Highlights

  • Diamond drilling confirms gold mineralisation more than 300 metres below existing M5 North reserves.
  • High-grade and wide intercepts reported from first phase of ongoing drill program.
  • Drilling, technical studies and reserve assessment work scheduled to continue into 2026.

West African Resources Limited (ASX:WAF) has released diamond drilling results from below the M5 North open-pit Ore Reserve at its Sanbrado Gold Operations in Burkina Faso. The program is designed to test mineralisation beneath the current reserve envelope and assess the potential for an open-pit cutback at M5 North.

Drilling has targeted zones located between approximately 240 metres and 400 metres below surface. To date, 21 diamond drill holes totalling 9,966 metres have been completed, with results from the first 19 holes included in the current update. The broader program comprises 44 holes for around 21,500 metres.

Notable Gold Intercepts Below Reserve Limits
The drilling campaign has returned multiple gold intersections within and below the current open-pit reserve boundary, with mineralisation confirmed at depths exceeding 300 metres below the existing reserve base.

Reported intersections include 16 metres grading 11.2 g/t gold, including a 1-metre interval grading 167.7 g/t gold. Additional intersections include 45 metres at 1.9 g/t gold, 75 metres at 0.9 g/t gold, 40 metres at 1.3 g/t gold, and several other intervals ranging from 0.7 g/t to 3.1 g/t gold over thicknesses of 11 metres to more than 40 metres.

Historical drilling beneath the M5 North open pit has also recorded gold intercepts exceeding 3 g/t over widths of approximately 9 metres to 20 metres, supporting continuity of mineralisation at depth.

Geological Continuity Confirmed
According to the company, drilling results to date align with existing geological interpretations. Mineralisation remains hosted within a mylonitic unit and is associated with quartz veining and sheared sulphides, consistent with mineralisation observed within the current pit and historic drill data. The existing M5 North open-pit Ore Reserve was last estimated using a gold price assumption of USD 1,400 per ounce.

Studies and Ongoing Work Planned
Diamond drilling at M5 North is scheduled to continue into 2026, with a focus shifting toward infill drilling above the 1900mRL level. The objective is to improve confidence levels ahead of technical studies for a potential open-pit cutback assessment Geotechnical and metallurgical studies are being conducted alongside resource definition drilling. Evaluation work for a possible M5 North cutback is expected to commence in early calendar year 2026.

Production Outlook Context

West African Resources has outlined a current 10-year production plan targeting approximately 4.8 million ounces of gold, with peak annual production forecast for 2029. The company reports unhedged gold resources of 12.2 million ounces and Ore Reserves of 6.5 million ounces.   Subject to study outcomes, the company plans to incorporate any outcome from the M5 North drilling and evaluation work into an updated Mineral Resource, Ore Reserve statement and revised 10-year production outlook currently scheduled for release in Q2 2026.

Share Price Snapshot
WAF was trading 0.36% lower at AUD 2.750 per share as of 09 December 2025.