The company is working on a resource for MV3 that is expected to be calculated later this quarter.
Capital markets firm Argonaut believes around 200,000 ounces could be in the offing based on exploration to date.
Argonaut also speculates WAF is keen to bring MV3 into the mining mix ahead of another satellite opportunity called Toega - with the latter a larger scale, circa one million ounce opportunity.
That could reduce near-to-mid-term capital expenditures that could instead be focused on the plus-200,000oz per annum potential Kiaka development, also in Burkina Faso.
More clarity is likely later this quarter when WAF's annual resource and reserve update, 10-year production outlook and 2023 production and cost guidance is reported.
Broadly speaking, WAF is currently a circa 230,000ozpa producer that's aiming to be a plus-400,000ozpa miner by mid-decade.
Shares in WAF were down 3% to A$1.17 in afternoon trade, capitalising the company at $1.2 billion.