Montage Gold Corp. (TSXV: MAU) shared today the results of its updated mineral resource estimate for the Koné Gold project in Côte d’Ivoire. The report includes the maiden indicated resource from a 100% conversion of the inferred resource estimate declared in January 2021.
At a 0.20 g/t gold cut-off grade, indicated mineral resource estimate contains 225 million tonnes grading at 0.59 g/t gold for 4.27 million gold ounces. On the other hand, inferred mineral resource estimate comprises 22 million tonnes of material grading at 0.45 g/t gold for 0.32 million gold ounces.
In comparison, the estimate report released in January 2021 indicated inferred mineral resources of 211 million tonnes grading at 0.59 g/t gold for 4.00 million gold ounces at the same cut-off grade. Estimates are based on a pit shell design and US$1,500 per ounce gold.
“It is also significant that the grade profile of the deposit has remained consistent with grades used in the preliminary economic assessment released in May of this year,” said Montage Gold CEO Hugh Stuart.
The PEA reported earlier this year indicated an average head grade of 0.94 g/t gold for the first three years and 0.65 g/t gold for the life of mine. It also highlighted a US$652.2M after-tax NPV5% and 30.9% after-tax IRR at a base case price of US$1,600 per gold ounce.
The mining firm believes the resource estimate report “sets the stage for the upcoming feasibility study” which it previously announced to be released by year-end of 2021. Furthermore, the company expects to be awarded at least one new exploration license by the Côte d’Ivoire government.
Montage Gold Corp. last traded at $0.64 on the TSX Venture.
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