West African Resources Limited - Quarterly Activities Report
02.02.2014 | ABN Newswire
Perth, Australia (ABN Newswire) - West African Resources Ltd. (ASX:WAF) (CVE:WAF) is pleased to report activities on its projects in Burkina Faso, West Africa, for the quarter ending 31 December 2013.The Quarter saw the Company complete the acquisition of TSXV Channel Resources Ltd. with final approvals from the TSX granted after the quarter end on 17 January 2014. The focus of the acquisition by West African was Channel's main asset, the Tanlouka Permit, which includes the Mankarga 5 Mineral Resource. Further information regarding the Mankarga 5 Mineral Resource is included at the end of this report under the heading "Supplementary Information - Channel Resources Ltd. Acquisition".
Work also commenced at the Moktedu Prospect during the quarter, which is located some 10km north of the newly acquired Tanlouka Permit. Work continued at Sartenga with diamond drilling adding more confidence to the geological model. Drilling has recently finished at Sartenga with the Company's activities now shifting to work programs at Mankarga 5, including RC drilling, metallurgical diamond core drilling and oriented diamond core drilling targeting high-grade zones at depth. The Company's objective is to develop a low CAPEX heap leach operation from the combination of the Mankarga 5 deposit and nearby prospects including targets at Moktedu and Goudré. To achieve this stated goal the Company will complete a resource update at Mankarga 5 and Moktedu during the March quarter, leading to the completion of a scoping Study and Preliminary Economic Assessment (PEA) in the June Quarter.
The Company remains well-funded to complete the stated work programs, with $1.3M in cash at the end of the December quarter. Th
Corporate Activities:
- Acquisition of Channel Resources Ltd. completed 17th January 2014
- 99.6% of Channel shareholders voted in favour of transaction
- WAF now has 90% interest of the Tanlouka Permit, adjacent with Boulsa Project in Burkina Faso
Exploration Activities:
- Further deep diamond drilling at Sartenga copper-gold discovery:
231m at 0.6% Cueq* from 100m including 21m at 1.1% Cueq* from 201m, 40m at 0.9% Cueq* from 255m and 15m at 0.8% Cueq* from 305m
- Sartenga resource upgrade in grade and tonnage due end of Q1 2014
- Resource drilling underway at Moktedu Prospect
December 2013 Quarter Summary:
- 9,500m drilled
- $1.2m Exploration Expenditure
- $0.23m Administration Costs
- $1.3m cash reserves at 31 December 2013 (post quarter end, following Channel acquisition, cash reserves $2.1m)
- Fully funded exploration programs into 2014
March 2014 Quarter Plans:
- Mankarga 5 resource update, Moktedu maiden resource estimate, Sartenga resource upgrade
- Work Programs at Mankarga 5, Q1 2014:
+ 5,000m shallow RC drilling
+ 400m metallurgical diamond core drilling
+ 2,100m diamond core program; six 350m oriented core holes
+ Re-logging of historic drill holes (22,000m RC and diamond core)
+ Re-interpretation of geology and mineralisation model
+ Resource update towards end of Q1 2014
+ Scoping study on low CAPEX heap leach gold starter project towards end of H1 2014
To view the full report, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-WAF-666428.pdf
About West African Resources Limited
Dual listed (TSX-V and ASX) West African Resources Ltd. 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:
West African Resources Ltd.
Nathan Ryan, Investor Relations
T: +61-420-582-887
E: info@westafricanresources.com
WWW: www.westafricanresources.com