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Aurum Resources Limited (ASX: AUE) (Aurum) is pleased to report high-grade gold intercepts from step-back diamond hole at BD Target 1 as part of ongoing diamond drilling at its Boundiali Gold Project in Côte d'Ivoire, West Africa.
Highlights
- Step-back diamond drilling (355.5m) at BD Target 1 on the Boundiali BD tenement returns shallow, wide high-grade gold hits1 including:
- 12.22m @ 14.56 g/t Au from 275m inc. 1m @ 163.42 g/t Au (DSDD0051)
- Intercept is ~60m down dip from 4m @ 22.35 g/t Au from 226m (DSDD0004)2 and ~230m below surface and gold mineralisation remains open
- BD Target 1 is a 1.3km by 1km wide gold prospect within a 13km by 3km gold mineralised corridor
- More assay results from BD Targets 1, 2 and 3 are expected over the coming weeks
- Drill program is ongoing with more than 30,000m of diamond drilling planned for this year
- Aurum has three rigs on site and will increase to four diamond rigs drilling ~6,000m per month
- Aurum is targeting an initial Mineral Resource Estimate for Boundiali in late CY2024
- Aurum has a strong cash balance of ~A$5M (unaudited) to support its aggressive drill program.
Aurum’s Managing Director Dr. Caigen Wang said: “We are very pleased to see this project best result for BD target 1 with DSDD0051 hitting 1m @ 163.42 g/t Au within an interval of 12.22m @ 14.56 g/t Au from 275m. This interval was 60m down dip from 4m @ 22.35 g/t Au (DSDD0004) and the system remains open as we systematically step out along strike and step back to test down dip.
We will soon have four diamond drill rigs working at Boundiali as we increase our drilling rate to ~6,000m per month. We are in an incredibly target-rich environment as our geology team adds new targets to test at BD within the 13km by 3km gold corridor.
We are leveraging the work completed by previous explorers at Boundiali and thanks to our supportive shareholders are well funded. Our aggressive drilling ensures consistent news flow as we build on the encouraging results to date from known targets on the BD and BM tenements and look forward to testing new targets whilst we aim to deliver inaugural JORC resources for Boundiali by late 2024.”
Figure 1:Section 1054500 (+/-25m) showing previous drilling (white) and latest drill intersection (yellow) – BD Target 1
BD Target 1 - Latest Drill Results
Assay results reported in this release are from DSDD0051, a 355.5m step-back diamond hole drilled at BD Target 1. Aurum has intersected gold mineralisation (12.22m @ 14.56 g/t Au from 275m inc. 1m @ 163.42 g/t Au) in DSDD0051, 60m down dip of 4m @ 22.35 g/t Au from 226m (DSDD0004) and approximately 230m below surface. This target remains open with further drilling planned. Assay results for this hole3 include:
- 12.22m @ 14.56 g/t Au from 275m inc. 1m @ 163.42 g/t Au & 50m @ 0.70 g/t Au from 48m inc. 17m @ 1.38 g/t Au (DSDD0051)
These new results are in addition to diamond holes drilled at BD Target 1 and reported previously on 1 March 2024, 12 March 2024 and 10 May 2024 which include:
- 73m @ 2.15g/t Au from 172m inc. 4m @ 18.63g/t Au (DSDD0012)
- 36m @ 2.53 g/t Au from 104m inc. 16m @ 5.03 g/t Au (DSDD0011)
- 59m @ 1.42 g/t Au from 68m inc. 13m @ 3.92 g/t Au (DSDD0010)
- 90m @ 1.16 g/t Au from 143m inc. 51m @ 1.04 g/t Au & 35m @ 1.47 g/t Au (DSDD0050)
- 4m @ 22.35 g/t Au from 226m, which is 173m vertically below surface (DSDD0004)
- 22m @ 1.98g/t Au from 35m inc. 9m @2.76g/t Au (DSDD0003)
- 14m @ 1.65g/t Au from 76m inc. 5m @ 3.07 g/t Au (DSDD0007)
- 4m @ 22.35 g/t Au from 226m, which is 173m vertically below surface (DSDD0004)
These shallow wide high-grade gold intercepts are predominately from the hanging wall lodes at BD target 1 and true widths estimated at around 70% - 80% of reported downhole lengths.
