West African Resources (WAF.V, ASX:WAF) was able to complete its 2016 drill program on its Tanlouka gold project in Burkina Faso right before Christmas. Drilling at the M1 South zone continued to intercept high grade mineralisation located right beneath the existing resource area, and even at depth, some of its holes are still ending in mineralization. That’s why WAF went back to some holes to deepen them and figure out at what depth the mineralization is actually running.
West African will now use all the data to complete an updated resource estimate in the first quarter of this year (back in November the company was still guiding for a completion in Q4 2016, so we would expect the resource update to be completed rather early in the current quarter). The total resources at M1, M3 and M5 currently stand at almost 1.4 million ounces, and we would expect a substantial part of the 680,000 ounces in the inferred category to be upgraded to the measured and indicated status.
This updated resource estimate will be the basis for a Definitive Feasibility Study which should be completed shortly after the resource estimate.
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