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WAFM Drilling and Corporate Update

30 July 2013

Scout drilling in 166 holes has identified five distinct areas of variably enriched
Banded Iron Formation
Infill drilling in 100 holes on Block 1 has confirmed continuous mineralisation over a
3 km strike length with a total of 38 holes (16 scout and 22 infill)
intersecting significant mineralisation
A second block (Block 2) has shown continuous mineralisation over 2 km 

 

Highlights

  • Exploration drilling at South Djadom has identified five separate Banded Iron Formation (BIF) Blocks, two of which are targeted to be converted into maiden Mineral Resources over the next three months (Block  1 and Block 2) (see Figure 1)
  • Enrichment of the primary BIF unit underlying  Blocks 1 and 2 extends variably from surface to depths of  60 meters or more 
  • Grades of iron enrichment vary within a range of between 35% and 60%
  • Infill drilling in 100 holes on Block 1 has confirmed the consistent presence of a BIF-rich stratigraphic sequence over a 3 km strike length with widths varying from 50 to 200 meters; 38 holes intersected significant mineralisation
  • A second mineralised BIF-rich stratigraphic sequence in Block 2 has been traced over 2 km (assay results from 20 holes pending)
  • Three further zones containing BIF mineralisation have been identified 
  • Further work is being conducted to prove up promising drill targets on North Djadom and Binga. Additional infill drilling on the most prospective Binga targets is planned for completion before year-end. 

West African Minerals Corporation (AIM: WAFM) is pleased to announce the continuing success of the scout and infill drilling programme on its South Djadom property in southeast Cameroon.  This work has identified five promising areas shown to contain BIF-rich stratigraphic sequences with varying degrees of enrichment.  Infill reverse circulation (RC) drilling and angled diamond core drilling (DD) are nearing completion on Blocks 1 and 2, with the intention of converting these deposits into maiden Mineral Resources.

The primary BIF-rich stratigraphic units appear to be steeply dipping (70 to 90 degrees), between 50 and 200 meters thick (true thickness) in Block 1, with variable enrichment from the surface to depths of at least 60 meters.  This BIF stratigraphic sequence is locally highly enriched (over 50%Fe) over intervals from 5-10 meters in depth and moderately enriched (35%-50%) up to 60 meters or more in depth. 

Angled DD and RC drilling, combined with trenching, are currently underway and will define the boundaries of these mineralised stratigraphic units.  Planned inclined drilling in Block 2 will assist in determining the width of the mineralised stratigraphic units.

The objective of the infill drilling is the delivery of a maiden Mineral Resource and the development of a thorough understanding of the geological controls on mineralisation in this region. 

Brad Mills, President of WAFM commented on these results:

"The scout drilling and the more detailed infill drilling programmes have considerably advanced our understanding of the geological setting and controls for the banded iron formations. We are now gaining a better understanding of the enrichment mechanisms for these BIFs in the South Djadom area.  This enhances our confidence in discovering additional large scale deposits of near surface enriched iron ore. We look forward to the release of maiden mineral resources for Blocks 1 and 2 over the next few months.”

Mineralisation

Of the results reported in this press release, 37 of the 199 holes drilled and assayed, intersected significant mineralisation (defined as >30% Fe over >5 m thickness).    Table 1 below lists the significant intercepts >30% Fe and high-grade >50% Fe intercepts from the scout and infill drilling through drill hole 267.  A map of all the drill holes reported in Table 1 is available on the website at www.westafricanminerals.com. 

These infill results and the additional drilling still in process will form the basis of the Company’s first Mineral Resource Estimate expected to be announced in the Autumn, starting with Block 1 in September, to be followed by a supplementary Mineral Resource on Block 2 planned for October.

Table 1 - Minimum 30% Fe over 5 meters INCLUDING Minimum 50% Fe over 5 metres

Borehole

Scout / Infill

Block

Depth from   (m)

Depth to  (m)

Down-hole length

(m)

