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Yahoo
6 days ago
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Fortuna Advances Diamba Sud Gold Project in Senegal with Updated Mineral Resources; PEA Completion Targeted for Q4 2025
VANCOUVER, British Columbia, Aug. 05, 2025 (GLOBE NEWSWIRE) -- Fortuna Mining Corp. (NYSE: FSM | TSX: FVI) is pleased to report an updated Mineral Resource estimate as of July 7, 2025, for the Diamba Sud Gold Project located in Senegal. All dollar amounts in this news release are expressed in US dollars. Highlights of the Inpit Mineral Resource Update Indicated Mineral Resource of 724,000 gold ounces, representing a 53 percent increase since year-end 2024 Inferred Mineral Resource of 285,000 gold ounces, reflecting a 93 percent increase since year-end 2024 Initial Inferred Mineral Resource estimates for the Southern Arc and Moungoundi deposits, containing 194,000 ounces and 31,000 ounces of gold, respectively Preliminary Economic Analysis (PEA) underway, with completion targeted for the fourth quarter of 2025 Exploration drilling at Southern Arc continues focusing on: Infilling drilling to upgrade Inferred Resources Expansion drilling where mineralization remains open at shallow depths to the south and east of the defined deposit limits Diamba Sud Gold Project, Senegal Fortuna estimates that the Diamba Sud Gold Project comprises an Indicated Mineral Resource of 14.2 Mt at an average gold grade of 1.59 g/t, containing 724,000 ounces of gold, and an Inferred Mineral Resource of 6.2 Mt at an average gold grade of 1.44 g/t containing 285,000 ounces of gold. The updated Mineral Resource estimate is based on new drilling completed between July 2024 to July 2025, comprising 243 holes totaling 31,652 meters. The data collected improved the geological interpretation and resource modelling for Area A, Area D, Karakara, Western Splay, and Kassassoko. It also contributed to the expansion of Diamba Sud´s pipeline of emerging deposits, with the first-time resource estimates for Southern Arc and Moungoundi. Expansion drilling at these deposits, along with the drilling of new targets, is planned for the fourth quarter of 2025. Changes from the previous estimate are due to the following: Infill drilling at Area A, Area D, Karakara, Western Splay, and Kassassoko improved the geological interpretation and supported the conversion of Inferred Resources to Indicated Resources Exploration drilling at Southern Arc and Moungoundi resulted in the first-time estimation of Inferred Mineral Resources An increase in the long-term gold price assumption, now at $2,600/oz, along with refinements to projected mining and processing costs, contributed to updated pit shell optimization and cut-off grade determination Diamba Sud Gold Project Mineral Resources by deposit Mineral Resources – Indicated Contained Metal Classification Deposit Tonnes(000) Au(g/t) Au(koz) Indicated Area A 3,891 1.47 184 Area D 4,877 1.75 274 Karakara 2,476 1.79 143 Western Splay 1,615 1.65 86 Kassassoko 1,294 0.90 38 Total Indicated 14,153 1.59 724Mineral Resources – Inferred Contained Metal Classification Deposit Tonnes(000) Au(g/t) Au(koz) Inferred Area A 61 1.02 2 Area D 600 1.10 21 Karakara 510 1.61 26 Western Splay 101 2.11 7 Kassassoko 123 0.85 3 Southern Arc 3,854 1.57 194 Moungoundi 922 1.06 31 Total Inferred 6,171 1.44 285 Notes: Mineral Reserves and Mineral Resources are as defined by the 2014 CIM Definition Standards for Mineral Resources and Mineral Reserves Mineral Resources are exclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Factors that could materially affect the reported Mineral Resources include changes in metal price and exchange rate assumptions; changes in local interpretations of mineralization; changes to assumed metallurgical recoveries, mining dilution and recovery; and assumptions as to the continued ability to access the site, extend and/or retain mineral and surface rights, titles and permits, maintain environmental and other regulatory permits, and maintain the social license to operate. Mineral Resources are reported as of July 7, 2025. Mineral Resources for Diamba Sud are reported pit constrained on a 100% ownership basis at selective mining unit block sizes and at an incremental gold cutoff grade for oxide/transitional material of 0.31 g/t Au, with fresh material reported based on a cutoff of 0.35 g/t Au for Area A, 0.42 g/t Au for Area D, 0.35 g/t Au for Karakara, 0.41 g/t Au for Western Splay, 0.35 g/t Au for Kassassoko, 0.37 g/t Au for Southern Arc, and 0.39 g/t Au for Moungoundi in accordance with the varying ore differential parameters and varying metallurgical recoveries for oxide, transitional and fresh rock within pit shell optimizations, assuming a long-term gold metal price of $2,600/oz and metallurgical recoveries based on metallurgical testwork. Eric Chapman, P. Geo. (EGBC #36328), is the Qualified Person responsible for Mineral Resources, being an employee of Fortuna Mining Corp. Totals may not add due to rounding The Mineral Resource is comprised of seven deposits: Area A, Area D, Karakara, Western Splay, Kassassoko, Southern Arc, and Moungoundi. It incorporates data from a total of 1,178 diamond and reverse circulation (RC) drill holes, totaling 154,814 meters, completed at these deposits since 2019 (see Figure 1). Figure 1: Location of Deposits Included in the Mineral Resource EstimateAll RC drilling at Diamba Sud was conducted using a 5.25-inch face sampling pneumatic hammer, with samples collected into 60-liter plastic bags. To maintain sample integrity, sufficient air pressure was used to keep samples dry and prevent groundwater inflow. If water ingress exceeded air pressure capacity, RC drilling was halted, and drilling converted to diamond core tails. Samples were collected at 1-meter intervals from an onboard cyclone and split on site to produce two 1.5-kilogram sub-samples. The first sample was submitted for laboratory analysis, while the second was retained at the core yard as a field duplicate. The majority of diamond drill holes at Diamba Sud were drilled with either HQ or NQ sized diamond drill bits. Core was logged and marked for sampling using standard lengths of one meter or to geological boundaries as appropriate. Samples were cut into equal halves using a diamond saw. One half of the core was retained in the original core box and stored in a secure facility at the project site's core yard. The other half was sampled, catalogued, and placed into sealed bags which were securely stored on site until shipment. All RC and diamond core samples form Diamba Sud were shipped to ALS Global's laboratory in Kedougou, Senegal, for preparation and then sent, via commercial courier, to ALS's facility in Ouagadougou, Burkina Faso, for final analysis. Routine gold analysis was performed using a 50-gram charge with fire assay and atomic absorption finish. Quality control procedures included the systematic insertion of blanks, duplicates, and certified reference standards into the sample stream. Additionally, ALS implemented its own quality control protocols. The Mineral Resource estimate for Diamba Sud was prepared using data with an effective cut-off date of July 7, 2025. Three-dimensional wireframes were constructed for the host lithologies, including the weathering profile, as well as for mineralized zones. The mineralized envelopes were defined using nominal cut-off grades of approximately 0.1 g/t and 0.3 g/t Au, respectively. Wireframes for each mineralized envelope were used to select and flag drillhole samples. Samples were preferentially sampled at 1-meter intervals, regardless of drilling technique based on the deposit characteristics, and therefore composited to this length. Composites for each mineralized domain were evaluated both individually and collectively using histograms, log-probability plots, and box-and-whisker plots. Input composite data for each domain were assessed for outliers, and grade capping was applied on a semi-quantitative basis. This process was guided by statistical tools, including histograms, log-probability plots, and mean-variance plots. Grade caps were generally applied at or above the98th percentile. Where sufficient data existed, experimental semi-variograms were generated for each domain and modelled accordingly. These were typically characterized by a moderate to high nugget effect and two nested spherical structures. A block model was built for each of the Diamba Sud deposits. Models were aligned with the national UTM coordinate system used for the input data and were designed with block dimensions reflecting the likely selective mining unit. Mineralized wireframes were treated as hard boundaries during grade interpolation, meaning only assay data within each domain was used to interpolate grades within that domain. Grade interpolation was performed using either inverse distance weighting or ordinary kriging, depending on the quality and robustness of the modeled variograms. The Qualified Person considers the interpolation methods appropriate for the style of mineralization at Diamba Sud. All estimates were carried out on a parent block basis. Estimation search parameters were informed by Kriging Neighborhood Analysis (KNA), utilizing a single-block KNA approach within well-drilled areas. An oriented ellipsoid search was applied to select composites for interpolation, with orientations derived from variogram models. Gold grade estimation was completed using a three-pass search strategy within each mineralized domain, based on the respective variogram ranges. Fixed bulk density values were assigned by lithology and weathering profile, based on more than 25,000 water immersion measurements of drill core collected across the Diamba Sud property. Initial validation of the block models included checks for unestimated mineralized blocks, incorrect or missing density assignments, and verification that no mineralized blocks or blocks with density values were present above the topographic surface. Visual validation included comparing the estimated block model grades to the composite grades for a series of cross sections sliced through each of the deposits. Following the initial validation checks, swath plots were generated along the three principal axes to assess the representativeness of the estimated grade profiles relative to the input composite grades. These plots were prepared on a per-domain basis for each mineralized solid and demonstrate a satisfactory correlation between the estimated grades and the underlying composite data, supporting the reliability of the grade interpolation. Mineral Resource classification considered several aspects affecting confidence in the estimation including geological continuity; data density and orientation; data accuracy and precision; and grade continuity. Indicated Mineral Resources