West African Resources Ltd.: December 2018 Quarterly Report
22.01.2019 | Accesswire
SUBIACO, January 22, 2019 - Gold developer West African Resources Ltd. (ASX, TSXV: WAF) is pleased to report progress on its Sanbrado Gold Project ("Sanbrado"), Burkina Faso, for the quarter ending 31 December 2018.Highlights
Project Development Summary
- Underground mining contract awarded to Byrnecut
- Mill package awarded to Outotec, order placed for 4MW SAG and ball mills
- EPCM contract for Sanbrado awarded to Lycopodium
- Earthworks, camp and box cut for underground access commenced by WAF construction team
- Further Key hires completed for construction, operations and security teams
M1 South Diamond Drilling
- 1km diamond hole intercepted extensive visible gold returning 25m at 15.03 g/t Au
- Intercept located 220m vertical beneath existing Probable Ore Reserves, confirms potential to extend M1 South underground mine life past 4.5 years
- Parallel high-grade zone at M1 South intercepted 300m below surface, 180m east of main zone 2m at 138.4 g/t Au and 5.5m at 15.5 g/t Au
- Infill drilling returns 21.5m at 15.3 g/t and 14.5m at 19.9 g/t Au
Corporate Summary
- West African fully funded through to gold production in 2020 at Sanbrado
- US$200 million finance facility secured with Taurus Funds Management Pty Ltd
- Fully underwritten institutional Share Placement completed raising A$43.2 million
- Share Purchase Plan offer for up to A$5 million enabling retail shareholders to participate in Sanbrado project funding closes January 25, 2019
- Updated security protocols and procedures for staff and contractors in Burkina Faso
December 2018 Quarter Summary
- 5,656m drilled
- A$7.8m exploration and mine development expenditure
- A$4.2m administration costs (including costs associated with project finance raising - debt and equity)
- A$66.4m cash at bank at 31 December 2018
March 2019 Quarter Plans
- Completion of feasibility study optimisation and update
- Exploration drilling near surface targets in trucking distance to Sanbrado
- Award of open pit mining contract
- Completion of stage 1 camp (120 rooms), admin building, clinic and temporary power station
- Major mechanical and electrical equipment procurement
- Structural steel and platework fabrication commencement
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SOURCE: West African Resources Ltd.