Aurum Resources (ASX:AUE) has entered into a binding heads of agreement to acquire 100% of the issued share capital of privately held PlusOr Global.
PlusOr has rights pursuant to 2 separate agreements to earn an interest in exploration permits PR-0893 and PR-0808 comprising the Boundiali Gold Project, which is located within the Boundiali greenstone belt in Côte d’Ivoire.
The company will acquire assets held by PlusOr including 2 man-portable hydraulic diamond drilling rigs plus consumables for 10,000m diamond drilling needs.
Aurum Non-Executive Chairman Troy Flannery says PlusOr has recently established an impressive foothold in the Boundiali greenstone belt of Cote d’Ivoire.
It is proposed that Dr Caigen Wang (the founder and former Managing Director of Tietto Minerals), will be appointed as a Non-Executive Director of the company in connection with the acquisition. No other board changes are anticipated.
In consideration for the acquisition, Aurum has agreed to issue the PlusOr just over 25.387 million fully paid ordinary shares in the capital of the company, subject to shareholder approval.
Aurum has a collection of gold and base metal focused projects from early stage reconnaissance to mature area exploration projects currently located in Western Australia.
The company’s Ryans Find Project is prospective for gold mineralisation and located on structures that host historical gold mines. Its other project is Penny South, another prospective project adjacent to known gold deposits but may also host base metal deposits.
Write to Adam Orlando at Mining.com.au
Images: Aurum