Fe %

Al2O3  %

P %

S %

SiO2 %

LOI %

DRC023

Scout

1

2

8

6

39.5

11.9

0.17

0.06

15.3

12.5

DRC025*

Scout

1

10

21

11

45.2

4.5

0.08

0.01

23.9

6.0

DRC026*

Scout

1

1

18

17

49.1

1.5

0.05

0.02

21.7

5.6

   Incl.*

Scout

1

6

12

6

52.2

0.9

0.05

0.02

17.5

6.0

DRC027

Scout

1

23

44

21

39.2

0.6

0.07

0.02

35.9

6.3

DRC029*

Scout

1

1

16

15

52.7

6.0

0.06

0.03

11.1

6.5

   Incl. *

Scout

1

4

10

6

57.7

3.8

0.07

0.02

7.0

6.0

DRC034

Scout

1

2

11

9

36.5

14.8

0.03

0.05

22.2

8.7

DRC035*

Scout

1

1

11

10

46.3

2.3

0.10

0.01

24.8

5.8

DRC037*

Scout

1

0

10

10

50.3

7.5

0.06

0.02

13.5

6.1

   Incl.*

Scout

1

3

8

5

57.2

4.3

0.06

0.02

8.8

4.3

DRC038*

Scout

1

1

9

8

52.1

7.6

0.05

0.02

12.4

4.5

   Incl.*

Scout

1

1

6

5

56.4

5.4

0.04

0.02

10.1

3.1

DRC040

Scout

1

20

27

7

34.6

4.6

0.02

0.01

43.1

2.5

30

37

7

37.3

3.9

0.07

0.02

34.5

7.3

51

58

7

32.5

0.7

0.10

0.39

47.2

2.3

DRC043**

Scout

1

0

27

27

42.7

6.4

0.04

0.05

24.2

7.2

36

41

5

39.0

4.3

0.05

0.02

28.3

10.1

47

55

8

31.2

1.8

0.05

0.30

46.3

1.8

    Incl.**

Scout

1

0

6

6

57.3

4.0

0.07

0.03

8.1

4.8


DRC045*

Scout

1

0

19

19

49.9

6.6

0.06

0.02

16.5

4.5

    Incl.

Scout

1

1

10

9

53.9

6.2

0.04

0.02

12.9

3.1

DRC046*

Scout

1

0

23

23

48.0

5.8

0.06

0.02

18.9

5.4

    Incl.*

Scout

1

1

9

8

56.1

4.4

0.03

0.01

12.5

2.2

DRC047**

Scout

1

0

24

24

45.1

6.7

0.09

0.06

19.9

7.3

    Incl.**

Scout

1

3

12

9

53.7

5.3

0.12

0.03

10.4

6.3

DRC057**

Scout

2

0

16

16

35.7

5.3

0.07

0.03

35.6

6.0

DRC058**

Scout

2

4

20

16

37.1

4.2

0.09

0.01

34.1

6.9

62

69

7

31.8

3.6

0.07

0.16

44.9

0.1

DRC061**

Scout

2

3

11

8

32.1

15.0

0.04

0.06

27.3

9.9

DRC067**

Scout

1

0

17

17

36.4

4.4

0.08

0.06

37.9

4.7

69

110

41

34.7

1.7

0.07

0.16

44.3

0.3

DRC078

Scout

1

0

13

13

41.6

4.3

0.09

0.03

29.1

6.3

18

39

21

37.2

3.7

0.07

0.04

35.5

5.5

41

46

5

31.9

2.9

0.07

0.31

46.4

2.3

DRC082

Scout

2

0

10

10

40.4

6.5

0.10

0.05

29.2

5.9

12

21

9

33.9

5.0

0.07

0.04

41.8

4.4

DRC094

Scout

2

3

8

5

36.3

14.3

0.05

0.05

23.4

8.2

24

31

7

32.3

3.8

0.06

0.09

44.2

3.5

50

55

5

29.7

3.2

0.06

0.19

46.7

0.6

DRC124

Scout

4

39

46

7

32.4

2.0

0.05

0.62

43.4

0.5

DRC135

Infill

1

0

14

14

49.5

7.1

0.06

0.02

17.1

3.9

16

25

9

32.6

6.6

0.09

0.03

38.8

6.5

30

91

61

36.7

2.1

0.07

0.05

39.4

2.3

   Incl.

Infill

1

1

6

5

51.1

7.6

0.06

0.02

14.8

3.2

DRC136

Infill

1

5

10

5

38.8

13.6

0.07

0.06

20.1

9.0

DRC137

Infill

1

0

10

10

49.9

7.9

0.04

0.03

15.0

4.5

   Incl.

