Gold developer West African Resources Limited (ASX, TSXV: WAF) is pleased to announce results of maiden mineral resource estimates for M1 and M3 prospect, and an updated mineral resource estimate for the M5 deposit at its 100%-owned Tanlouka Gold Project, Burkina Faso. Mineral Resource estimates for the Tanlouka Gold Project were completed by independent resource consultant International Resource Solutions Pty Ltd (IRS) and was prepared in accordance with the requirements the 2012 JORC Code and disclosed in accordance with NI 43-101, under which the 2012 JORC Code is acceptable for mineral resource calculation and disclosure.
Highlights
- Project mineral resources now 9.8Mt tonnes at 2.1 g/t Au for 670,000 ounces of gold (Indicated) and a further 10.7Mt tonnes at 2.0 g/t Au for 695,000 ounces of gold (Inferred)
- 34% increase in Indicated mineral resources for Tanlouka Gold Project
- Maiden M1 South Indicated mineral resource of 290,000 tonnes at 10.3 g/t Au for 96,000 ounces of gold and Inferred mineral resource of 410,000 tonnes at 6.4 g/t Au for 83,000 ounces of gold
- M1 South structure averages 1,600 ounces per vertical metre 30m to 130m below surface and remains open along strike and down plunge
- The Company will report a further resource update at M1 South in Q4 following a 10,000m Diamond drilling campaign to test mineralisation down to 300 vertical metres
Managing Director Richard Hyde commented:
�We are pleased to deliver a maiden resource for M1 South in such a short period of time. This discovery should significantly impact on the potential economics of the project. M1 South mineralisation is open down plunge and along strike.
�The bulk of the current M1 south resource sits between 30m and 130m below surface, where contained gold averages 1,600 ounces per vertical metre. To date M1 South has only been drilled to an average vertical depth of 120m.
�The Company�s focus at has strongly shifted to M1 South since the discovery of high grade gold shoots in March 2016. We are stepping up the drilling campaign with additional Diamond rigs focussed on adding to the resource inventory and upgrading inferred resources. This is principally focussed on M1 South but also the M5, M1 North and M3 deposits. We will provide a further resource update for the Tanlouka Gold Project in Q4. The Company aims to have a completed feasibility study and granted mining permit for the project by the end of 2016."
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