West African Resources Ltd (ASX:WAF, TSXV:WAF) has completed its $12.5 million oversubscribed placement after receiving recent shareholder approval.
Funds will be used for an aggressive drilling programme targeting the recent high grade gold discovery at the M1 prospect within the Tanlouka Gold Project in Burkina Faso.
A maiden resource at M1 is looking to be established through activities including exploration drilling and resource definition drilling.
Reverse circulation drilling over 350 metres of strike at the M1 has delivered strong results, including 12 metres at 53.11 g/t gold, including 1 metre at 534.5 g/t gold.
A definitive feasibility study (DFS) has also commenced based on a larger-scale development scenario at the Tanlouka Gold Project.
The $12.5 placement included a cornerstone investment of $4 million from a leading North American institutional precious metals investor.
The company is trading strongly, up 120% year to date, currently priced at circa $0.16 per share.
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