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Aurum Resources
Investor Insights
Aurum Resources offers a compelling value proposition with a highly prospective gold asset in an emerging gold region and a cost-effective exploration strategy.
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.
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.
June 2024 Quarterly Report
HIGHLIGHTS
- Two successive transactions completed to acquire four highly prospective gold projects comprising 1,919km2 of land holdings in Côte d’Ivoire
- Ivorian acquisitions establish a pipeline of development opportunities for the Company, in a jurisdiction with a recent track record of gold discovery and production development
- Exploration activity initiated on both the Odienne and Baga projects within weeks following completion of each transaction
- Reporting of results from core drilling, auger sampling and surface geochemistry programmes anticipated in the coming weeks
Odienne Project, 758km2
- Results pending analyses for 1,069m of diamond core drilling and 7,741m of auger drilling sampling
- Recent drilling targets vast surface gold anomalism and follow-up drilling on 2023 success in air core drill results that returned;
- 12m @ 1.18g/t gold from 4m
- 12m @ 1.06g/t gold from 16m
- 8m @ 1.30g/t gold from 28m
- 4m @ 2.07g/t gold from 4m
- 16m @ 0.84g/t gold from 44m
- Drill targets located along trend from recent discovery drilling by Awalé Resources/Newmont joint venture Project on contiguous land holdings
- Ongoing exploration targeting the same high-strain corridor as Predictive’s 5.4Moz Au Bankan and Centamin’s 2.16Moz ABC Projects
Ferke Gold Project, 300km2
- Drilling with open mineralisation ready for follow-up, previously reported intercepts include;
- 47m @ 3.72g/t gold from surface
- 77.6m @ 2.33 g/t gold from 45.9m
- 91.1m @ 2.02 g/t gold from surface
- 45.3m @ 3.16g/t gold from 45.9m
- 12.5km gold-in-soil anomaly remaining undrilled outside a 1km segment hosting intercepts listed above
Baga Gold Project, 644km2
- Binding agreement completed securing the right to acquire 100% ownership
- Subsequent to reporting period, first surface geochemistry campaign completed, results pending analysis
- Recently granted exploration permits cover an underexplored area of structural complexity in the highly prospective Birimian gold terrane
Corporate
- $5.6 Million cash at hand as at 30 June 2024
- Firm commitments received for an additional $2,186,000 to be raised subject to shareholder approval
Figure 1 | Project Locations
During the quarter, the Company completed two separate transactions for the acquisition of four highly prospective gold projects including advanced stage projects in Côte d’Ivoire. This establishes a vast land holding comprising 1,919km2 across six (6) exploration permits within the Birimian Gold Terrain of West Africa, among the fasting growing regions of gold production and discovery over the past decade.
- During the reporting period, Many Peaks announced completion of a share sale agreement with Turaco Gold Ltd (Turaco) to consolidate a 100% ownership in CDI Holdings (Guernsey) Ltd (CDI Holdings). CDI Holdings is the holding company for a wholly-owned Ivorian subsidiary (PD-CI SARL) party to a joint venture with Gold Ivoire Minerals SARL (GIV Joint Venture) in Cote d’Ivoire in which PD-CI SARL has earned a 65% interest and the Company now retains an exclusive right to earn-in to an 85% interest by sole funding any project within four exploration permits in Cote d’Ivoire to feasibility study (Refer to ASX Announcement dated 8 May 2024).
- The Company also secured an exclusive right to acquire a 100% interest in Atlantic Resources CI SARL holding two (2) granted permits referred to as the Baga Gold Project totaling 644Km2 in eastern Cote d’Ivoire. (Refer to ASX Announcement dated 27 June 2024.)
Click here for the full ASX Release
This article includes content from Many Peaks Minerals, 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.
Aurum Resources Investor Kit
- Corporate info
- Insights
- Growth strategies
- Upcoming projects