have relied on a drilling grid of approximately 25 meters, with Inferred Mineral Resources based on an approximate 50-meter grid. Mineral Resources are reported on a 100 percent ownership basis, using block sizes consistent with the anticipated selective mining unit. Resources are constrained by optimized pit shells and reported at incremental gold cut-off grades that reflect varying metallurgical recoveries and projected mining, processing, and general costs. A long-term gold price of $2,600 per ounce was assumed for pit optimization and economic evaluation. Qualified Person Eric Chapman, Senior Vice President, Technical Services, is a Professional Geoscientist of the Association of Professional Engineers and Geoscientists of the Province of British Columbia (Registration Number 36328) and a Qualified Person as defined by National Instrument 43-101- Standards of Disclosure for Mineral Projects. Mr. Chapman has reviewed and approved the scientific and technical information contained in this news release and has verified the underlying data. About Fortuna Mining Corp. Fortuna Mining Corp. is a Canadian precious metals mining company with three operating mines and a portfolio of exploration projects in Argentina, Côte d'Ivoire, Mexico, and Peru, as well as the Diamba Sud Gold Project in Senegal. Sustainability is at the core of our operations and stakeholder relationships. We produce gold and silver while creating long-term shared value through efficient production, environmental stewardship, and social responsibility. For more information, please visit our website at ON BEHALF OF THE BOARD Jorge A. Ganoza President, CEO, and DirectorFortuna Mining Corp. Investor Relations: Carlos Baca | info@ | | X | LinkedIn | YouTube Forward looking Statements This news release contains forward-looking statements which constitute 'forward-looking information' within the meaning of applicable Canadian securities legislation and 'forward-looking statements' within the meaning of the 'safe harbor' provisions of the Private Securities Litigation Reform Act of 1995 (collectively, 'Forward-looking Statements'). All statements included herein, other than statements of historical fact, are Forward-looking Statements and are subject to a variety of known and unknown risks and uncertainties which could cause actual events or results to differ materially from those reflected in the Forward-looking Statements. The Forward-looking Statements in this news release may include, without limitation, the Mineral Resource estimates at Diamba Sud; the Company's proposed exploration plans at Diamba Sud; statements that a preliminary economic analysis is expected to be completed in the fourth quarter of 2025; statements about the Company's business strategies, plans and outlook; the Company's plans for its mines and mineral properties; changes in general economic conditions and financial markets; the impact of inflationary pressures on the Company's business and operations; the future results of exploration activities; expectations with respect to metal grade estimates and the impact of any variations relative to metals grades experienced; assumed and future metal prices; the merit of the Company's mines and mineral properties; and the future financial or operating performance of the Company. Often, but not always, these Forward-looking Statements can be identified by the use of words such as 'estimated', 'potential', 'open', 'future', 'assumed', 'projected', 'proposed', 'used', 'detailed', 'has been', 'gain', 'planned', 'reflecting', 'will', 'anticipated', 'estimated' 'containing', 'remaining', 'to be', or statements that events, 'could' or 'should' occur or be achieved and similar expressions, including negative variations. Forward-looking Statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any results, performance or achievements expressed or implied by the Forward-looking Statements. Such uncertainties and factors include, among others, operational risks associated with mining and mineral processing; uncertainty relating to Mineral Resource and Mineral Reserve estimates; uncertainty relating to capital and operating costs, production schedules and economic returns; risks relating to the Company's ability to replace its Mineral Reserves; risks related to the conversion of Mineral Resources to Mineral Reserves; risks associated with mineral exploration and project development; uncertainty relating to the repatriation of funds as a result of currency controls; environmental matters including obtaining or renewing environmental permits and potential liability claims; uncertainty relating to nature and climate conditions; laws and regulations regarding the protection of the environment (including greenhouse gas emission reduction and other decarbonization requirements and the uncertainty surrounding the interpretation of omnibus Bill C-59 and the related amendments to the Competition Act (Canada); risks associated with political instability and changes to the regulations governing the Company's business operations; changes in national and local government legislation, taxation, controls, regulations and political or economic developments in countries in which the Company does or may carry on business; risks associated with war, hostilities or other conflicts, such as the Ukrainian – Russian, and Israeli – Hamas conflicts, and the impacts they may have on global economic activity; risks relating to the termination of the Company's mining concessions in certain circumstances; developing and maintaining relationships with local communities and stakeholders; risks associated with losing control of public perception as a result of social media and other web-based applications; potential opposition to the Company's exploration, development and operational activities; risks related to the Company's ability to obtain adequate financing for planned exploration and development activities; property title matters; risks related to the ability to retain or extend title to the Company's mineral properties; risks relating to the integration of businesses and assets acquired by the Company; impairments; risks associated with climate change legislation; reliance on key personnel; adequacy of insurance coverage; operational safety and security risks; legal proceedings and potential legal proceedings; uncertainties relating to general economic conditions; risks relating to a global pandemic, which could impact the Company's business, operations, financial condition and share price; competition; fluctuations in metal prices; risks associated with entering into commodity forward and option contracts for base metals production; fluctuations in currency exchange rates and interest rates; tax audits and reassessments; risks related to hedging; uncertainty relating to concentrate treatment charges and transportation costs; sufficiency of monies allotted by the Company for land reclamation; risks associated with dependence upon information technology systems, which are subject to disruption, damage, failure and risks with implementation and integration; labor relations issues; as well as those factors discussed under 'Risk Factors' in the Company's Annual Information Form for the fiscal year ended December 31, 2024. Although the Company has attempted to identify important factors that could cause actual actions, events, or results to differ materially from those described in Forward-looking Statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking Statements contained herein are based on the assumptions, beliefs, expectations and opinions of management, including, but not limited to, the accuracy of the Company's current Mineral Resource and Mineral Reserve estimates; that the Company's activities will be conducted in accordance with the Company's public statements and stated goals; that there will be no material adverse change affecting the Company, its properties or its production estimates (which assume accuracy of projected ore grade, mining rates, recovery timing, and recovery rate estimates and may be impacted by unscheduled maintenance, labor and contractor availability and other operating or technical difficulties); the duration and effect of global and local inflation; the duration and impacts of geo-political uncertainties on the Company's production, workforce, business, operations and financial condition; the expected trends in mineral prices, inflation and currency exchange rates; that all required approvals and permits will be obtained for the Company's business and operations on acceptable terms; that there will be no significant disruptions affecting the Company's operations and such other assumptions as set out herein. Forward-looking Statements are made as of the date hereof and the Company disclaims any obligation to update any Forward-looking Statements, whether as a result of new information, future events, or results or otherwise, except as required by law. There can be no assurance that these Forward-looking Statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, investors should not place undue reliance on Forward-looking Statements. Cautionary Note to United States Investors Concerning Estimates of Reserves and Resources All reserve and resource estimates included in this news release have been prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and the Canadian Institute of Mining, Metallurgy, and Petroleum Definition Standards on Mineral Resources and Mineral Reserves. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for public disclosure by a Canadian company of scientific and technical information concerning mineral projects. All Mineral Reserve and Mineral Resource estimates contained in the technical disclosure have been prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards on Mineral Resources and Reserves. Canadian standards, including NI 43-101, differ significantly from the requirements of the Securities and Exchange Commission, and mineral reserve and resource information included in this news release may not be comparable to similar information disclosed by U.S. companies. A photo accompanying this announcement is available at PDF available:
Yahoo
29-07-2025
- Business
- Yahoo
Canada Nickel Announces Filing of NI 43-101 Technical Report for Previously Announced Mann Central and Mann West Initial Resources
