Aurum Resources Ltd (ASX:AUE) has received a boost as it closes in on the compulsory acquisition of Mako Gold Ltd (ASX:MKG) with a maiden mineral resource estimate (MRE) of 1.6 million ounces at the Boundiali Gold Project in Côte d'Ivoire, West Africa.
On December 23, 2024, Aurum had acquired 85.79% of Mako with both companies holding highly prospective properties in the Birimian greenstone belts of northern Côte d'Ivoire.
READ: Mako Gold shareholders offered extended window as Aurum pushes back share offer deadline
A deadline for Mako shareholders to accept the Aurum offer, which is unconditional and free of all defeating conditions, has been extended to 7pm AEDT on Friday, January 31, 2025.
In golden region
The 1,037-square-kilometre Boundiali Project is within the same greenstone belt as Resolute’s Syama (11.5-million-ounce) gold mine and Perseus’ Sissingue (1.4-million-ounce) gold mine to the north and Montage Gold’s 4.5-million-ounce Koné project to the south. Barrick’s 5-million-ounce Tongon mine is to the northeast.
It is also within the same region of northern Côte d'Ivoire as Mako Gold's flagship 868,000-ounce Napié Gold Project and its highly prospective Korhogo gold and manganese project.
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Drilling ongoing
The MRE comprises the BST, BDT1 & BDT2 and BMT1 & BMT3 deposits at which drilling is ongoing with gold mineralisation remaining open along strike and down dip at all deposits. Aurum has also identified other prospects which have yet to be drilled.
100,000 metres of drilling is planned in 2025 at Boundiali using six self-owned diamond rigs in a bid to drive resource growth.
Aurum’s managing director Dr Caigen Wang said: “Aurum is pleased to announce the maiden JORC mineral resource estimate for its Boundiali Gold Project, just 12 months after acquiring the permits and establishing JV partnerships.
"Since October 2023, our team has completed an extensive 63,927-metre diamond drilling program. This aggressive exploration campaign has rapidly defined a significant gold resource of 50.9 million tonnes at 1.0 g/t gold for 1.6 million ounces.
Further growth expected
"We anticipate further resource growth in 2025 through continued exploration focused on expanding existing deposits and testing new targets within the Boundiali project area.
"The project is emerging as a potential hub-and-spoke operation, with multiple deposits feeding a central processing facility.
"Preliminary metallurgical testing indicates excellent gold recoveries exceeding 95% using conventional gravity and CIL (carbon-in-leach) processing methods.
"With a strong balance sheet and the support of our shareholders, Aurum is committed to an ambitious but achievable 100,000-metre drilling program in 2025 to drive resource expansion and underpin a pre-feasibility study (PFS) expected by year-end.”
Well connected
Aurum’s project is directly east of the town of Boundiali and connected to major regional towns by good-quality tarred roads. It is about 100 kilometres west of Korhogo, which is the major city in the northern part of Côte d'Ivoire.
This area is serviced by good infrastructure, including 225kV power lines which cross the project tenements.
The local roads, which would require upgrading to support mining operations, are accessible year-round and suitable to support ongoing exploration teams and associated equipment.
Aurum remains well-funded for continued aggressive exploration with approximately $23 million cash at bank.