PERTH, Australia--(BUSINESS WIRE)--
Gold developer West African Resources Limited (ASX:WAF) (TSX-V:WAF) is pleased to announce further high-grade gold results from sulphide diamond drilling at its Mankarga 5 deposit, Burkina Faso.
Managing Director Richard Hyde commented:
"Diamond drilling beneath the proposed oxide starter pit reinforces the potential for a stage two CIL project at Mankarga.
"Our scoping study released in July, which focussed on heap leaching near surface oxide material, showed that we can produce up to 60,000 ounces of gold per year from a single open-pit, at all in sustaining costs of US$685 per ounce, with initial capital costs of less than US$45m.
"Diamond drilling targeting mineralisation beneath the oxide starter pit is continuing, and we will complete scoping studies investigating a stage two CIL project early next year."
Diamond drilling at the Mankarga 5 deposit has again demonstrated excellent grade continuity beneath the proposed oxide starter pit that the Company intends to treat by conventional heap leach processing (Figures 1 and 2 in link below). Results from the ongoing diamond drilling program targeting primary mineralisation include:
TAN14-DD020: 29m at 1.59g/t Au including 4m at 2.98g/t Au and 3m at 4.5g/t Au from 62m
TAN14-DD022: 3m at 5.75g/t Au including 1m at 16.65g/t Au from 185m and;
TAN14-DD022: 72m at 2.15g/t Au from 231m including;
- 7m at 7.68g/t Au from 243m
- 5m at 3.58g/t Au from 263m
- 1m at 17.57g/t Au from 271m
- 8m at 2.69g/t Au from 278m
- 3m at 2.93g/t Au from 295m
High-grade gold mineralisation on SW650 is open at depth with intercepts in TAN14-DD022 down dip of TAN11-RC-56 which returned 16m at 5.23g/t Au including 4m at 18.4g/t Au. High-grade mineralisation has also been located in the hanging wall of the main zone including 8m at 13.41g/t Au from 6m in TAC0214, and immediately adjacent to 2m at 15.55g/t Au from 56m in TAN11-RC71.
Diamond drilling targeting higher grades at depth mineralisation is continuing. An updated cross-section of SW0650 and a summary plan showing results from recent drilling is shown below in Figures 1 and 2, with results presented in Tables 1 and 2 in link below.
In February, West African acquired a second-hand 1.6Mtpa heap leach plant as part of its plan to fast-track development of Mankarga 5. In July, the Company delivered positive results from a Scoping Study which demonstrated a low capital cost, high margin, heap leach starter project (ASX,TSXV: 29/7/14).
The Company is focussed on near-term production with its immediate attention on the Mankarga 5 deposit and existing nearby gold prospects. The Company aims to be a +50,000oz per annum gold producer by the end of 2015 via a low-cost heap leach starter project.
The proposed project development schedule for Mankarga 5 and surrounding prospects is shown below in Table 3 in link below.
To view figures and tables, please visit: http://media.abnnewswire.net/media/en/docs/ASX-WAF-693891.pdf
About West African Resources Limited
West African Resources Limited (ASX:WAF) (TSX-V:WAF) is a gold-copper exploration company dedicated to creating shareholder value through the acquisition, exploration and development of resource projects in Burkina Faso, West Africa.
West African has a landholding of 6,370sq km and 200km of strike length of early Proterozoic Birimian greenstone belts, which are highly prospective for gold mineralisation.
Contact
Richard Hyde
Managing Director
Ph: +61-8-9481-7344
Nathan Ryan
Investor Relations
Ph: +61-420-582-887