TORONTO, July 29, 2025 /CNW/ - Canada Nickel Company Inc. ("Canada Nickel" or the "Company") (TSXV: CNC) (OTCQB: CNIKF) today announced that the Company has filed on SEDAR+ an independent technical report (the "Report") prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") supporting the initial mineral resource estimate for its Mann Nickel Sulphide Project (the "Mann Project") which consists of the Mann West and Mann Central Properties and which contain the Mann West Ni-Co-Pd-Pt Deposit and the Mann Central Ni-Co-Pd-Pt Deposit – together the Mann Deposits. The Mann Project, located about 40 kilometres northeast of Timmins, Ontario, is wholly owned by East Timmins Nickel Ltd. of which Canada Nickel owns 80% and Noble Mineral Exploration Inc. owns 20%. There are no material differences in the Report from those results disclosed in the Company's news releases dated June 11, 2025, and July 15, 2025. The Mineral Resource Estimate for the Mann Deposits, effective as of July 15, 2025, was prepared following the CIM Definition Standards on Mineral Resources and Reserves (2014) and CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines (2019). Mark Selby, CEO of Canada Nickel said, "We have now published six of nine resources with over 9.2 million tonnes of Measured and Indicated nickel and 9.5 million tonnes of Inferred nickel. Three additional resources are expected to be published by end of 2025. The size and scale of the Mann West and Mann Central resource, is significantly larger than the initial Crawford resource, and validates our belief in the potential of the Timmins Nickel District. We look forward to continuing to demonstrate the potential of this world class district." The Report, dated July 28, 2025, with an effective date of July 15, 2025, is titled, "National Instrument 43-101 Mineral Resource Estimates and Technical Report on the Mann West and Mann Central Ni-Co-Pd-Pt Deposits, Mann Nickel Sulphide Project, Timmins Nickel District, Ontario, Canada." The Report was prepared for Canada Nickel by Caracle Creek International Consulting Inc. and can be found under the Company's issuer profile at Qualified Person Stephen J. Balch (ON), VP Exploration of Canada Nickel and a "Qualified Person" as defined in NI 43-101, has reviewed and approved the scientific and technical information in this news release. About Canada Nickel Company Canada Nickel Company Inc. is advancing the next generation of nickel-sulphide projects to deliver nickel required to feed the high growth electric vehicle and stainless-steel markets. Canada Nickel Company has applied in multiple jurisdictions to trademark the terms NetZero NickelTM, NetZero CobaltTM, NetZero IronTM and is pursuing the development of processes to allow the production of net zero carbon nickel, cobalt, and iron products. Canada Nickel provides investors with leverage to nickel in low political risk jurisdictions. Canada Nickel is currently anchored by its 100% owned flagship Crawford Nickel-Cobalt Sulphide Project in the heart of the prolific Timmins-Cochrane mining camp. For more information, please visit For further information, please contact: Mark SelbyCEOPhone: 647-256-1954Email: info@ Cautionary Note and Statement Concerning Forward Looking Statements This press release contains certain information that may constitute "forward-looking information" under applicable Canadian securities legislation. Forward looking information includes, but is not limited to, the potential of Reid, the significance of drill results, the ability to continue drilling, the impact of drilling on the definition of any resource, timing and completion (if at all) of additional mineral resource estimates, the potential of the Timmins Nickel District, strategic plans, including future exploration and development plans and results, and corporate and technical objectives. Forward-looking information is necessarily based upon several assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Factors that could affect the outcome include, among others: future prices and the supply of metals, the future demand for metals, the results of drilling, inability to raise the money necessary to incur the expenditures required to retain and advance the property, environmental liabilities (known and unknown), general business, economic, competitive, political and social uncertainties, results of exploration programs, risks of the mining industry, delays in obtaining governmental approvals, failure to obtain regulatory or shareholder approvals. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this press release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. Canada Nickel disclaims any intention or obligation to update or revise any forward-looking information, whether because of new information. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. View original content to download multimedia: SOURCE Canada Nickel Company Inc. View original content to download multimedia:
Hamilton Spectator
21-07-2025
- Business
- Hamilton Spectator
Montage Gold Provides Mid-Year Exploration Update for Its Koné Project Where Constuction Continues To Rapidly Advance
HIGHLIGHTS: ABIDJAN, Côte d'Ivoire, July 21, 2025 (GLOBE NEWSWIRE) — Montage Gold Corp. ('Montage' or the 'Company') (TSX: MAU, OTCQX: MAUTF) is pleased to announce that the results of its H1-2025 Koné exploration programme, in Côte d'Ivoire, continue to provide significant confidence in achieving its previously published short-term exploration target of discovering more than 1Moz of Measured and Indicated Resources, at a grade 50% higher than the Koné deposit, with the goal of further improving the production profile from the commencement of production in Q2-20271. Since the start of the year, a total of 83,280 meters have been drilled, already exceeding the 81,815 meters completed during the full year of 2024. Due to the ongoing successful results and drilling efficiency, the 2025 exploration programme has been increased from 90,000 meters to 120,000 meters, with a corresponding budget increase of US$4 million to US$18 million. Given the extensive land package encompassing over 52 identified targets, the approach undertaken is to systematically drill test best selected targets to confirm their potential and define starter resources to validate their grade profiles before undertaking larger step-out drilling campaigns. As such, 18 targets were drill tested last year, which successfully delineated starter resources for 7 higher grade satellite deposits, while another 6 targets were advanced to the pre-resource definition stage. Building on this success, the H1-2025 efforts have focused on three parallel tracks: infill and extension drilling of previously delineated starter deposits, advancing pre-resource targets toward maiden resource definition, and testing new targets. In total, 23 targets have been drill tested since the start of the year, with mineralization confirmed at all targets. In order to rapidly advance deposits to reserve status ahead of production commencing, an in-fill and step-out drilling programme commenced in early 2025 on the 7 starter resources delineated in 2024. The Gbongogo South and Koban North deposits were prioritized given their proximity to the haulage road already built. Drilling resulted in both the Gbongogo South and Koban North deposits increasing in size while exhibiting a high rate of conversion from Inferred to Indicated Resources. In total, Indicated Resources increased by 207koz to 273koz at a grade of 1.16 g/t Au, with a further 74koz at a grade of 1.10 g/t Au of Inferred Resources, across both the Gbongogo South and Koban North deposits. Both deposits are expected to continue to grow this year given the ongoing drill programme and drill results not yet incorporated in the current Mineral Resource Estimate. In addition, in-fill and step-out drilling at the ANV deposit is also expected to yield an updated, larger Indicated Resource estimate, in late Q3-2025. Furthermore, resource updates are expected for year-end for other targets such as Yere North, Lokolo Main, Sena and Diouma North, where drilling has been done in H1-2025. Since exploration began last year, Indicated Resources for higher grade satellite deposits has already grown by 404koz to 924koz at 1.32 g/t Au, with an additional 140koz at 1.09 g/t Au of Inferred Resources, with many more deposits expected to be further delineated. As such, the Company is well positioned to achieve the previously published short-term objective of discovering over 1Moz of M&I resources at above 1 g/t Au, representing a 50% higher grade than the Koné deposit1. Martino De Ciccio, CEO of Montage commented: ' We are very pleased with the progress being made to unlock value at our Koné project in Côte d'Ivoire through aggressive exploration, while construction continues to rapidly advance on-budget and well on-schedule. Today's exploration results, together with the continued delineation of Indicated Resources, reinforce the large-scale potential of the Koné project, with all 23 of the 52 identified targets drilled to date returning positive mineralized intercepts. These results provide significant confidence in achieving our previously published short-term objective of discovering at least 1 million ounces of Measured and Indicated Resources at a 50% higher grade compared to the Koné deposit, to be achieved prior to production commencing in Q2-2027. This would represent significant returns on our exploration investment and aligns with our strategic objective of boosting production from the commencement of production while maintaining an annual production of at least 300koz for more than 10 years. To support this goal, we are actively conducting step-out and in-fill drilling at several deposits where starter resources were delineated in 2024—starting with Gbongogo South and Koban North due to their proximity to the planned haulage road, with the aim of rapidly advancing them to reserve status ahead of production commencing. Given the continued success of the program, we have upsized the 2025 exploration campaign from 90,000 meters to 120,000 meters, with 83,280 meters already drilled since the start of the year—making it one of the largest single-asset exploration programs globally. The progress achieved thus far well positions us to continue unlocking value and further build on the momentum generated to advance our strategy of creating a premier African gold producer and delivering value for all our stakeholders.' Silvia Bottero, EVP Exploration of Montage commented: 'We continue to be very excited about the exploration potential at our Koné project in Côte d'Ivoire given the ongoing success of the exploration programme. Our 2025 program is advancing along three parallel tracks: infill and extension drilling of previously delineated deposits, progressing pre-resource targets toward maiden resource status, and drill testing new targets. We are particularly pleased with the progress at the Gbongogo South and Koban North deposits, which have shown a high conversion rate from Inferred to Indicated Resources while continuing to grow in size. This success validates our strategy of systematically drill testing the most prospective zones to confirm higher-grade potential and define starter resources before launching broader step-out campaigns. Once