West African Resources' (ASX:WAF) Sanbrado gold operations in Burkina Faso offered compelling value, even after factoring in a discount for country risk, according to a Thursday note by Euroz Hartleys.
On Wednesday, the company said diamond drilling at the operations delivered wide zones of high-grade gold mineralization and confirmed that the project's underground operations at the M1 South prospect will continue to be a high-margin long-life asset.
The drilling results included 44 meters at 25.8 grams per tonne grade of gold, 44.5 meters at 17.1 g/t gold, and 38.5 meters at 17.4 g/t gold, the company added.
A $25 million plant upgrade, set to take 18 months, could lift gold output to 250,000 ounces of gold per year to 300,000 ounces, supporting the company's goal of reaching 500,000 ounces annually ahead of its 2030 target, Euroz noted.
Euroz maintained the company's buy rating and its AU$4.10 price target.
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