Aurum Resources

Aurum Earns 51% Interest in Boundiali BM tenement

Aurum Resources Limited (ASX:AUE) is pleased to announce the Company has earned 51% project interest on the BM Joint Venture (JV) project, part of its Boundiali Gold Project in Côte d'Ivoire, West Africa, after completing more than 8,000m of diamond core drilling.


Highlights

  • Aurum subsidiary Plusor Global Pty Ltd drilled 8,408.35m diamond holes on the Plusor- Minex JV tenement, one of four exploration tenements comprising the Boundiali Gold Project in Côte d’Ivoire, fulfilling the Company’s commitment for earning 51% project interest in this JV tenement within first 12 months of JV commencement.
  • BM tenement has significant artisanal workings, some of them are still active.
  • Aurum’s scout drilling campaign of 31 diamond holes completed in late 2023, with a total of 4,876.9m drilled, delivered very encouraging results including1:
    • 16m @ 1.24 g/t Au from 117m incl. 6m @ 2.44 g/t Au from 127m for diamond drill hole MBDD010
    • 7.39m @ 1.94 g/t Au from 139.34m incl. 5.35m @ 2.53 g/t Au from 141.37m (MBDD017)
    • 16.3m @ 1.02 g/t Au from 86.7m incl. 8.0m @ 1.71 g/t Au from 95m (MBDD019)
    • 15.82m @ 0.94 g/t Au from 5.18m incl. 4.5m @ 1.77 g/t Au from 16.5m (MBDD008)
  • Aurum drilled 19 diamond holes for 3,531.45m from June 2024 to 17 August 2024 on BM tenement, with assay results pending and expected in early October.
  • Aurum is continuing diamond drilling on the BM tenement targeting an initial JORC resource by late CY2024.
  • Aurum has six self-owned diamond rigs at Boundiali Gold Project with up to 10,000m per month drilling capacity to fulfil 45,000m drilling for CY2024.
  • Initial Mineral Resource Estimate for Boundiali on track for late CY2024
  • Aurum is well-funded (~$20M) for continued aggressive exploration.

Aurum’s Managing Director Dr. Caigen Wang said: “We are pleased to announce that through our careful and geologically-driven planning and execution of diamond drilling programs, in the second phase of our Plusor-Minex JV, we have drilled 8,000m diamond holes to earn 51% project interest, thanks to our JV partner’s strong support and diligent work by our in-country exploration team.

While the scouting drilling results released early this year are very encouraging, we are more excited about pending assay results in early October for new holes drilled in recent months.

With ongoing diamond drilling continues through the rest of this year, we are expecting inaugural JORC resources to be defined on this JV project, together with initial JORC resources from the BD tenement where very impressive drilling results have been intercepted and report.”

Boundiali Minex (BM) Plusor JV interest earning process

As of 18th August 2024, the first anniversary of the Boundiali Minex (“BM”) JV, Plusor has earnt a 51% interest through carrying out diamond drilling programs of 8,000m to earn 80% interest in two stages.

The agreement terms are:

  • 4,000m of diamond holes to earn 30% interest - completed
  • A further 4,000m of diamond holes to earn accumulated 51% interest - completed
  • Earn an accumulated 80% interest from a total exploration expenditure of US$2.5M using a nominal diamond drilling cost of US$140/m in calculation for expenditure commitment.
  • 80-88% interest in future gold production company (Government gets 10% free carry from local partner):
    • 80% if local partner contributes 11% capex
    • 85% if local partner does not contribute capex – they go to 5% free carry
    • 88% if local partner sells us 3% of their interest they go to 2% free carry.


Click here for the full ASX Release

This article includes content from Aurum Resources Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

AUE:AU
Aurum Resources

Aurum Resources Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

The Conversation (0)
Aurum Resources (ASX:AUE)

Aurum Resources

Game-changing gold exploration at prolific Côte d’Ivoire, West Africa.

Game-changing gold exploration at prolific Côte d’Ivoire, West Africa. Keep Reading...
Boundiali extends strike and depth at BDT3 and BST1

Boundiali extends strike and depth at BDT3 and BST1

Aurum Resources (AUE:AU) has announced Boundiali extends strike and depth at BDT3 and BST1Download the PDF here. Keep Reading...
Investor Presentation

Investor Presentation

Aurum Resources (AUE:AU) has announced Investor PresentationDownload the PDF here. Keep Reading...
High-Grade Extensions at BD Deposits for Resource Growth

High-Grade Extensions at BD Deposits for Resource Growth

Aurum Resources (AUE:AU) has announced High-Grade Extensions at BD Deposits for Resource GrowthDownload the PDF here. Keep Reading...
Quarterly Activities/Appendix 5B Cash Flow Report

Quarterly Activities/Appendix 5B Cash Flow Report

Aurum Resources (AUE:AU) has announced Quarterly Activities/Appendix 5B Cash Flow ReportDownload the PDF here. Keep Reading...
Further high-grade intercepts at BMT3 in Boundiali

Further high-grade intercepts at BMT3 in Boundiali

Aurum Resources (AUE:AU) has announced Further high-grade intercepts at BMT3 in BoundialiDownload the PDF here. Keep Reading...
Standing gold bar in front of stacks of gold bars. Words read "5 Top Canadian Mining Stocks This Week."

Top 5 Canadian Mining Stocks This Week: Belo Sun is Radiant with 109 Percent Gain

Welcome to the Investing News Network's weekly look at the best-performing Canadian mining stocks on the TSX, TSXV and CSE, starting with a round-up of Canadian and US news impacting the resource sector.On Tuesday (February 17) Canadian Prime Minister Mark Carney announced the creation of... Keep Reading...
TSX and TSXV website on phone screen.

Gold and Silver Stocks Dominate TSX Venture 50 List

This year's TSX Venture 50 list showcases a major shift in sentiment toward the mining sector. The TSX Venture 50 ranks the top 50 companies on the TSX Venture Exchange based on annual performance using three criteria: one year share price appreciation, market cap growth and Canadian... Keep Reading...
Ole Hansen, investment graphics.

Ole Hansen: Next Gold Target is US$6,000, What About Silver?

Ole Hansen, head of commodity strategy at Saxo Bank, believes US$6,000 per ounce is in the cards for gold in the next 12 months; however, silver may not enjoy the same price strength. "If gold moves toward US$6,000, I would believe that ... silver at some point will struggle to keep up, and... Keep Reading...
Red stamp on paper with "approved" marked in red.

Kinross’ Great Bear Gold Project Accelerated Under Ontario’s 1P1P Framework

Ontario is moving to accelerate one of Canada’s largest emerging gold projects, cutting permitting timelines in half for Kinross Gold's (TSX:K,NYSE:KGC) Great Bear development in the Red Lake district.The province announced that Great Bear will be designated under its new One Project, One... Keep Reading...
Massan Indicated Conversion Programme Continues to Deliver

Massan Indicated Conversion Programme Continues to Deliver

Asara Resources (AS1:AU) has announced Massan indicated conversion programme continues to deliverDownload the PDF here. Keep Reading...
Aurum Resources

Aurum Resources Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

Interactive Chart

Latest Press Releases

Related News