TSX-V-listed Montage Gold has closed the acquisition of a 100% indirect interest in the Mankono Sissedougou joint venture project, in Côte d’Ivoire, from subsidiaries of Barrick Gold and Endeavour Mining.
Montage acquired Mankono Exploration for C$30-million, comprising cash and shares and the granting of a $2 net smelter return royalty.
With Mankono in its fold, Montage has consolidated the Kone gold project (KPG).
“With the addition of Mankono, our consolidated land position grows to more than 2 250 km2 over one of the most prolific gold belts in West Africa at the centre of which is our Koné deposit,” said CEO Rick Clark.
Drilling has started on the newly acquired ground looking to add higher grade resources to the Koné development plan.
“Based on our evaluation of the historic data from Mankono we believe that, in addition to the inferred mineral resource at Gbongogo, the rest of the Mankono land package has the real potential for additional discoveries of 0.8-million ounces to 1.2-million ounces at similar grades,” said Clark.
The company has 14 drill-ready targets and 25 000 m of drilling planned at KPG.
The KGP economic study will be revised following the exploration programme.
Following the transaction, Barrick and Endeavour have become shareholders of Montage.