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Aurum Resources Limited (ASX: AUE) (Aurum) is pleased to report further shallow, wide gold intercepts from diamond holes at BD Target 2 as part of ongoing diamond drilling at its Boundiali Gold Project in Côte d'Ivoire, West Africa.
Highlights
- Assay results for scout and step-back diamond drilling (18 holes for 3070m) drilled at BD Target 2 on the Boundiali BD tenement report multiple shallow, wide gold hits1 including:
- 74m @ 1.00 g/t Au from 167m inc. 1m @ 24.73 g/t Au (DSDD0044) & 6m @ 3.31 g/t Au from 99m & 8m @ 1.51 g/t Au from 71m
- 33m @ 0.84 g/t Au from 146m inc. 1m @ 9.95 g/t Au (DSDD0046)
- 1m @ 10.01 g/t Au from 71m (DSDD0024)
- BD Target 2 is a 1.7km long by 1km wide gold prospect with artisanal workings (~6km north of BD Target 1)
- More assay results from drilling at BD Target 1 expected over the coming weeks
- Drill program is ongoing with 30,000m of diamond drilling planned for this year
- Aurum currently has three diamond drill rigs, drilling at ~4,000m per month and will soon increase to four diamond drill 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 BD Target 2 is shaping up nicely with good, wide intercepts from 100m line spacing diamond holes confirming the gold system is open along strike and continues at depth. These new shallow, wide gold intercepts prove the gold system continues in fresh rock underneath shallow oxide RC drilling (30 holes for 2,057m) drilled by previous explorers.
Follow-up drilling is required to chase the system along strike and at depth as well as areas where our team has identified artisanal workings. BD Target 2 is about 6km to the north of BD Target 1, where we intercepted 73m @ 2.15g/t Au from 172m (DSDD0012) (Refer to Figure 3). These prospects sit within a 13km by 3km gold mineralised corridor the majority of which has not yet been tested by drilling.
We are well funded and supported by our shareholders and with our three diamond rigs targeting around 4,000m of drilling per month. Given the encouraging results to date, we are confident to add new targets on the BD and BM tenements whilst we drill towards our target of delivering inaugural JORC resources for the Boundiali project by late 2024.”
Figure 1: Section S10596307N showing previous drilling (white) and latest drill intersection (yellow) –BD Target 2
Latest BD Target 2 Drill Results
Assay results for drilling reported in this release are for wide line spaced (100m) diamond holes (18 holes for 3070m) drilled at BD Target 2. These new results are in addition to the assays previously released on 23 April 2024 (15 holes for 2,815m), with a total of 33 holes for 5,885.48m reported to date.
Aurum is performing diamond drilling using its own drill rigs and personnel to evaluate a 1.6km long by 1km wide gold prospect, which was defined by earlier explorers from soil samples, trenching and RC drilling. The prospect sits within a larger 13km by 3km gold mineralised corridor (which includes three gold prospects currently being drill tested), the majority of which is still to be drill tested.
Diamond drilling has intersected the same volcano sedimentary package seen at BD Target 1 and mineralisation is characterised by broad alteration rich in hematite + chlorite + tourmaline + quartz + albite and carbonate. Mineralisation at both BD Target 1 and BD Target 2 appear to be controlled by N-S trending structures and there has also been an intense activity of artisanal miners targeting oxide mineralisation.
Diamond drilling is conducted with NTW drill core and collared at the surface with HQ sized equipment. All drill holes were field logged by company geologists with lithological, alteration, mineralogical as well as sulphide content recorded. Geotechnical and structural data has been recorded and photography and recovery measurements were conducted by assistants under a geologist’s supervision.
NTW core is cut in half using a core saw and the core was sampled to major geological intervals as defined by the geologist at 1m sample intervals, although some niche sampling of quartz veins associated with visible gold has been undertaken. Typically diamond core samples are prepared, sub sample and assayed by Intertek in Ghana using fire assay techniques on a 50g sample.
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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.
