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    WAF   AU000000WAF6

WEST AFRICAN RESOURCES LIMITED

(WAF)
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West African Resources Limited Reports Resource Definition Drilling Confirmed the Geological Model with Extensive Zones of Gold Mineralisation Intercepted at the Toega Deposit, Burkina Faso

09/07/2021 | 06:18pm EDT

West African Resources Limited reported resource definition drilling has confirmed the geological model with extensive zones of gold mineralisation intercepted at the Toega deposit, Burkina Faso. Resource Definition Drilling WAF has completed a resource definition RC and diamond drilling program at the recently acquired Toega Gold Project (Toega). The program also included diamond core holes to provide geotechnical and metallurgical test works samples. A total of 118 holes were drilled for 15,514m. Resource definition by WAF drilling has confirmed the geological model developed by previous owners B2 Gold, with multiple holes intercepting mineralisation of similar geometry, grade and tenor. Drilling also intercepted mineralisation near surface, outside the scoping study $1400/oz open pit shell, which will be incorporated into future mining studies. Extensive gold mineralisation was confirmed in the main zone, up to 150m wide and 200m deep with NAK21-DD014 returning 79m at 2 g/t Au from 70m and 56m at 1.6 g/t Au from 159m. Significant results from the Toega resource definition drilling include: NAK21-DD003: 22m at 1.7 g/t Au from 125m; NAK21-DD004: 16m at 2.6 g/t Au from 98m; NAK21-DD004: 29m at 3.4 g/t Au from 125m; NAK21-DD011: 17m at 3.8 g/t Au from 158m; NAK21-DD012: 41m at 2.3 g/t Au from 161m; NAK21-DD014: 79m at 2.0 g/t Au from 70m and 56m at 1.6 g/t Au from 159m; NAK21-DD015: 12m at 4.4 g/t Au from 147m; NAK21-RC024: 12m at 6.1 g/t Au from 108m; NAK21-RC026A: 22m at 5.0 g/t Au from 80m; NAK21-RC052: 20m at 1.9 g/t Au from 84m; NAK21-RC061A: 42m at 2.4 g/t Au from 103m; NAK21-RC063: 29m at 1.3 g/t Au from 80m and NAK21-RC066: 22m at 1.5 g/t Au from 100m. Toega Feasibility Study Progress: WAF commenced the Toega feasibility study in 2020 focussing on the key areas including resource definition drilling and resource upgrade, geotechnical and metallurgical studies as well as advancing environmental and social studies. The Toega feasibility study is progressing to plan and will be reported along with the Company's annual resource and reserve statement in first quarter of 2022.


© S&P Capital IQ 2021
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Financials
Sales 2021 692 M 517 M 517 M
Net income 2021 216 M 161 M 161 M
Net cash 2021 24,0 M 17,9 M 17,9 M
P/E ratio 2021 5,71x
Yield 2021 -
Capitalization 1 211 M 905 M 905 M
EV / Sales 2021 1,72x
EV / Sales 2022 2,05x
Nbr of Employees 375
Free-Float 88,6%
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Mean consensus OUTPERFORM
Number of Analysts 2
Last Close Price 1,37 AUD
Average target price 1,68 AUD
Spread / Average Target 22,3%
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Managers and Directors
Richard Hyde Executive Chairman & Chief Executive Officer
Padraig O'Donoghue Chief Financial Officer & Secretary
Lyndon George Hopkins Chief Operating Officer & Executive Director
Rodney Lloyd Leonard Lead Independent Director
Nigel Spicer Independent Non-Executive Director
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