Montage Gold raises $15 million to acquire CÃ´te dâIvoire project
The offering was announced by Montage earlier in June as part its agreement to acquire the Mankono-Sissédougou JV project held by Barrick Gold and Endeavour Mining for total consideration of C$30 million ($23.3m).
The Mankono JV consists of three properties contiguous to the company’s flagship Koné gold project, which currently hosts a probable mineral reserve of 161.1 million tonnes grading 0.66 g/t for 3.42 million oz. of gold.
A definitive feasibility study on Koné project was released earlier this year. This outlined a 15-year operation capable of producing 3.06 million oz. of gold with average annual production of 207,000 oz. and peak production of 320,000 oz.
The impending project acquisition would nearly double the company’s existing landholding from 1,442 km2 to 2,259 km2, all within the haulage distance of proposed Koné mill location. To date, approximately $20 million has been spent on exploration by the JV partners since its formation in 2017.
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