monday 10th december 2012 - australian securities … african resources limited page: 2 west african...

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West African Resources Limited ACN 121 539 375

Principal Office:

Unit 14, 531 Hay Street

Subiaco WA 6008

Western Australia

Phone: + 61 8 9481 7344

Fax: + 61 8 9481 7355

Email: [email protected]

Web: www.westafricanresources.com

A S X A N N O U N C E M E N T M o n d a y 1 0 t h D e c e m b e r 2 0 1 2

Wide zones of primary gold-copper-molybdenum

intersected in first deep +400m hole, large-scale potential

of Sartenga confirmed, drill-out under-way

Grades up to 1.8g/t Au, 0.8% Cu, 1140g/t Mo,

37g/t Ag, 2.8 g/t Re

200m grading 0.7 g/t gold equivalent* from 128m

(0.2g/t Au, 0.1% Cu, 181g/t Mo, 1g/t Ag, 0.3g/t Re)

including

32m grading 1.0 g/t gold equivalent* from 128m,


and

10m grading 1.0 g/t gold equivalent* from 199m,


+1.0g/t gold equivalent* over 80m aggregated down-hole

Sartenga mineralisation intersected over a 2km strike, up to 500m width

in shallow RC drilling and to 300m depth in SDH009

Sartenga fast-tracked to resource status in parallel with Moktedu; full-

scale Mineral Resource drill out has commenced

19 batches representing 15,000m of drill core and aircore in Perth

laboratory. Results for 9 diamond core to be reported in coming weeks F

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West African Resources Limited

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West African Resources Limited (ASX: WAF) is pleased to report assay results from the first deep

diamond core hole SDH009, the first drill hole to target the primary mineralisation, at its 100%-owned

Sartenga copper-gold discovery, part of the Boulsa Project, Burkina Faso.

“We are delighted with the results from the first deep diamond drill hole into primary material

beneath the large mineralised oxide layer at Sartenga,” West African Managing Director Richard Hyde

said.

“SDH009 confirms the large-scale potential of Sartenga intersecting +1.0g/t gold equivalent over 80

metres aggregated down-hole within a 200m zone grading 0.7g/t gold equivalent. This is an excellent

start to the Mineral Resource drill out. Further deep diamond core and shallow RC results are pending

and will be reported as they are received by the Company.”

Figure 1: Sartenga Main Zone Section 7 showing SDH009

SDH009 was drilled on the discovery Section 7 beneath the previously reported results 45.5m grading

1.1 g/t Aueq* (0.5g/t Au, 0.3% Cu, 315g/t Mo) including 15.5m grading 1.6 g/t Aueq* (0.7g/t Au, 0.5%

Cu, 407g/t Mo) and 36m grading 1.0g/t Aueq* (0.5g/t Au, 0.2% Cu, 295g/t Mo) (ASX: 6/8/12). SDH009

intercepted continuous mineralisation grading from 128m for 200m at 0.7g/t Aueq* (0.2g/t Au, 0.1% Cu,

181 g/t Mo, 1 g/t Ag, 0.3 g/t Re).

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Within this zone a number of +1.0g/t Aueq* zones were intercepted including (full results in Table 1 and

2):-

- 32m at 1.0g/t Aueq* (0.4g/t Au, 0.2% Cu, 188g/t Mo, 1g/t Ag, 0.4g/t Re) from 128m








Mineralisation at Sartenga has been intersected in aircore, RC and diamond drilling over a very large

target area in Mineral Resource drilling which is underway. Including the first primary drill hole result

from SDH009, gold-copper-molybdenum mineralisation has now been intersected over 2km of strike, up

to 500m of width in shallow oxide drilling and down to 300m in depth.

Primary mineralisation is associated with strong shearing and brecciation within altered diorite and is

interpreted to be over 200m true width at depth on Section 7 at +0.5g/t Aueq*. Mineralisation remains

open at depth and to the northwest beneath extensive oxide mineralisation and will be tested with

further deep diamond core drilling this field season.

