West African Resources Ltd ( (AU:WAF) ) has issued an update.
West African Resources Limited has announced positive results from its scoping study and resource estimation for a potential underground development at the Toega site, beneath the Sanbrado gold production center. The study highlights a maiden underground mineral resource estimate of 4.9 million tonnes at 3.5 g/t for 560,000 ounces of gold. The Toega underground project is expected to produce an average of 81,000 ounces of gold per annum from years 2 to 6, adding 515,000 ounces to the life-of-mine production over a seven-year period. The company plans to fund the estimated US$42 million pre-production capital expenditure through internal cashflows and loans. The combination of Toega underground mining and secondary crushing at Sanbrado could potentially increase Sanbrado’s annual gold production by approximately 50% to around 300,000 ounces per year.
More about West African Resources Ltd
West African Resources Limited is an unhedged gold mining company operating in the gold production industry. It focuses on both underground and open-pit mining operations, primarily at its Sanbrado gold production center in Burkina Faso.
YTD Price Performance: 41.62%
Average Trading Volume: 18,315
Technical Sentiment Consensus Rating: Sell
Current Market Cap: $1.6B
For detailed information about WAF stock, go to TipRanks’ Stock Analysis page.