Infill

1

3

9

6

54.7

6.3

0.04

0.02

11.8

3.1

DRC149

Infill

1

2

8

6

39.4

13.8

0.04

0.06

19.9

8.4

35

41

6

39.8

0.3

0.06

0.01

38.2

4.0

DRC151

Infill

1

0

11

11

38.0

4.6

0.06

0.01

36.3

4.8

19

34

15

39.7

0.6

0.06

0.02

33.6

5.7

DRC153

Infill

1

63

71

8

32.0

0.9

0.05

0.04

46.6

0.3

DRC160

Infill

1

4

13

9

42.9

11.6

0.05

0.05

16.1

9.7

DRC164

Infill

1

0

8

8

43.4

6.9

0.09

0.02

22.8

7.0

10

56

46

38.2

1.3

0.04

0.22

38.4

2.2

DRC169

Infill

1

2

10

8

43.0

7.3

0.20

0.02

22.6

7.2

DRC171

Infill

1

1

10

9

32.2

14.2

0.05

0.05

24.3

10.0

DRC174

Infill

1

3

13

10

33.5

8.0

0.11

0.05

34.6

8.2

DRC176

Infill

1

15

21

6

34.5

4.0

0.10

0.03

38.8

6.6

25

36

11

34.6

2.3

0.08

0.16

43.4

2.2

DRC187

Infill

1

48

85

37

33.5

2.2

0.06

0.09

44.6

1.1

87

93

6

30.6

2.4

0.06

0.07

48.5

1.1

96

103

7

34.8

1.8

0.07

0.07

43.4

0.3

DRC190

Infill

1

5

17

12

34.9

5.8

0.11

0.02

40.2

3.3

DRC194

Infill

1

0

18

18

41.4

2.9

0.10

0.03

33.4

3.9

20

26

6

33.4

4.6

0.06

0.58

38.1

7.2

DRC195

Infill

1

3

11

8

37.4

4.4

0.08

0.02

38.3

2.9

45

52

7

31.4

3.4

0.06

0.18

46.5

2.7

DRC210

Scout

3

26

32

6

31.8

3.2

0.07

0.02

48.2

0.6

36

42

6

33.3

2.1

0.06

0.03

46.5

0.2

44

57

13

33.0

2.6

0.06

0.07

45.3

0.7

DRC211

Scout

3

51

75

24

33.2

2.4

0.06

0.05

45.7

0.4

DRC213

Scout

3

2

8

6

36.7

3.2

0.06

0.01

42.5

1.9

10

19

9

32.6

5.5

0.10

0.02

43.4

4.2

DRC216

Scout

3

0

23

23

35.7

3.2

0.05

0.01

43.1

2.3

DRC236

Infill

1

63

81

18

35.1

1.7

0.08

0.79

44.1

0.4

89

99

10

32.1

2.3

0.07

0.98

46.1

0.5

DRC243

Infill

1

12

19

7

32.8

12.6

0.03

0.02

27.5

10.6

DRC253

Infill

1

1

10

9

40.2

10.4

0.03

0.04

23.9

6.9

50

62

12

33.7

0.5

0.05

0.09

42.4

1.6

65

72

7

36.2

0.5

0.05

0.03

42.9

0.5

 

DRC255

Infill

1

2

8

6

33.0

6.7

0.06

0.04

36.6

8.3

17

24

7

33.2

4.8

0.07

0.04

39.5

5.4

29

34

5

31.7

2.9

0.08

1.25

45.4

1.5

DRC256

Infill

1

44

51

7

31.9

2.1

0.08

0.20

47.0

0.3

72

79

7

31.6

2.4

0.07

0.14

47.3

0.5

DRC259

Infill

1

18

23

5

32.3

3.1

0.17

0.01

47.5

2.3

25

30

5

33.6

3.6

0.16

0.01

45.0

2.7

DRC263

Infill

2

0

27

27

37.7

5.8

0.06

0.06

33.2

6.3

DRC265

Infill

2

3

13

10

34.5

6.9

0.06

0.05

36.2

6.6

28

41

13

32.2

5.4

0.08

0.05

40.9

6.7

DRC267

Infill

2

32

43

11

31.4

6.0

0.04

0.02

40.1

8.6

 

The foregoing are vertical holes, therefore downhole length is not a reflection of true width.

*  Previously announced on 7 March 2013

**Previously announced on 16 April 2013             

Exploration Activity on Other Cameroon Leases

On WAFM’s other permits, Sanaga to the north and Minko proximal to the coast, and Dja and Lele in the Southeast, regional mapping and scout drilling have been completed to meet lease renewal obligations.

At North Djadom road construction to provide access to large-scale geophysical anomalies is currently underway.  These targets will be subject to geological and geophysical ground-truthing prior to scout drilling.

Near term potential at Binga

One of the Company’s potential strategic advantages is its Binga lease located approximately only 40 km east of the deepwater port at Kribi.  Based on the substantial experience the Company has gained in tracing BIF under dense jungle cover at South Djadom, we are now completing ground based gravity and magnetic geophysical surveys to better define the continuity and extent of mineralisation encountered in the scout drilling programme completed in 2012. Based on the outcomes of this geophysical survey we plan to conduct additional drilling before year-end with the intention of developing a maiden Mineral Resource at Binga.

