Aurum Resources Limited (ASX:AUE) is pleased to announce the Company has earned 51% project interest on the BM Joint Venture (JV) project, part of its Boundiali Gold Project in Côte d’Ivoire, West Africa, after completing more than 8,000m of diamond core drilling.
Highlights
- Aurum subsidiary Plusor Global Pty Ltd drilled 8,408.35m diamond holes on the Plusor- Minex JV tenement, one of four exploration tenements comprising the Boundiali Gold Project in Côte d’Ivoire, fulfilling the Company’s commitment for earning 51% project interest in this JV tenement within first 12 months of JV commencement.
- BM tenement has significant artisanal workings, some of them are still active.
- Aurum’s scout drilling campaign of 31 diamond holes completed in late 2023, with a total of 4,876.9m drilled, delivered very encouraging results including1:
- 16m @ 1.24 g/t Au from 117m incl. 6m @ 2.44 g/t Au from 127m for diamond drill hole MBDD010
- 7.39m @ 1.94 g/t Au from 139.34m incl. 5.35m @ 2.53 g/t Au from 141.37m (MBDD017)
- 16.3m @ 1.02 g/t Au from 86.7m incl. 8.0m @ 1.71 g/t Au from 95m (MBDD019)
- 15.82m @ 0.94 g/t Au from 5.18m incl. 4.5m @ 1.77 g/t Au from 16.5m (MBDD008)
- Aurum drilled 19 diamond holes for 3,531.45m from June 2024 to 17 August 2024 on BM tenement, with assay results pending and expected in early October.
- Aurum is continuing diamond drilling on the BM tenement targeting an initial JORC resource by late CY2024.
- Aurum has six self-owned diamond rigs at Boundiali Gold Project with up to 10,000m per month drilling capacity to fulfil 45,000m drilling for CY2024.
- Initial Mineral Resource Estimate for Boundiali on track for late CY2024
- Aurum is well-funded (~$20M) for continued aggressive exploration.
Aurum’s Managing Director Dr. Caigen Wang said:“We are pleased to announce that through our careful and geologically-driven planning and execution of diamond drilling programs, in the second phase of our Plusor-Minex JV, we have drilled 8,000m diamond holes to earn 51% project interest, thanks to our JV partner’s strong support and diligent work by our in-country exploration team.
While the scouting drilling results released early this year are very encouraging, we are more excited about pending assay results in early October for new holes drilled in recent months.
With ongoing diamond drilling continues through the rest of this year, we are expecting inaugural JORC resources to be defined on this JV project, together with initial JORC resources from the BD tenement where very impressive drilling results have been intercepted and report.”
Boundiali Minex (BM) Plusor JV interest earning process
As of 18th August 2024, the first anniversary of the Boundiali Minex (“BM”) JV, Plusor has earnt a 51% interest through carrying out diamond drilling programs of 8,000m to earn 80% interest in two stages.
The agreement terms are:
- 4,000m of diamond holes to earn 30% interest – completed
- A further 4,000m of diamond holes to earn accumulated 51% interest – completed
- Earn an accumulated 80% interest from a total exploration expenditure of US$2.5M using a nominal diamond drilling cost of US$140/m in calculation for expenditure commitment.
- 80-88% interest in future gold production company (Government gets 10% free carry from local partner):
- 80% if local partner contributes 11% capex
- 85% if local partner does not contribute capex – they go to 5% free carry
- 88% if local partner sells us 3% of their interest they go to 2% free carry.
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