By: Ecofin agency

Montage Gold Corp. has upgraded the resource estimate for its Koné gold project in Côte d’Ivoire, reinforcing its position as a key contributor to the country’s plan to increase annual gold output to 100 tonnes by 2030.

The Canadian miner announced on November 6 that the resources of the ANV deposit, located in the Sissédougou area of the Koné project, have more than doubled. The updated estimate includes 129,000 ounces of indicated resources and 85,000 ounces of inferred resources. The discovery strengthens the overall potential of the mine, which is already under construction.

Montage expects the Koné project to produce an average of 301,000 ounces of gold per year over its 16-year mine life, starting in 2027. The new discoveries at ANV bring indicated resources across the satellite deposits to 996,000 ounces, just shy of the company’s target of one million ounces.

“Following the successful mid-year resource updates from the Gbongogo South and Koban North deposits along the Gbongogo–Koroutou corridor, we are pleased to present this latest update for the ANV deposit on the Sissédougou corridor, where we have more than doubled both indicated and inferred resources,” said Silvia Bottero, Executive Vice President of Exploration at Montage. “We plan to continue exploring these extensions through a systematic and broader drilling campaign.”

Earlier this year, Montage announced plans to expand its annual exploration program at Koné to 120,000 meters, increasing its initial budget from $14 million to $18 million. The company expects these efforts to further enhance the project’s reserves and production outlook.

Once operational, Koné is projected to become one of Côte d’Ivoire’s major gold producers. The West African nation delivered 58 tonnes of gold in 2024 and seeks to reach 100 tonnes by 2030 as it accelerates mine development and attracts foreign investment into its mineral sector.

This article was initially published in French by Aurel Sèdjro Houenou