West African Resources Ltd.

Published : December 14th, 2015

15m at 1.2g/t Au including 7m at 2.2g/t Au from 4m at M3

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Keywords :   Australia | Burkina Faso | Diamond | Gold | K Street |

15m at 1.2g/t Au including 7m at 2.2g/t Au from 4m at M3

Microsoft Word - 151214_Mankarga3_Final


Press Release

15th December 2015


West African extends M3 eastern zone 150m 15m at 1.2g/t Au including 7m at 2.2g/t Au from 4m


Gold developer West African Resources Limited (ASX, TSXV: WAF) is pleased to report further shallow oxide RC results from the M3 prospect, at its 100% owned Tanlouka Gold Project, Burkina Faso.

Highlights

  • RC drilling at M3 eastern zone extends shallow oxide gold mineralisation to the north 150m, still open along strike supported by geochem anomaly

  • Potential to add ounces to existing heap leach Probable Ore Reserve of 440,000oz gold1

  • Ausdrill mobilized to site, resource definition drilling at M1 and M3 to commence shortly

    Managing Director Richard Hyde commented:

    "TAC1127 returned a solid shallow oxide result of 15m at 1.2g/t Au, extending mineralisation 150m to the north at the emerging eastern zone of the M3 prospect.

    "Gold mineralisation at M3 is located less than 2km from the proposed starter pit at M5.

    "Follow-up drilling with Company-owned rigs is in progress. Ausdrill is mobilising to site to commence follow-up drilling shortly.

    Further Extensions at M3 Eastern Zone

    Shallow high-grade oxide gold mineralisation has been extended 170m to the north in RC drilling at the M3 prospect eastern zone (Figure 1 and 2). Step-out drilling in TAC1127 returned 15m at 1.2g/t Au, including 7m at 2.2g/t Au, from 4m. Shallow oxide mineralisation can now be traced over 300m strike in a north-south orientation and is located 150m north of TAC1121 and TAC1123 reported last week.

    Recent RC drilling from the current program at M3 has returned significant results including:

  • TAC0995: 5m at 2.17g/t Au from 40m ending in mineralisation

  • TAC0996: 32m at 5.02g/t Au including 13m at 7.14g/t Au from 2m

  • TAC1024: 9m at 1.11g/t Au from 19m

  • TAC1047: 25m at 2.45g/t Au from 12m, including 17m at 3.35g/t Au, ending in mineralisation

  • TAC1097: 13m at 1.77g/t Au from 22m

  • TAC1102: 20m at 2.80g/t Au from 24m, including 8m at 3.98g/t Au

  • TAC1109: 12m at 1.67g/t Au from 4m

  • TAC1121: 12m at 1.14g/t Au from 16m, ending in mineralisation

  • TAC1123: 4m at 2.24g/t Au from surface

  • TAC1127: 15m at 1.2g/t Au from 4m, including 5m at 2.2g/t Au


Principal Office: 14 Southbourne Street, Scarborough WA 6019, Western Australia

T: + 61 8 9481 7344 F: + 61 8 9481 7355 E: [email protected] www.westafricanresources.com ACN: 121 539 375


1 See page 5 Ore Reserve Table

Significant Potential to Increase Project Resources

None of the recently discovered gold mineralisation at the M3 prospect is currently included in the project resource inventory. M3 mineralisation will be modelled and incorporated in a resource update later this year. Any additional higher grade oxide tonnes will have a positive impact on the project economics, see page three.

It is expected that oxide mineralisation from M3 will exhibit similar metallurgical characteristics to M5 oxides, and will be amenable to heap leach processing. Follow-up RC and Diamond drilling is in progress and will continue into 2016. Results from recent drilling is shown below in Figures 1 and 2, with results presented in Table 1.