programmes at these deposits are completed, we look forward to applying the same approach to other deposits where starter resources were delineated last year. Within less than a year since our exploration efforts began, we're proud to have increased Indicated Resources for our higher-grade satellite deposits by 404koz to 924koz at 1.32 g/t Au, with an additional 140koz at 1.09 g/t Au in Inferred Resources—and we expect further growth as additional deposits are drilled. This underscores both the quality of our land package and the effectiveness of our exploration approach.' ____________________ 1 For further information on the discovery target please refer to the Company's news release dated October 7, 2024, and for information regarding the Koné deposit please refer to the Updated Feasibility Study available on Montage's website and on SEDAR+. See 'Technical Disclosure' below for details. ABOUT THE EXPLORATION PROGRAMME The Koné project is endowed with significant exploration potential across a 1,318km2 existing land package where the Company has, to date, identified a total of 52 exploration targets across 7 mineralised trends, as shown in Figure 1 below. The Company has a further 458km2 of additional adjacent exploration properties currently under permit application, which would increase its total land package to 1,776km2. In total, 26 exploration targets are located within the permitted mining area within 3 major trends (Gbongogo-Korotou Trend, Lokolo Trend and Bafretou-Niondje Trend) which are located near the planned haul road, and host potential for higher grade discoveries. On the exploration permits, a further 26 targets have been identified across 4 major trends (Gbongogo-Korotou Trend, Sissédougou Trend, Yere Trend and TZ4 Trend), which also hosts the potential for higher grade mineralisation. Figure 1: Koné project geological trends and exploration target map The Company utilises its well-established and tested exploration methodology that is based on a systematic approach to prioritise exploration efforts by weighing geological prospectivity against potential operational and economic parameters along with strategic considerations. Given the extensive land package, the approach undertaken is to systematically drill test best selected targets to confirm their potential and define starter resources to validate their high-grade content before undertaking larger step-out drilling campaigns. As such, 18 targets were drill tested last year, which successfully delineated starter resources for 7 higher grade satellite deposits, while another 6 targets were advanced to the pre-resource definition stage. Building on this success, the 2025 efforts have focused on three parallel tracks: infill and extension drilling of previously delineated starter deposits, advancing pre-resource targets toward maiden resource definition, and testing new targets. In total, 23 targets have been drill tested since the start of the year, with mineralization confirmed at each. As detailed in Table 1 below, a total of 83,280 meters have been drilled in H1-2025, completed across 1,418 holes, which comprised 88 Diamond Drilling ('DD') holes for 13,211 meters, 669 Reverse Circulation ('RC') holes for 52,829 meters, 31 RC-DD for 6,088 meters, 295 Aircore holes for 8,758 meters, and 335 Auger holes for 2,395 meters. Priority was attributed to targets along the Gbongogo-Korotou Trend, given their proximity to the already identified Gbongogo Main deposit and its haulage road, with a total of 43,433 meters drilled. On this trend, the Gbongogo South and Koban North deposits were prioritized, with respectively 11,951 meters and 11,894 meters drilled, which resulted in an increase in resource size while exhibiting a high rate of conversion from the Inferred to the Indicated Resource category, as detailed in the following section. In addition, exploration also progressed on the Sissédougou Trend, for which in-fill and step-out drilling at the ANV deposit is also expected to yield an updated, larger Indicated Resource estimate, in late Q3-2025. Furthermore, resource updates are expected for year-end for other targets such as Yere North, Lokolo Main, Sena and Diouma North, where drilling has been done in H1-2025. Table 1: 2025 drill programme – meterage by trend and target to June 30, 2025 Additionally, a pre-production drilling programme of approximately 56,000 meters has been launched earlier this year and is expected to be completed in Q3-2025. The programme is comprised of approximately 70% Grade Control ('GC') and 30% Advanced Grade Control ('AGC') drilling at the Koné and Gbongogo Main deposits, designed to better identify higher-grade blocks in the resource model ahead of the planned first gold pour. AGC is being conducted on a 50 x 50 meter centred grid followed by a 25 x 25 meter grid which aims to improve the accuracy of resource modelling for the first two years of production. The GC drilling is being conducted on a 12.5 x 12.5 meter grid to further improve the resource model definition for the first year of production. Preliminary assay results received to date have confirmed both the grade and continuity of the mineralized envelopes, while also highlighting the potential to delineate higher-grade zones within the Koné and Gbongogo Main deposits. Once drilling is completed in Q3-2025, full results will be integrated into the resource block model, and published in late 2025. MINERAL RESOURCE ESTIMATE UPDATE Drilling during H1-2025 resulted in both the Gbongogo South and Koban North deposits increasing in size, while exhibiting a high rate of conversion from the Inferred to the Indicated Resources category, as shown in Table 2 below. Both deposits are expected to continue to grow this year given the ongoing drill programme and drill results not yet incorporated in the updated Mineral Resource Estimate. Table 2: Gbongogo South and Koban North Mineral Resource Estimate Variance Given the increases at the Gbongogo South and Koban North deposits, the overall Koné project Mineral Resource Estimate, stands as 5.41Moz of Indicated Resources at a grade of 0.63 g/t Au and 650koz of Inferred Resources at a grade of 0.49 g/t Au, compared to the previous mineral resource estimate published in April 2025, as presented in Table 3 below. Since exploration began last year, Indicated Resources for higher grade satellite deposits has already grown by 404koz to 924koz at 1.32 g/t Au, with an additional 140koz at 1.09 g/t Au of Inferred Resources, and with many more deposits expected to be further delineated. As such, the Company is well positioned to achieve the previously published short-term objective of discovering over 1Moz of M&I resources at above 1 g/t Au, representing a 50% higher grade than the Koné deposit1. Table 3: Koné Project Mineral Resource Estimate Variance ABOUT THE GBONGOGO-KOROTOU TREND The Koné project hosts 7 known mineralised trends, including the Gbongogo-Korotou Trend, a highly prospective geological corridor approximately 15km in length, supported by regional structures and extensive soil anomalies. The trend is defined by a highly resistive, chargeable and magnetic corridor separating two lithologically contrasting meta-volcano sedimentary terranes - the western and the eastern domain respectively - both intruded by granitic and granodioritic bodies and juxtaposed over what is interpreted as a regional-scale, deep-seated structure. Drilling results and extensive soil anomalies confirm that this structural trend is highly prospective for gold mineralisation, supporting the identification of the 24 exploration targets discovered on the trend to date, as shown below in Figure 2 below. Figure 2: Gbongogo-Korotou Trend Exploration Targets and Geophysical Layers Resistivity (RDI cut 300m) VTEM high overlapped to chargeable and resistivity GAIP and ground mag high (red) The Gbongogo Main mineralised intrusive is interpreted to be associated with a VTEM resistivity high, as well as associated minor intrusives. Reprocessing of district scale airborne geophysics has assisted in the identification of additional geological features displaying similar resistivity signatures as the Gbongogo Main deposit. The aim of the geophysical interpretation was to identify other potential intrusive bodies within the sedimentary package along the main Gbongogo-Korotou structure and related NNE-splays. To date the Company has delineated Mineral Resources at 5 deposits on the trend: Gbongogo Main, Gbongogo South, Sena, Diouma North and Koban North. A further 19 exploration targets have been identified on the trend, 3 of which are ranked as pre-resource stage targets and are subject to ongoing drilling. All of the 9 drill tested targets in H1-2025 on the trend remain open at depth and along the strike. Significant portions of the trend contain high gold dispersed soil anomalies but remain poorly tested by drilling as illustrated in Figure 3. Figure 3: Gbongogo-Korotou Trend 3D model showing existing deposits, targets, soil sampling data and drilling data (cross section) GBONGOGO SOUTH DEPOSIT ON THE GBONGOGO-KOROTOU TREND Geology and mineralization Gbongogo South is situated along the centre of the well-defined, major north-south trending Gbongogo-Korotou structure that exceeds 15km in known length. The deposit's structural and stratigraphic setting is comparable to that of Gbongogo Main deposit, defined by two primary stratigraphic domains: the first is a sequence of mafic volcanics, and the second a mixed group composed of volcano-clastics and sedimentary material. Within the target area, multiple amphibole-bearing gabbro intrusions are encountered, which are interpreted as having exploited the contact between the two domains. Figure 4: Gbongogo South Plan View showing optimal pit shell and drilling intercept highlights The Gbongogo South target has been defined across a more than 600-meter tested strike length. Gold mineralisation is preferentially hosted within the mafic volcanic unit. Mineralised zones occur as anastomosed sub-parallel lenses ranging from 2 meters to 20 meters wide, structurally controlled and related to brittle-ductile deformation. Generally, mineralisation dips moderately toward the west and features quartz ± tourmaline ± carbonate veins, silica, tourmaline and K-feldspar alteration. Disseminated fine pyrite is common within mineralised intervals. Increased veining is observed in the higher-grade zones. Drilling programme The 2025 drilling programme has confirmed the continuity of mineralization along strike and in particular to the south where the deposit remains open in the direction of the Diouma North deposit. Down-dip extensions also remain open with identified mineralization constrained by drill data at depth. A total of 11,951 meters has been drilled on the Gbongogo South deposit in 2025 for resource conversion and