West African Resources Limited: December 2015 Quarterly Activities Report
29.01.2016 | Marketwired
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 December 2015.Highlights
Tanlouka Gold Project
- 100% ownership of Tanlouka Permit completed
- Mining licence application lodged
- Environmental and Social Impact Assessment (ESIA) and Relocation Action Plan (RAP) completed, submitted and under review and consultation
- Follow-up drilling at M3 prospect results included:
-- 25m at 2.5g/t Au including 17m at 3.35g/t Au ending in mineralisation
-- 20m at 2.8g/t Au including 8m at 4.0g/t Au
-- 16m at 2.3g/t Au from surface, including 8m at 4.0g/t Au ending in mineralisation
- Two zones of mineralisation at M3 identified, combined strike of 500m
- Continued impressive results from M1 prospect including:
-- 14m at 4.5g/t Au including 3m at 16.2g/t Au from 36m
-- 6m at 2.52g/t Au from 48m
-- 8.6m at 1.84g/t Au from 9m
-- 3m at 21.54g/t Au from 10m
- Follow-up RC drilling commenced in late December 2015 with early results including:
-- 16m at 5.3g/t Au including 8m at 9.44g/t Au from 48m
- Gold mineralisation at M1 and M3 is located less than 2km from the proposed heap leach starter pit at Mankarga 5
- Resource definition drilling to incorporate M1 and M3 into project resource inventory underway – updated resource estimate expected in Q2 2016
- Recoveries of 97.5% gold from preliminary test work completed on M1 and M3 samples
December 2015 Quarter Summary
- 7,458.41m drilled
- $1.13m exploration and development expenditure
- $0.32m administration costs
- $0.30m R&D benefit received
- $2.65m cash at bank at 31 December 2015
Corporate
- $2.04 million raised via placement to accelerate development of high-grade oxide mineralisation at M1 and M3 prospects
Click here to view the Quarterly Activities Report
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