Figure 1: Mankarga Regional Exploration Summary Plan


Figure 2: M3 Summary Plan



Table 1

Mankarga Significant Intercepts 0.2 g/t Cut Off

Hole ID

From

To

Interval

Au g/t

Dip

Azi

EOH

Easting

Northing

RL

Prospect

TAC0828

0

4

4

0.53

-50

180

41

741287

1336368

305

M2

TAC0832*

36

39

3

0.84

-50

360

39

741187

1336431

310

M2

TAC0833

20

35

15

0.83

-50

180

37

741187

1336433

310

M2

TAC0834

39

41

2

0.56

-50

180

60

741187

1336410

309

M2

TAC0841

8

15

7

0.48

-50

90

36

740865

1336511

312

M2

TAC0841

20

22

2

1.96

-50

90

36

740865

1336511

312

M2

TAC0995

40

45

5

2.17

-50

225

46

740718

1337376

312

M3

TAC0996

2

34

32

5.02

-50

225

43

740704

1337362

313

M3

TAC1024

19

28

9

1.11

-50

225

37

740985

1337078

305

M3

TAC1025

0

2

2

1.47

-50

225

34

740971

1337062

305

M3

TAC1025

27

33.7

6.7

1.09

-50

225

34

740971

1337062

305

M3

TAC1046

4

12

8

0.63

-50

225

43

740718

1337319

313

M3

TAC1047

12

37

25

2.45

-50

225

37

740703

1337305

313

M3

TAC1060

24

29

5

1.21

-50

225

45

740717

1337235

311

M3

TAC1068

9

14

5

2.61

-50

225

20

740967

1337123

305

M3

TAC1079

0

4

4

0.54

-50

225

28

741002

1337034

305

M3

TAC1097

22

35

13

1.77

-50

225

42

740716

1337347

312

M3

TAC1098

28

30

2

0.58

-50

225

44

740699

1337330

313

M3

TAC1098

35

38

3

1.54

-50

225

44

740699

1337330

313

M3

TAC1098*

42

44.45

2.45

0.87

-50

225

44

740699

1337330

313

M3

TAC1102

24

44

20

2.8

-50

225

47

740716

1337402

312

M3

TAC1109

4

16

12

1.67

-50

225

34

740694

1337273

312

M3

TAC1121

8

12

4

0.71

-50

225

28

740964

1337194

306

M3

TAC1121*

16

28

12

1.14

-50

225

28

740964

1337194

306

M3

TAC1122

8

20

12

0.98

-50

225

25

740952

1337185

306

M3

TAC1123

0

4

4

2.24

-50

225

30

740943

1337175

306

M3

TAC1123

8

12

4

0.83

-50

225

30

740943

1337175

306

M3

TAC1127

4

19

15

1.23

-50

225

25

740922

1337299

306

M3

TAC1133

32

36

4

0.80

-50

225

40

740726

1337213

311

M3

TAC1142

12

16

4

0.55

-50

225

28

740973

1337034

305

M3

TAC1144

12

24

12

0.94

-50

225

30

740950

1337021

306

M3


  • * denotes ending in mineralisation

  • All holes are RC holes.

  • All reported intersections from the current 2015 program are assayed at either 1m or 4m composited intervals.

  • Sample preparation and Fire Assay conducted by BIGS Ouagadougou. Assayed by 50g fire assay with AAS finish.

  • Mineralised intervals reported with a maximum of 2 metre of internal dilution of less than 0.20g/t gold (Table 1). No top cut applied.

  • Sample preparation and Fire Assay conducted by BIGS Ouagadougou. Assayed by 50g fire assay with AAS finish.

  • QA/QC protocol: For RC samples we insert one blank, one standard and one duplicate for every 17 samples (3 QA/QC within every 20 samples).


    2015 PFS Highlights

    West African Resources Limited completed an updated Pre-Feasibility Study report for an oxide heap leach starter project on its Mankarga 5 Gold Project, Burkina Faso in May 2015 (ASX, TSXV: 15/5/15, 29/5/2015). It was prepared in accordance with the requirements of both the Australian 2012 JORC Code and Canadian NI 43-101. The report is filed on SEDAR and on the Company's website. A summary of the base case is stated below assuming a 100% project at a gold price of $1,300/oz. All amounts are in US dollars.

  • Production of 69,000oz pa for first 3 years, 49,000oz pa for life of mine, 7 year life of mine

  • Cash costs $428/oz for 3 years, $635/oz life of mine

Read the rest of the article at www.noodls.com
Data and Statistics for these countries : Australia | Burkina Faso | All
Gold and Silver Prices for these countries : Australia | Burkina Faso | All

West African Resources Ltd.