extensions. Infill drilling following the 2024 exploration programme has improved the confidence and continuity of geological data, with further increases to the Indicated Resource inventory expected. High grade ore shoots are clearly identified in the long section presented in Figure 5 and will be the subject of further step-out drilling. The high-grade zones identified immediately to the south of Gbongogo South are currently located outside of the Updated Gbongogo South MRE pit shell and are therefore expected to result in an overall increase of the resource. Notable intercepts from the 2025 drilling programme include the following: See Appendix B for full drill results. Figure 5: Gbongogo South gm/t long-section showing higher grade ore shoots Figure 6: Gbongogo South Cross-Section Gbongogo South Mineral Resource Estimate Table 4 presents the updated Mineral Resource Estimate for the Gbongogo South deposit across a range of cut-off grades, with the estimate at a 0.50 g/t cut-off considered as the base case scenario. Table 4: Gbongogo South MRE by Cut-Off Grade KOBAN NORTH DEPOSIT ON THE GBONGOGO-KOROTOU TREND Geology and mineralization The Koban North target is located 5km north of the Gbongogo Main mineralised intrusive and within the eastern domain of the Gbongogo-Korotou Trend (volcano-sedimentary complex intruded by igneous rocks) and will benefit from the Gbongogo haul road. Koban North is interpreted as a 600-meter mineralized system related to a NNE splay of the main shear and associated with a quartz-diorite intrusive. The mineralised package at Koban North consists of a series of sub-parallel stacked lenses gently dipping toward the northwest, affected by intense NNE shearing and hydrothermal alteration, and associated with quartz-tourmaline veins and exhibiting silica, k-feldspar and pyrite alteration at the contract of the eastern and western domain. Gold mineralisation is hosted in both the eastern dioritic terrane and the western volcano-sedimentary terrane. Figure 7: Koban North Plan View showing optimal pit shell and drilling intercept highlights Drilling programme The 2025 drilling programme has confirmed the continuity of mineralization along strike and has identified multiple extensions to the southern and down-dip extents of the deposit. Mineralisation remains open to the north and south, indicating potential for additional resources along strike. A total of 11,894 meters has been drilled on the Koban North deposit in 2025 out of the total 43,433 meters attributed to the Gbongogo-Korotou Trend, focusing on in-fill and step-out drilling. Notable intercepts from the 2025 drilling programme include the following: See Appendix B for full drill results. Mineralisation occurs in a series of sub-stacked lenses dipping towards the WNW. The higher-grade shoots identified to the SSW, as reflected in Figure 8, are a focus for further investigation given the continuity and extensions outside of the Updated Koban North MRE pit shell. Mineralisation also remains open along strike to the north and south, with step out drilling seeking to extend the Mineral Resource base. Mineralisation appears thicker and more consistent towards the footwall of the optimised pit shell, with higher grade packages generally more frequent to the ESE, as shown in Figure 9. Figure 8: Koban North gm/t long-section showing higher grade ore shoots Figure 9: Koban North Cross-Section Koban North Mineral Resource Estimate Table 5 presents the updated Mineral Resource Estimate for the Koban North deposit across a range of cut-off grades, with the estimate at a 0.50 g/t cut-off considered as the base case scenario. Table 5: Koban North MRE by Cut-Off Grade OTHER TARGETS ON THE GBONGOGO-KOROTOU TREND In addition to the successful results at the Gbongogo South and Koban North deposits, the Gbongogo-Korotou trend hosts a further 22 deposits and exploration targets which continue to return high grade intercepts. SISSÉDOUGOU TREND A total of 19,463 meters were drilled on the Sissédougou Trend in H1-2025, with the majority of drilling focussed on the ANV deposit. Drilling results are encouraging and indicate potential extensions of the deposit, as shown in Figure 10. The Company expects to provide a Mineral Resource Estimate update for the ANV deposit in late Q3-2025. Figure 10: ANV deposit gm/t long-section showing higher grade ore shoots Additional drilling on the trend has yielded higher-grade results, with notable intercepts including 6.0 meters at 2.57 g/t Au (RSDRC176) and 6.0m at 2.40 g/t Au (RSDRC223) at the Kagon target, which are being followed-up. YERE TREND The Company drilled 5,668 meters on the Yere trend in H1-2025 and continues to evaluate multiple soil anomalies along a strike length exceeding 14km. Drilling in H1-2025 has returned notable higher-grade intercepts of 15.0 meters at 3.06 g/t Au (SDRC143) and 19.0 meters at 1.33 g/t Au (SDRC118). LOKOLO TREND The Company drilled 9,481 meters on the Lokolo trend in H1-2025. Notable intercepts include 5.0 meters at 1.30 g/t Au and 11.0 meters at 0.81 g/t Au at Lokolo NW, as well as 6.0 meters at 0.96 g/t at Lokolo South 1. METALURGICAL RESULTS Initial metallurgical testwork on Gbongogo South and Koban North deposits indicates the absence of deleterious elements, as well as the absence of refractory gold. Preliminary bottle roll tests indicate recoveries on average at 90%, with further metallurgical assessments in progress. NEXT STEPS The Company remains focused on advancing the Koné project construction, which remains on-schedule and on-budget, whilst simultaneously unlocking value through exploration. Following the Company's rapid progress on the 2025 exploration programme, the Company has upsized its 2025 exploration budget by US$4 million to US$18 million, increasing the total drill meterage from 90,000 to 120,000 meters. Key upcoming exploration catalysts include: ABOUT MONTAGE GOLD Montage Gold Corp. (TSX: MAU) is a Canadian-listed company focused on becoming a premier African gold producer, with its flagship Koné project, located in Côte d'Ivoire, at the forefront. Based on the Updated Feasibility Study published in 2024 (the 'UFS'), the Koné project has an estimated 16-year mine life and sizeable annual production of +300koz of gold over the first 8 years and is expected to enter production in Q2-2027. QUALIFIED PERSONS STATEMENT The scientific and technical contents of this press release have been verified and approved by Silvia Bottero, BSc, MSc, a Qualified Person pursuant to NI 43-101. Ms. Bottero, EVP Exploration of Montage, is a registered Professional Natural Scientist with the South African Council for Natural Scientific Professions (SACNASP), a member of the Geological Society of South Africa and a Member of AusIMM. The Qualified Person for the Updated 2025 Mineral Resource Estimate is Mr. Rémi Bosc of Arethuse Geology, who meets the requirements of NI 43-101 and is independent of Montage Gold Corp. Mr. Bosc is a member in good standing of the European Federation of Geologists (EuroGeol) and has sufficient relevant experience with the type of mineralization, deposit type, and activity undertaken to qualify as a Qualified Person under NI 43-101. Mr. Bosc did not directly participate in the fieldwork, but conducted a thorough review of the geological interpretation, drilling database, QA/QC results, and estimation methodology. In addition, he performed an independent peer review of the Koban North and Gbongogo South resource models, including checks on domain construction, variography, estimation parameters, and validation outputs. Mr. Rémi Bosc concluded that the sample preparation, analytical procedures, and resource modelling processes implemented by Montage Gold are consistent with industry best practices and provide a sound basis for classification and reporting of Mineral Resources. Mr. Bosc accepts full professional responsibility for the Updated 2025 Mineral Resource Estimate presented in this press release. TECHNICAL DISCLOSURE Mineral Resource Estimates The Mineral Resource models for the Koban North and the Gbongogo South deposits were prepared by Mr. Benoit Poupeau, a full-time consultant to Montage Gold and a Fellow of the Australasian Institute of Mining and Metallurgy (FAusIMM), who meets the requirements of a Qualified Person as defined by NI 43-101. The models were subsequently reviewed, validated, and approved by Mr. Rémi Bosc of Arethuse Geology, who is independent of Montage Gold. The 2025 Mineral Resource estimates (MRE) for the Koban North and the Gbongogo South deposits have been classified and reported in accordance with National Instrument 43-101 (NI 43-101) and the mineral resource classification standards adopted by the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Council in May 2014. The effective date of the estimate for Koban North is May 31, 2025 and for Gbongogo South is June 30, 2025. Gbongogo South The estimate is based on geological interpretation and sampling data provided by Montage Gold Corp's exploration team as of May 2025. It is reported within an optimal pit shell generated using a gold price of US$2,000/oz and constrained by a topographic surface derived from a high-resolution LiDAR survey completed in December 2024. The drilling database supporting the estimate includes a total of 108 Reverse Circulation (RC) holes, 13 Diamond Drill (DD) holes and 20 Reverse Circulation with diamond tails (RD) holes, for a combined total of 18,468.55 meters. This includes historic drilling conducted by 3G-Mining, formerly SMCDI, (8 DD holes, 64 RC holes and 20 RD holes), Mankono Exploration (1 DD hole and 37 RC holes), Rangold Resources (4 DD holes and 7 RC holes). Mineral resources within mineralized wireframes were estimated using the Local Uniform Conditioning (LUC) method. One-meter downhole composites of gold assay grades from RC and diamond core formed the basis of the estimation. LUC is an advanced geostatistical method that builds upon the Uniform Conditioning (UC) approach. UC estimates the distribution of grades within large panels (e.g., 25 × 25 × 5 m³) and predicts the proportion of material above a given cut-off. LUC refines this by locally allocating those proportions and grades to smaller Selective Mining Units (SMUs)—in this case 5 × 5 × 5 m³—which better represent the likely scale of mining. This method supports a more realistic assessment of what can be selectively mined, even when the drill spacing is broader than the SMU size. At Gbongogo South, the average drill spacing is approximately 25 × 25 m, increasing to 100 × 100 m on the deposit margins, which limits direct estimation at SMU scale and justifies the use of LUC. Resource modelling was guided by mineralized envelopes constructed by the Montage exploration team, incorporating continuous composite intervals grading above 0.1 g/t Au. These