ASX All Ords gold stock Aurum Resources Ltd (ASX: AUE) is sliding today.
Aurum Resources shares closed yesterday trading for 71.0 cents. In early morning trade on Thursday, shares are changing hands for 70.5 cents apiece, down 0.7%%.
For some context the All Ordinaries Index (ASX: XAO) is down 0.2% at this same time.
Longer term, the ASX All Ords gold stock remains up 44.1% over 12 months, racing ahead of the 4.0% on-year gains posted by the benchmark index.
Here’s what’s catching investor interest today.
ASX All Ords gold stock dips despite 330,000 ounce resource boost
Aurum Resources shares are sliding after the miner announced a 24% increase in Indicated Resources at its Boundiali Gold Project, located in Cote d’Ivoire.
Following that 330,000-ounce increase, the project’s Indicated Resources now stand at 1.70 million ounces of gold.
Management credited the successful conversion of Inferred to Indicated Resources to the company’s intensive infill drilling campaign at the project.
This also lifted the total Boundiali Mineral Resource Estimate (MRE) by 6% to 3.22 million ounces of gold.
The ASX All Ords gold stock revealed that its total Resource now stands at 4.38 million ounces of gold, which includes the 1.16 million ounces at its Napie Gold Project.
Aurum Resources’ 100,000 metre drilling program is ongoing at Boundiali. The miner plans to deliver its next major MRE update in the third quarter of calendar year 2026.
What did Aurum Resources management say?
Commenting on the upgraded resources that have yet to lift the ASX All Ords gold stock today, Aurum Resources managing director Caigen Wang said:
This rapid growth is a direct testament to our unique operational model; by owning and operating our own fleet of diamond drill rigs (16), we have grown Boundiali from a greenfield discovery to a 3.22-million-ounce gold asset in just 28 months. Our group Resource base now stands at 4.38 million ounces of gold.
Looking to what could impact Aurum Resources shares in the coming months, Wang added:
The year ahead represents a pivotal transition for Aurum, with our aggressive 100,000 metre diamond drilling program ongoing at Boundiali to support our Feasibility Studies and our plans to return to Napie and complete another 30,000 metres of drilling before year end
We remain focused on testing numerous high-priority targets that have yet to see a drill bit, as well as testing depth and strike extensions where all deposits remain open.
As for funding the ongoing drill campaign, Aurum Resources reported a cash position of $61 million.
The post Up 44% in a year, ASX All Ords gold stock slips despite 330,000-ounce gold boost appeared first on The Motley Fool Australia.
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Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.