Shares in West African Resources Ltd (ASX: WAF) were trading higher on Monday after the company reported exploration results which could result in a “significant mine life extension” at its Sanbrado gold operations in Burkina Faso.
The company said in a statement to the ASX that significant drilling results beneath the M5 South resource included 28m at 6.1 grams per tonne of gold, 12m at 4.9 grams per tonne, and 8m at 4.7 grams per tonne.
There were also significant results from infill drilling of the inferred resource at M5, which included 22m at 13 grams per tonne of gold and 44m at 5 grams per tonne.
West African Executive Chairman Richard Hyde said the results were encouraging.
WAF’s exploration teams have been very active over the last 6 months managing drilling programs at M5 South underground and beneath the M5 North open-pit. Drilling to 400m below the M5 South underground resource has successfully extended the depth of mineralisation returning 28m at 6.1 g/t gold and 12m at 4.9 g/t gold. Drilling 200 to 400m beneath the M5 North open-pit reserve has confirmed potential for WAF to extend open-pit mining at Sanbrado. Thick zones of gold mineralisation have been returned from the current drilling program including 45m at 0.9 g/t gold supporting the previously released 16m at 11.2 g/t gold.
New resource update in train
Mr Hyde said the company was aiming to incorporate an extension to the M5 South underground and the M5 North open-pit into its upcoming mineral resource and ore reserve update and 10-year production outlook, planned for release in the second quarter of calendar year 2026.
West African Resources also published a presentation on Monday, which included a 10-year production target of 4.8 million ounces of gold.
This was based on its current calculated reserves using a conservative gold price of US$1400 for its open pit operations and US$1800 for its underground operations.
The presentation said the priorities for this year would be completing 20,000m of underground drilling at M5, targeting resource growth, 10,000m of drilling at the M5 North open pit, and 13,500m of drilling at its Toega deposit.
The company produced 300,338 ounces of gold in 2025 and was unhedged, enabling it to benefit from the current high gold price.
The company currently holds US$508 million in cash and bullion, the presentation said.
West African Resources shares were 5% higher on Monday at $3.36. The company was valued at $3.66 billion at the close of trade on Friday.
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