domains are consistent with the geological understanding of the deposit. Surfaces representing the base of saprolite and top of fresh rock, interpreted from drill logs, were used to assign density values and to partition the model into weathering zones. Bulk densities were assigned based on 485 immersion measurements on wax-coated, oven-dried core samples collected by Montage personnel: Koban North The estimate is based on geological interpretation and sampling data provided by Montage Gold Corp's exploration team as of June 2025. It is reported within an optimal pit shell generated using a gold price of US$2,000/oz and constrained by a topographic surface derived from a high-resolution LiDAR survey completed in December 2024. The drilling database supporting the Koban North estimate includes a total of 36 Aircore (AC), 96 Reverse Circulation (RC), and 6 Diamond Drill (DD) holes, for a combined total of 12,742.2 meters. This includes historic drilling conducted by Randgold Resources Limited (RRL) (31 AC holes), Endeavour Mining (EDV) (3 RC holes), and Montage (MAU) (93 RC holes and 6 DD holes). Mineral resources within mineralized wireframes were estimated using the Local Uniform Conditioning (LUC) method, while areas outside these wireframes were estimated using inverse distance squared (ID²) interpolation. One-meter downhole composites of gold assay grades from RC, diamond core, and minor Aircore drilling formed the basis of the estimation. LUC is an advanced geostatistical method that builds upon the Uniform Conditioning (UC) approach. UC estimates the distribution of grades within large panels (e.g., 20 × 20 × 5 m³) and predicts the proportion of material above a given cut-off. LUC refines this by locally allocating those proportions and grades to smaller Selective Mining Units (SMUs)—in this case 5 × 5 × 5 m³—which better represent the likely scale of mining. This method supports a more realistic assessment of what can be selectively mined, even when the drill spacing is broader than the SMU size. At Koban North, the average drill spacing is approximately 30 × 30 m, increasing to 100 × 100 m on the deposit margins, which limits direct estimation at SMU scale and justifies the use of LUC. Resource modelling was guided by mineralized envelopes constructed by the Montage exploration team, incorporating continuous composite intervals grading above 0.1 g/t Au. These domains are consistent with the geological understanding of the deposit. Surfaces representing the base of saprolite and top of fresh rock, interpreted from drill logs, were used to assign density values and to partition the model into weathering zones. Bulk densities were assigned based on 86 immersion measurements on wax-coated, oven-dried core samples collected by Montage personnel: Leapfrog 2024.1 was used for data compilation, geological modelling, and composite coding. Isatis Neo 2024.12.1 was used for resource estimation, and the resulting block model was imported into Vulcan 2025 for pit optimization. Model validation included comparisons between estimated block grades and informing composites. This review involved visual inspection of sectional plots and swath plots across representative sections, which confirmed the robustness of the estimate with no significant inconsistencies. Pit Optimization Parameters To satisfy the requirement that Mineral Resources have reasonable prospects for eventual economic extraction, the reported resources are constrained within an optimal pit shell based on the following key parameters: Sampling & Assaying - QA/QC All exploration work on the Koban North and the Gbongogo South deposits is designed and carried out under the supervision of Silvia Bottero, Executive Vice President, Exploration who conducted multiple site visits throughout 2025. Ms Bottero is a Professional Natural Scientist (SACNASP) and a Qualified Person as defined under NI 43-101. Samples used in the resource estimate were derived from diamond drilling (DD) based on 1-meter composite intervals. Core samples were sawn in half using a diamond blade at the camp facilities and then shipped by road to the Bureau Veritas laboratory in Abidjan, Côte d'Ivoire. For reverse circulation (RC) and aircore drilling, 1-meter downhole intervals were collected from the cyclone and split using a three-tier riffle splitter. Approximately three kilograms of sample were collected per interval and also shipped to Bureau Veritas. All samples were crushed to 2 mm (80% passing), with a 1 kg split pulverized to 75 μm (85% passing) and analysed by fire assay with a 50 g charge. Field duplicate samples are taken, and blanks and standards are inserted by Montage geologists into the sample sequence at a rate of one of each sample type per 25 samples. This ensures that there is a minimum 4% QA/QC sample insertion rate applied to each fire assay batch. The sampling and assaying are monitored and audited through analysis of these QA/QC samples by a consultant independent of Montage. QA/QC has been designed to be in line with industry best standards and to follow NI 43-101 standards and the interpretation reviewed by the Qualified Person. Individual batches are monitored for standard and blank failure during import to the database, whilst longer term QA/QC trends are monitored on a periodic basis by Jonathan Hunt, consultant independent of Montage and Chartered Geologist of the Geological Society of London. Procedures used to monitor the representativity of field sampling and the reproducibility and accuracy of sample preparation and assaying for the Koban North and Gbongogo South project (AC, RC, and DD drilling) align with good industry practices. Supporting information includes sample condition logs, recovered sample weights, core recovery measurements, and field duplicate assay results. The reliability of the sample preparation and analysis is further demonstrated by results from coarse blanks and certified reference materials. Results for exploration drillholes reported in this press release used the following parameters: 0.3 g/t Au cut off for samples, 0.5 g/t Au minimum value composite and 2.0-meter maximum interval dilution length. Composite intervals represent (apparent) downhole thickness. 'Including' represents >10 g/t Au. Data Verification Data verification for the Koban North and the Gbongogo South deposits was carried out by Benoit Poupeau, an experienced resource geologist and Fellow of the Australasian Institute of Mining and Metallurgy (FAusIMM), who conducted multiple site visits throughout 2025. This work included verification of field sampling protocols, logging procedures, sample security, and assay workflows. The geologist reviewed the condition of RC, aircore, and diamond drill samples; assessed core recovery and sample weights; and confirmed the consistency of database entries against original field logs and assay certificates. The Qualified Person is Mr. Rémi Bosc of Arethuse Geology, who meets the requirements of NI 43-101 and is independent of Montage Gold Corp. Mr. Bosc did not directly participate in the fieldwork, but conducted a thorough review of the geological interpretation, drilling database, QA/QC results, and estimation methodology. In addition, he performed an independent peer review of the Koban North and Gbongogo South resource models, including checks on domain construction, variography, estimation parameters, and validation outputs. CONTACT INFORMATION FORWARD-LOOKING STATEMENTS This press release contains certain forward-looking information and forward-looking statements within the meaning of Canadian securities legislation (collectively, 'Forward-looking Statements'). All statements, other than statements of historical fact, constitute Forward-looking Statements. Words such as 'will', 'intends', 'proposed' and 'expects' or similar expressions are intended to identify Forward-looking Statements. Forward-looking Statements in this press release include statements related to the Company's mineral reserve and resource estimates; the timing and amount of future production from the Koné project; anticipated mining and processing methods of the Koné project; anticipated mine life of the Koné project; targeted improvements in the production profile; expected timing of commencement and completion of stated drill programs in 2025; results of the drill programs including targeted additions to the estimated mineral resources at the Koné project, and the timing thereof, including an updated larger estimate at the ANV deposit in Q3-2025, growth at the Gbongogo South and Koban North deposits and resource updates at the Yere North, Lokolo Main, Sena and Diouma North; the grade and quantity potential of exploration targets; the establishment of satellite deposits and the development of these deposits; the publishing of an updated resource block model in late 2025; expected recoveries and grades of the Koné project; timing in respect of the completion of construction, ; timing and amount of necessary financing related to the mining operations at the Koné project; expected additions to the land package at Kone; and timing for permits and concessions, including that the Company will receive all approvals necessary to complete construction of the project and conduct exploration. Forward-looking Statements involve various risks and uncertainties and are based on certain factors and assumptions. There is no assurance that any economic satellite deposits will be discovered, and if discovered ever developed or mined. There can be no assurance that any Forward-looking Statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from include uncertainties inherent in the preparation of mineral reserve and resource estimates and definitive feasibility studies, and in delineating new mineral reserve and resource estimates, including but not limited to, assumptions underlying the production estimates not being realized, incorrect cost assumptions, unexpected variations in quantity of mineralized material, grade or recovery rates being lower than expected, unexpected adverse changes to geotechnical or hydrogeological considerations, or expectations in that regard not being met, unexpected failures of plant, equipment or processes (including construction equipment), delays in or increased costs for the delivery of construction equipment and services, unexpected changes to availability of power or the power rates, failure to maintain permits and licenses, higher than expected interest or tax rates, adverse changes in project parameters, unanticipated delays and costs of consulting and accommodating rights of local communities, environmental risks inherent in the Côte d'Ivoire, title risks, including failure to renew concessions, unanticipated commodity price and exchange rate fluctuations, delays in or failure to receive access agreements or amended permits, and other risk factors set forth in the Company's most recent Annual Information Form available at , under the heading 'Risk Factors'. The Company undertakes no obligation to update or revise any Forward-looking Statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for Montage to predict all of them, or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any Forward-looking Statement. Any Forward-looking Statements contained in this press release are expressly qualified in their entirety by this cautionary statement. Appendix A: Koné project drillhole results for the 2025 drill programme to date Appendix B: Koné project drillhole results and select intercepts for the 2025 drill programme to date 1 True widths not available. Full drill results are available by clicking here . Figures accompanying this announcement are available at Appendix A and Appendix B are available at
