Montage Gold Corp. (TSX-V: MAU) (OTCQX: MAUTF) is pleased to report further results from ongoing resource drilling at the Gbongogo Main deposit within the Koné Gold Project. A resource definition program began in late November 2022 designed to upgrade the Inferred Mineral Resource of 5.2Mt at 2.1g/t for 351koz (1.2g/t cut off). This program is nearing completion and continues to confirm higher grade zones in the overall deposit.

HIGHLIGHTS

• Ongoing diamond drilling at Gbongogo Main defines and extends mineralization:
  • GBDD035:  113.25m at 2.30g/t
  • GBDD037:  48.00m at 1.72g/t
  • GBDD038:  45.75m at 1.90g/t
• Results within quartz-tourmaline vein sets at Gbongogo Main improve confidence of higher-grade controls
  • GBDD039:  20.50m at 10.95g/t
  • GBDD043:  17.00m at 8.56g/t
• RC drilling at Yeré North confirms and improves initial reconnaissance results
  • YERNRC010:     23m at 12.91g/t (twin of hole MMKAC141)
  • YERNRC007:     14m at 5.09g/t
• Program continues with 4 rigs drilling multiple targets across the Koné Gold Project

Rick Clark, Montage CEO commented, “New results from Gbongogo Main, the best drilled by Montage to date, strongly support management’s view of expanded resource potential and the possibility of an overall higher grade to the ore body.

“We are also very encouraged by the confirmation and expansion of high-grade results at the Yeré North prospect. While Yeré North remains early stage, it is showing the potential to develop into an additional satellite deposit for the overall Koné Gold Project. The discovery of Yeré North clearly demonstrates the underexplored nature of our land package and gives us confidence that other high-grade satellites will be discovered.”

DETAILS

Drilling at Gbongogo Main Delivers Wide High-Grade Intervals and Depth Extension

Resource RC drilling of the upper part of the Gbongogo Main deposit was completed in January (3,042m) and core drilling commenced at the start of February with 3,372m drilled to date.

Gbongogo Main currently hosts an Inferred Mineral Resource of 5.2Mt at 2.1g/t for 351koz (1.2g/t cut off). The first four core holes were drilled down plunge to provide samples for metallurgical test work (see press release dated March 27, 2023) and since then drilling has been aimed at upgrading and extending the resource and to improve understanding of the quartz tourmaline vein sets that cut the plunging quartz diorite plug and are known to carry high grades.

These latest drill results show that the plunging intrusive body is still open and widening at depth to a true width of close to 100m. Recent drill holes have intersected very high-grade mineralization often containing free gold.

High Grades Associated with Quartz Tourmaline Veins

Mineralization at Gbongogo Main is hosted within a plunging quartz-diorite plug. The intrusive is cut by a stockwork of thin quartz-tourmaline veins with numerous orientations. In some historic drillholes the veins are better developed giving intercepts of 16.0m at 10.00g/t (GBRC013; 61m to 71m), 9.80m at 10.77g/t (GBDDH004; 85.4m to 95.2m) and 16.90m at 10.60g/t (GBDDH007; 61.2m to 78.1m) but in general these are irregular in nature.

However, the new holes, which represent some of the highest-grade intercepts to date are located 50m apart and are related to some of the strongest and most consistent veining seen at Gbongogo Main (Figure 1).

A key aspect to Montage’s work with this drill program is to build an understanding of the controls on the veining so that it can be targeted specifically, and these intercepts will now be developed with further drilling (Figures 2, 3 and 4).

Figure 1: High Grade quartz tourmaline veins in GBDDH039 with gold grade in g/t (1m samples)

Figure 2: Gbongogo Main Plan View

Figure 3: Gbongogo Main Cross Section Line 1 (looking north-east)

Figure 4: Gbongogo Main Cross Section Line 2 (looking north-east)

Yeré North – follow-up RC drilling improves upon high-grade reconnaissance results

Following successful shallow reconnaissance drilling at Yeré North, seven RC holes for 842m have been completed as follow-up. This drilling has confirmed mineralisation on all sections, most notably on the southern line where two zones of mineralisation have been identified (Figure 5).

The high-grade reconnaissance drilling intercept (3m composite samples) was twinned for confirmation with 1m samples (and returned a significantly better intercept of 23m at 12.91g/t (incl. 13m at 21.03g/t) relative to the earlier 27m at 8.97g/t (incl. 9m at 24.58g/t). Unfortunately, the hole drilled to test the depth extent failed due to bad ground conditions.

The prospect is at an early stage and remains open in all directions. Further lines of reconnaissance holes have been drilled north and south and once assay results are received, a further round of RC drilling will be undertaken.

Figure 5: Yeré North Cross (looking north-east)

Outlook for Q2

Over the course of Q2, the Company intends to continue its aggressive exploration program across the KGP following upon our initial success since November 2022. The new discoveries recently identified will be prioritized to establish their resource potential. At the Gbongogo Main deposit work will also continue towards achieving an initial Indicated Resource. In the background, work is ongoing to expand upon the ESIA and complete the necessary engineering studies required to bring Gbongogo Main to a feasibility study level.

ABOUT MONTAGE GOLD CORP.

Montage is a Canadian-based precious metals exploration and development company focused on opportunities in Côte d’Ivoire. The Company’s flagship property is the Koné Gold Project, located in northwest Côte d’Ivoire, covering a total area of 2,258km² and which currently hosts a Probable Mineral Reserve of 161.1Mt grading 0.66g/t for 3.42M ounces of gold. The Company released the results of a Definitive Feasibility Study on the Koné Gold Project on February 14, 2022, outlining a 15-year gold project producing an estimated 3.06M ounces of gold over life of mine, with average annual production of 207koz, and estimated peak production of 320koz. The Project also contains an Inferred Mineral Resource of 5.2Mt at 2.1g/t for 351,000oz at 1.2g/t cut off at the Gbongogo Main deposit located 30km north of the Koné deposit. Montage is executing an exploration program in 2022/23 with the objective of discovering multiple high-grade satellite deposits to supplement the Probable Reserves at the KGP. Montage has a management team and Board with significant experience in discovering and developing gold deposits in Africa.

Appendix 1: Listing of Intercept Detail