Unhedged gold mining company West African Resources Limited ('West African' or the 'Company', ASX: WAF) is pleased to report results from the maiden grade control drilling program at the Kiaka South pit from our Kiaka Gold Project ('Kiaka'), Burkina Faso.
West African Executive Chairman Richard Hyde commented: 'Near-surface high-grade results have been returned from grade control drilling at Kiaka South including 22m at 7.6 g/t gold and 26m at 5.8 g/t gold. Kiaka South is located 700m south west of the main open pit area and will provide higher grade ore over the first 18 months of the Kiaka mine schedule. 'Results returned within the central portion at Kiaka South have been better than expected, with higher grades intercepted closer to surface when compared to the current resource model. WAF's technical team will optimise the shape of the Kiaka South open pit aiming to increase grade and reduce the strip-ratio of the open pit before mining commences in Q1 2025. 'WAF is on track to produce 4 million ounces over the next decade, with annual production set to peak in 2029 at 473,000 ounces of gold. Our unhedged resources now stand at 12.8 million ounces and Ore Reserves at 6.1Moz of gold.'
Kiaka South Grade Control Drilling Program Grade Control drilling at the Kiaka South Deposit has been completed at the Kiaka Gold Project. A total of 975 holes were drilled to an average depth of 28m for 27,559 meters, with today's release reporting all results. The program aimed to improve the confidence level of both mineralisation interpretation as well as gold grade estimation within the upper 20m of the deposit. The grade control drilling program was completed on a 12.5m by 6.25m pattern over the northern half of the pit and a 6.25m by 12.5m staggered pattern in the southern portion of the pit. Results from the grade control drilling have aligned well with the current Mineral Resource Estimate, confirming the widths of mineralisation are generally between 2m to 10m.3 Additionally, thick zones of high-grade enechelon mineralisation, up to 20 meters wide, have been identified in the central portion of the Kiaka South pit. In this area, gold grades from the drilling program have exceeded the resource model predictions, with Kiaka South expected to deliver high-grade mill feed in the early years of the mine plan.4 Work is underway to update the mineralisation interpretation and Mineral Resource Estimate in preparation for mining at Kiaka in early 2025. This maiden grade control drill program is expected to cover off the first 12 months of the Kiaka South material movement in the mining schedule. The Kiaka South Pit has been prioritised earlier in the mine schedule because it provides higher grade ore for processing and fresh waste material to aid in construction of the tailings storage facility and the ROM pad. During the first 18 months of ore production at the Kiaka Project, the Kiaka South Pit is expected to produce 1Mt of ore at an average grade of 2.0 g/t Au, significantly higher than the overall Kiaka Project reserve grade of 0.9g/t Au.5 In the same period, the Kiaka Main pit will generate a total of 9.5Mt at 1.2 g/t.6 The pit design at Kiaka South will be re-optimised using the updated mineral resource model and the opportunity to stage the pit development will also be considered. The aim of the re-optimisation will be to focus mining activities on the thicker and higher-grade zones of mineralisation in the central portion of the pit and increase higher grade feed to the mill in the early years of the mine plan.
Contact:
Richard Hyde
Tel: 08 9481 7344
Email: info@westafricanresources.com
Competent Person's Statement
Information in this announcement that relates to exploration results is based on, and fairly represents, information and supporting documentation prepared by Mr Richard Hyde, an employee and Director of the Company. Mr Hyde is a Member of the Australian Institute of Geoscientists and of the Australian Institute of Mining and Metallurgy. Mr Hyde has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the JORC Code 2012. Mr Hyde has reviewed the contents of this announcement and consents to the inclusion in this announcement of all technical statements based on his information in the form and context in which they appear
Forward Looking Information
This announcement contains 'forward-looking information' including information relating to the Company's future production impacting its financial or operating performance. All statements in this announcement, other than statements of historical fact, that address events or developments that the Company expects to occur are 'forward-looking statements'. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words 'anticipates', 'does not anticipate', 'believes', 'estimates', 'expects', 'does not expect', 'intends', 'plans', 'potential', 'scheduled', 'forecast', 'budget', 'projects', and similar expressions, or that events or conditions 'will', 'would', 'may', 'could', 'should' or 'might' occur. All such forward-looking statements are based on the opinions and estimates of the relevant management as of the date the statements are made and are subject to important risk factors and uncertainties, many of which are beyond the Company's ability to control or predict. Forward-looking statements are necessarily based on estimates and assumptions that are inherently subject to known and unknown risks, uncertainties and other factors that may cause actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. Should one or more of these risks and uncertainties materialise, or should underlying assumptions prove incorrect, actual results, level of activity, performance or achievements may vary materially from those described in the forward-looking information. The Company cannot and does not give any assurance that the results, performance or achievements expressed or implied by the forward-looking information contained in this announcement will actually occur. The Company's forward-looking information is based on the reasonable beliefs, expectations and opinions of the relevant management on the date the statements are made and the Company does not assume any obligation to update or revise forward-looking information if circumstances or management's beliefs, expectations or opinions change, or to publish prospective financial information in the future, regardless of whether new information, future events or any other factors affect the information contained in this announcement, except where required by applicable law. For the reasons set out above, investors are cautioned not to place undue reliance on forward-looking information.