2013 Milestones ahead

South Djadom
  • Completion of drilling - mid August
  • Block 1 Mineral Resource Estimate (MRE) - September 2013
  • Block 2 supplemental MRE - October 2013
North Djadom
  • Ground geological and geophysical proof of concept – October 2013
Binga
  • Ground based geophysical survey – September 2013
  • Infill drilling to potentially state a Mineral Resource – year-end 2013

The technical information contained in this announcement has been reviewed by Dr Brendan Clarke, the Head of Geology of The MSA Group. Dr Brendan Clarke is a Member of the Geological Society of South Africa and a Professional Natural Scientist (Pr.Sci.Nat) registered with the South African Council for Natural Scientific Professions. Dr Clarke has sufficient experience relevant to the style of mineralisation under consideration and to the activities which are being reported, to qualify as a Qualified Person for the purposes of this announcement.  The MSA Group has implemented best-practice QAQC protocols on the South Djadom prospect including the insertion of standards, blanks and duplicates into the sampling stream.  The MSA Group has reviewed the results of the QAQC programme to date and is satisfied that the assay results reported in this release are both accurate and precise.

 

For further information contact:

West African Minerals Corporation

Anton Mauve

Managing Director

 

Donna Yoshimatsu

Investor Relations and Corporate Secretary

 

+44 (0) 1624 639396

 

 

+1 (416) 722-2456

Beaumont Cornish Limited (Nominated Adviser)

Roland Cornish

Michael Cornish

 

+44 (0)20 7628 3396

Investec Bank PLC (Broker)

Chris Sim

 

+44 (0)20 7597 5970

GTH Communications

Toby Hall

Suzanne Johnson Walsh

+44 (0) 20 7822 7493/7492

 

About West African Minerals Corporation

West African Minerals Corporation (AIM: WAFM) is an iron ore mining and exploration group focused on West Africa with interests in iron ore exploration permits in Cameroon and Sierra Leone. Through its 100 per cent owned subsidiary Compagnie Minière du Cameroun SA, WAFM owns six exploration permits in Cameroon covering a total Block of approximately 6,000 square kilometres and spanning the coast to the eastern deposits.  The Sierra Leone licences comprise five exploration licences with potential for enriched hematite schists typical of the Marampa Group over a total Block of approximately 687 square kilometres. 

Further information on the Group is available at www.westafricanminerals.com.

 

Figure 1 shows the drilling progress to date and the planned infill target Block.  Map background is the anomaly map from the airborne gravity survey.

Figure 1 

 

GLOSSARY OF TECHNICAL TERMS

 

Al2O3

Chemical symbol for aluminium oxide.

banded iron formation (BIF)

A distinctive type of rock often found in Precambrian sedimentary rocks; the structure consists of repeated thin layers of iron oxides, either magnetite or haematite, alternating with bands of iron-poor silica rich shale and chert.

direct shipping ore (DSO)

High-grade haematite is often referred to as “Direct Shipping Ore” or “DSO” as it does not require beneficiation, or employs a relatively simple crushing and screening process, before shipment for use in steel mills.

Fe

Chemical symbol for iron.

LOI

Loss on ignition.  A test designed to measure the amount of moisture or impurities lost when a sample is ignited during analysis. 

P

Chemical symbol for phosphorus.

S

Chemical symbol for sulphur.

SiO2

The chemical compound silicon dioxide, also known as silica (from the Latin silex), is an oxide of silicon with the chemical formula SiO2.

strike

Horizontal direction or trend of a geological structure.

Reverse circulation drilling (RC)

A drilling method that utilizes a large rotary drill and air compressor to collect rock samples quickly and efficiently. The high speed and low cost of RC drilling makes it an ideal method for obtaining mineral samples.

Diamond drilling (DD)

A drilling method that uses a large rotary drill with a hollow drill bit and core barrel that allows for the collection of intact core samples.  While slower and more expensive than RC drilling, the collection of intact core samples allows for greater observation and interpretation of rock types, mineralisation styles and structural features.

Mineral Resource

A Mineral Resource is a concentration or occurrence of diamonds, natural solid inorganic material, or natural solid fossilized organic material including base and precious metals, coal, and industrial minerals in or on the Earth’s crust in such form and quantity and of such a grade or quality that it has reasonable prospects for economic extraction. The location, quantity, grade, geological characteristics and continuity of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge.

 

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