Details of drill collar location and assay results for DSDD0051 from drilling on BD Target 1 can be found in Table 1 and Table 2 respectively. Plans showing location of the Boundiali Gold Project including locating the assay results are presented in (Figure 2 to Figure 6) and a cross section of these latest drill results can be found in Figure 1.
Gold mineralisation remains open along strike and at depth on all prospects, with drilling ongoing and further work being planned. A program of trenching is underway to define additional high priority targets for drill testing within the 13km by 3km gold mineralised corridor sitting outside of the three defined gold prospects.
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.
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Aurum Resources
Investor Insights
Aurum Resources offers a compelling value proposition through its highly prospective gold assets in Côte d'Ivoire, a fast-emerging gold region in West Africa. Its cost-effective exploration strategy of drill rig ownership also distinguishes it from its peers.
Overview
Aurum Resources (ASX:AUE) is a mineral exploration company primarily focused on gold through its Boundiali and Napié gold projects in Côte d’Ivoire, West Africa.
Côte d'Ivoire's gold mining sector is experiencing significant growth and development, with several key projects contributing to the country's economic expansion. The overall gold mining sector in Côte d'Ivoire is supported by substantial investments in infrastructure and exploration.
Geopolitically, Côte d'Ivoire outperforms most developing countries in the world in political, legal, tax and operational risk metrics. Additionally, Côte d'Ivoire continues to make notable strides in its political stability and Absence of Violence and Terrorism Index.
Boundiali Gold Project – BD Target 1 Artisanal Working
Aurum has entered into a Bid Implementation Agreement with Mako Gold for Aurum to acquire 100 percent of the issued shares in Mako. This proposed merger will allow both Aurum and Mako security holders to benefit from the combination of Aurum’s strong balance sheet and exceptional drilling efficiencies with AU$23 million in cash at the end of December 2024 to support work programs targeted at further resource definition across Aurum and Mako’s assets in northern Côte d'Ivoire. Aurum is currently in its final phase of compulsory acquisition of remaining Mako shares after it received over 90 percent acceptance of MKG shares in late January 2025.
Following its takeover of Mako Gold, Aurum holds 90 percent of the Napié Project located 30 km southeast of the city of Korhogo and covers a strike length of 30 km over a highly prospective land package of 224 sq km.
The merger is backed by a highly experienced board and management team with extensive gold experience from grassroots discovery, through to resource drill-out, feasibility studies, project finance, and production.
With a strong financial position backed by the recent $35.6 million private placement, Aurum is well-funded to execute exploration and development plans focused on delivering value for shareholders through resource growth and project advancement.
Company Highlights
- Aurum Resources is a precious metals company with exploration prospects in the same greenstone belt as the Syama (11.5 Moz), Sissingué (1.0 Moz), Tongon (5.0 Moz) and Kone Gold (4.5 Moz) deposits of West Africa.
- A total of 2.5Moz gold resource in Côte d'Ivoire, West Africa:
- Boundiali - 1.6Moz Gold Project
- Napié - 0.87Moz Gold Project
- Aurum operates its own drill rigs, allowing the company to significantly reduce its exploration costs relative to peers.
- Management has a track record of creating value for shareholders from exploration through to project development, mine construction and gold production.
- Strong leverage to increasing gold prices that will benefit from a declining interest rate environment and rising global geopolitical risk factors.
- Well-funded for more than 12 months and over 100,000 metres of diamond drilling programs and metallurgical study
- Aurum’s acquisition of 100 percent of Mako Gold’s issued shares (ASX:MKG) is in its final stage of compulsory acquisition of the remaining MKG shares after Aurum received over 90 percent acceptance in late January 2025.
