WAF - West African Resources

[Joe Blow]

West African Resources Limited is a gold resource company dedicated to creating shareholder value through the acquisition, exploration and development of resource projects in West Africa.

http://www.westafricanresources.com.au

 

[springhill]

MC- $29m
SP- 18c
Shares- 163m
Options- Nil quoted
Cash- $3.9m

Sartenga Prospect
In June 2012, significant copper-gold mineralisation was intercepted in the third line of wide-spaced (400m) aircore drilling at Sartenga, in the central portion of the broad 6.2km by 1.4km auger gold-only anomaly.
The copper-gold results at Sartenga are West African’s most significant drilling results to date.
-SAC0119 intersected 57m at 0.88g/t Au, ending in 9m at 2.16 g/t Au at 61m depth.
-SDH001 was drilled parallel to SAC0119 and returned 72.8m at 1.08 g/t Au and 0.48% Cu including a high-grade zone of 21m at 2.31 g/t Au and 1.09% Cu from 51m.
-SDH001 terminated in mineralisation (> 0.5 Au g/t) at 78.8m due to technical reasons.
On inspection of the drill core from SDH001, extensive silicification and copper mineralisation was noted by West African geologists from 55m to the end of the hole at 78.8m. Subsequently, SAC0119 was re-analysed for copper, and returned 57m at 0.44% Cu, ending in 9m at 0.99% Cu.
Consecutive aircore holes SAC116 to SAC121 on Line 3 all ended in gold copper mineralisation over a width projected to surface of over 150m. Subsequent to the end of the quarter, 15 holes were reassayed for copper. Results for holes SAC117 to SAC121 include:
- SAC0116 - 40m at 0.45 g/t Au and 0.38% Cu from 8m
- SAC0117 - 36m at 0.26 g/t Au and 0.44% Cu from 8m
- SAC0118 - 39m at 0.44 g/t Au and 0.36% Cu from 8m
- SAC0119 - 57m at 0.88 g/t Au and 0.44% Cu from 4m
- SAC0120 - 54m at 0.35 g/t Au and 0.12% Cu from surface
- SAC0121 - 40m at 0.67 g/t Au and 0.10% Cu from 20m
On Line 2, located 400m to the southwest of Line 3, consecutive aircore holes SAC079 to SAC082 all ended in gold and copper mineralisation over a width projected to surface of over 100m.
Results for these holes include:
- SAC079 - 11m at 0.57 g/t Au and 0.21% Cu from 48m
- SAC080 - 28m at 0.32 g/t Au and 0.13% Cu from 16m
- SAC081 - 53m at 0.45 g/t Au and 0.20% Cu from 8m
- SAC082 - 36m at 0.38 g/t Au and 0.10% Cu from 4m

Moktedu Prospect
Moktedu is located in the southwest corner of West African’s 100%-owned Boulsa Gold Project, 4km northeast of Orezone Gold Corp’s 3.5Moz Au Bomboré deposit in Burkina Faso. The Moktedu Trend Prospect encompasses a 10km mineralised trend of coincident RAB, auger and magnetic anomalies.
During the June quarter 2012, a 2,300m RC drilling program commenced at the Moktedu Prospect. Drilling was completed with a local contractor and was designed to test high-grade gold mineralisation at up to 150m depth.
Deep RC drilling followed-up significant results returned from recent aircore, RC and diamond drilling (DD) at Moktedu including:
- KOAC0098 8m at 1.71 g/t Au from surface
- KOAC0099 4m at 8.39 g/t Au from 4m
- KORC0001 6m at 8.36 g/t Au from surface, including 1m at 42.95g/t Au
- KORC0014 3m at 7.64 g/t Au from 33m, including 1m at 20.93g/t Au
- KODT004 21m at 1.13 g/t Au from 121m, including 1m at 10.96g/t Au
- KODT005 6m at 5.78 g/t Au from 74m, including 1m at 28.40g/t Au

Other Prospects
During the period, regional auger drilling programs were carried out on the Boto, Goudre, Nyonare and Solga permits, while infill auger drilling was completed on the Sondo and Sondo Sud permits. RAB drilling was undertaken on the Zam Sud (SW Moktedu) and Meguet prospects, within the Zam permit.
West African will keep the market informed as results are received. The Company is targeting its first resource estimate in late 2012.

 

[springhill]

Primary Gold, Copper and Molybdenum Mineralisation Intercepted at Sartenga Prospect Grades up to 1.1g/t Au, 0.8% Cu, 1355ppm Mo

45.5m grading 1.1 g/t Gold Equivalent* (0.5g/t Au, 0.3% Cu, 315ppm Mo1)
including
15.5m grading 1.6 g/t Gold Equivalent* end of hole, (0.7g/t Au, 0.5% Cu, 407ppm Mo1)
From 112m downhole
Hole ended in mineralisation

36m grading 1.0g/t Gold Equivalent* (0.5g/t Au, 0.2% Cu, 295ppm Mo1)
From 140m downhole
Hole ended in mineralisation

Shallow Copper Oxide RC Intercepts
12m at 0.9% Cu, 0.2g/t Au from 12m
12m at 0.8% Cu, 0.5g/t Au from 4m
8m at 1.2% Cu, 0.4g/t Au from 8m
8m at 0.7% Cu, 0.3g/t Au from 16m

Sartenga fast‐tracked to resource status by end of 2012

 

[springhill]

Company Presentation
http://www.asx.com.au/asxpdf/20120806/pdf/427vvtx2q8wcwt.pdf

 

[AllAussie]

Anyone know when more drill results are due from the Moktedu gold anomaly?

