West African Resources (ASX: WAF) is fully funded for an expansive exploration campaign in the resource hot West African country of Burkina Faso, after a $7 million placement boosted cash reserves to $10 million.
The placement comprised 15.5 million shares at $0.45, well below today's last traded price of $0.53.
West African will now follow-up some recent high grade near surface gold hits at the Moktedu prospect which included:
- 28 metres at 9.22 grams per tonne (g/t) gold from surface; including 8 metres at 31.67g/t gold;
- 13 metres at 4.60g/t gold from 20 metres; including 5m at 11.66g/t gold; and
- 13 metres at 3.16g/t gold from 4 metres; including 4 metres at 9.91g/t gold.
Adding the potential for more discoveries is that Moktedu remains open in all directions and along strike.
Exploration by the company will be extensive over the medium term, which includes 200,000 metres over the next three years.
To highlight just how big the company's footprint in West Africa is, the Boulsa Gold Project covers 5,345 square kilometres.
Blackwood Capital arranged the raising.