Key Projects
Boundali Gold Project
The Boundiali gold project in Cote d’Ivoire is located within the Boundiali Greenstone Belt, which hosts Resolute’s Syama gold operation (11.5 Moz) and the Tabakoroni deposit (1 Moz) in Mali. Neighbouring assets also include Barrick’s Tongon mine (5 Moz) and Montage Gold’s Kone project (4.5 Moz).
The Boundiali project area covers the underexplored southern extension of the Boundiali belt, where a highly deformed synclinal greenstone horizon traverses finer-grained basin sediments, and to the west, Tarkwaian clastic rocks lie in contact with a granitic margin. The project benefits from year-round road access and excellent infrastructure.
The first stage of drilling at Boundiali occurred from late October 2023 to end of November 2024 for both the BM and BD tenements (BM1 and BM2; BD1, BD2 and BD3 targets) and was designed to test below-gold-in-soil anomalies oriented along NE trending structures, define new gold prospects and define maiden JORC resources. With over 63,000m diamond holes drilled during this period, Maiden JORC gold resources estimate was delivered in late December 2024.
Drilling costs are estimated at US$45 per metre, as Aurum owns all of its eight drilling rigs and employs its operators, representing a significant value proposition relative to peers who use commercial drilling companies that charge upwards of $200 per meter. The company believes there is potential for multi-million ounce gold resources to be defined with hundreds thousands meters of drilling over years within the Boundiali Gold Project’s land holding areas.
The Boundiali gold project comprises four contiguous granted licenses: PR0808 (80 percent interest), PR0893 (80 percent and earning to 88 percent interest), PR414 (100 percent interest), and PR283 (earning to 70 percent interest). Historic exploration at PR0893 includes 93 AC drill holes and four RC holes. Airborne geophysical surveying, geological mapping and extensive soil sampling have also been performed at PR0893, while PR0808 has had 91 RC holes drilled for 6,229 metres along with geochemical analysis and modeling. Detailed geochemical sampling and drilling at PR414 revealed three strong gold anomalies and returned impressive high-grade results.
Following the renewal of its Boundali South (BST) exploration licence in September 2024, drilling at the Nyangboue deposit is planned for H1 2025 and H2 2025. Previous exploration at BST has returned impressive results, including 20 m at 10.45 g/t gold from 38 meters, and 30 m at 8.30 g/t gold from 39 m.
In May 2024, Aurum entered a strategic partnership agreement to earn up to a 70 percent interest in exploration tenement PR283, to be renamed Boundiali North (BN). Aurum, through subsidiary Plusor Global Pty Ltd, has partnered with Ivorian company Geb & Nut Resources Sarl and related party (GNRR) to explore and develop the Boundiali North (BN) tenement which covers 208.87sq km immediately north of Aurum’s BD tenement. Further to this agreement,
Aurum announced it has earned 80 percent project interest after completing more than 20,000 m of diamond core drilling.
Boundiali Project JORC Mineral Resource Estimate
Aurum has announced a maiden independent JORC mineral resource estimate of 1.59 Moz gold for its 1,037 sq. km. The Boundiali Gold Project comprises the BST, BDT1 & BDT2, BMT1 and BMT3 deposits. Drilling is ongoing on these deposits, and Aurum has identified other prospects at Boundiali which have yet to be drilled. Since October 2023, the company has completed an extensive 63,927-metre diamond drilling program. This aggressive exploration campaign has rapidly defined a significant gold resource of 50.9 Mt @ 1.0 g/t gold for 1.6 million ounces.
Growth Plans for the Boundali Project:
- Aggressive cost-effective exploration at Boundiali: Aurum is committed to a large-scale exploration program at Boundiali. This includes:
- 100,000 m diamond drilling: Up to eight diamond drill rigs will complete 100,000m of drilling at Boundiali in 2025. The program has multiple aims:
- Increase the size and confidence of current resources at BST, BD, and BM (40,000m).
- Advance known prospects (30,000m) for incorporation into two planned MRE updates in 2025.
- Target new prospects identified through soil anomalies and geological mapping to drive resource growth into 2026 (30,000m).
