Montage Gold secures final permit for Koné project

The Koné gold project in Côte d’Ivoire is Montage's flagship asset and is expected to have a 16-year mine life.

Africa-focused Montage Gold (TSX-V: MAU) has secured the final mining permit for its flagship Koné project in Côte d’Ivoire, which allows it to begin mine construction and is valid for 20 years.

Montage said it was also awarded an eight-year mining permit for its Gbongogo deposit, with opportunities to extend both as further mine life is added through exploration success.

The reception of these permits comes after the company received in May a ministerial order granting all environmental approvals for the development of Konté.

During 2023, Montage began preparations for the project’s environmental and social impact assessment (ESIA) as outlined in the updated feasibility study published this past January. A hearing was subsequently held in March 2024, during which the ESIA was approved by a commission comprised of numerous government agencies.

The company said it will continue to advance exploration at the asset with a 30,000-metre drill program expected to be completed later this month. A second, 60,000-metre drill campaign, is slated to be launched in late Q3 with the goal of delineating resources at top priority targets.

Koné is regarded one of the highest quality gold projects in Africa with a mine life estimated in 16 years. Total reserves (proven and probable) on the 2,259 sq. km. property are currently estimated at 174.3 million tonnes grading 0.72 gram per tonne gold, for just over 4 million ounces of gold.