Montage Gold Corp. reported its first drill results on the recently acquired Mankono Sissédougou Joint Venture, which now forms part of a much larger 2,258 sq km Koné Gold Project (‘KGP'). Drilling began in November 2022 and with strong early success will continue through 2023.

Results in this release reflect 6,713 metres of RC drilling completed on five target areas to the end of 2022. The KGP forms a contiguous block of 1,800 sq km of exploration permits and a further 458 sq km of exploration permit applications, for a total of 2,258 sq km covering a strike length of over 75km on one of the most prospective gold belts in West Africa. Montage has completed 6,713m of a 25,000m exploration program that will include a combination of RC, diamond, and aircore drilling that will continue over the coming months.

It is expected that at least nine existing targets will be drilled with the aim of identifying new high-grade satellite deposits grading +1.5g/t or better that will complement the large-scale Koné deposit. Currently, the top priority prospect for resource development at the KGP is Gbongogo which hosts an Inferred Mineral Resource of 5.2Mt at 2.1g/t for 351koz (1.2g/t cut off). The first drilling program completed by Montage (2,979m to date) on this target and has already returned impressive intercepts that will aid in the upgrade to an Indicated Mineral Resource later this year.

Mineralization at Gbongogo is hosted within and on the margins of a plunging quartz diorite plug with a surface expression of 250m by 100m. Montage is looking to upgrade and expand the Inferred Resource in First Quarter to define a maiden Indicated Mineral Resource in the second quarter. Phase 2 diamond drilling will test the deeper portions of the resource and provide samples for metallurgical test work.

Hydrogeological and geotechnical work is planned for Second Quarter to support a revised Feasibility Study expected later this year. 639m of RC drilling (7 holes) was completed in December 2022 to follow up on a historic result of 13m at 2.29g/t. The area is being extensively mined by artisanals, opening up further potential that will be tested by phase 2 drilling. These new high-grade results sit within an active artisanal mining area that has not yet been fully assessed within the wider 12-km Lokolo trend.

2,407m of RC drilling to the end of 2022 was also completed on three additional district targets: Koban North, Sena, and Lokolo North. All targets returned high-grade intercepts and have the potential to develop into a satellite pits. Follow up drilling will take place in the first half of 2023.

Drilling at Koban North focussed on an area of mineralization across 200m in width with historic results that included 20m at 1.94g/t and 21m at 1.67g/t. Montage drilling has returned similar grades and widths over a strike length of 300m. RC drilling at Sena was to follow up historic results from two aircore holes that included 19m at 1.57g/t and 19m at 1.75g/t over a strike length of 350m. The zone remains open.

Following the Seasonal break, drilling has resumed at Gbongogo with one RC rig that will soon be joined by a core rig. RC drilling will then move on to test other targets such as Bafretou South, Lokolo West and Yeré North. An aircore rig will commence testing of additional prospective target areas with the aim of generating new RC drill targets.

Surface geochemical work is ongoing to add additional prospects for drill testing. The Company's aim is to revise the KGP Feasibility Study by year-end 2023 incorporating Gbongogo and potentially one or more other highly prospective satellite prospects.