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Additional Information
Market: ASX
Sector: General Mining
Epic: ASX:GRY
News: Latest news
Web Site: Gryphon Minerals
Other Articles: 26-11-200921-09-200921-08-2009

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Gryphon Minerals

Gryphon Minerals

Gryphon Minerals (ASX: GRY) is a Perth-based mineral exploration company established with the express purpose of exploring and developing gold deposits in West Africa.  At the company's flagship Banfora Gold Project an aggressive drilling and regional exploration programme is being carried out to assist in unlocking the full potential of the project. Gryphon considers the results to date to be extremely significant, reinforcing the potential for the Banfora Gold Project to host large scale gold mineralisation.
 

Monday, September 21, 2009

Gryphon Minerals reaches one million oz Banfora resource milestone

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Perth-based gold explorer Gryphon Minerals (ASX:GRY) has increased the inferred resource at its flagship Banfora gold project in Burkina Faso, West Africa, to more than one million ounces.

Following another encouraging round of drilling at the Nogbele and Fourkoura deposits, Gryphon calculated a revised JORC Code-compliant inferred resource for Banfora of 14 million tonnes of ore grading an average 2.4 g/t for an estimated contained 1.1 million oz of gold.

Gryphon surmises the updated resource figure is just an interim estimation for the Banfora project with significant potential to define additional shallow ounces and potentially a multi-million ounce gold district from the company’s aggressive ongoing drilling programs.

The company pointed out that since its first drilling program at Banfora in 2006 there have only been a handful of new discoveries of above one million oz worldwide, despite the stronger gold price and increased exploration expenditure over that period. And investors have certainly taken a shine to that story, lifting Gryphon’s share price almost four-fold in the past six months.

A large proportion of the latest announced Banfora resource (90% of it) sits within 100 metres of surface, and mineralisation remains open at depth and along strike at both Nogbele and Fourkoura deposits.

Banfora is located in a major gold province that also contains AngloGold/Randgold’s Morila (6.5 million oz), Resolute’s Syama (five million oz mined and 6.5 million oz in resources) and Randgold’s Tongon (4.2 million oz) deposits.

Gryphon will now embark on a 10,000m RC and diamond drilling infill and step-out program at Nogbele and Fourkoura aimed at detecting shallow gold mineralisation outside of the delineated resource.

In addition, the company will undertake an RC/DD campaign measuring 10,000m to test a further seven high priority target areas within a 15 km radius of the Nogbele deposit over the coming weeks, as well as reconnaissance exploration focussed on previously untested regional targets.

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