Sarama Corporate Presentation - June 2024
50KM UNEXPLORED GREENSTONE BELT IN WA + 0.5M OZ OF GOLD IN WEST AFRICA
Sarama has signed a Non-Binding MOU1 to acquire the Cosmo Newbery Project, highlights include:
- Project situated on one of the last unexplored greenstone belts in Western Australia
- Tenure is contiguous over 583km2 and covers the entire +50 km of greenstone belt
- The belt has seen virtually no modern exploration and no drilling of merit
- Located 95km west of +7Moz Gruyere (Gold Road) and 85km northeast of Laverton
- Documented historical gold workings (discovered in 1890’s)
- Reserve since 1980 but Land access now obtained, easy access via Great Central Road
Material additional value includes:
- Burkina Faso gold assets including 100% owned, 0.5Moz (Inf) Bondi Gold Deposit2
- Significant arbitration claim3
COSMO NEWBERY PROJECT LOCATION
LOOKING FOR GOLD IN AN AREA SURROUNDED BY GOLD
LARGE AND PROSPECTIVE SYSTEM WITH MULTIPLE TARGETS TO BE TESTED
- Cosmo Newbery greenstone belt has clear gold showings and strong geological and structural similarities to the adjacent Dorothy Hills greenstone belt which hosts the +7Moz Gruyere gold deposit
- Project is underlain by prospective volcanic and volcano-sediment rocks with localised intrusives, however is mostly under shallow cover and has seen little to no significant exploration
- A major regional fault/shear system extends for over 50km through the Project
- The fault/shear system combined with granite-greenstone rocks has the potential to provide requisite fluid pathways and favorable host rocks that are amenable to gold mineralization
- Historic, small-scale mining east of this regional system indicates gold deposition in the immediate area
- Soil geochemical and geophysical surveys identified numerous exploration targets for gold and nickel-cobalt
- Currently 8 areas of interest & 17 specific interpreted targets for follow up
This article includes content from Sarama Resources, 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.
Sarama Signs MOU Over West Australian Gold Project
The acquisition will be subject to completion of due diligence, execution of a definitive agreement and satisfaction of certain Conditions Precedent including but not limited to, shareholder and stock exchange approvals and assignment of land access agreements. The MOU contemplates that Sarama will acquire this interest through a combination of share and cash payments and tenement expenditure. The Key Commercial Terms and Conditions Precedent are set out in Schedule 1 to this news release.
PROJECT HIGHLIGHTS
- Located between Laverton and Gold Road Resources’ Gruyere gold mine
- One of the last effectively unexplored greenstone belts in Western Australia
- Land access impediments restricted modern exploration
- Land access obtained with Agreements in place with Traditional Owners and Ministerial Consent
About the Cosmo Newbery Project
The Project is comprised of 7 early-stage gold exploration properties located in the Eastern Goldfields of Western Australia. The Project is located approximately 85km northeast of Laverton and is readily accessible via the Great Central Road which services the Cosmo Newbery Community and the >7Moz Gruyere Gold Mine, 95km to the east.
Cosmo Newbery Project location
The Project is situated on one of the last unexplored greenstone belts in Western Australia and it has seen virtually no modern exploration or drilling of merit, with only soil sampling and limited RAB drilling being undertaken and no holes deeper than 32m vertically below surface. The Project tenure is contiguous and covers approximately 583km2 and the entire +50km extent of the greenstone belt (the “Cosmo Newbery Belt”).
The Cosmo Newbery Belt represents a large and prospective system with gold first being discovered in the area in the 1890’s. Multiple historical gold workings are documented within the Project area and work undertaken to date, has identified multiple exploration targets for follow up.
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This article includes content from Sarama Resources, 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.
Non-Renounceable Entitlement Offer
Entitlement Offer
A non-renounceable entitlement offer of one (New Share) for every one Share held by Eligible Shareholders on Thursday, 20 June 2024 (Record Date) at an issue price of $0.004 per Share together with one free attaching option (New Options) for every two Shares applied for and issued to raise up to $3,986,139 (based on the number of Shares on issue as at the date of the (Prospectus). The Entitlement Offer is open to Eligible Shareholders who have a registered address within Australia or New Zealand, and who hold Shares on the Record Date. The Entitlement Offer will close at 5:00pm on Tuesday, 9 July 2024 (unless extended), and Eligible Shareholders can apply for any shortfall in excess of their entitlement. As the Entitlement Offer is non-renounceable, Eligible Shareholders cannot trade their rights under the Entitlement Offer.
Indicative Timetable
The indicative timetable of the Entitlement Offer is set out below:
* The Directors may extend the Closing Date by giving at least 3 Business Days’ notice to ASX prior to the Closing Date. Accordingly, the date the Securities are expected to commence trading on ASX may vary.
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This article includes content from Antilles Gold, 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.
