces before production starts in 2027.

Montage Gold raised the indicated gold resources at its Koné project in Ivory Coast to 5.41 million ounces. The company reported this in its exploration update on July 21, marking a 4% increase from the 5.21 million ounces noted in April. The average grade stands at 0.63 grams per tonne of gold.

This resource gain mainly came from satellite deposits Gbongogo South and Koban North. This year, the company completed about 83,000 meters of drilling as part of a broad exploration program. These new finds help Montage optimize the project’s resource base.

Montage Gold’s CEO Martino De Ciccio said, "These results provide significant confidence in achieving our previously published short-term objective of discovering at least 1 million ounces of Measured and Indicated Resources at a 50% higher grade compared to the Koné deposit, to be achieved prior to production commencing in Q2-2027. This would represent significant returns on our exploration investment and aligns with our strategic objective of boosting production from the commencement of production while maintaining an annual production of at least 300koz for more than 10 years."

The Koné mine is already under construction and expects to produce an average of 301,000 ounces annually over a 16-year lifespan. Montage plans to boost this by finding at least 1 million ounces more across eight satellite deposits separate from the main site. However, the company acknowledges it still faces work to convert these resources into mineable reserves.

Montage now plans to increase its exploration budget by USD 4 million, raising it to USD 18 million annually. These funds will support further drilling, especially infill and extension work at Gbongogo South and Koban North.

By Aurel Sèdjro Houenou

Edited in English by Ange Jason Quenum