Aurum Resources (ASX: AUE) has completed more than 24,000m of diamond core drilling at its Boundiali “BM” joint venture (JV) project in Côte d'Ivoire, earning it an 80 per cent interest in the 400 square kilometre project.
The drilling was undertaken by Aurum’s 100 per cent subsidiary Plusor Global in its Plusor-Minex JV tenement, the other 20 per cent of which currently resides with its JV partner Minex West Africa.
Aurum can earn between 80-88 per cent interest in future gold production from the BM ground through Plusor, subject to varying co-contribution elections by the local partner, while the government receives a 10 per cent free-carried interest from the local partner.
Aurum can earn 88 per cent if its local partner sells 3 per cent of its interest to Aurum and the local partner would then retain a 2 per cent free carried interest.
As of August 18, the first anniversary of the Boundiali Minex (BM) joint venture, Plusor earned a 51 per cent interest through its diamond drilling programs which then totalled 8000m.
The company was then required to spent at least US$2.5 million (A$3.84 million) on drilling within the first 36 months of commencement of the JV, or by November 28, which represented 105 diamond drillholes within the project, for a total advance of 24,353.25m.
Aurum and Minex have recently incorporated a JV company, Plusmin Gold Sarl, with 80 per cent and 20 per cent registered share capital for Aurum and Minex, respectively, in preparation for transferring the BM tenement exploration licence from Minex to Plusmin Gold Sarl.
The drilling has produced a veritable swag of encouraging results that include 17.31m going 5.90g/t gold from 273.69m, including 6m running 16.07g/t gold from one hole in the BM1 target.
The result tops a smorgasbord of high-grade hits from BM1, which also includes a second best intercept of 11.46m at 6.67g/t gold from 162.54m, including 1.46m at a handsome 45.04g/t gold.
Among other hits from BM1is a scattering of grades broadly between 5g/t and 35g/t gold over a wide range of downhole depths from 53m to 140m.
Results also include an intercept from the BM3 target of 14m assaying 3.10g/t gold from 143m, including 1m going 32.38g/t gold. Any near-surface “1 ounce dirt” in weathered ground is always nice to see.
Aurum isn’t letting the grass grow under its feet at Boundiali, with six company-owned diamond rigs at the project putting out about 10,000m per month to fulfil its targeted production of more than 50,000m of drilling for this calendar year.
This metreage target is in line with Aurum’s plan to continue its aggressive diamond drilling program, mainly on the BM ground, to produce an initial JORC resource later in the year, a goal for which the company remains well-funded, with about $19 million in the kitty as of September 30.
Through our careful and geologically-driven planning and execution of diamond drilling programs, in the third phase of our Plusor-Minex JV, we have drilled more than 24,000m of diamond holes, with a nominal expenditure commitment of well above the threshold of US$2.5 million for earning 80% project interest, thanks to our JV partner’s strong support and diligent work by our in-country exploration team.
Aurum’s Managing Director Dr Caigen Wang
Dr Wang said while the scouting and resource definition drilling results released over the year are encouraging, the company is more excited about its pending initial JORC resources expected from the Boundiali project by the end of the year.
He said the company will keep its six rigs going for the rest of 2024 and plans to drill 100,000m at Boundiali next year to further explore the project’s potential.
The BM JV tenement is the easternmost and biggest of Aurum’s four tenements at Boundiali and extends over a north-south distance of about 69km which covers the persistent north-south strike of the gold mineralisation.
Three priority targets occupy the company’s current attention, being referred to as BM1, BM2 and BM3, all of which lie within the northern third – and most intensively-drilled – part of the tenement.
However, given the many south-westward fault splays off the main north-south fault trend in the BM ground - likely associated with priority targets in the contiguous “BD” tenement to the west - the southern less-tested part of the BM ground may also prove highly-prospective.
Aurum’s imminent mineral resource estimate from its BM ground will be keenly awaited by more than just a few market watchers.
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