Diamond drilling at a gold exploration site in Côte d’Ivoire.
By Penny Langford
Aurum Resources has reported a high-grade gold intercept at its Boundiali project in Côte d’Ivoire, adding exploration data as the Australian-listed company works toward a definitive feasibility study for the planned development.
The result, 5.63 metres at 31.79 grams per tonne gold from 32 metres, came from drilling at the BST1 deposit. Aurum said the interval included 2.63 metres at 67.6 g/t gold.
The company’s managing director, Dr. Caigen Wang, described the results as evidence that Boundiali was continuing to grow in scale and confidence. The latest assays form part of a broader drilling campaign intended to expand the project’s mineral inventory and improve confidence in areas that could support mine planning.
The result is significant from an exploration perspective because it is shallow and high grade. It does not, by itself, establish additional Mineral Resources or Ore Reserves. Those classifications require further drilling, geological interpretation, estimation and economic assessment.
Key facts from the latest Boundiali update
| Item | Detail |
|---|---|
| Project | Boundiali Gold Project, northern Côte d’Ivoire |
| Deposit | BST1 |
| Headline intercept | 5.63 metres at 31.79 g/t gold from 32 metres |
| Higher-grade section | 2.63 metres at 67.6 g/t gold |
| Drilling reported | 22 diamond drill holes |
| Wider programme | 100,000 metres at Boundiali during 2026 |
| Boundiali Mineral Resource | 3.22 million ounces at 1.0 g/t gold |
| Maiden Ore Reserve | 1.21 million ounces |
| DFS timing | Targeted for late 2026 |
| First production target | First half of 2028, subject to approvals and financing |
Sources: Aurum Resources, ASX announcement and Sydney Morning Herald reporting. Figures are reported company estimates and targets.
Drilling tests both grade and continuity
The BST1 results were reported from 22 diamond drill holes and are part of Aurum’s 100,000-metre 2026 drilling programme at Boundiali. The programme is designed to test extensions to known mineralisation, infill areas where drilling is too widely spaced for higher-confidence classification, and assess prospects outside the current resource envelope.
Aurum said BST1 already contains a resource of about 340,000 ounces. The latest drilling confirmed mineralisation down-dip of the existing resource area, with the system remaining open, according to the company.
Other results reported alongside the headline intercept included:
- 3.07 metres at 17.2 g/t gold from 201.93 metres, including 0.5 metres at 104.13 g/t;
- 2 metres at 18.71 g/t gold from 149 metres; and
- 6.88 metres at 3.05 g/t gold from surface, including 1.5 metres at 13.05 g/t.
The company also reported broader, lower-grade intervals, including 30 metres at 0.96 g/t gold, 10 metres at 2.42 g/t and 20 metres at 1.16 g/t.
That mix matters for geological interpretation. High-grade intervals can improve the attractiveness of a deposit, but mine planning also depends on the thickness, continuity, geometry and overall grade distribution of the mineralised zones. Broader intervals may be relevant to potential open-pit designs, while isolated high-grade sections require additional drilling to determine how consistently they continue through the deposit.
The reported intercepts are downhole lengths and should not be treated as direct measurements of true geological width. Their significance will depend on the orientation of the mineralised structures and how the results integrate with the broader drilling database.
Gold exploration drill core prepared for geological logging.
BST2 adds an earlier-stage exploration angle
The latest update also included results from BST2, about 20 kilometres northwest of BST1. BST2 does not currently have a defined Mineral Resource, meaning the exploration results remain at an earlier stage of evaluation.
Aurum reported a best result of 3 metres at 27.65 g/t gold from 144 metres, including 1 metre at 78.13 g/t. It also reported 2 metres at 5.10 g/t gold from 117 metres.
The results support the presence of mineralisation at BST2 and follow historical work that identified a roughly two-kilometre gold-in-soil anomaly, according to the company. However, the absence of a defined resource means further drilling is needed to establish geological continuity, volume and grade distribution before any resource estimate can be prepared.
