Aurum Resources to accelerate Côte d’Ivoire gold projects with fresh capital injection

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By Colin Hay - 
Aurum Resources AUE Boundiali SPP placement

Aurum Resources’ (ASX: AUE) ongoing gold exploration success in Côte d’Ivoire has garnered robust market support for its new capital raising program.

The firm has secured firm commitments from both new and existing institutional investors for a $17 million two-tranche placement and there is a similar anticipation for its newly-launched share purchase plan that aims to raise up to a further $3m.

Demonstrating their confidence in the company’s Boundiali gold project in Côte d’Ivoire, Aurum’s directors and management have pledged to subscribe for a minimum of $1.275m in new shares under the placement.

Boundiali acceleration

Managing Director Dr Caigen Wang commented that the funds would be used to accelerate exploration activities at Boundiali.

This includes financing diamond drilling (DD), surveys and other test work, as well as establishing a centralised exploration camp at the site.

“Aurum has an exciting portfolio of gold assets located in a highly prospective greenstone belt with excellent access to roads, services, power and infrastructure,” Dr Wang said.

“We look forward to putting investors’ funds to work in confirming the prospectivity of the land package.”

Drilling success

Aurum has intensified its exploration efforts following some exceptional drill results at Boundiali.

At the end of May, the company reported a significant find at the Boundiali BD Target 1 of 163 grams per tonne of gold within a 12-metre intersection grading at 14.56 grams per tonne gold.

With four diamond rigs, the company is aiming to drill around 6,000m per month, with over 30,000m of DD planned for this year.

This extensive drill work is intended to help Aurum achieve its goal of publishing an initial JORC-compliant mineral resource estimate for Boundiali in late 2024.

Large mineralised system

As part of its strategy, the company is exploring a potentially large mineralised system that includes areas with identified artisanal workings.

The gold mineralisation remains open along strike and at depth across all prospects, with ongoing drilling and further exploratory work planned.

A trenching program is also underway to define more high-priority targets for drilling within the largely untested 13km by 3km gold mineralised corridor in which Aurum’s BD Target 1 and 2 prospects are situated.