Aurum buy-in to extend 1.6M-ounce Cote d'Ivoire gold project
Aurum Resources has added two new contiguous permit applications to the southern part of the company's extensive tenement holdings, which make up its 1.6-million-ounce Boundiali gold project in Côte d'Ivoire.
The strategic acquisition, comprising 316 square kilometres, extends the overall width of the company's current southern grounds to about 52km and should help Aurum expand the project's current mineral resource.
The new permit areas span major north-south structural trends directly associated with the area's significant gold mineralisation and their related secondary structures.
Aurum's in-country subsidiary Plusor Global inked the agreement with Encore Resources Côte d'Ivoire SARL (Encore) to earn up to 80 per cent of each of the Encore joint venture permit applications, which the company submitted in October 2023.
Aurum's share price saw an emphatic 2-cent jump to $0.51c on the news, creeping to within 2c of the company's best-ever price.
'This Encore JV is a highly strategic acquisition, significantly enhancing our position in the Boundiali gold belt with an additional 316 square kilometres of ground that is adjacent to existing tenements where we have already defined mineral resources.'
Aurum Resources managing director Dr Caigen Wang
' The terms allow for a focused and staged investment, aligning our expenditure with exploration success. The equity incentives ensure strong alignment with Encore Resources,' Wang said.
The joint venture's key terms include Aurum granting Encore a total of 4 million Aurum options upon agreement execution, with an exercise price set at 110 per cent of the five-day volume-weighted average price of Aurum shares.
When each permit application is granted, Plusor will earn a 30 per cent interest in the relevant licence by issuing 2M Aurum shares to Encore. This equates to a total 4M Aurum shares if both licences are granted.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Advertiser
16 hours ago
- The Advertiser
China's commerce minister backs closer Australia ties
China's Commerce Minister Wang Wentao has had a "pragmatic and constructive" exchange on deepening bilateral economic and trade relations with Australian Trade Minister Don Farrell in Paris, Chinese authorities say. The two countries should enhance communication and co-ordination under multilateral and regional frameworks, and jointly safeguard the multilateral trading system in the face of "severe challenges" posed by unilateralism and protectionism, Mr Wang told Senator Farrell according to a Chinese commerce ministry statement. China and Australia should create a good business environment for the two countries' firms, Mr Wang added. Senator Farrell is in France leading Australia's delegation to the OECD Ministerial Council Meeting. On the sidelines of that meeting, Australia is set to host an informal meeting of World Trade Organisation ministers to discuss the importance of an open global trading system. with AAP China's Commerce Minister Wang Wentao has had a "pragmatic and constructive" exchange on deepening bilateral economic and trade relations with Australian Trade Minister Don Farrell in Paris, Chinese authorities say. The two countries should enhance communication and co-ordination under multilateral and regional frameworks, and jointly safeguard the multilateral trading system in the face of "severe challenges" posed by unilateralism and protectionism, Mr Wang told Senator Farrell according to a Chinese commerce ministry statement. China and Australia should create a good business environment for the two countries' firms, Mr Wang added. Senator Farrell is in France leading Australia's delegation to the OECD Ministerial Council Meeting. On the sidelines of that meeting, Australia is set to host an informal meeting of World Trade Organisation ministers to discuss the importance of an open global trading system. with AAP China's Commerce Minister Wang Wentao has had a "pragmatic and constructive" exchange on deepening bilateral economic and trade relations with Australian Trade Minister Don Farrell in Paris, Chinese authorities say. The two countries should enhance communication and co-ordination under multilateral and regional frameworks, and jointly safeguard the multilateral trading system in the face of "severe challenges" posed by unilateralism and protectionism, Mr Wang told Senator Farrell according to a Chinese commerce ministry statement. China and Australia should create a good business environment for the two countries' firms, Mr Wang added. Senator Farrell is in France leading Australia's delegation to the OECD Ministerial Council Meeting. On the sidelines of that meeting, Australia is set to host an informal meeting of World Trade Organisation ministers to discuss the importance of an open global trading system. with AAP China's Commerce Minister Wang Wentao has had a "pragmatic and constructive" exchange on deepening bilateral economic and trade relations with Australian Trade Minister Don Farrell in Paris, Chinese authorities say. The two countries should enhance communication and co-ordination under multilateral and regional frameworks, and jointly safeguard the multilateral trading system in the face of "severe challenges" posed by unilateralism and protectionism, Mr Wang told Senator Farrell according to a Chinese commerce ministry statement. China and Australia should create a good business environment for the two countries' firms, Mr Wang added. Senator Farrell is in France leading Australia's delegation to the OECD Ministerial Council Meeting. On the sidelines of that meeting, Australia is set to host an informal meeting of World Trade Organisation ministers to discuss the importance of an open global trading system. with AAP
West Australian
21 hours ago
- West Australian
China's commerce minister backs closer Australia ties
China's Commerce Minister Wang Wentao has had a "pragmatic and constructive" exchange on deepening bilateral economic and trade relations with Australian Trade Minister Don Farrell in Paris, according to a Chinese commerce ministry statement. The two countries should enhance communication and co-ordination under multilateral and regional frameworks, and jointly safeguard the multilateral trading system in the face of "severe challenges" posed by unilateralism and protectionism, Mr Wang told Senator Farrell. China and Australia should create a good business environment for the two countries' firms, Mr Wang added. Senator Farrell is in France leading Australia's delegation to the OECD Ministerial Council Meeting. On the sidelines of that meeting, Australia is set to host an informal meeting of World Trade Organisation ministers to discuss the importance of an open global trading system. with AAP
Sydney Morning Herald
27-05-2025
- Sydney Morning Herald
Aurum buy-in to extend 1.6M-ounce Cote d'Ivoire gold project
Aurum Resources has added two new contiguous permit applications to the southern part of the company's extensive tenement holdings, which make up its 1.6-million-ounce Boundiali gold project in Côte d'Ivoire. The strategic acquisition, comprising 316 square kilometres, extends the overall width of the company's current southern grounds to about 52km and should help Aurum expand the project's current mineral resource. The new permit areas span major north-south structural trends directly associated with the area's significant gold mineralisation and their related secondary structures. Aurum's in-country subsidiary Plusor Global inked the agreement with Encore Resources Côte d'Ivoire SARL (Encore) to earn up to 80 per cent of each of the Encore joint venture permit applications, which the company submitted in October 2023. Aurum's share price saw an emphatic 2-cent jump to $0.51c on the news, creeping to within 2c of the company's best-ever price. 'This Encore JV is a highly strategic acquisition, significantly enhancing our position in the Boundiali gold belt with an additional 316 square kilometres of ground that is adjacent to existing tenements where we have already defined mineral resources.' Aurum Resources managing director Dr Caigen Wang ' The terms allow for a focused and staged investment, aligning our expenditure with exploration success. The equity incentives ensure strong alignment with Encore Resources,' Wang said. The joint venture's key terms include Aurum granting Encore a total of 4 million Aurum options upon agreement execution, with an exercise price set at 110 per cent of the five-day volume-weighted average price of Aurum shares. When each permit application is granted, Plusor will earn a 30 per cent interest in the relevant licence by issuing 2M Aurum shares to Encore. This equates to a total 4M Aurum shares if both licences are granted.
