Gryphon Minerals (ASX: GRY) is focused on advancing the Banfora Gold Project, which is strategically located in a major gold producing district in Burkina Faso, West Africa, as well as its pipeline of new projects in Mauritania.
Gryphon Minerals (ASX: GRY) continues at speed to become a gold producer in the richly endowed west African country of Burkina Faso, with a Definitive Feasibility Study progressing on the company's plus-two million ounce gold resource.
The company had more than $41 million cash available as at the end of September, which is anticipated to be more than sufficient to fund its ongoing operations and exploration and development programs in Burkina Faso and Mauritania.
A Definitive Feasibility Study is underway at Gryphon’s Banfora Gold Project in Burkina Faso, based on a 3.5 million tonne per annum operation.
In September, Gryphon announced an Inferred Resource at the Banfora Project of 29 million tonnes at 2.1 grams per tonne for 2 million gold ounces, of which the majority is shallow and above 100 metres from surface.
The recent discovery at the Stinger Target in the Banfora Project, along with a preliminary independent engineering study at the project, indicate that Banfora is on track to become a multi-million ounce gold deposit.
Environmental and community studies at the project are well advanced, and the company has secured more drilling rigs, taking the total number onsite at Banfora to seven.
The current drilling program includes:
- Continued step out and infill drilling at the Nogbele, Fourkoura and Samavogo Gold Deposits;
- Deeper drilling targeting plus-150 metres depth at the Samavogo and Nogbele Gold Deposits anticipated in the March quarter of 2012;
- Further drilling at Stinger and an anticipated maiden resource in the March quarter of 2012;
- Regional drilling at the Ouahiri Prospect ongoing with results anticipated in the March quarter of 2012;
- Other regional greenfield targets ranked, prioritised and actioned as rigs become available from the current program; and
- Geotechnical drilling at all three locations for the DFS.
In other company news, Gryphon has completed a review of all available data from its copper and gold projects in Mauritania, attained through its September 2010 acquisition of Shield Mining.
Based on the review, it will undertake a 30,000 metre reverse circulation drilling program at the Tijirit Project, which is adjacent to the world class Tasiast Gold Mine owned by Kinross Gold Corporation (TSE: K NYSE: KGC).
This drill program at Tijirit will commence in the next month, with initial results anticipated in the March quarter of 2012.
Gryphon also plans to start drilling at the Akjoujt Copper Gold project, which is adjacent to First Quantum Minerals’ (TSE: FM LSE: FQM) Guelb Moghrein gold-copper mine, which has forecast 2011 production of 280,000 tonnes of copper and 100,000 ounces of gold.
Akjoujt has a number of highly prospective regional anomalies targeted for follow up in the drilling program.
Gryphon Managing Director Steve Parsons said: “The addition of more drill rigs at Banfora and ramp up of Mauritanian operations demonstrates our commitment to our aggressive exploration program in West Africa. Our strong balance sheet continues to support this strategy, and we look forward to reporting more positive results from Burkina Faso and Mauritania over the coming months.”
Gryphon Minerals has world-class shareholder support including the International Finance Corporation (part of the World Bank Group), Baker Steel, Genesis Fund and other international institutional and sophisticated investors.