Aurum Resources Achieves Major Milestone at Boundiali Gold Project
AURUM RESOURCES LIMITED (AUE) Share Update November 2024 Thursday 28th
Aurum Resources Secures 80% Stake in Boundiali Gold Project
Aurum Resources Limited (ASX: AUE) has successfully secured an 80% interest in the BM tenement, part of the Boundiali Gold Project in Côte d'Ivoire, following the completion of over 24,000 meters of diamond drilling.
Instant Summary:
- Aurum completed over 24,000 meters of diamond drilling on the BM tenement.
- Earned 80% project interest with an expenditure of over US$2.5 million.
- Encouraging drilling results with pending assays.
- Formation of Plusmin Gold Sarl for BM tenement management.
- Targeting initial JORC resource by late 2024.
Project Details
Aurum Resources Limited has announced a significant achievement in its Boundiali Gold Project, located in Côte d'Ivoire, West Africa. The company has earned an 80% interest in the BM Joint Venture (JV) project, a key component of its exploration efforts in the region. This milestone was reached after the completion of more than 24,000 meters of diamond core drilling, fulfilling the company's commitment to a nominal expenditure of over US$2.5 million within the first 36 months of the JV's commencement.
The drilling program, conducted by Aurum's subsidiary Plusor Global Pty Ltd, involved 105 diamond holes, delivering promising results. Notable findings include 17.31 meters at 5.90 g/t gold from 273.69 meters and 29 meters at 1.55 g/t gold from 178 meters at BM Target 1. Additional results from BM Target 3 include 14 meters at 3.10 g/t gold from 143 meters.
Strategic Developments
In preparation for the transfer of the BM tenement exploration license, Aurum and Minex have established a joint venture company, Plusmin Gold Sarl, with Aurum holding an 80% stake. This strategic move aligns with Aurum's ongoing efforts to expand its exploration footprint and enhance its resource base in the region.
Continuing its aggressive exploration strategy, Aurum plans to conduct further diamond drilling on the BM tenement, aiming to define an initial JORC resource by late 2024. The company is well-funded, with over $19 million available as of September 2024, to support its exploration activities.
Future Prospects
Aurum's Managing Director, Dr. Caigen Wang, expressed optimism about the project's potential, highlighting the geological-driven planning and execution that have led to the current success. The company plans to drill 100,000 meters at the Boundiali Gold Project in 2025, aiming to further unlock the potential of this promising gold discovery.
The successful acquisition of an 80% interest in the BM tenement is a significant milestone for Aurum Resources, potentially enhancing its stock value as investors recognize the project's promising prospects. The ongoing drilling and resource definition efforts are expected to further boost investor confidence, particularly with the anticipated JORC resource estimation in late 2024.
Investor Reaction:
Analysts are likely to view Aurum's progress positively, given the encouraging drilling results and strategic advancements. The company's strong financial position and proactive exploration approach may attract further investor interest.
Conclusion:
Investors should keep an eye on Aurum Resources' continued exploration efforts and upcoming JORC resource announcements. The company's strategic initiatives and robust financial backing position it well for future growth in the gold mining sector.