Cision Canada
14-07-2025
- Business
- Cision Canada
GALIANO GOLD ANNOUNCES POSITIVE INITIAL DEEP DRILLING RESULTS AT ABORE INCLUDING 36m @ 2.5 g/t Au
VANCOUVER, BC, July 14, 2025 /CNW/ - Galiano Gold Inc. ("Galiano" or the "Company") (TSX: GAU) (NYSE American: GAU) today announced positive results from a deep step-out drilling program at the Abore deposit, with mineralization intercepted in all four holes across a 1,200 meters ("m") strike length. This drilling campaign reinforces Abore's expansion potential at depth and provides a foundation for future deep drilling programs to further test for mineralization below the boundaries of the current Mineral Reserve and Mineral Resource. Abore is a cornerstone deposit at the Asanko Gold Mine ("AGM"), located in Ghana, West Africa, and is currently being mined by the Company. Abore Deep Drilling Results The completed Abore deep step-out drilling program consisted of four holes totalling 1,907m and was designed to test for continuity of mineralization significantly below the current Abore Mineral Reserve and Mineral Resource and to demonstrate the blue-sky potential for future Mineral Resource and Mineral Reserve expansion. The program confirmed the Abore granite and mineralizing system continues 200m below the current Mineral Reserve pit shell over a strike length of at least 1,200m and remains open in all directions. Notably, the system appears to carry grades and widths at these depths sufficient to support the potential development of bulk underground mining. Highlights of intercepts from the Abore deep drilling program include (all diamond core samples): "Intersecting mineralized granite in all four deep holes of this program is an important step in advancing our understanding of the blue-sky underground expansion potential at Abore," stated Matt Badylak, Galiano's President and CEO. "These results continue to build on the success from our previous drilling campaigns and confirm that the controlling structures and host lithologies that characterize the Abore mineralizing system are present and fertile well below any areas previously drilled to date." Abore Infill Drilling Phase 2 Program Following the positive results of a Phase 1 drilling program reported in Q1 2025, which targeted mineralization within and directly below the Mineral Reserve pit (see press release " Galiano Gold Announces Discovery of New High-Grade Zone at Abore with Intercept of 50m @ 3.2 g/t Au & Results of Infill Drilling Program" dated May 5, 2025), the Company is pleased to announce that a Phase 2 infill drilling program has commenced at Abore. This infill program will continue to test for further extensions of mineralization immediately below the boundaries of Abore's Mineral Reserve and Mineral Resource. Background Abore is located approximately 13 kilometers north of the AGM's processing plant, directly along the haul road, and has current Measured and Indicated Mineral Resources of 638,000 ounces at 1.24 g/t Au and Inferred Mineral Resources of 78,000 ounces at 1.17 g/t Au, as published in the Company's most recent Mineral Reserve and Mineral Resource estimates effective December 31, 2024 (see press release " Galiano Gold Announces 2025 Guidance And Provides Mineral Reserve And Mineral Resource Update" dated January 28, 2025). The Abore deposit sits along the Esaase shear corridor, which also hosts the Esaase deposit, and forms part of the northeast striking Asankrangwa gold belt. The geology of Abore is characterized by a sedimentary sequence composed primarily of siltstones, shales and thickly bedded sandstones that has been intruded by a granite, which lies parallel to the shear and dipping steeply to the northwest. The majority of mineralization is constrained to the granite, hosted in west dipping quartz vein areas developed primarily along the eastern margin of the granite/sediment contact. Table 1: Abore deep drilling intercepts table 1,2 Notes: 1. Intervals reported are hole lengths with true width estimated to be 80%-90% 2. Intervals are not top cut and are calculated with the assumptions of > 0.5 g/t and < 3m of internal waste. Qualified Person and QA/QC Chris Pettman, P. Geo, Vice President Exploration of Galiano, is a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects, and has supervised the preparation of the scientific and technical information that forms the basis for this news release. Mr. Pettman is responsible for all aspects of the work, including the Data Verification and Quality Control/Quality Assurance programs and has verified the data disclosed, by reviewing all data and supervising its compilation. There are no known factors that could materially affect the reliability of data collected and verified under his supervision. No quality assurance/quality control issues have been identified to date. Mr. Pettman is not independent of Galiano. Certified Reference Materials and Blanks are inserted by Galiano into the sample stream at the rate of 1:14 samples. Field duplicates are collected at the rate of 1:30 samples. All samples have been analyzed by Intertek Minerals Ltd. ("Intertek") in Tarkwa, Ghana with standard preparation methods. A combination of fire assay with atomic absorption finish and photon analyses were undertaken. Photon assays used 500g samples and fire assays used 50g samples. ChrysosTM Photon assay uses high energy X-ray to activate gold nuclei in a large sample ca. 500g. Photon assay uses a larger sample, thus the variance on the sampling error is less. Crushing the sample to 2-3mm is required in many cases. Photon assay tends to have a higher detection limit than fire assay (0.02ppm). Intertek does its own introduction of QA/QC samples into the sample stream and reports them to Galiano for double checking. Higher grade samples are re-analysed from pulp or reject material or both. Intertek is an international company operating in 100 countries and is independent of Galiano. It provides testing for a wide range of industries including the mining, metals, and oil sectors. About Galiano Gold Inc. Galiano is focused on creating a sustainable business capable of value creation for all stakeholders through production, exploration and disciplined deployment of its financial resources. The Company owns and operates the Asanko Gold Mine, which is located in Ghana, West Africa. Galiano is committed to the highest standards for environmental management, social responsibility, and the health and safety of its employees and neighbouring communities. For more information, please visit Cautionary Note Regarding Forward-Looking Statements Certain statements and information contained in this news release constitute "forward-looking statements" within the meaning of applicable U.S. securities laws and "forward-looking information" within the meaning of applicable Canadian securities laws, which we refer to collectively as "forward-looking statements". Forward-looking statements are statements and information regarding possible events, conditions or results of operations that are based upon assumptions about future conditions and courses of action. All statements and information other than statements of historical fact may be forward looking statements. In some cases, forward-looking statements can be identified by the use of words such as "seek", "expect", "anticipate", "budget", "plan", "estimate", "continue", "forecast", "intend", "believe", "predict", "potential", "target", "may", "could", "would", "might", "will" and similar words or phrases (including negative variations) suggesting future outcomes or statements regarding an outlook. Forward-looking statements in this news release include, but are not limited to statements regarding the Company's expectations and timing with respect to current and planned drilling programs at Abore, and the results thereof; the potential to optimize and/or expand the Abore Reserve pit and the resulting impact on mineral reserves and ore delivery; the Company's belief in the potential of Abore; and the Company's plans to update the mineral resources and mineral reserves and timing of release of production and cost guidance. Such forward-looking statements are based on a number of material factors and assumptions, including, but not limited to: development plans and capital expenditures; the price of gold will not decline significantly or for a protracted period of time; the accuracy of the estimates and assumptions underlying mineral reserve and mineral resource estimates; the Company's ability to raise sufficient funds from future equity financings to support its operations, and general business and economic conditions; the global financial markets and general economic conditions will be stable and prosperous in the future; the ability of the Company to comply with applicable governmental regulations and standards; the mining laws, tax laws and other laws in Ghana applicable to the AGM will not change, and there will be no imposition of additional exchange controls in Ghana; the success of the Company in implementing its development strategies and achieving its business objectives; the Company will have sufficient working capital necessary to sustain its operations on an ongoing basis and the Company will continue to have sufficient working capital to fund its operations; and the key personnel of the Company will continue their employment. The foregoing list of assumptions cannot be considered exhaustive. