Among the highlights, WAF intercepted 14m at 39.33g/t gold from 448.5m including 0.5m at 860g/t and two high-grade zones in a separate drill hole.
"Both of these results will improve the grade and category of mineralisation at M1 South," managing director Richard Hyde said.
The company had A$21 million (US$16.5 million) cash at the end of December and has an aggressive drilling programme planned for 2018.
Current drilling is aiming to upgrade the inferred resources at depth and the company expects to release an updated feasibility study with both openpit and underground mine schedules mid-year.
The M1 deposit currently has an indicated resource of 1.2 million tonnes at 14.4g/t gold for 556,000 ounces and an inferred 410,000Mt at 14.4g/t for 191,000oz.
Its shares have ranged between A18c-47.5c on the ASX over the past year and last traded at 41c.