Nov 11, 2024

Aurum Resources Hits 35.86 g/t Gold at Boundiali BM Target 1, Extending Strike to 2.5km

Introduction:

Aurum Resources Limited (ASX: AUE) (Market Cap: $74M | Last Close: $0.49 | Cash: $19M) has reported high-grade gold intercepts from exploration diamond drilling at multiple prospects on the BM Tenement, part of its 1037km2 Boundiali Gold Project in Côte d'Ivoire, West Africa. The results extend the strike length of gold mineralization at BM Target 1 to 2.5km.

Drill Results:

1m @ 35.86 g/t Au from 82m & 4.25m @ 3.75 g/t Au from 120m (MBDD070)
17m @ 1.60 g/t Au from 230m including 10.05m @ 2.02 g/t Au (MBDD057)
13m @ 2.07 g/t Au from 139m including 4m @ 3.29 g/t Au (MBDD054)
6m @ 3.57 g/t Au from 118m including 2m @ 10.14 g/t Au (MBDD065)

Project Overview:

The Boundiali Gold Project covers 1037km2 in Côte d'Ivoire, West Africa. The BM Tenement is part of this larger project area where Aurum is working towards an 80% project interest.

Gold mineralization remains open along strike and down dip at BM Targets 1 (up to 2.5km strike), 2 & 3. The company is targeting an inaugural Mineral Resource Estimate for the Boundiali Gold Project by late 2024.

Program Details:

The latest results come from 26 diamond drill holes totaling 5,049.5m across BM Targets 1, 2 and 3. Aurum has six self-owned diamond rigs at the Boundiali Gold Project with up to ~10,000m drilling capacity per month. The company plans to complete more than 45,000m of drilling in CY2024. Metallurgical test work is also underway, with results expected by year-end.

Understanding These Results:

The high-grade intercepts, particularly the 1m @ 35.86 g/t Au from 82m in MBDD070, demonstrate the potential for significant gold mineralization within the project area. The extension of the strike length at BM Target 1 to 2.5km indicates the growing scale of the gold system.

True widths for these shallow wide high-grade gold intercepts are estimated at about 70% - 80% of reported downhole lengths. The continuity of mineralization along strike and at depth suggests potential for a growing gold resource.

Management Commentary:

Dr. Caigen Wang, Aurum's Managing Director, stated:

“Our exploration drilling at BM continues to grow the known extent of gold mineralisation, which is now up to 2.5km at BM Target 1. Our expanded drilling program at BM is hitting multiple intercepts downhole including shallow high-grade hits such as 1m @ 35.86 g/t Au from 82m and 4.25m @ 3.75 g/t Au from 120m in MBDD070.

Our six rigs are systematically ramping up production and with our new camp coming online, we expect to see increased operational efficiencies to demonstrate the full potential of the Boundiali gold project. We're well-funded with $19 million cash at bank, allowing us to accelerate drilling and build on these encouraging results. We're targeting an inaugural JORC resource for Boundiali by late 2024.”

Next Steps & Catalysts:

Aurum will continue its high-tempo gold exploration drilling at the Boundiali Gold Project, with plans for follow-up drilling of around 1,500m a month at BM Target 1. The company aims to maintain a drilling rate of ~10,000m per month across the Boundiali Gold Project.

An inaugural Mineral Resource Estimate for the Boundiali Gold Project is targeted for late CY2024. Additionally, Aurum's takeover of Mako Gold is progressing, which is expected to create a stronger platform for future growth.

Commodity Outlook:

Gold serves multiple markets, including investment assets, central bank reserves, jewellery manufacturing and industrial applications in electronics. Currently trading at US$2,667.19/oz (November 7, 2024), the metal has experienced record highs in 2024 despite recent volatility linked to U.S. political shifts and Federal Reserve policy expectations.

Long-term market dynamics continue to be shaped by central bank purchasing programs, investment demand for safe-haven assets, and consistent jewellery consumption from Asian markets. West Africa, particularly Côte d'Ivoire, is an emerging gold mining jurisdiction with significant exploration potential. The region's favorable geology and improving infrastructure make it a growingly attractive area for gold exploration.

Conclusion:

Aurum Resources' latest drill results from the Boundiali Gold Project demonstrate the growing potential of the project, with high-grade intercepts and an extended strike length at BM Target 1. With ongoing drilling, metallurgical studies, and a targeted resource estimate, the company is positioned to advance exploration further. The pending merger with Mako Gold could further strengthen Aurum's position in the West African gold exploration sector.

Sources:

AUE Drill Results Announcement

Additional Figures:

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Nov 4, 2024