- Resource expansion: Drilling aims to expand the known resources at the BST, BD, and BM deposits.
- New discoveries: Exploration and scout drilling is planned on BD, BM and BST tenements to test new targets and create a pipeline of new discoveries to flow into resource growth.
- Boundiali resource updates: Aurum plans to deliver two MRE updates for Boundiali in 2025.
- Pre-Feasibility Study: Aurum is working towards completing an open pit PFS for the Boundiali Gold Project by the end of 2025. This will provide an evaluation of the project's economics and technical feasibility.
- 100,000 m diamond drilling: Up to eight diamond drill rigs will complete 100,000m of drilling at Boundiali in 2025. The program has multiple aims:
Napié Gold Project
Aurum holds a 90 percent interest in the Napié Project in north-central Côte d’Ivoire, acquired through its takeover of Mako Gold. Located approximately 30 km southeast of Korhogo, the project covers a 224 sq km land package with a 30 km strike length along the highly prospective Napié Shear Zone.
As of June 2022, Napié hosts a JORC 2012 Mineral Resource Estimate of 868,000 ounces of gold (22.5 Mt at 1.20 g/t Au), based on the Tchaga and Gogbala deposits—two of four known prospects along the shear. To date, only 13% of the Napié Shear has been explored, leaving substantial potential for further discoveries.
Napié Project – Previous results with detailed mapping area on Komboro Prospect shown in black rectangle
Project Highlights:
- Gold Resource: Shallow open pit 0.87Moz JORC Resource at 1.20g/t Au, with mineralisation open along strike and at depth. Maximum resource depth between 160 m – 195m across the two deposits
- Exploration Upside: Less than 13 percent of the 30 km Napié Shear has been explored, offering significant potential for resource growth.
- Drilling Commenced in June 2025: 30,000 m of diamond drilling has commenced to expand the project's resource.
- Preliminary Recovery Test Work: Returned more than 94 percent average gold recoveries.
- Resource Growth Target: First MRE update planned end of 2025, to significantly expand the resource base.
- Infrastructure: Excellent access to hydroelectricity, roads, and water, supporting future development.
Management Team
Troy Flannery – Non-Executive Chairman
Troy Flannery has more than 25 years’ experience in the mining industry, including nine years in corporate and 17 years in senior mining engineering and project development roles. He has a degree in mining engineering, masters in finance, and first class mine managers certificate of competency. Flannery has performed non-executive director roles with numerous ASX listed companies and was the CEO of Abra Mining until October 2021. He has worked at numerous mining companies, mining consultancy and contractors, including BHP, Newcrest, Xstrata, St Barbara Mines and AMC Consultants.
Dr. Caigen Wang – Managing Director
Dr. Caigen Wang founded Tietto Minerals (ASX:TIE), where he led the company as managing director for 13 years through private exploration, ASX listing, gold resource definition, project study and mine building to become one of Africa’s newest gold producers at its Abujar gold mine in Côte d’Ivoire. He holds a bachelor, masters and PhD in mining engineering. He is a fellow of AusIMM and a chartered professional engineer of Institution of Engineer, Australia. Wang has 13 years of mining academic experience in China University of Mining and Technology, Western Australia School of Mine and University of Alberta, and over 20 years of practical experience in mining engineering and mineral exploration in Australia, China and Africa. Other professional experience includes senior technical and management roles in mining houses, including St. Barbara, Sons of Gwalia, BHP Billiton, China Goldmines PLC and others.
Mark Strizek – Executive Director
Mark Strizek has nearly 30 years’ experience in the resource industry, having worked as a geologist on various gold, base metal and technology metal projects. He brings invaluable geological, technical and development expertise to Aurum, most recently as an executive director at Tietto Minerals’, which progressed from an IPO to gold production at the Abujar gold project in West Africa. Strizek has worked as an executive with management and board responsibilities in exploration, feasibility, finance and development-ready assets across Australia, West Africa, Asia and Europe.
Game-changing gold exploration at prolific Côte d’Ivoire, West Africa.
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