West African Resources Limited March 2014 Quarter Management Discussion and Analysis
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Additional information relating to the Company can be found on the SEDAR website at www.sedar.com, on the Company's website at www.westafricanresources.com.
OPERATIONS HIGHLIGHTS
West African Resources Ltd. (ASX:WAF) is pleased to report activities on its 100%-owned and 100%-earning gold and copper-cold projects in Burkina Faso, West Africa, for the quarter ending 31 March 2014.
Highlights
- Resource estimate updated for Mankarga 5 gold deposit
- Inferred Resources increased by 74% to 1.1Moz
- Indicated Resources increased by 12% to 0.4Moz
- 1.6Mtpa heap leach plant purchased - aiming for 50,000ozpa gold production at Mankarga 5 within 2 years
- Scoping Study due June quarter 2014
- West African signs agreement for final 10% of Tanlouka Permit, WAF now have right to acquire 100% WAF following positive feasibility study
- Completion of 10% placement to raise $3 million
Exploration Highlights
- Completed aircore program at Mankarga 5 (4,600m)
- Ongoing diamond program at Mankarga 5 (1,200m+)
- Auger drilling encompassing Tanlouka tenement commenced (Mankarga 1-4, Manesse, Tanwaka targets)
- Aircore program commenced at Goudre
March 2014 Quarter Summary:
- 5,303m drilled
- $930k Exploration Expenditure
- $352k Administration Costs
- $1.2m cash at 31 March 2014 ($4m after April 2014 placement)
- Fully funded exploration programs into 2014
An updated independent resource estimate for the Mankarga 5 deposit at the Tanlouka Permit, part of the Boulsa Gold Project, was completed and reported on 14 April 2014, increasing the Inferred Resources by 74% and the Indicated Resources by 12% (using a 0.5g/t gold cut-off). This followed West African entering an agreement to acquire the remaining 10% of the Tanlouka Permit in March. The Company now has the right to earn 100% of the project following completion of a positive feasibility study.
West African purchased a used 1.6Mtpa heap leach plant for the Boulsa Project in February and is targeting gold production from the Mankarga 5 deposit within two years. A scoping study to determine the economic potential of a low cost heap leach starter project will be completed by the end of June 2014.
A breakdown of drilling for the March Quarter includes:
- Diamond: 10 holes for 1,828.2 m
- Auger: 281 holes for 1,550 m
- AC: 72 holes for 1,925 m
The Company's objective is to develop a low cost heap leach operation from the combination of the Mankarga 5 deposit and nearby prospects including targets at Moktedu and Goudre. To achieve this stated goal the Company has completed a resource update at Mankarga 5 during the March quarter, leading to the completion of a scoping Study and Preliminary Economic Assessment (PEA) in the June 2014 Quarter.
To view the complete report, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-WAF-678003.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.westafricanresources.com