Drain cherries then lay on paper towel lined baking sheet to dry. Use extra paper towels to pat dry.
Mix softened butter, light corn syrup, and sifted powdered sugar to form fondant. Measure one teaspoon of fondant and form into a flat disc shape. Wrap each cherry in fondant. Chill cherries in refrigerator until firm.
Follow package direction for melting wafers. Dip each fondant wrapped cherry in chocolate letting excess chocolate fall back into bowl. Place on wax paper lined baking sheet to set.