Montage’s Koné project in Côte d’Ivoire. Credit: Montage Gold
A resource update for Montage Gold’s (TSX: MAU) main Koné project in Côte d’Ivoire has expanded total contained gold by almost 58% and grades by 24% over the initial resource from 2024. Shares surged to an all-time high.
The update gives Koné 244 million measured and indicated tonnes grading 0.8 gram gold per tonne for 6.2 million oz. and 93 million inferred tonnes at 0.68 gram gold for about 2 million oz. contained metal, Montage reported Monday. Measured and indicated ounces increased by 1.42 million oz., or 29%, while inferred ounces rose more than five times their initial amount by 1.63 million ounces. Koné is 470 km northwest of the country’s financial capital Abidjan.
“We are pleased with our continued progress to unlock exploration value at the Koné project, where construction remains on-budget and ahead of schedule with first gold pour expected in late Q4 2026,” Montage CEO Martino De Ciccio said in a release.
Montage beats target
The company has drilled about 330,000 metres since the 2024 feasibility study, when Montage set a target of delineating more than 1 million measured and indicated oz. grading at least 50% higher than the Koné deposit, De Ciccio added.
“We are very pleased to have already significantly exceeded this target,” he said.
Company shares gained more than 9% to C$17.44 apiece on Monday morning in Toronto, valuing Montage at C$6.8 billion ($4.9 billion).
West African momentum
The update adds to Montage’s regional momentum generated by its acquisition of African Gold in November, and the consolidation of its Didievi project 300 km southeast of Koné. Montage is preparing to upgrade the resource for Didievi in the third quarter.
The resource growth came from satellite deposits at Koné, such as Gbongogo Main and South and Koban. Measured and indicated ounces at those targets tripled by 1.14 million oz. to 1.6 million oz. at 1.51 grams gold, while inferred ounces grew from nothing to 766,000 oz. at 1.34 grams gold from the previous resource in March.
Montage expects to release more resource updates later in the year as its 90,000-metre drill program is ongoing. It’s also drilling 9,000 metres at its Wendé property, about 250 km southeast of Koné and plans to start drilling at its targets in Mauritania later in the year.