06:59 AM EDT, 04/08/2025 (MT Newswires) -- Montage Gold ( MAUTF ) on Tuesday released the results of its 2024 Kone project exploration program in Cote d'Ivoire, which boosted expectations of achieving a short-term exploration target of discovering more than 1 million ounces of measured and indicated resources at a 50% higher grade compared to the Kone deposit.

Mineralization was confirmed at all 18 targets out of the 52 exploration targets identified. Starter maiden resources were delineated for 7 new higher grade satellites, with grades ranging between 0.9 and 1.6 grams per tonne gold, or between 60% to 180% higher than the Kone deposit.

Efforts on the satellite deposits have added 160,000 ounces at 1.16 g/t gold and 270,000 ounces at 1 g/t gold of indicated and inferred resources, respectively.

Indicated resource at the Kone deposit increased by 150,000 ounces to 4.49 million ounces at 0.57 g/t gold and inferred resource increased by 110,000 ounces to 0.51 million ounces at 0.43 g/t gold.

The Kone project's overall indicated resource grew by 340,000 ounces to 5.21 million ounces at 0.62 g/t gold and inferred resource grew by 380,000 ounces to 780,000 ounces at 0.54 g/t gold following the first drill campaign under the leadership of a new management team.

The company aims to further improve the production profile of the project from the commencement of production in the second quarter of 2027.