Significant grades of Rhenium (Re) were also returned from molybdenum rich zones in fresh material.

Rhenium is often associated with copper and molybdenum deposits, and is used the manufacture of

high-temperature superalloys. In recent times Re has traded between US$2,500 and $12,500 per

kilogram.

All pulverised drill samples are analysed by XRF in the Company’s exploration office in Ouagadougou,

the capital of Burkina Faso, to assist with exploration planning. Based on the information received to

date, a consistent relationship between XRF and ICP is being established. Currently results for a further

nine drill core holes are pending at the laboratory. SDH012 has reported a strong zone of copper (0.2-

0.3%) and molybdenum (200-220g/t Mo) mineralisation between 190m and 250m downhole (EOH:

267m). SDH012 is located on Section 9 200m northeast of Section 7. XRF results are also pending for

other key holes.

Results in section and plan are shown in Figures 1 and 2, while the general exploration summary for

work completed to date at Sartenga is presented in Figure 3. Significant results are presented below in

Table 1 and 2 at 0.5 g/t and 1.0 g/t gold equivalent respectively. Exploration has been ongoing at a

considerable rate at Sartenga since early October. In total, 14 diamond holes have now been drilled for

2,500m covering 1.2km of strike (Figure 3). More than 370 aircore holes have been drilled for 16,800m

over 100m spacing in the main zone, and 200m section on the southwest and northeast extensions.

Outstanding assays are shown in Table 3. Results for further deep diamond core are imminent and will

be reported as soon as they are received by the company.

