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The company completed an oversubscribed A$5 million at 20c, and is taking on three non-core projects that needed a little more trackwork than Aldoro could afford given its decision to focus on its Narndee nickel and Wyemandoo lithium/rubidium projects.
The projects include one sprinter, Penny South, and two untested fillies at Ryan's Find and Unaly Hill South.
The company has just completed a structural review of Penny South, and is revising its maiden drilling program plans.
Penny South holds an interpreted 2.5km of strike along the Penny structure where Ramelius Resources is looking to recover some 300,000oz at 17gpt at Penny West, and where 85,000oz was recovered in the 1990s.
Despite high-grade production, the Youanmi district fell from favour with the gold price collapse in the early 2000s, and the presence of cover meant the area saw little interest until Spectrum Metals made its Penny West discovery in 2019 - now being developed by Ramelius.
Aldoro has completed three drilling campaigns at Penny South since acquiring the project, but the area has seen only an average drilling depth of 40m, meaning it is effectively unexplored despite the proximity of the original Penny pit and promising drill intercepts that demand follow-up drilling.
Aurum plans to spend half its search budget at Ryan's Find located on the underexplored Watts Hill greenstone belt between Coolgardie and Southern Cross, where it controls 50km of strike that is bookended by historical gold mines and workings.
Aldoro focused on Kambalda-style nickel targets, but Aurum will focus on the emerging gold potential.
Geochemical sampling has commenced over the granted licence, while three applications are pending.
Aurum also has the Unaly Hill South on the structural juncture between the Youanmi and Yuinmery shears, between the Youanmi and Sandstone mining districts.
Past exploration has focused on the vanadium potential.
Aurum counts its parent has its single largest shareholder at 16.7%, with the top 20 shareholders owning 60.5% at open.
The stock traded as high as 26c, closing up 12% at 22.5c.