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to differ materially from those anticipated in such forward-looking statements. The Company believes the expectations reflected in such forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and you are cautioned not to place undue reliance on forward-looking statements contained herein. Some of the risks and other factors which could cause actual results to differ materially from those expressed in the forward-looking statements contained in this news release, include, but are not limited to: mineral reserve and mineral resource estimates may change and may prove to be inaccurate; metallurgical recoveries may not be economically viable; life of mine estimates are based on a number of factors and assumptions and may prove to be incorrect; actual production, costs, returns and other economic and financial performance may vary from the Company's estimates in response to a variety of factors, many of which are not within the Company's control; inflationary pressures and the effects thereof; the AGM has a limited operating history and is subject to risks associated with establishing new mining operations; sustained increases in costs, or decreases in the availability, of commodities consumed or otherwise used by the Company may adversely affect the Company; adverse geotechnical and geological conditions (including geotechnical failures) may result in operating delays and lower throughput or recovery, closures or damage to mine infrastructure; the ability of the Company to treat the number of tonnes planned, recover valuable materials, remove deleterious materials and process ore, concentrate and tailings as planned is dependent on a number of factors and assumptions which may not be present or occur as expected; the Company's mineral properties may experience a loss of ore due to illegal mining activities; the Company's operations may encounter delays in or losses of production due to equipment delays or the availability of equipment; outbreaks of COVID-19 and other infectious diseases may have a negative impact on global financial conditions, demand for commodities and supply chains and could adversely affect the Company's business, financial condition and results of operations and the market price of the common shares of the Company; the Company's operations are subject to continuously evolving legislation, compliance with which may be difficult, uneconomic or require significant expenditures; the Company may be unsuccessful in attracting and retaining key personnel; labour disruptions could adversely affect the Company's operations; recoveries may be lower in the future and have a negative impact on the Company's financial results; the lower recoveries may persist and be detrimental to the AGM and the Company; the Company's business is subject to risks associated with operating in a foreign country; risks related to the Company's use of contractors; the hazards and risks normally encountered in the exploration, development and production of gold; the Company's operations are subject to environmental hazards and compliance with applicable environmental laws and regulations; the effects of climate change or extreme weather events may cause prolonged disruption to the delivery of essential commodities which could negatively affect production efficiency; the Company's operations and workforce are exposed to health and safety risks; unexpected costs and delays related to, or the failure of the Company to obtain, necessary permits could impede the Company's operations; the Company's title to exploration, development and mining interests can be uncertain and may be contested; geotechnical risks associated with the design and operation of a mine and related civil structures; the Company's properties may be subject to claims by various community stakeholders; risks related to limited access to infrastructure and water; risks associated with establishing new mining operations; the Company's revenues are dependent on the market prices for gold, which have experienced significant recent fluctuations; the Company may not be able to secure additional financing when needed or on acceptable terms; the Company's shareholders may be subject to future dilution; risks related to changes in interest rates and foreign currency exchange rates; risks relating to credit rating downgrades; changes to taxation laws applicable to the Company may affect the Company's profitability and ability to repatriate funds; risks related to the Company's internal controls over financial reporting and compliance with applicable accounting regulations and securities laws; risks related to information systems security threats; non-compliance with public disclosure obligations could have an adverse effect on the Company's stock price; the carrying value of the Company's assets may change and these assets may be subject to impairment charges; risks associated with changes in reporting standards; the Company may be liable for uninsured or partially insured losses; the Company may be subject to litigation; damage to the Company's reputation could result in decreased investor confidence and increased challenges in developing and maintaining community relations which may have adverse effects on the business, results of operations and financial conditions of the Company and the Company's share price; the Company may be unsuccessful in identifying targets for acquisition or completing suitable corporate transactions, and any such transactions may not be beneficial to the Company or its shareholders; the Company must compete with other mining companies and individuals for mining interests; the Company's growth, future profitability and ability to obtain financing may be impacted by global financial conditions; the Company's common shares may experience price and trading volume volatility; the Company has never paid dividends and does not expect to do so in the foreseeable future; the Company's shareholders may be unable to sell significant quantities of the Company's common shares into the public trading markets without a significant reduction in the price of its common shares, or at all; and the risk factors described under the heading "Risk Factors" in the Company's Annual Information Form. Although the Company has attempted to identify important factors that could cause actual results or events to differ materially from those described in the forward-looking statements, you are cautioned that this list is not exhaustive and there may be other factors that the Company has not identified. Furthermore, the Company undertakes no obligation to update or revise any forward-looking statements included in, or incorporated by reference in, this news release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.
Globe and Mail
09-07-2025
- Business
- Globe and Mail
1.46 Million Ounces of Gold Outlined on Globex's Duquesne West Property by Emperor Metals
ROUYN-NORANDA, Quebec, July 09, 2025 (GLOBE NEWSWIRE) -- GLOBEX MINING ENTERPRISES INC. (GMX – Toronto Stock Exchange, G1MN – Frankfurt, Stuttgart, Berlin, Munich, Tradegate, Lang & Schwarz, LS Exchange, TTMzero, Düsseldorf and Quotrix Düsseldorf Stock Exch anges and GLBXF – OTCQX International in the US) is pleased to inform shareholders that Emperor Metals Inc. have published a new Mineral Resource Estimate on the Duquesne West Property in Duparquet Township, Quebec, a property 50% owned by Globex and under option by Emperor. The new resource estimate is based upon a combination of open pit and underground mining methods. The new 'Inferred Mineral Resource is 26.9 million tonnes containing 1.46 million ounces of gold at an average grade of 1.69 grams per metric tonne Au.' Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. Details of the parameters used in the resource calculation are available in the Emperor press release. 'The deposit features multiple high-grade zones within a broader low-grade, bulk-tonnage gold envelope with approximately 44% of the 1.46 Moz. amenable to conceptual open-pit extraction and 56% potentially minable via conceptual underground methods.' Globex is pleased by the progress to date and that Emperor have already more than doubled the historical resource. They have stated that ' In 2025, the focus is on surpassing the Inferred two-million-ounce mark and driving continued resource growth through systematic exploration from 1000 feet depth to surface.' Jack Stoch, President, CEO and Director of Globex commented 'We are encouraged by the strong increase in resources that Emperor has estimated after their drilling programs on the Duquesne West. We look forward to seeing the continued progress on the Duquesne West project from the Emperor team.' Strong potential exists for resource expansion including enhanced conceptual open-pit grade through additional discoveries of high-grade zones. The Emperor Metals press release containing a great deal of pertinent details may be accessed by clicking here. Figure 1 - Oblique View of the 2025 Duquesne West MRE Conceptual Pit Shell (beige) and Gold Block Model (gradational colour bar), and drill holes (black traces). Table 1 - Summary of the Inferred Mineral Resources on the Duquesne West Project. Au Cutoff (g/t) Tonnes (Mt) Au (Moz) Au (g/t) Pit-Constrained Mineral Resource Estimate 0.25 18.2 0.646 1.11 Out-of-Pit Mineral Resource Estimate 1.15 8.7 0.815 2.92 Total Mineral Resource Estimate 0.25/1.15 26.9 1.460 1.69 Table 2 - Sensitivities of the Inferred Pit-Constrained 2025 Duquesne West MRE. Au Cutoff (g/t) Tonnes (Mt) Au Contained (Moz) Au Grade (g/t) 0.2 20.19 0.661 1.02 0.25 18.17 0.646 1.11 0.3 16.24 0.629 1.21 0.4 13.01 0.593 1.42 0.5 10.62 0.559 1.64 1 5.01 0.432 2.68 1.5 2.75 0.345 3.90 2 1.89 0.297 4.90 2.5 1.49 0.268 5.62 3 1.11 0.235 6.60 3.5 0.93 0.217 7.24 4 0.78 0.199 7.90 Table 3 - Sensitivities of the Inferred Out-of-Pit 2025 Duquesne West MRE. Au Cutoff (g/t) Tonnes (Mt) Au Contained (Moz) Au Grade (g/t) 1 8.72 0.816 2.91 1.15 8.69 0.815 2.92 1.3 7.59 0.771 3.16 1.5 6.46 0.721 3.47 2 4.53 0.614 4.21 2.5 3.43 0.535 4.85 3.5 2.44 0.447 5.70 4 1.91 0.391 6.39 The NI 43-101 Mineral Resource was prepared by APEX Geoscience Ltd., under Warren Black, Senior Consultant in a report dated July 2, 2025, which will be filed under Emperor's SEDAR+ profile within 45 days. This press release was written by Jack Stoch, P. Geo., President and CEO of Globex in his capacity as a Qualified Person (Q.P.) under NI 43-101. We Seek Safe Harbour. Foreign Private Issuer 12g3 – 2(b) CUSIP Number 379900 50 9 LEI 529900XYUKGG3LF9PY95 For further information, contact: Jack Stoch, President & CEO Globex Mining Enterprises Inc. 86, 14 th Street Rouyn-Noranda, Quebec Canada J9X 2J1 Forward-Looking Statements: Except for historical information, this news release may contain certain 'forward-looking statements'. These statements may involve a number of known and unknown risks and uncertainties and other factors that may cause the actual results, level of activity and performance to be materially different from the expectations and projections of Globex Mining Enterprises Inc. ('Globex'). No assurance can be given that any events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits Globex will derive therefrom. A more detailed discussion of the risks is available in the 'Annual Information Form' filed by Globex on