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Table 1

Significant Results

SDH009 +0.5 Aueq*

Hole From To Interval Aueq* g/t Au g/t Cu % Mo g/t Ag g/t Re g/t Oxidation

State

SDH009 3 5 2 - - 0.1 489 - - Oxide

SDH009 10 11 1 - 0.3 0.1 12 1 - Oxide

SDH009 12 21 9 - 0.1 0.1 6 8 - Oxide

SDH009 23 24 1 - 0.7 0.1 11 - - Oxide

SDH009 27 28 1 - 0.7 0.1 16 - - Oxide

SDH009 46 47 1 - 0.4 0.1 5 - - Trans

SDH009 83 84 1 - 0.1 0.2 47 1 - Trans

SDH009 86 87 1 - 0.3 0.1 29 2 - Trans

SDH009 93 94 1 0.5 0.1 0.1 137 - 0.5 Fresh

SDH009 99 100 1 0.5 0.2 0.1 185 1 0.3 Fresh

SDH009 106 117 11 0.6 0.2 0.1 97 1 0.2 Fresh

SDH009 128 328 200 0.7 0.2 0.1 181 1 0.3 Fresh

SDH009 345 349 4 0.5 0.2 0.1 159 1 0.2 Fresh

SDH009 356 357 1 1.3 0.2 0.4 373 2 0.3 Fresh

SDH009 370 371 1 1.0 0.2 0.3 151 2 0.1 Fresh

Table 2

Significant Results

SDH009 +1.0 Aueq*

Hole From To Interval Aueq* g/t Au g/t Cu % Mo g/t Ag g/t Re g/t Oxidation

State

SDH009 16 17 1 - 0.1 0.1 5 37 0.0 Oxide

SDH009 115 116 1 1.1 0.5 0.2 134 2 0.4 Fresh

SDH009 128 160 32 1.0 0.4 0.2 188 1 0.4 Fresh

SDH009 180 183 3 1.2 0.5 0.2 241 1 0.6 Fresh

SDH009 185 189 4 1.0 0.4 0.2 214 1 0.3 Fresh

SDH009 190 191 1 1.2 0.5 0.2 251 1 0.5 Fresh

SDH009 195 198 3 1.1 0.2 0.2 493 1 0.8 Fresh

SDH009 199 209 10 1.0 0.3 0.2 366 1 0.7 Fresh

SDH009 233 235 2 1.2 0.4 0.1 440 1 0.6 Fresh

SDH009 236 239 3 1.1 0.3 0.1 457 - 0.8 Fresh

SDH009 243 245 2 1.1 0.6 0.2 146 2 0.2 Fresh

SDH009 247 251 4 1.1 0.4 0.2 253 1 0.3 Fresh

SDH009 252 253 1 1.2 0.5 0.3 182 2 0.2 Fresh

SDH009 255 256 1 1.0 0.1 0.1 625 - 1.2 Fresh

SDH009 260 261 1 1.4 0.5 0.2 385 2 0.7 Fresh

SDH009 262 264 2 1.1 0.4 0.2 286 1 0.5 Fresh

SDH009 271 275 4 1.0 0.3 0.2 339 1 0.6 Fresh

SDH009 313 314 1 1.1 0.2 0.3 312 1 0.4 Fresh

SDH009 321 322 1 1.0 0.3 0.1 431 1 0.6 Fresh

SDH009 348 349 1 1.1 0.5 0.2 145 2 0.2 Fresh

SDH009 356 357 1 1.3 0.2 0.4 373 2 0.3 Fresh

SDH009 370 371 1 1.0 0.2 0.3 151 2 0.1 Fresh

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Figure 2: Sartenga Main Zone Drill Plan

Figure 3: Sartenga Exploration Summary (Note: detailed plan inset)

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Table 3

2012-13 Field Season

Aircore and Diamond Core Sample Status

Batch Number No. of

samples

Sample

Type Hole IDs Status Comment

0001 193 Aircore SAC0390-0403 Reported No Significant Results

0002 189 Aircore SAC0500-0510 Pending -

0003 197 Aircore SAC0511-0522 Reported SAC0511-114 pending; ASX:5/12/12

0004 188 Aircore SAC0523-0533 Reported ASX: 3/12/12




0008 182 Aircore SAC0555-0565 Reported ASX: 5/12/12




0012 232 Drillcore SDH009 Pending Reported


0014 233 Drillcore SDH009 Pending Priority samples











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About West African Resources and the Boulsa Gold Project

The Boulsa Project in Burkina Faso covers 6,370km² and 200km of strike length of early Proterozoic

Birimian greenstone belts which are highly prospective for gold mineralisation. Significant results have

already been returned from the project, which is located immediately along strike from Orezone Gold

Corp’s 5.2Moz Au Bomboré Deposit. West African has made a major Au-Cu-Mo discovery at the

Sartenga Discovery in 2012.

West African Resources Ltd is focused on cost-effective copper-gold exploration, by keeping our

administration and corporate costs to a minimum and exploring as expeditiously as possible. We own

and operate a fleet of six drill rigs which are working continuously on the Boulsa Gold Project. Our drill

fleet includes three auger rigs, one RAB rig and two multi-purpose RC-diamond rigs. In Burkina Faso we

have a local exploration, drilling and support team of more than 50 people. West African Resources is

committed to the training and development of our local workforce.

West African will keep the market informed as results are received.

Further information is available at www.westafricanresources.com

For further information contact:

Richard Hyde Nathan Ryan

Managing Director Investor Relations

Ph: 0413 874 740 Ph: 0420 582 887

Email: [email protected]

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Competent Person’s Statement

Information in this announcement that relates to exploration results or mineral resources is based on

information compiled by Mr Richard Hyde, a Director, who is a Member of The Australian Institute of

Mining and Metallurgy. Mr Hyde 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 as defined in the 2004 Edition of the Australasian Code for Reporting of

Exploration Results, Mineral Resources and Ore Reserves (the JORC Code). Mr Hyde consents to the

inclusion in this announcement of the statements based on his information in the form and context in

which they appear.

