West African Resources Limited: March 2016 Quarterly Activities Report
02.05.2016 | FSCwire
Perth, Australia - West African Resources Limited (ASX: WAF) is pleased to report activities on its 100%-owned gold and copper-gold projects in Burkina Faso, West Africa, for the quarter ending 31 March 2016.Highlights
Tanlouka Gold Project
M1 South Prospect
- Drilling completed over 350m of strike, open to the north west and at depth
- Ultra-high grade results from M1 South included:
-- 4m at 86.96g/t Au from 93m including 1m at 343.59g/t gold
-- 11m at 43.44g/t Au from 76m including 1m at 349.15g/t Au, 1m at 113.98g/t Au
-- 12m at 53.11g/t Au, including 1m at 534.45g/t Au
- Follow-up RC and diamond core drilling underway at M1 South, further results pending
- Review of feasibility and development options due to extremely high-grade results from M1 South
- Definitive Feasibility Study (DFS) commenced based on larger-scale carbon-in-leach (CIL) development
M1 North Prospect
- Drilling completed over 300m of strike, open to the north west and at depth
- Results included:
-- 17m at 4.28g/t Au from 93m, including 2m at 14.5g/t Au and 1m at 28.3g/t Au
-- 20m at 5.78g/t Au from 68m, including 1m at 96.25g/t Au
-- 12m at 5.02g/t Au from 104m, including 6m at 8.21g/t Au
M3 Prospect
- Drilling extended mineralisation at the eastern zone to 300m
- Results included:
-- 16m at 2.3g/t Au including 8m at4.0 g/t Au, from surface
Corporate
- Heavily oversubscribed placement completed subsequent to quarter end to raise up to $12.5 million from international and domestic institutional and sophisticated investors, including $4 million from a leading North American institutional precious metals fund
- Placement to be completed in 2 tranches, tranche 1 completed raising $3.75m, tranche 2 expected to be completed in late May, raising a further $8.75m
- Proceeds to fund aggressive exploration drilling and resource drill out of M1 discovery and a Tanlouka Project DFS
March 2016 Quarter Summary
- 9,756m drilled
- $0.9m Exploration and Development Expenditure
- $0.4m Administration Costs
- $1.4m cash at bank at 31 March 2016
- $12.5m capital raising complete post quarter end
June 2016 Quarter Plans
- Step out and deeper RC and diamond drilling at M1 North and South
- Resource definition drilling at M5 deposit
- Maiden M1 and M3 Mineral Resource estimates
- Commencement of DFS
Click here for the Quarterly Activites Report
http://fscwire.com/sites/default/files/news_release_pdf/WestAfricanMay12016.pdf
www.westafricanresources.com