AMN - BURKINA FASO: $12.5m to drill Tanlouka M1 prospect

West African Resources has completed a placement of fully paid ordinary shares, the final step in the $12.5 million capital raising process originally announced to the market in April 2016. The funds raised are being applied towards an aggressive drilling program at the recent high grade gold discovery at the M1 prospect within the company’s Tanlouka gold project in Burkina Faso.

Recent extremely high-grade results from M1 include:

TAN16-RC119: 24 metres at 7.4 grams/tonne gold including 8 metres at 17 grams/tonne gold from 44 metres

TAN16-RC122: 12 metres at 53.11 grams/tonne gold, including 1 metre at 534.45 grams/tonne gold

TAN16-DD033: 4 metres at 86.96 grams/tonne gold from 93 metres including 1 metre at 343.59 grams/tonne gold

TAN16-RC129: 4 metres at 42.09 grams/tonne gold from 104 metres including 1 metre at 165.36 grams/tonne gold

TAN16-RC131: 11 metres at 43.44 grams/tonne gold from 76 metres including 1 metre at 349.15 grams/tonne gold, 1 metre at 113.98 grams/tonne gold

TAN16-RC131: 5 metres at 18.89 grams/tonne gold from 124 metres including 1 metre at 78.95 grams/tonne gold

M1 is located close from the to the company’s Mankarga 5 deposit, containing a probable heap leach reserve of 440,000 oz of gold.

On June 7, West African Resources reported diamond core twin holes confirming RC results from the M1 prospect.

Highlights

- Diamond drilling returns 12 metres at 2.62 grams/tonne gold from 23 metres and 12 metres at 2.36 grams/tonne gold from 21 metres

- Diamond core twin holes carried out to verify RC sampling and provide bulk density samples for upcoming resource estimation studies at M1

- Drilling in progress at M1 South targeting deeper mineralisation at 100m vertical

- Feasibility study started – funded by the $12.5 metres oversubscribed institutional capital raising.

West African Resources managing director Richard Hyde says: “Diamond core holes drilled to verify RC results and provide bulk density data for upcoming resource estimation studies has confirmed grade and tenor of M1 North oxide mineralisation. Diamond core hole TAN16-DD038 returned 12 metres at 2.62 grams/tonne gold from 23 metres, including 1 metre at 17.62 grams/tonne gold and was drilled next to RC hole TAN16-RC094 which returned 9 metres at 2.24 grams/tonne gold from 25 metres.

www.westafricanresources.com

News courtesy of International Mining