Statements regarding West African Resources’ plans with respect to its mineral properties are forward-

looking statements. There can be no assurance that West African Resources’ plans for development of

its mineral properties will proceed as currently expected. There can also be no assurance that West

African Resources’ will be able to confirm the presence of additional mineral deposits, that any

mineralisation will prove to be economic or that a mine will successfully be developed on any of West

African Resources’ mineral properties.

Notes on assaying and compositing

Drilling results reported in this announcement have been assayed using the Fire Assay method (40g) for

Au with ICP OES finish, and by ‘Mixed Acid Digest’ ICP OES method for Cu, and ICP MS for Mo and Ag at

Bureau Veritas Laboratories in Perth. All results for aircore drilling are based on 4m riffle-split

composites, and RC and diamond results are based on representative 1m samples, at 0.5g/t Aueq* and

1.0 g/t Aueq* lower cut offs, and not more than 8m of internal dilution, unless otherwise stated. For

oxide intercepts, Aueq* has only been used as a guide for compositing results. All results are reported

as downhole intercepts, true widths are yet to be determined. WAF employs strict QAQC protocols,

including regularly inserting blank, field duplicate and reference material into the sample sequence. For

the data contained in this release, all QAQC results have reported within acceptable limits for the assay

methods used.

Gold Equivalent Calculations

The gold equivalent calculation represents total metal value for each metal, summed and expressed in

equivalent gold grams per tonne. These results are exploration results only. No assumptions have been

made for potential metal recoveries, however it is the Company’s opinion that metals considered here

have a reasonable potential to be recovered as evidenced in similar Au-Cu-Mo related mineralisation

elsewhere in the world. At the time of reporting gold equivalent results have only been reported for

fresh material. The Company is investigating the potential to recover metals from oxide material, and

for the moment will continue to individual metals for oxide intercepts until preliminary testwork has

been completed.

Gold equivalent conversion factors and long-term price assumptions used are as follows:

Gold Equivalent Formula= Au g/t + Cu % x 1.7 + Mo g/t x 0.0009 + Ag x0.03 +Re x 0.17

Price Assumptions- Au (US$1200/oz) Cu (US$3/lb) Mo (US$15/lb) Ag (US$30/oz) Re ($200/oz)

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Technical Terms Ag Chemical symbol for silver. Aircore Drilling Reverse Circulation drilling method, using a blade bit. A drilling method in which

the sample is brought to the surface inside the drill rods using compressed air,

reducing contamination. Au Chemical symbol for gold. Auger Drilling A drilling method in which the sample is brought to the surface via a helical or

spiral rods. Cu Chemical symbol for copper. Diamond Drilling (DD) A rotary drilling method with diamond impregnated bits to produce a solid,

continuous core sample of the rock. g/t grams per tonne. ICP Inductively Coupled Plasma (ICP) MAD Mixed acid digest including Hydrofluoric, Nitric, Hydrochloric and Perchloric

Acids. This extended digest approaches a total digest for many elements

however some refractory minerals are not completely attacked. Mo Chemical symbol for molybdenum. MS Mass Spectrometry OES Optical Emission Spectrometry ppb parts per billion, e.g. 1000 ppb Au equals 1 ppm Au, or 1 g/t Au. ppm parts per million, equivalent to g/t. RAB Drilling Rotary Air Blast drilling. A drilling method in which the sample is brought to the

surface outside of the drill rods using compressed air. RC Drilling Reverse Circulation drilling. A drilling method in which the sample is brought to

the surface inside the drill rods using compressed air, reducing contamination. Re Chemical symbol for Rhenium. Rhenium Rhenium is a rare metal that is highly resistant to heat and wear. Rhenium

resembles manganese chemically and is obtained as a by-product of

molybdenum and copper ore. XRF X-ray fluorescence (XRF) is the emission of characteristic "secondary" (or

fluorescent) X-rays from a material that has been excited by bombarding with

high-energy X-rays or gamma rays. The phenomenon is widely used for

chemical analysis.

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monday 10th december 2012 - australian securities … african resources limited page: 2 west african...

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