Montage sees Côte d’Ivoire’s Didievi as next gold asset

Montage Gold (TSX: MAU; US-OTC: MAUTF) says recent exploration work at its Didievi project in Côte d’Ivoire strengthens the case for what the company believes could become its next development asset. The stock jumped.

Highlight hole BGDD26-090 at the Blaffo Guetto deposit cut 15 metres grading 20.97 grams gold per tonne from 127 metres downhole and about 13 metres of 4.75 grams gold from about 168 metres, Montage said Tuesday in a statement. Another hole in the same zone, BGDD26-093, cut 27.4 metres of 8.46 grams gold from 184 metres depth.

Both holes are part of a recently completed 40,000 drill program designed to grow Didievi’s existing resource and test additional targets.

A follow-up program, covering 60,000 metres and estimated to cost $13.5 million (C$19 million), is scheduled to be completed by year-end. Montage is aiming to fast-track Didievi’s development, with environmental and social impact assessment studies already under way.

“Results continue to increase the confidence of mineralization and potential to increase scale at Blaffo Guetto,” Scotia Capital mining analyst Ovais Habib said Tuesday in a note. He estimates Didievi could produce about 200,000 oz. gold annually once operations begin.

Montage shares rose 6.5% to C$16.44 Tuesday in Toronto, valuing the company at about C$6.6 billion ($4.6 billion). The stock has traded between C$4.26 and C$17.60 in the past year.

Multiple targets

Mineralization at Blaffo Guetto remains open along strike and at depth, while drilling advances several nearby targets that could contribute to future resource growth.

Located about 35 km from the capital, Yamoussoukro, in central Côte d’Ivoire, Didievi sits within a prolific greenstone belt that hosts several producing gold mines. Blaffo Guetto, the property’s main deposit, hosts a high-grade, near-surface gold system that remains open in all directions.

Didievi hosts about 12.4 million inferred tonnes grading 2.5 grams gold for 989,000 oz. gold of contained metal, according to a 2025 resource published by previous owner African Gold. Current drilling on the property will yield an updated resource, Montage said Tuesday without offering specifics.

The latest drill results “continue to confirm the prospectivity of the Didievi project and its potential to quickly grow,” Montage CEO Martino De Ciccio said in the release.

“We look forward to continuing to leverage our proven exploration, permitting and construction expertise, along with our well established in-country trusted relationships, to execute on our strategy of creating a premier, multi-asset African gold producer and unlocking value for all our stakeholders.”

Key jurisdiction

Côte d’Ivoire, where Montage is working toward a first gold pour at the Koné mine later this year, is fast emerging as a key jurisdiction for the Vancouver-based company.

Koné, which has an estimated 16-year life, could produce more than 300,000 oz. gold annually over the first eight years of operation, according to a 2024 feasibility study.

Montage first became involved with Didievi in March 2025 through a strategic partnership with African Gold, taking an equity stake in the Australian-listed explorer and assuming responsibility for exploration activities at the project. Montage acquired African Gold about three months ago, bringing Didievi into its portfolio.

Fourteen targets have been identified across the Blaffo Guetto, Pranoi and Pokou mineralized trends, Montage said Tuesday.

Shallow intercepts

Drilling at Blaffo Guetto has extended mineralization along a strike of over 1.3 km and down-dip, confirming the continuity of high-grade mineralized lenses, Montage said.

High-grade, shallow intercepts have also been identified to the southeast of Blaffo Guetto, highlighting the potential for parallel, shallow lineaments that will be followed up during the ongoing drill program.

This year’s drilling at Didievi “should provide greater clarity on scale, continuity and conversion to the indicated category,” National Bank Financial mining analyst Mohamed Sidibé said Tuesday in a note.

Other drill highlights released Tuesday include hole BGRC26-095, which intersected 8.5 metres grading 15.44 grams gold from 152 metres downhole. It also cut 18 metres of 3.75 grams gold from 265 metres depth.