SYDNEY, AUSTRALIA: Aurum Resources Limited (AUE) has announced that it has signed a binding agreement to buy PlusOr Global Pty Ltd, a company that has a stake in a gold project in Côte d’Ivoire.
The deal will give AUE access to the Boundiali Gold Project, which is located in a highly prospective greenstone belt in the west African nation. The project consists of two exploration permits, PR-0893 and PR-0808, covering an area of 1,000 square kilometers.
PlusOr has the right to earn up to 80% and 90% interests in the permits respectively, under two separate agreements with the local permit holders. The details of the earn-in agreements are available in the Schedule of the announcement.
The acquisition will also include two man-portable hydraulic diamond drilling rigs and consumables for 10,000m of drilling, which are currently being used by PlusOr on the project. The drilling rigs are suitable for the terrain and logistics of the project area, and will allow AUE to conduct cost-effective exploration activities.
The Boundiali Gold Project is situated in the same geological belt as several world-class gold deposits, such as Tongon, Fekola, Loulo-Gounkoto, and Syama. The project has several gold anomalies identified by previous exploration work, and PlusOr has recently commenced a 5,000m drilling program to test some of the targets.
AUE’s Non-Executive Chairman, Troy Flannery, said that the company was very excited to acquire PlusOr and its foothold in the Boundiali greenstone belt. He also welcomed Dr Caigen Wang, the founder and former Managing Director of Tietto Minerals Ltd, to the AUE team. Dr Wang is an experienced geologist and entrepreneur, who has been instrumental in the discovery and development of the Abujar Gold Project, one of the largest gold resources in Côte d’Ivoire.
Flannery said that the acquisition of PlusOr was a transformational opportunity for AUE, and that the company looked forward to advancing the Boundiali Gold Project and unlocking its potential. He said that AUE would provide further updates on the acquisition and the exploration results in due course.
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