EXPLORATION STAGE
CODE : WAF.AX
ISIN : AU000000WAF6
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West African Resources is a exploration company based in Australia.

Its main exploration properties are MARANDET in Niger and BOULSA in Burkina Faso.

West African Resources is listed in Australia. Its market capitalisation is AU$ 554.5 millions as of today (US$ 400.2 millions, € 350.5 millions).

Its stock quote reached its lowest recent point on February 26, 2016 at AU$ 0.05, and its highest recent level on November 19, 2021 at AU$ 1.47.

West African Resources has 484 249 984 shares outstanding.

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In the News and Medias of West African Resources Ltd.
7/25/2016in The Australian
Financings of West African Resources Ltd.
8/18/2016Issue of securities
8/18/2016ISSUE OF SECURITIES WITHOUT A DISCLOSURE DOCUMENT
3/25/2011$7 Million Capital RaisingUser-Agent: ExpressionEngine 1.6.9
Nominations of West African Resources Ltd.
2/28/2014Appointment of Colin Jones as Non-Executive Director
Financials of West African Resources Ltd.
10/31/2016Quarterly Activities and Cashflow Report
7/29/2016June 2016 Quarterly Activities Report
5/2/2016March 2016 Quarterly Activities Report
2/14/2016December 2015 Quarter Interim Financial Report
Project news of West African Resources Ltd.
9/14/2016hits 10m at 18.33g/t Au including 1m at 165.14g/t at M1 Sout...
8/1/2016(Tanlouka)Upgrades Mineral Resources as at Tanlouka
2/1/2016West African hits 19m at 1.9g/t Au from 40m, including 3m at...
10/15/2015West African commences drilling at M3 gold discovery
8/16/2015New gold zone returns up to 13g/t Au in auger drilling
6/18/2015Outstanding results at Mankarga 1 prospect – Up to 4g/t Au i...
2/19/2014Acquires Heap Leach Plant Targeting Gold Production 2015
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Corporate news of West African Resources Ltd.
7/31/2017June 2017 Quarterly Activities and Cashflow Report
8/25/2016West African Resources Repays US$5m Loan Facility
8/1/2016West African Upgrades Mineral Resources as at Tanlouka
7/27/2016West African hits 41m at 2.2 g/t Au including 8m at 5.7 g/t ...
7/20/2016Clarus Securities initiates coverage on West African Resourc...
7/17/2016West African hits 1107g/t Au at M1 South
6/16/2016West African hits visible gold at 175m, confirms depth poten...
5/13/2016March 2016 Quarter Interim Financial Report
5/13/2016March 2016 Quarter Management Discussion & Analysis
5/11/2016West African hits 14m at 8.7g/t Au from 75m including 1m at ...
5/5/2016West African hits 6m at 9.2g/t Au from 15m at M1 South
4/26/2016Notice of General Meeting/Proxy Form
4/26/2016Section 708 Notice
4/20/2016West African hits 9m at 9.7g/t Au from 112m, including 1m at...
4/13/2016Trading Halt
4/5/2016West African hits 96.3g/t Au at M1 North
12/23/2015Becoming a substantial holder for WAF
12/21/2015Preliminary metallurgical recoveries average 97.5% at M1 and...
12/14/201515m at 1.2g/t Au including 7m at 2.2g/t Au from 4m at M3
9/30/2015Management Discussion & Analysis
9/30/2015Annual Report
9/18/2015Company Update
9/1/2015Final Director’s Interest Notice x 2
7/31/2015June Quarterly Activities Report
6/17/2015West African extends M5 by 1.5km, up to 0.63g/t Au in Auger
10/6/2014West African Resources Limited 72m at 2.2 g/t Au Including 7...
8/19/2014West African Resources Limited 15m at 5.9 g/t Au including 5...
8/12/2014West African Resources Limited Finds Extension of Mankarga 5...
8/6/2014West African Resources Limited West African Oxide Drilling 2...
12/6/2013Acquisition by West African Resources Approved
8/14/2013Letter of Intent for the Acquisition of Channel Resources by...
10/9/2012Hartleys initiates coverage on West African Resources (ASX: ...
7/29/2011June 2011 Quarterly ReportUser-Agent: ExpressionEngine 1.6.9
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