West African Resources Ltd.

Published : August 01st, 2016

West African Upgrades Mineral Resources as at Tanlouka

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

West African Upgrades Mineral Resources as at Tanlouka

Press Release

1st August 2016

West African Announces Maiden Mineral Resources for M1 & M3, updated Mineral Resource for M5 at Tanlouka Gold Project

Gold developer West African Resources Limited (ASX, TSXV: WAF) is pleased to announce results of maiden mineral resource estimates for M1 and M3 prospect, and an updated mineral resource estimate for the M5 deposit at its 100%-owned Tanlouka Gold Project, Burkina Faso. Mineral Resource estimates for the Tanlouka Gold Project were completed by independent resource consultant International Resource Solutions Pty Ltd (IRS) and was prepared in accordance with the requirements the 2012 JORC Code and disclosed in accordance with NI 43-101, under which the 2012 JORC Code is acceptable for mineral resource calculation and disclosure.

Highlights

  • Project mineral resources now 9.8Mt tonnes at 2.1 g/t Au for 670,000 ounces of gold (Indicated) and a further 10.7Mt tonnes at 2.0 g/t Au for 695,000 ounces of gold (Inferred)1

  • 34% increase in Indicated mineral resources for Tanlouka Gold Project

  • Maiden M1 South Indicated mineral resource of 290,000 tonnes at 10.3 g/t Au for 96,000 ounces of gold and Inferred mineral resource of 410,000 tonnes at 6.4 g/t Au for 83,000 ounces of gold1

  • M1 South structure averages 1,600 ounces per vertical metre 30m to 130m below surface and remains open along strike and down plunge

  • The Company will report a further resource update at M1 South in Q4 following a 10,000m Diamond drilling campaign to test mineralisation down to 300 vertical metres

Managing Director Richard Hyde commented:

"We are pleased to deliver a maiden resource for M1 South in such a short period of time. This discovery should significantly impact on the potential economics of the project. M1 South mineralisation is open down plunge and along strike.

"The bulk of the current M1 south resource sits between 30m and 130m below surface, where contained gold averages 1,600 ounces per vertical metre. To date M1 South has only been drilled to an average vertical depth of 120m.

"The Company's focus at has strongly shifted to M1 South since the discovery of high grade gold shoots in March 2016. We are stepping up the drilling campaign with additional Diamond rigs focussed on adding to the resource inventory and upgrading inferred resources. This is principally focussed on M1 South but also the M5, M1 North and M3 deposits. We will provide a further resource update for the Tanlouka Gold Project in Q4. The Company aims to have a completed feasibility study and granted mining permit for the project by the end of 2016.

1. Mineral resources reported at 1 g/t Au cut-off grade

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

TABLE 1: MINERAL RESOURCE STATEMENT, TANLOUKA GOLD PROJECT,

International Resource Solutions Pty Ltd, with an effective date of August 1, 2016

Cut-off

Indicated Resource

Inferred Resource

(Au g/t)

Tonnes

Grade

Au Oz

Tonnes

Grade

Au Oz

(Au g/t)

(Au g/t)

M5

0.5

22,400,000

1.2

842,000

24,100,000

1.1

877,000

1

9,000,000

1.9

540,000

9,300,000

1.8

546,000

M1 South

0.5

510,000

6.2

101,000

700,000

4.0

90,000

1

290,000

10.3

96,000

410,000

6.4

83,000

5

110,000

23.0

85,000

100,000

18.8

63,000

M1 North

0.5

630,000

2.0

40,000

770,000

1.9

47,000

1

500,000

2.3

36,000

570,000

2.3

42,000

M3

0.5

-

-

-

540,000

1.6

29,000

1

-

-

-

440,000

1.8

26,000

Total

0.5

23,530,000

1.3

980,000

26,110,000

1.2

1,043,000

1

9,790,000

2.1

670,000

10,720,000

2.0

695,000

*Mineral resources are not mineral reserves and do not have demonstrated economic viability. All figures have been rounded to reflect the relative accuracy of the estimates. Mineral resources have been reported within optimized pit shells using a gold price of US$1650/oz a cut-off grade of 0.3 g/t Au for oxide mineralization and 0.4 g/t Au for fresh rock derived by the following key input parameters. Metallurgical recovery for CIL processing: oxide and transitional - 95% & fresh - 90%. Mining cost: $1.50/t oxide; $1.90/t transitional; $2.50/t fresh. Process costs: $9.00/t for oxide; $12.00/t for transitional and fresh. Pit slope angles of 45° for oxide and 50° for transitional and fresh at a conceptual annual production rate of 2.5 Mtpa.

