By: Ecofin agency

Aurum Resources, operator of the Boundiali and Napié gold deposits, announced a definitive agreement to acquire a 35% stake in Major Star Plus Sarl (MSP), an Ivorian mining company. The transaction, valued at CFA30 million (approximately $53,600), integrates the Australian company into a new portfolio of gold assets in a country where it already operates the Boundiali and Napié projects.

MSP holds three gold exploration projects, two of which are located in close proximity to Aurum's existing assets. To advance these projects, Aurum has committed up to $3 million USD for exploration work. This investment will grant Aurum a 51% interest in each project upon discovery of a deposit, with the potential to increase this stake to up to 95% after a pre-feasibility study.

This strategic positioning on new projects aligns with Aurum's growth strategy in Ivorian gold, coming three months after an agreement to acquire an 80% interest in the Encore Project. These acquisitions aim to bolster the development of its two flagship projects, particularly Boundiali, which is already at a relatively advanced stage with 2.41 million ounces of declared resources. Napié holds 868,000 ounces of declared gold resources.

Aurum's CEO, Caigen Wang, commented on the rare partnership opportunity, highlighting its potential to benefit their Boundiali and Napié gold projects, along with an additional gold exploration project in central Ivory Coast.

Before commencing exploration work, Aurum and MSP must secure exploration licenses for the three targeted projects from Ivorian authorities. Applications have already been submitted, but the exact duration of the approval process remains unknown.