Seems like all we get is Sartenga results lately but I thought they were being drilled in parallel, not that I'm complaining as the sartenga results are always good

 

[piggybank]

Where to from here

​

 

[piggybank]

Hi,

Well initially after the last posting it went down but then reversed upwards and closed today at a 5 year high of 43c (up 34%) on volume of 6.36 million. It came out of a trading halt today with the following announcement - http://www.stocknessmonster.com/news-item?S=WAF&E=ASX&N=786086

 

[HelloU]

debt funding due
license approval due
I am busting for those to be in the last week of October

 

[greggles]

A good couple of months for West African Resources, up from 22c in early February to a high of 33c today.

On 26 February the company reported on reserve definition drilling at the M1 South and M5 deposits of the Sanbrado Gold Project in Burkina Faso. The results were encouraging although all the best intersects were at depth.

The reserve update and optimised feasibility study are due any day now, which most likely accounts for today's gap up.

Watching with interest.

 

[barney]

A good couple of months for West African Resources, up from 22c in early February to a high of 33c today.

Haven't been watching WAF for a while since the SP got smacked around earlier in the year. They have a very large Gold resource and I couldn't work out why the market kept selling them off.

Like you mentioned Greg, I assumed it was the Depth of the resource which may have spooked Investors. Low AISC and a big resource if all goes to plan with $185 million (??) pre-production costs and a quick pay back period …… The numbers look good. Always good to see the up and coming Goldies doing well

 

[peter2]

@Miner Selection and trade management of WAF in ASX40P portfolio.
There's been very little discretion used in this trade so far other than I liked the chart better than others during the week-end review process.

Downtrend reversals: BRU, MSB (2nd chance), WAF, WGX

Posted WAF as a downtrend reversal opportunity. The trend is down indicated by the moving averages (13<21ema). Price has surged off the bottom and is now above the emas and going sideways. That's not enough for me to buy into a reversal. A few weeks of sideways price action formed the higher low that I like to see (making it a BO-NH pattern). Note that the volume on this BO bar was well above average. You can see this surge in volume on the daily chart as price makes a new high.

The initial surge off the bottom indicates demand (1st step), supply appears and stops price from going higher, but the supply was not big enough the force price down very much at all (shallow pullback, 2nd step). This indicates that demand remains strong and confirmation of this is seen when price makes a new high (3rd step).

A conservative iSL was placed at 0.255 and I bought it at 0.295.

A few days later WAF reports some good drill results and price spikes up. I took advantage of this spike to raise my exit trigger a little to 0.28, thereby reducing my initial downside exposure a little. This is a normal trade mgt response to a price spike and is not considered discretionary.

 

[Trav.]

Nice close today up 4.3%, would be nice to see 50c tackled next week.

Holding

 

[barney]

Holding

Glad someone is testing their arm with WAF

I watched this a long time ago and thought ….Gold grades to kill for ...

But the depth might be scaring the market ??

It has recovered well of late but the run to 55 ish is probably the benchmark

If some Volume starts to kick in and it sneaks back to 52 or above it should definitely run a bit higher in the short/medium term.

 

[Trav.]

The plant and facilities seem to be progressing well.

https://www.asx.com.au/asxpdf/20191028/pdf/449xr1s9fb06f0.pdf

more photos in link

 

[Trav.]

Another very nice day for WAF.

I was hoping for +50c for this week and to get that on Monday has made my day.

 

[barney]

Another very nice day for WAF.

Certainly don't want to rain on this parade Trav cause I hope it goes up ad infinitum for you …. but curiously, have you had a look at the figures on the last Quarterly Cashflow report … and what do you make of the numbers ..... A bit time poor at the moment but a glance seems to show a couple of odd numbers?? Will hopefully get a better chance to look tomorrow to discuss.

 

[Trav.]

@barney all good mate. I'm just trading of my system and not looking at the figures as that is not my strength. My system target has been met today so I will monitor and probably place a TS on this one tonight as it looks like it might have a little bit left in it.

In general I will check out some of the latest announcements just to get a feel for the company. For example I had no idea that WAF was constructing a new plant etc prior to be signalled as a buy on my scan in October.

 

[Trav.]

January 2020 Tipping Comp Selection

POG seems to be having a run now ( end of December) and I am looking for WAF to leverage of this in the new year.

Construction appears to be continuing well with production scheduled for mid 2020 so will be interesting to watch over the next 6 months

Chart wise it has been trending down since late September and rose 9% on the 24/12 which is obviously very positive. I have resistance drawn @ $0.515 which is approx 20% above current SP.

 

[aus_trader]

Looks interesting as a near-term Gold producer in the African region, possibly to start production soon if there are no delays.

 

[travwj]

WAF has been having a good run of late, and to be honest I don't follow the company announcements as closely as I should (I currently hold) but they have released a good quarterly report and an agreement to buy in on a nearby project.
I originally bought in at around 44c looking to sell at the mid 50's (previous resistance) or if it was still kicking along at 62c which looked like it would be resistance as it was a previous high.
Now it has closed at 76c and with okay volume. Will be interesting to see where it goes, and I will continue to move my stop up.
Attached daily chart.