Aurum Sources (ASX: AUE) has signed an earn-in settlement with West African firm Geb & Nut Sources Sarl to earn a most 70% curiosity in an exploration tenement to be named “Boundiali North”.
The tenement is positioned over 208.87 sq. kilometers to the north of Aurum’s current BD prospect on the Boundiali gold challenge in Côte d’Ivoire.
BD is the second goal to be examined in an ongoing diamond drilling program on the challenge and is at the moment below renewal in accordance with the area’s mining code.
Staged settlement
Beneath Stage 1 of the settlement, Aurum will earn a 35% curiosity in Boundiali North by spending (by means of subsidiary PlusOr World Pty Ltd, acquired in November) $1.81 million on exploration inside 36 months of the license being granted.
Stage 2 will see the corporate increase its fairness to 51% by spending an extra $3.77m inside 60 months of license grant, whereas Stage 3 permits for a most 70% curiosity upon completion of a pre-feasibility examine for Boundiali North.
Upon the granting of a mining license, the possession construction for Boundiali North can be shared between Aurum (70% fairness), Geb & Nut Sources (20%), and the Ivorian authorities (10%).
Aurum is required to make an preliminary money cost of roughly $45,000 to Geb & Nut Sources throughout the subsequent 10 working days.
Native information invaluable
Aurum managing Director Dr Caigen Wang welcomed the partnership with Geb & Nut Sources.
“This marks a major step in increasing our footprint at Boundiali,” he mentioned.
“Our current information of the area’s geology and mineralisation can be invaluable as we discover this tenement.”
“We’re desperate to unlock the potential of this extremely promising tenement which strengthens our perception within the potential for locating a multi-million-ounce gold useful resource at Boundiali.”
Boundiali location
The Boundiali challenge is positioned throughout the similar greenstone belt because the 11.5 million ounce Syama and 1Moz Sissingue gold mines to the north, the 5Moz Tongon mine to the north-east and the 4.5Moz Koné challenge to the south.
Dr Wang mentioned the corporate was on monitor to ship an inaugural useful resource estimate by year-end.
