West African Resources Reports Strong First Quarter Gold Production at Sanbrado Operations
West African Resources, an ASX-listed unhedged gold mining company, has announced the production of 56,595 ounces of gold in the first quarter at its Sanbrado gold operations.
The gold production, derived from milling 844,000 tonnes of ore at a head grade of 2.2 g/t and a recovery rate of 93.9%, remained consistent with the output recorded in the preceding quarter of December 2023.
During the quarter, underground mined ounces witnessed a notable increase of 22% quarter-on-quarter, with 105,000 tonnes of ore extracted from M1 South at a grade of 8.1 g/t, resulting in 27,484 ounces of gold.
Conversely, open-pit mined ounces experienced a decrease of 59% quarter-on-quarter, with 555,000 tonnes of ore mined at a grade of 1.2 g/t, yielding 21,941 ounces of gold.
This decline aligns with the mine plan and reflects the anticipated reduction in ore tonnes following the completion of mining at the M5 South open-pit.
The company reported a decrease of 10,823 ounces in contained gold within ore stockpiles during the quarter.
Gold sales for the quarter amounted to 49,509 ounces at an average price of $2,078 per ounce. Additionally, bullion awaiting settlement by the end of the quarter increased by 8,982 ounces to reach 12,126 ounces.
West African Resources remains confident in achieving its full-year guidance of 190,000 to 210,000 ounces of gold, maintaining an all-in sustaining cost of less than $1,300 per ounce.
CEO and Executive Chairperson, Richard Hyde, commented, “Sanbrado delivered another solid quarter of gold production, with our process plant maintaining its steady performance and the high-grade ore from the M1 South underground aligning well with the reserve model.”
