West African Resources (ASX:WAF, CVE:WAF) has received high-grade gold results from a drilling program at the M5 prospect at its Sanbrado Gold Project in Burkina Faso.
Drill testing the south-western end of M5 returned thick zones of higher grade gold mineralisation beneath the existing reserve pit shells, including:
- 29 metres at 4.96 g/t gold from 128 metres, including 9 metres at 10.6 g/t gold; and ¬
- 15 metres at 5.03 g/t gold from 256 metres, including 2 metres at 27.3 g/t gold.
Significant diamond drilling results have also been received beneath the north-eastern end of the M5 deposit.
The recent drilling results are generally higher grade than the previous oxide drilling and higher than the corresponding resource block grades.
Importantly, mineralisation is open at depth and given the improved grades, warrants follow-up drilling.
The latest results will be included in the upcoming resource and reserve update scheduled for Q3 2017, feeding into the optimised definite feasibility study due for completion in Q3 2017.
West African is continuing to drill using two rigs at M1 South and two rigs at M5.
The company is well funded with a cash balance of circa $18.5 million as at 31 December 2016.