MAUTF - MONTAGE GOLD IS AWARDED ITS MINING PERMIT FOR ITS FLAGSHIP KONÉ PROJECT IN COTE D'IVOIRE | Benzinga
HIGHLIGHTS:
- Mining permit award marks final approval required to launch construction and operating activities for the Koné project
- Agreement on land compensation completed, which demonstrates the support received from local stakeholders
- Permitted area includes several advanced high grade exploration targets, located near the haulage road, which are being prioritized given their potential to be slotted into the mine plan from the commencement of the operation
ABIDJAN, Cote d'Ivoire, July 10, 2024 /PRNewswire/ - Montage Gold Corp. ("Montage" or the "Company") (TSXV:MAU) (OTCQX:MAUTF) is pleased to report that the Council of Ministers of Côte d'Ivoire has today announced that it has awarded the mining permit for the Koné project to Montage.
Martino De Ciccio, CEO of Montage, commented: "We are delighted to be awarded our mining permit which represents a significant milestone in the development of our Koné project and reflects the strong support received from our local stakeholders given our win-win approach focused on local content. In addition, we are also pleased to have reached an agreement on land compensation with our local communities which further demonstrates the support for the advancement of our project given the significant social and economic benefits that it will unlock for our host communities and government.
We look forward to rapidly continuing to unlock value for our stakeholders by progressing the Koné project towards an anticipated construction launch by Q1-2025, while continuing to progress our exploration strategy of delineating higher-grade targets that can be slotted into the mine plan from the commencement of the operation.
We are excited with the momentum created across our business which positions us to deliver our strategy of creating a premier African gold producer, beginning in Côte d'Ivoire given the country's highly favourable investment climate, significant geological potential, and our extensive experience in the region."
Montage was awarded mining permits for both its Koné and Gbongogo deposits, which are valid for 20 years and 8 years, respectively, with opportunities to extend as further mine life is added through exploration success. The awarding of mining permits represents the last governmental authorisation required to enable the development and operation of the Koné project with the official decree to be received shortly following today's Council of Ministers' meeting.
As shown in Figure 1 below, the mining permits cover a large total area of 357km2 which encompasses both the Koné and the Gbongogo deposits, in addition to several advanced high grade exploration targets, located near the haulage road, which are being prioritized given their potential to be slotted into the mine plan from the commencement of the operation. Montage is therefore rapidly advancing exploration at the Koné project with a 30,000-meter drill programme expected to be completed in late July 2024. High grade intercepts have already been received, as published on July 9, 2024, at several targets. A second 60,000-meter drill programme is expected to be launched in late Q3-2024 with the goal of delineating resources at top priority targets, in addition to continuing to drill test other targets.
Neither TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
ABOUT MONTAGE GOLD CORP.
Montage Gold Corp. (TSXV:MAU) is a Canadian-listed company focused on becoming a premier multi-asset African gold producer, with its flagship ...