The Sanbrado Gold Project is located ~90km east-southeast of Ouagadougou, the capital of Burkina Faso.  The Project covers an aggregate area of 116km², comprising one granted mining permit and one granted exploration licence.  WAF has a 90% interest in the Sanbrado Gold Project.  The Government of Burkina Faso has a free-carried 10% interest in the Project.  Construction of the Project commenced in late 2018 with first gold poured March 2020, six months ahead schedule and US$20m under budget.

WAF’s 2022 unhedged gold production guidance for Sanbrado is 220,000 – 240,000 oz at AISC of US$1,040 – 1,100/oz; Sanbrado’s 10-year production outlook is expected to average 198,000 oz gold per annum 2022 to 2031.

The Project comprises several open pits, all within 1-2km of the plant site, and an underground mine accessed through a box-cut and portal immediately to the south west of the M1 South open pit.  The plant comprises a conventional SABC milling circuit, gravity and carbon in leach processing with a nominal throughput capacity of 2.5Mtpa.  The Project has an mine life of 13 years.  The Sanbrado Gold Project Mineral Resources at 22 February 2022 were 302 Mt at 1.2 g/t for 11.6 million oz gold.  Ore Reserves at 22 February 2022 were 26 Mt at 2.0 g/t for 1.7 million oz gold.

For further information read the ASX announcement from 22 February 2022.

In October 2021, West African announced plans to acquire 90% of the 6.8 million ounce Kiaka gold project in Burkina Faso from B2 Gold Corp and partner GAMS-Mining F&I Ltd. The remaining 10% interest is held by the State of Burkina Faso.

Kiaka is 45km south of West African’s flagship Sanbrado Gold Mine in Burkina Faso and about 110km southeast of the capital Ouagadougou.

It is a large-scale, permitted development project with a Mineral Resource of 220 million tonnes at 1.0g/t gold and has simple free-milling metallurgy. Test work supports a conventional  a carbon-in-leach (CIL) flowsheet delivering ~90% gold recoveries.

B2Gold completed extensive unpublished feasibility study work between 2015 and 2020 and West African has commenced a Feasibility Study update, due mid-2022, targeting a 6Mtpa to 8Mtpa processing rate, leveraging off the previous studies.

West African expects to commence early construction works in Q1 CY2022 including a camp, access road and community projects. Major works are expected to commence in mid‐2022 once the Feasibility update is complete.

For further information on Kiaka, refer to the ASX announcement dated 26 October 2021.

In 2020, West African acquired the Toega Gold Project from Canadian mining company B2 Gold Corporation.  The project is located 14km from our existing Sanbrado gold operation. The deposit has a strike of over 1,200m, is up to 430m wide and has been drilled to a depth of 400m below surface. The project has an Inferred Mineral Resource comprising 22 Mt at a grade of 1.9 g/t Au for 1.3 Moz gold at a lower cut-off grade of 0.5 g/t Au.

Toega is expected to increase Sanbrado’s production profile and mine life, and West African aims to bring it into the Sanbrado mine plan in 2023.   West African is undertaking a comprehensive feasibility study and permitting work program, which is progressing well. Resource definition drilling has confirmed the geological model and West African expects to complete a feasibility study in Q1 2022.

For further information about Toega read the ASX announcement from 29th April 2020 and 9th March 2021.

 

Mineral Resources

Mineral Resource estimates were updated by independent resource consultants International Resource Solutions Pty Ltd (IRS) in accordance with JORC (2012) guidelines. The portion of M1 South Mineral Resources termed “M1 South Deeps” was updated by Neil Silvio who is an employee of the Company. Mineral resources have been estimated in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the ‘JORC Code’) 2012 edition. Mineral resources were estimated for the Project consisting of the following gold deposits: Mankarga 1 North (M1 North), Mankarga 1 South (M1 South), Mankarga 3 (M3), Mankarga 5 (M5), Toega which now forms part of the Sanbrado Gold Operation, and the newly acquired Kiaka deposit.

Table – Sanbrado Mineral Resources at 31 December 20211

The Company’s 2021 gold resources have increased 127% since the previous estimate in 2020.

Figure – Sanbrado Mineral Resources growth since 2014

A summary of the Mineral Resources by individual deposit is shown in the Table below.

Table – WAF Mineral Resources by deposit, 31 December 2021

An Inferred Mineral Resource has a lower level of confidence than an Indicated Mineral Resource and there is no certainty that further exploration work will result in the conversion of the material into an Indicated Mineral Resource.

 

Competent Persons and Qualified Persons Statement

Information in this announcement that relates to mineral resources (excluding M1 South Deeps) is based on, and fairly represents, information and supporting documentation prepared by Mr Brian Wolfe, an independent consultant specialising in mineral resource estimation, evaluation, and exploration.  Mr Wolfe is a Member of the Australian Institute of Geoscientists.  Mr Wolfe has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person (or “CP”) as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.  Mr Wolfe has reviewed the contents of this announcement and consents to the inclusion in this announcement of all technical statements based on his information in the form and context in which they appear.

Information in this announcement that relates to mineral resources for the M1 South Deeps is based on, and fairly represents, information and supporting documentation prepared by Mr Neil Silvio, an employee and Resource Geologist of the Company.  Mr Silvio is a Member of the Australian Institute of Geoscientists.  Mr Silvio has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person (or “CP”) as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.  Mr Silvio has reviewed the contents of this announcement and consents to the inclusion in this announcement of all technical statements based on his information in the form and context in which they appear.

Information in this announcement that relates to open pit ore reserves is based on, and fairly represents, information and supporting documentation prepared by Mr Stuart Cruickshanks, a fulltime employee of the Company.  Mr Cruickshanks is a Fellow of the Australian Institute of Mining and Metallurgy.  Mr Cruickshanks has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person (or “CP”) as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.  Mr Cruickshanks has reviewed the contents of this announcement and consents to the inclusion in this announcement of all technical statements based on his information in the form and context in which they appear.

Information in this announcement that relates to underground ore reserves is based on, and fairly represents, information and supporting documentation prepared by Mr Andrew Fox, an independent specialist mining consultant.  Mr Fox is a Member of the Australian Institute of Mining and Metallurgy.  Mr Fox has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person (or “CP”) as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.  Mr Fox has reviewed the contents of this announcement and consents to the inclusion in this announcement of all technical statements based on his information in the form and context in which they appear.