Loading ...Hartleys has released updated research on West African Resources, maintaining a Spec Buy and increasing its price target to $0.65/share – 44% higher than its previous recommendation.
Analyst Mike Millikan said:
“Deep diamond drilling by West African Resources (WAF) at the M1 South deposit, Sanbrado Gold Project in Burkina Faso continues to deliver spectacular high-grade results, which we anticipate will ultimately improve the mining inventory and further enhance the project economics. Diamond hole TAN17-DD111 is a recent highlight, reporting 21m @ 53.1g/t Au (or 1.7oz/t) from 408.5m, including an impressive 0.5m @ 1,613.4g/t Au (or 51.9oz/t), extending high-grade mineralisation at M1 South to more than 350m vertical depth.”
Sprott Capital Partners has also initiated coverage on West African Resources.
Analyst Brock Salier said:
“In short, given the endowment of >6,000oz per vertical meter in today’s drilling, we see potential for a resource not just approaching 1Moz but materially exceeding. Both geologically (gold is disseminated and evenly distributed) and statistically (regression coefficient between duplicates of 0.9975) the ultrahigh grades appear not to be nuggets at this stage, which bodes well for their inclusion in future resource updates.”
Click here to view the full Sprott research report (West African resources: site visit)
Click here to view the full Sprott research report (M1 South drilling)
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