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Aurum Resources Limited (ASX: AUE) (Aurum) is pleased to report further high-grade gold intercepts from exploration diamond drilling at multiple prospects on the BM Tenement, part of its 1037km2 Boundiali Gold Project in Côte d'Ivoire, West Africa.
Highlights
- Exploration diamond drilling (26 holes for 5,049.5m) from the expanded diamond program targeting multiple prospects on the Boundiali BM tenement returns shallow, wide and high- grade gold hits1 including:
- 1m @ 35.86 g/t Au from 82m & 4.25m @ 3.75 g/t Au from 120m (MBDD070)
- 17m @ 1.60 g/t Au from 230m inc. 10.05m @ 2.02 g/t Au (MBDD057)
- 13m @ 2.07 g/t Au from 139m inc. 4m @ 3.29 g/t Au (MBDD054)
- 6m @ 3.57 g/t Au from 118m inc. 2m @ 10.14 g/t Au (MBDD065)
- Gold mineralisation remains open along strike and down dip at BM Targets 1 (up to 2.5km strike), 2 & 3
- Diamond drilling continues at both Boundiali tenements with assays pending for ~60 holes (13,000m), next batch expected end of November
- Aurum has six self-owned diamond rigs at Boundiali Gold Project with up to ~10,000m drilling capacity per month and will complete more than 45,000m in CY2024
- Results from metallurgical test work overseen by MACA Interquip Mintrex (MIM) and ALS (Perth) expected by year end
- Inaugural Mineral Resource Estimate for Boundiali Gold Project targeted for late CY2024
- Aurum’s takeover of Mako Gold (ASX: MXG)2 progressing well – the merged company will achieve greater scale and market presence, creating a stronger platform for future growth and success in the industry
- Aurum is well-funded (~$19M cash at bank at 30 Sept) for continued aggressive exploration.
Aurum’s Managing Director Dr. Caigen Wang said: “Our exploration drilling at BM continues to grow the known extent of gold mineralisation, which is now up to 2.5km at BM Target 1. Our expanded drilling program at BM is hitting multiple intercepts downhole including shallow high-grade hits such as 1m @ 35.86 g/t Au from 82m and 4.25m @ 3.75 g/t Au from 120m in MBDD070.
Our six rigs are systematically ramping up production and with our new camp coming online, we expect to see increased operational efficiencies to demonstrate the full potential of the Boundiali gold project. We're well-funded with $19 million cash at bank, allowing us to accelerate drilling and build on these encouraging results. We're targeting an inaugural JORC resource for Boundiali by late 2024.”
BM Target 1 - Latest Drill Results
Aurum reports results for 26 holes for 5,049.5m of diamond core drilled at BM Target 1 (19 holes for 3,445m), BM Target 2 (two holes for 314.5m) and BM Target 3 (five holes for 1,290m) on the BM Tenement, part of an expanded drill program on the BM Tenement where Aurum is working toward and 80% project interest3. Best results for these holes4 include:
BM Target 1
- 1m @ 35.86 g/t Au from 82m (Figure 1) & 4.25m @ 3.75 g/t Au from 120m (MBDD070)
- 17m @ 1.60 g/t Au from 230m inc. 10.05m @ 2.02 g/t Au (MBDD057)
BM Target 3
- 13m @ 2.07 g/t Au from 139m inc. 4m @ 3.29 g/t Au (MBDD054)
- 6m @ 3.57 g/t Au from 118m inc. 2m @ 10.14 g/t Au (MBDD065).
Figure 1 Visible gold at 82m in MBDD070
These new results are in addition to diamond holes previously drilled by Aurum at BM Target 1 and reported on 22 January 2024, 1 March 2024 and 18 September 2024, which included:
- 11.46m @ 6.67 g/t Au from 162.54m incl. 1.46m @ 45.04 g/t Au (MBDD049)
- 45m @ 0.93 g/t Au from 78m incl. 8m @ 1.18 g/t Au from 78m & 25m @ 1.15 g/t Au from 98m (MBDD0045)
- 16m @ 1.24 g/t Au from 117m incl. 6m @ 2.44 g/t Au (MBDD0010)
- 7.39m @ 1.94 g/t Au from 139.34m incl. 5.35m @ 2.53 g/t Au (MBDD017)
- 16.3m @ 1.02 g/t Au from 86.7m incl. 8m @ 1.71 g/t Au (MBDD019)
- 16.64m @ 1.45 g/t Au from 56.26m incl. 10.40m @ 2.11 g/t Au (MBDD007)
- 5m @ 4.73 g/t Au from 53.5m incl. 1.10m @ 20.35 g/t Au (MBDD004).
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 asset in Côte d'Ivoire, a fast-emerging gold region in West Africa. It's cost-effective exploration strategy of drill rig ownership, also sets it apart from its peers.
Overview
Aurum Resources (ASX:AUE) is a mineral exploration company primarily focused on gold through its flagship Boundiali gold project located 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.
Aurum is led by a board and management team with considerable experience and a track record of success in the mining industry and a history of creating shareholder value.
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.
- Upcoming catalysts include a maiden mineral resource estimate expected to be completed by the end of 2024. The company believes mineralization is open at depth and along strike and highlights the existence of numerous gold mineralization targets within the large land holding of Aurum’s Boundiali 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 greater than 12 months and over 100,000 metres diamond drilling programs and metallurgical study
Key Project: 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 in the fourth quarter of 2023 and the first quarter of 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. Having completed its initial exploration program, Aurum is now ramping up and undertaking a scout and step-back diamond drilling campaign with plans to increase its drilling fleet to include six rigs targeting a drilling rate of ~10,000 metres per month. The company expects to drill more than 45,000 metres of diamond core at Boundali to support an inaugural mineral resource estimate that is anticipated by the end of 2024.
Drilling costs are estimated at US$45 per metre, as Aurum owns all of its 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 to 88 percent interest), PR414 (100 percent interest), and PR283 (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 ramping up. 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 51 percent project interest after completing more than 8,000 m of diamond core drilling. Aurum is continuing diamond drilling on the BM tenement targeting an initial JORC resource by late 2024.
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.
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