Aurum Resources has again hit paydirt in its expanded drilling campaign at the company’s Boundiali project in Côte d'Ivoire with a 1m hit coming in at 35.86g/t from 82m, more than an ounce to the tonne gold. The company continues to furiously expand its already identified 2.5km of gold mineralisation which is still open along strike and at depth.
Another 17m intersection in the latest campaign landed 1.6 g/t gold from 230m and included a 4m section grading 2.02 g/t gold.
The hole with the one metre 35.86g/t intersection from 82m also included another hit further down hole of 4.25m at 3.75 g/t gold from 120m.
Another hole gave up a 13m intersection at 2.07g/t gold from 139m and includes a higher grade 4m hit at 3.29 g/t gold.
The Boundiali “Target 1” continues to deliver with wide-spaced drilling on 100-meter lines indicating the potential for further extension beyond the already impressive 2.5km of strike, within Aurum’s 1,037km² Boundiali Gold Project in West Africa.
Aurum is moving at pace at the project now with six self-owned diamond drill rigs on-site, enabling a drilling capacity of approximately 10,000 meters per month. Supported by nearly $19 million in cash reserves, the company is on track to complete over 45,000 meters of diamond core drilling at Boundiali by the close of 2024.
Assay results for an impressive 60 additional holes covering 13,000m of drilling are anticipated by late November with the primary goal for Aurum being the delivery of a much anticipated maiden JORC mineral resource estimate for Boundiali by year’s end.
Metallurgical test results conducted by MACA Interquip Mintrex (MIM) and ALS in Perth are also expected shortly with management hopeful the lab insights will confirm its belief of free milling natured gold with high recovery percentages at the project.
Aurum Resources managing director Dr. Caigen Wang said: “Our six rigs are systematically ramping up production and with our new camp coming online, we expect to see increased operational efficiencies to demonstrate the full potential of the Boundiali gold project. We're well-funded with $19 million cash at bank, allowing us to accelerate drilling and build on these encouraging results. We're targeting an inaugural JORC resource for Boundiali by late 2024.”
Aurum is Wang’s second rodeo in Côte d'Ivoire and the second time he has deployed a “company owned” drill rig strategy. He previously used the same stategy to great effect to eke out a multi-million ounce gold resource for Tietto Minerals.
Aurum is also active on the corporate front too, recently launching a friendly all scrip takeover bid for fellow west African gold junior Mako Gold and its nearby 868,000-ounce Napié gold deposit.
The key attraction at Mako and its 1.2 gram per tonne resource that spreads across two deposits is that Aurum thinks it can fast track a combined operation into gold production when Napie is added to its own ounces just 100kms to the West at Boundiali.
The combined entity will operate from a strong cash position of more than $19 million, bringing scale and enhanced market presence to Aurum’s West African operations.
Aurum is on the cusp of revealing its maiden resource for Boundiali too where significant drill results have been received across the four separate tenement areas and will no doubt make for an interesting initial resource. Watch this space.
The combined Mako and Aurum would look to take advantage of the record high gold prices and profits being experienced on the ASX with Aurum’s assets likely to do the heavy lifting once its maiden resource is finalised and released to the eager and speculating market, hopefully by years end.
Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au
