West African Resources Ltd (ASX:WAF) has reported an intercept of 22 metres at 7.6 grams per tonne of gold, taken from maiden grade control drilling at the Kiaka South pit – part of the wider Kiaka Gold Project in Burkino Faso.
This pit – located 700 metres from the Kiaka Main pit – is already expected to provide high-grade mill feed within the project’s first 18 months of production, and drilling at the central portion of Kiaka South returned better than expected results.
Notably, this included thick zones of high-grade mineralisation near the surface, with intercepts such as 22 metres at 7.6 grams per tonne, 26 metres at 5.8 grams per tonne,
26 metres at 5.6 grams per tonne, and 28 metres at 4.8 grams per tonne.
Grad control drilling continues at the project, with 975 holes already drilled to an average depth of 28 metres for 27,559 meters in total.
Executive Chairman Richard Hyde said the discovery of 7.6 grams per tonne of gold across 22 metres was a pleasant surprise.
“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,” he said.
“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.”
The market responded warmly to the news, with shares trading at $1.40 by 13:58 AEST: a rise of 5.66% since the market opened.