Latest results included a headline intercept of 15m grading 5.8 grams per tonne gold from 91m, with mineralisation recorded over an 800m strike length.

The explorer said the orientation of the mineralised zone had been established such that drilling was being planned in a way to intersect the zone in a perpendicular manner.

Further results are pending.

Analysts at Argonaut Capital believes something in the order of 100,000oz could be a reasonable guess at this point in time.

MV3 is 6km from Sanbrado where 220,000-240,000oz at all-in sustaining costs of US$1040-1100/oz is forecast this year, much of it from the high grade M1 South underground deposit/operation

WAF is also completing feasibility work on the standalone Kiaka project to the south, development of which could take production for the company past 400,000ozpa in the medium term.

Shares in WAF were down 4% to $1.24 in afternoon trade, capitalising the company at $1.27 billion.