West African Resources Ltd.

Published : July 27th, 2016

West African hits 41m at 2.2 g/t Au including 8m at 5.7 g/t Au at M5

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Keywords :   Burkina Faso | Diamond | K Street | Water |

West African hits 41m at 2.2 g/t Au including 8m at 5.7 g/t Au at M5

Press Release

28th July 2016

West African hits 41m at 2.2 g/t Au including 8m at 5.7 g/t Au at M5

Gold developer West African Resources Limited (ASX, TSXV: WAF) is pleased to report further high-grade RC results from the M1 prospect, at its 100%-owned Tanlouka Gold Project, Burkina Faso.

Highlights

  • Strong results in M5 resource definition RC drilling 41m at 2.2 g/t Au including 8m at 5.7 g/t Au

  • Step-out drilling at M1 North intercepts 8m at 2.71 g/t Au

  • New results not included in Q3 resource estimate, further resource update planned Q4

  • Feasibility study commenced - funded by $12.5m oversubscribed institutional capital raising

    Managing Director Richard Hyde commented:

    "Step-out drilling at M1 North has intercepted mineralisation 50m north of the current resource area, returning 8m at 2.71 g/t Au.

    "Strong results have also been returned from resource definition drilling at M5 including 41m at 2.2 g/t Au including 8m at 5.7 g/t Au.

    "Drilling is currently focussing on open-pitable mineralisation at M1 and M5. Resource estimation studies for M1, M3 and M5 are in progress and will be release later in Q3 2016. A further resource update incorporating new results will be completed in Q4 2016."

    M5 Resource Definition Drilling

    Resource definition RC drilling underway at M5. A drill program of 3,000m is being completed to upgrade mineralisation from Inferred to Indicated category for inclusion in CIL open-pit mining studies in Q3/Q4 2016. Previous drilling by WAF at M5 in 2014-15 had focussed on the predominantly oxide mineralisation. None of these results have been included in the current resource estimation studies planned for release in Q3 2016, and will be included in a Q4 resource update 2016. Significant results include:

  • TAN16-RC189 22m at 1.15 g/t Au from 80m, including 5m at 4.12 g/t Au

  • TAN16-RC193 29m at 1.60 g/t Au from 58m, including 4m at 9.38 g/t Au*

  • TAN16-RC194 15m at 1.32 g/t Au from 19m

  • TAN16-RC196 33m at 1.54 g/t Au from 36m, including 10m at 2.88 g/t Au

  • TAN16-RC198 14m at 0.98 g/t Au from 29m

  • TAN16-RC199 56m at 0.79 g/t Au from 73m, including 12m at 2.11 g/t Au

  • TAN16-RC200 41m at 2.22 g/t Au from 84m, including 3m at 7.05 g/t Au and 8m at 5.68 g/t Au*

  • TAN16-RC201 55m at 0.99 g/t Au from 81m, including 9m at 2.7 g/t Au

  • TAN16-RC202 81m at 1.12 g/t Au from 11m, including 8m at 3.72 g/t Au*

  • TAN16-RC203 58m at 0.80 g/t Au from 35m, and 14m at 1.02 g/t Au from 97m*

  • TAN16-RC204 32m at 0.76 g/t Au from 72m

  • TAN16-RC205 41m at 1.19 g/t Au from 1m, including 7m at 1.78 g/t Au and 4m at 3.04 g/t Au

* Denotes ended in mineralisation

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

A number of RC drill holes have been stopped early due to ground water ingress. These holes will be extended with Diamond tails to ensure sample quality is satisfactory for Q4 2016 resource estimation studies.

M1 Open to the North

Step-out drilling the northwest of the current resource area on section NW300 has intercepted mineralisation with TAN16-RC176 returning 8m at 2.71 g/t Au from 60m in RC drilling. Step-out drilling on NW500 intercepted broad lower grade mineralisation including 9m at 0.85 g/t Au from 17m and 7m at 0.83 g/t Au from 32m in TAN16-RC180, and 10m at 0.54 g/t Au from 4m in TAN16-RC181, indicating a fertile system open along strike at M1 North.

Figure 1: Tanlouka Gold Project - Mineralised Trends and Prospect Locations

Recent Diamond and RC drilling at M1 South has delivered extremely high grade gold mineralisation over 350m at the southern end of the M1 trend. Recent high grade results from M1 North have reinforced the potential of the broader project. On April 15th 2016, the Company announced a heavily oversubscribed

$12.5m capital raising to fund drilling programs and a CIL feasibility study for the Tanlouka Gold Project which will investigate the combination of high grade gold mineralisation from M1 with the predominantly oxide mineralisation from M5. This study will leverage off the work completed during 2014-15 for the heap leach project. A summary plan for M5 presented below as Figure 2 as well as cross-sections for SW150 and NE200 as Figures 3 and 4. A summary plan for M1 North is presented as Figure 5. Full results are presented in Tables 1 - 3.

Figure 2: M5 Summary Plan

Figure 3: M5 Cross-section SW150

Figure 4: M5 Cross-section NE200

Read the rest of the article at www.publicnow.com
Data and Statistics for these countries : Burkina Faso | All
Gold and Silver Prices for these countries : 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$ 682.8 millions as of today (US$ 492.8 millions, € 431.7 millions).

Its stock quote reached its lowest recent point on February 26, 2016 at AU$ 0.05, and its highest recent level on August 11, 2022 at AU$ 1.41.

West African Resources has 484 249 984 shares outstanding.

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