West African shares gain as Kiaka drilling 'surprises'
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The news: Shares in West African Resources advanced on the ASX in morning trade after the gold miner reported better-than-expected results from its maiden grade control drilling program at the Kiaka South pit at its Kiaka gold project in Burkina Faso.
The numbers: West African shares were up 4.9% to $1.39 at 11:15am AEST, having gained more than 70% over the last 12 months.
The result included 22 metres at 7.6 grams per tonne (g/t) and 26 metres at 5.8 g/t. Higher-grade gold mines have densities of around 8 to 10 g/t, while lower-grade mines have densities of 1 to 4 g/t.
Kiaka South is located 700 metres south west of the main open pit area and will provide higher grade ore over the first 18 months of the Kiaka mine schedule, West African said.
The context: First gold production at Kiaka is expected in Q3 2025. The company is targeting production of 4 million ounces over the next decade, with annual production set to peak in 2029 at 473,000 ounces of gold.
What they said: West African executive chair Richard Hyde said: "Results returned within the central portion at Kiaka South have been better than expected, with higher grades intercepted closer to surface when compared to the current resource model".
"[West African's] technical team will optimise the shape of the Kiaka South open pit aiming to increase grade and reduce the strip-ratio of the open pit before mining commences in Q1 2025," he said.
The source: ASX announcement
