Aurum Resources has acquired a 35 per cent stake in Ivorian company Major Star Plus, in which it can earn up to 95 per cent in three permits covering almost 469 square kilometres near its 2.41-million-ounce Boundiali and 0.87-million-ounce Napié gold projects in Côte d'Ivoire. With 10 drill rigs and supported by a $35.6M placement, Aurum has planned 100,000m of drilling in 2025 to identify new gold discoveries.
Aurum Resources has significantly expanded its gold exploration footprint in Côte d'Ivoire through a deal with Ivorian explorer Major Star Plus Sarl (MSP), by securing a 35 per cent stake in the company.
The deal gives Aurum further potential to earn up to a 95 per cent interest in three new exploration permit applications, enhancing its Boundiali and Napié gold projects and adding a separate new exploration area to its portfolio.
The new 468.62-square-kilometre permit area is strategically located near Aurum’s existing tenure at Boundiali in the exceptionally gold-prospective Birimian greenstone belt.
MSP is an Ivorian company based in Côte d'Ivoire, West Africa, focused on gold exploration, which holds several permit applications in the region. It is a locally registered entity with a registered share capital of 20 million West African francs (A$54,660).
One permit included in the deal spans 114.53 square kilometres and is contiguous with the south and west margins of Aurum’s fully owned Boundiali South tenement, which is currently under application for a mining exploitation licence.
A second permit covers 99.12 square kilometres and is contiguous with the northwest margin of Aurum’s 90 per cent-owned Napié project exploration permit, which is in a renewal phase with admissible status.
The third permit area encloses 254.97 square kilometres in central Côte d'Ivoire and is a new and separate area about 154km south-southeast of Boundiali’s southern boundary.
Aurum Resources managing director Dr Caigen Wang said: "It is really a rare opportunity to have one partnership that can benefit both our Boundiali and Napié gold projects and also provide an additional gold exploration project in central Côte d’Ivoire. The Aurum-MSP partnership is an example of the attractiveness of Aurum’s unique exploration and discovery capacity and track record from owning 10 diamond drill rigs and drilling teams with more than 7 million ounces of gold discovery in Côte D’Ivoire in the past 10 years."
Under the agreement, Aurum will pay FCFA7 million (A$19,000) for a 35 per cent share in MSP and contribute FCFA23 million (A$63,000) for MSP’s operations before receiving the first exploration permit.
The earn-in structure allows Aurum to increase its interest through three phased exploration milestones.
The stages include spending US$1.5 million (A$2.29 million) or drilling 7000 metres within two years to reach a 51 per cent interest; then spending US$3 million (A$4.58 million) or drilling 15,000m within four years to reach 80 per cent; followed by the completion of a pre-feasibility study to secure 95 per cent.
Milestone payments to MSP include US$250,000 for the equivalent of 250,000 ounces of JORC-indicated resources in phase 1 and $1 per ounce in phases two and three, payable in cash or Aurum shares.
In the mining phase, MSP can retain a 4.5 per cent stake by contributing 5 per cent of construction costs or earn a 3 per cent free carry if it does not. The Côte d'Ivoire government will hold a 10 per cent stake.
Aurum’s Boundiali project currently contains a JORC resource of 2.41 million ounces of gold across six deposits. The company has a further 0.87 million ounces at its Napié gold project, about 80km southeast of Boundiali.
Boundiali and its satellite prospects and deposits are well-situated within the highly prospective Birimian greenstone belt, which is home to major operations including Resolute Mining’s 11.5-million-ounce Syama gold project and Barrick Mining’s 5-million-ounce Tongon gold operation and others.
With its remarkable complement of 10 operating diamond drill rigs, Aurum is capable of highly mobile, selective and cost-effective exploration. It plans to complete 100,000m of drilling by the end of the year and to deliver two resource updates and a pre-feasibility study for the Boundiali project by year’s end.
The company’s recent $35.6 million placement ensures solid funding for its various planned stages of exploration and development, with Aurum’s next steps, through its subsidiaries Plusor Global and Mako Gold, including collaboration with MSP to secure exploration licences for the three permits.
Once granted, Aurum plans to launch initial drilling programs on the new tenement areas that will include diamond drilling to explore their gold potential.
Aurum’s latest addition of almost 500 square kilometres to its already prospective portfolio represents a significant extension of the company’s portfolio in already identified target areas.
The new acquisitions strengthen Aurum’s already solid position in Côte d'Ivoire’s rapidly growing gold sector and enhances the company’s prospects of extending its rapidly growing gold inventory.
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