West African Resources Ltd.

Published : April 20th, 2016

West African hits 9m at 9.7g/t Au from 112m, including 1m at 61.7g/t Au at M1 North

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

West African hits 9m at 9.7g/t Au from 112m, including 1m at 61.7g/t Au at M1 North

Microsoft Word - 160421_M1_Final

Press Release

21st April 2016

West African hits 9m at 9.7g/t Au from 112m, including 1m at 61.7g/t Au at M1 North

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.


  • RC drilling returns 9m at 9.7g/t Au from 112m, including 1m at 61.7g/t Au

  • Results over 300m strike, open to the northwest

  • Further round of step-out drilling at M1 North planned

  • Drilling in progress at M1 South - assays pending

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

Managing Director Richard Hyde commented:

"Deeper RC drilling in the northwest of the M1 prospect has delivered strong results with TAN16-RC141 returning 9m at 9.7g/t Au from 112m, including 1m at 61.7g/t Au.

"TAN16-RC141 is on the northwestern limit of M1 North. Mineralisation is open along strike to the northwest, and will be tested with step-out drilling.

"New results confirm continuity of high grade open-pitable gold mineralisation at the M1 North prospect over at least 300m.

Drilling is in progress at M1 South. Further results are imminent.

Confirmation of high grade gold at M1 North

Drilling has been completed over 300m of strike at M1 North targeting results from early 2016 (TAN16- RC93-111, ASX/TSXV: 22/1/2016 & 2/2/2016), many of which returned lower than expected results due to holes intercepting open stopes and backfill material. All results have been reported for the current drilling program at M1 North. A follow-up RC and Diamond core program is in progress at M1 South.

Latest results are presented below include:

  • TAN16-RC138: 15m at 1.25g/t Au from 76m

  • TAN16-RC139: 7m at 1.91g/t Au from 101m

  • TAN16-RC140: 4m at 1.61g/t Au from 76m and 7m at 1.63g/t Au from 99m

  • TAN16-RC141: 10m at 0.72g/t Au from 82m, and

    TAN16-RC141: 9m at 9.66g/t Au from 112m, including 1m at 61.65g/t Au

  • TAN16-RC142: 11m at 1.48g/t Au from 73m

  • TAN16-RC143: 6m at 3.35g/t Au from 111m

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

All drilling results reported are composited using a trigger of 0.2g/t Au, and do not include more than two metres of internal waste (0.2g/t Au). Higher grade intervals reported are composited using a 5g/t Au trigger again with no more than two metres of internal waste (5g/t Au). Further details for interested readers are presented in the footnotes following Table 1 and Section 1 at the back of this announcement.

The second round of drilling at M1 North has intercepted significant zones of mineralisation beneath historic workings at depths of between 60 and 100m down hole. Mineralisation is associated with laminated quartz veining and pervasive silica-sericite alteration. Mineralisation is open along strike and at depth. Step-out drilling has been planned. Figure 1 below shows the M1 prospect in relation to the M3 and M5 trends.

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 at least 300m at the southern end of the M1 trend (ASX/TSX: 4th & 11th Feb, 1st , 15th , 22nd & 30th March 2016). 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 cross-section through section NW275, long-section through the M1 North mineralised zone and summary plan are presented below as Figures 2 - 4. Full results are presented in Table 1.

Figure 2: M1 Cross section - NW0275

West African Resources Limited

Figure 3: M1 North Long-section

Page: 4

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Data and Statistics for these countries : Burkina Faso | All
Gold and Silver Prices for these countries : Burkina Faso | All

West African Resources Ltd.

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$ 484.2 millions as of today (US$ 349.5 millions, € 306.2 millions).

Its stock quote reached its lowest recent point on February 26, 2016 at AU$ 0.05, and its highest recent level on October 16, 2020 at AU$ 1.23.

West African Resources has 484 249 984 shares outstanding.

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