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Work on an optimised feasibility study suggests the stripping ratio at the high grade, steeply dipping M1 South deposit will drop nearly 50% via the expectation to mine the deposit underground at an earlier stage in the project’s life.
Results of the optimised feasibility study are due in the third quarter.
Meanwhile successful drilling at M5 has been headlined by a hit of 29 metres grading 4.96 grams per tonne from 128m – beneath the existing reserve pit shell at the deposit.
Follow-up drilling will be undertaken once contract rigs are secured, with WAF’s focus being on M1 South for the remainder of the field season.
WAF is planning to become a 150,000 ounce per annum gold miner in 2019.
The company started 2017 with $A18.5 million cash.
Shares in WAF were up 5% to 24c in midday trade, capitalising the company at $115 million.
