08:37 AM EST, 11/06/2025 (MT Newswires) -- Montage Gold ( MAUTF ) on Thursday said its 120,000-meter exploration drilling program at its Kone project in Cote d'Ivoire extended the known resources at the ANV deposit as it continues to advance construction of a mine at the project.

The company said it drilled 122 holes this year to extend the ANV deposit along strike and depth and to convert inferred resources to the indicated category, and step-out drilling is continuing. Best results from the drilling program have included 29.0 meters of core testing at 3.55 grams per tonne (g/t), 16 meters at 5.78 g/t and 18 meters at 4.24 g/t.

Montage said ANV has a measured and indicated resource of 214,000 ounces, up from its April estimate of 88,000 ounces, with total indicated and inferred resources across the project's deposits pegged at 5.5 million ounces.

"We are pleased to now deliver a resource update at the ANV deposit on the Sissedougou Trend, where we have more than doubled both the Indicated and Inferred Resources. Mineralization remains open along strike and at depth, with large adjacent soil and gold-in-saprolite anomalies along the trend's 10km strike yet to be tested, and we plan to continue testing these extensions through a broader, systematic step-out drilling campaign," said a senior executive of the company.

The company also said construction continues for an $860-million mine and mill at Kone, with first gold from the project expected in the second quarter of 2027, though work is now ahead of schedule.

"We are making strong progress with some key work packages tracking up to three months ahead of schedule. In the processing plant area, we have completed all seven tanks on the first CIL train and major foundation pours have been completed. We are also pleased with the progress being made on the oxide circuit construction as its early completion may allow us to bring forward our first gold pour," chief executive Martino De Ciccio said.

Montage shares closed up $0.17 to $6.75 Wednesday on the Toronto Stock Exchange.