Aurum Resources Ltd (ASX:AUE) has expanded its Côte d’Ivoire footprint after securing a partnership that will grow the landholding at both its 2.41-million-ounce (Moz) Boundiali and 0.87Moz Napié gold projects.
Through its wholly owned subsidiary Plusor Global Pty Ltd, Aurum has signed an agreement to acquire 35% of Ivorian company Major Star Plus Sarl (MSP) and earn up to 87% interest in three of MSP’s exploration permit applications. The deal consolidates Aurum’s position in two of West Africa’s most prospective gold belts while adding a third project in central Côte d’Ivoire.
Permit expansion across two key projects
The MSP permit applications cover nearly 470 square kilometres and are strategically located:
- Application No. 0791 (114.5 km²): Immediately west and south of Aurum’s Boundiali South tenement, providing potential extensions to known mineralisation.
- Application No. 0793 (99.1 km²): On the western boundary of the Napié project, supporting Aurum’s goal of consolidating a regional-scale development.
- Application No. 0804 (255 km²): An advanced application in central Côte d’Ivoire, adding a fresh exploration opportunity.
Location of MSP’s three applications in relation to Aurum’s Boundiali and Napié Gold projects in Côte d'Ivoire.
“It is really a rare opportunity to have one partnership that can benefit both our Boundiali and Napié gold projects, but also provide an additional gold exploration project in central Côte d’Ivoire,” Aurum managing director Dr Caigen Wang said.
“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 over 7 million ounces of gold discovery in Côte d’Ivoire in the past 10 years.”
Staged earn-in terms
Aurum will initially pay FCFA7 million (A$19,000) for its 35% stake in MSP and contribute a further 23 million West African CFA francs (A$63,000) towards administration and operations ahead of first permit grants.
Once exploration licences are granted, Aurum can increase its interest in staged phases:
- Phase 1: Earn 51% by spending US$1.5 million on exploration or drilling 7,000 metres within two years.
- Phase 2: Lift to 80% by spending US$3 million or drilling 15,000 metres within four years.
- Phase 3: Reach 95% through completion of a pre-feasibility study.
At the mining phase, MSP may retain a 4.5% stake if it contributes 5% of mine construction costs, or 3% on a free-carried basis if it does not. The Ivorian state will also hold its standard 10% interest.
Next steps
Aurum, through its subsidiaries Plusor Global and Mako Gold Pty Ltd, will work with MSP to secure the permits and begin planning initial exploration programs, including diamond drilling.
The expanded ground is expected to enhance the upside of the Boundiali Project, which lies in the same greenstone belt as several multimillion-ounce operations including Resolute’s Syama, Perseus’ Sissingué and Montage Gold’s Koné project.
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Location of Aurum’s projects in Côte d'Ivoire.
With 3.28Moz already in resources and a pipeline of new permits, Aurum said it is well placed to pursue further gold discoveries across Côte d’Ivoire.