In a significant move to expand its footprint in West Africa’s gold sector, Montage Gold Corp. (TSXV: MAU, OTCQX: MAUTF) has announced a strategic partnership with Australian-listed African Gold Limited (ASX: A1G). This collaboration aims to accelerate exploration efforts in Côte d’Ivoire, with a particular focus on African Gold’s promising Didievi project.
The deal will see Montage acquire up to a 19.9% stake in African Gold through the issuance of up to 2.19 million Montage shares, valued at approximately C$6.3 million. This strategic investment positions Montage to leverage its expertise and presence in Côte d’Ivoire while gaining exposure to African Gold’s portfolio of exploration properties.
African Gold’s flagship Didievi project is the centerpiece of this partnership. Located near established gold mining operations, including Allied Gold’s Bonikro and Agbaou mines and Perseus’ Yaoure mine, Didievi hosts an Inferred Resource of 4.93 million tonnes at 2.9 g/t gold, containing 452,000 ounces, as published by African Gold. Recent drilling results have been encouraging, with intercepts including 65 meters at 5.6 g/t gold and 155 meters at 1.1 g/t gold, highlighting the project’s potential for expansion.
Martino De Ciccio, CEO of Montage, commented on the partnership: “This strategic investment follows a thorough review of potential partnerships in Côte d’Ivoire. We’re excited to work alongside African Gold to rapidly unlock exploration value across their highly attractive portfolio, particularly at the high-grade Didievi project.”
As part of the agreement, Montage will become the operator of the Didievi project, leveraging its significant experience in Côte d’Ivoire. Silvia Bottero, Montage’s EVP Exploration, will join African Gold’s Board of Directors as a Non-Executive Director, while De Ciccio will serve as a Strategic Advisor.
Adam Oehlman, CEO of African Gold, expressed enthusiasm for the partnership: “Montage Gold’s extensive exploration track record and strong presence in Côte d’Ivoire offer an exciting opportunity to unlock exploration value at our flagship Didievi project. Their robust technical due diligence process strengthens our belief in Didievi’s high prospectivity.”
This partnership aligns with Montage’s strategy of sourcing future growth through greenfield exploration success while progressing its flagship Koné project. The company remains focused on staking highly prospective exploration grounds in Côte d’Ivoire to reinforce its presence and leverage its well-established exploration team.
For African Gold, the collaboration provides access to Montage’s expertise and resources, potentially accelerating the development of its projects. The company is currently undertaking a 10,000-meter drill program at Didievi, the largest in its history, which is expected to be completed in April 2025. As the gold mining landscape in West Africa continues to evolve, strategic partnerships like this one between Montage and African Gold could play a crucial role in unlocking the region’s mineral potential and driving value for shareholders.