This distinction is important for investors and project analysts. Exploration results can point to growth potential, but they do not represent additional mineable ounces. The next steps include follow-up drilling, assay work, interpretation and eventual resource modelling.
Boundiali enters the feasibility-study phase
Aurum has been advancing Boundiali from exploration toward development. The company reported a 3.22-million-ounce Mineral Resource in May, comprising 107.5 million tonnes at 1.0 g/t gold. The estimate included 1.70 million ounces in the Indicated category and 1.52 million ounces in the Inferred category.
In June, Aurum reported the results of a pre-feasibility study and a maiden Probable Ore Reserve of 42.1 million tonnes at 0.9 g/t gold for 1.21 million ounces.
The pre-feasibility study outlined a proposed 6-million-tonne-per-year open-pit mining and processing operation with an estimated 11-year mine life and approximately 1.5 million ounces of projected life-of-mine production. Aurum cited a pre-production capital estimate of about US$342 million.
The company has now commenced the definitive feasibility study. The study is expected to refine the mine plan, processing design, capital and operating cost estimates, infrastructure requirements, environmental controls and project execution schedule.
Aurum’s Boundiali project overview says the DFS is under way, with a Final Investment Decision targeted for late in the fourth quarter of 2026 and first gold targeted for the first half of 2028.
The timeline depends on several data inputs, including the results of ongoing drilling and an updated Mineral Resource Estimate. Aurum’s August ASX announcement targeted the next major resource update for the end of the third quarter, while reporting on the company’s latest results described the update as expected in early fourth quarter. The updated resource is intended to support the DFS mine plan and a revised Ore Reserve.
That sequencing means the current drilling is not separate from the development study. Results that improve resource confidence could influence the classification of material included in the mine plan, while extensions outside the current resource may be evaluated for future mine growth rather than immediately included in the initial development case.
What needs to happen before construction
Aurum has received environmental approvals for relevant Boundiali tenements and has lodged mining exploitation licence applications, according to its project information and ASX disclosures. The company has also said it plans to advance staged project financing in the coming months.
Before construction can begin, the project must still pass several technical, regulatory and financial milestones:
- Complete the updated resource estimate. New drilling must be incorporated into a compliant Mineral Resource model.
- Deliver the definitive feasibility study. The DFS will test the technical and economic assumptions used in the pre-feasibility study.
- Update the Ore Reserve. Only material meeting the relevant technical and economic criteria can be converted into reserves.
- Secure mining and other operating approvals. Licence applications and environmental requirements must progress through the applicable Ivorian processes.
- Arrange project financing. Funding requirements will depend on the final capital estimate, operating assumptions, gold price outlook and proposed ownership structure.
- Make a Final Investment Decision. Construction would remain subject to board approval, financing and permitting.
The company has said it plans to operate 16 company-owned diamond drill rigs across its Côte d’Ivoire portfolio. Its 2026 plan includes 100,000 metres at Boundiali and 30,000 metres at the Napié project.
Aerial view of exploration tracks and drill pads in West African savanna.
Exploration upside remains untested
The latest BST1 result strengthens the case for continued drilling, particularly where mineralisation extends beyond the current resource boundary or appears close to surface. BST2 provides a separate exploration target that could become more important if follow-up drilling confirms continuity.
But the company’s development schedule will be judged primarily on the quality and reliability of the resource and reserve base supporting the initial mine plan. High-grade results can attract attention, yet they must be assessed alongside broader grade continuity, metallurgical recovery, strip ratio, infrastructure, permitting, capital costs and financing conditions.
Aurum’s next major milestones are therefore the updated Boundiali resource estimate and the DFS. The results from BST1 and BST2 may contribute to longer-term growth, but their immediate value lies in improving the geological understanding of the project rather than automatically adding production ounces.
For mining professionals and investors tracking West African gold, the Boundiali update marks a transition from rapid resource growth toward a more demanding development phase. The drilling continues to provide exploration news, while the DFS will determine how much of that geological potential can be converted into a financeable mine plan.