Figure 1: Tanlouka Gold Project Mineral Resources, 1 August 2016

Figure 2: Tanlouka Gold Project Location

Maiden M1 & M3, Updated M5 Mineral Resource Estimation Parameters

A summary of the material information used to estimate the mineral resource is presented below in accordance with JORC and disclosed in accordance with NI 43-101 requirements. A more detailed description is contained in Appendix 1. The NI 43-101 Technical Report in support of the updated mineral resource estimates for the Tanlouka Gold Project will be published on WAF's website and SEDAR www.sedar.com within 45 days of this news release.

Geology and Geological Interpretation

The Mankarga prospect area is characterised by a volcanosedimentary sequence which is mostly composed of undifferentiated pelitic and psammitic metasediments as well as volcanosedimentary units. This sequence has been intruded by diorite and granodiorite intrusions, and strongly deformed with gold mineralisation generally parallel to sub-parallel with the main shear orientation. Gold mineralization at the Mankarga prospects is associated with quartz veining, silica, sulphide and carbonate-albite, tourmaline-biotite alteration. Significant free gold is present at M1 South, and elsewhere on the project gold is associated with minor sulphides including pyrrhotite, pyrite, chalcopyrite and arsenopyrite. The shear zones hosting mineralisation on the Tanlouka Gold Project can be traced on 50m spaced sections over approximately 3km at Mankarga 5, 25m spaced sections over approximately 1km for Mankarga 1 and 20m spaced sections over approximately 750m for Mankarga 3. The mineralisation interpretation utilised a 0.3 g/t Au edge cut-off for overall shear zone mineralisation.

Drilling Techniques

The area of the Mankarga 5 resource was drilled using Reverse Circulation (RC), Aircore (AC) and Diamond drill holes (DD) on a nominal 50m x 25m grid spacing. A total of 674 AC holes (22,035.4m), 26 DD holes (4,735.8m) and 2 RC drill holes (170.0m) were drilled by West African Resources (WAF) between 2013 and 2016. A total of 60 RC holes (7,296.2m) and 71 DD holes (15,439.6m) were drilled by Channel Resources (CHU) in 2010-2012. Holes were angled towards 120° or 300° magnetic at declinations of between -50° and -60°, to optimally intersect the mineralised zones.

The area of the Mankarga 1 resource was drilled using Reverse Circulation (RC), Aircore (AC) and Diamond drill holes (DD) on a nominal 25m x 20m grid spacing. A total of 360 AC holes (6,950.2m), 16 DD holes (1,688.3m) and 87 RC drill holes (8,882.0m) were drilled by West African Resources (WAF) in 2015-2016. A total of 23 RC holes (3,060.0m) and 7 DD holes (1,199.0m) were drilled by Channel Resources (CHU) in 2010-2012. Holes were angled towards 020°, 045°, 180°or 225° magnetic at declinations of between -50° and -60°, to optimally intersect the mineralised zones.

The area of the Mankarga 3 resource was drilled using Aircore (AC) and Diamond drill holes (DD) on a nominal 20m x 20m grid spacing. A total of 269 AC holes (9,007.8m) and 4 DD holes (262.6m) were drilled by West African Resources (WAF) in 2015-2016. Holes were angled towards 090° or 225° magnetic at declinations of -50°, to optimally intersect the mineralised zones.

Sampling and sub-sampling techniques

RC samples were split and sampled at 1m and 2m intervals respectively and aircore samples were split and sampled at 1m intervals using a three-tier riffle splitter. Diamond core is a combination of HQ, NQ2 and NQ3 sizes and all Diamond core was logged for lithological, alteration, geotechnical, density and other

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West African Resources Ltd.

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CODE : WAF.AX
ISIN : AU000000WAF6
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West African Resources is an 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$ 464.9 millions as of today (US$ 360.8 millions, € 298.9 millions).

Its stock quote reached its lowest recent point on February 26, 2016 at AU$ 0.05, and its highest recent level on July 10, 2020 at AU$ 1.06.

West African Resources has 484 249 984 shares outstanding.

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