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West African Resources (WAF) - High Grade Updated To M1 South And M5

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West African Resources (WAF) released a resource upgrade for its Sanbrado Project in Burkina Faso. The update included a material upgrade to the M1 South and M5 deposits which has seen total contained ounces increase by 25% to ~2.7Moz Au. Deep drilling at M1 South has extended mineralisation beyond 500m below surface and has resulted in a 150% increase in contained ounces to 747koz (vs 298koz prior) with average grades almost doubling to 14.4g/t (from 7.5g/t prior). The update to the M5 deposit saw a 6% increase in gold and a 40% increase in Indicated ores which will see a significantly higher proportion of resources into reserves. Argonaut believes this result will have a significant positive impact the project economics in the updated Feasibility due in Q2CY18. We now model larger production in our forecasts to account for the higher grade underground ores. As a result, our valuation increases to $0.62ps (prior $0.44ps) and we maintain our BUY Recommendation. 

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