Aurum Resources achieves 80% JV interest at Boundiali gold project in Côte d’Ivoire

Aurum Resources (ASX: AUE) is on target to release a maiden resource at the Boundiali gold project in Côte d’Ivoire while also earning an 80% project interest in the BM Joint Venture (JV) project.

The company achieved this milestone after subsidiary Plusor Global completed 105 holes and more than 24,000m of diamond drilling (DD) on the Plusor-Minex JV tenement, one of four exploration tenements comprising Aurum’s Boundiali gold project.

The drilling fulfilled Aurum’s commitment to earn an 80% project interest in the tenement, with an accumulated nominal expenditure of no less than $3.8 million within the first 36 months of the JV’s commencement.

Drilling expansion

Managing director Dr Caigen Wang said Aurum is well-funded, with more than $19m cash on hand as of the end of September 2023, to accelerate exploration drilling at Boundiali.

“While the scouting and resource definition drilling results released this year are very encouraging, we are more excited about the pending initial JORC resources expected from the Boundiali gold project in late 2024,” Dr Wang said.

Aurum has six company-owned DD rigs in operation at the gold field for the remainder of 2024 and the company plans to drill 100,000m in 2025.

Extensive surface artisanal workings have already been formed in various locations within the BM tenement.

Mako takeover

Elsewhere, Aurum has made strong progress in its proposed takeover of Mako Gold (ASX: MKO).

Mako Gold noted today that Aurum has acquired control of the company after securing a relevant interest in 58% of its ordinary shares.

The companies executed a bid implementation agreement in October, under which Aurum bid for 100% of the shares and 100% of the class A and class B options in Mako.

The proposed merger will combine Aurum’s strong balance sheet and exceptional drilling efficiencies, with $20m in cash available for rapid work programs targeting further resource definition across Aurum and Mako’s assets in northern Côte d’Ivoire.

In preparation for the successful conclusion of the takeover, Aurum purchased two new sets of DD rigs and 30,000m of drilling consumables, which were shipped out of China on 10 November and are en route to Côte d’Ivoire.