Aurum Resources, via Plusor Global, has acquired a 35% stake in Ivorian company Major Star Plus (MSP), with the potential to earn up to 87% interest in three permit applications, including gold exploration licenses adjacent to its existing projects. The deal will increase Aurum’s landholdings in Côte d’Ivoire and involve significant financial commitments for exploration activities.

The agreement includes payments of approximately CFA Fr7m ($12,415) for the initial stake in MSP, with additional contributions for administration and exploration operations. Aurum has committed to significant exploration expenditures, including diamond drilling, over multiple phases, with milestone payments to MSP tied to defined resources and exploration activities.

Aurum’s involvement with MSP will increase its ownership stake in the exploration permits to 51%, 80%, and 95% as each phase is completed. MSP has the option to contribute to future mine construction costs for a stake in the operating company, or opt for a free carry. Aurum plans to collaborate closely with MSP to secure exploration licenses and conduct exploration programs, including diamond drilling.

Aurum managing director Caigen Wang highlighted the strategic benefits of the partnership with MSP, which aligns with Aurum’s exploration and discovery capacity. The agreement follows a previous partnership with Montage Gold, further strengthening Aurum’s presence and activities in Côte d’Ivoire’s mining sector. The deal underscores Aurum’s commitment to expanding its exploration and mining operations in the region.

Read more at Yahoo Finance: Aurum Resources signs deal to acquire 35% stake in Ivorian miner MSP