Gryphon Minerals makes new gold discovery near Banfora Gold Project in Burkina Faso

Gryphon Minerals (ASX:GRY) has added a new gold discovery at Stinger to its rapidly growing quiver, as reverse circulation and diamond drilling intersected multiple shallow mineralised zones less than 100 metres vertical depth, across an initial 2 kilometres strike. 

Stinger Prospect is located about 10 kilometres to the east of the Nogbele Gold Deposit.

Best initial drill results from Stinger included:

- 10 metres at 4.39 grams per tonne g/t gold from 3 metres;
- 8 metres at 4.62g/t gold from 8 metres;
- 3 metres at 19.36g/t gold from 5 metres; and
- 11 metres at 3.15g/t gold from 86 metres.

The drill results highlight that Stinger has the potential to be a significant new discovery similar to the other Gryphon Minerals gold discoveries of Nogbele, Samavogo and Fourkoura at the Banfora Gold Project.

The initial “Stinger” drilling has been shallow, targeting gold less than 100 meters vertical depth on a new and previously untested north-east trending zone several kilometres to the east of the current gold deposits at the Banfora Project.

Mineralisation occurs as multiple stacked zones, associated with silica flooded and albite altered hematite dusted intrusive with fine grained disseminated pyrite and pervasive sericite alteration with occasional minor milky veins and visible gold.

Drilling has so far only tested 2 kilometres strike of a major regional shear zone that remains open along strike and down dip.

The company is now undertaking a detailed reverse circulation and diamond drilling program to move Stinger from discovery to a potential resource estimate in as soon a time frame as possible, similar to the Samavogo deposit’s recent maiden resource.

There are also a further 20 high priority regional targets that will be systematically tested with reconnaissance style RAB and auger drilling in 2011/2012.

The project is located in a major gold producing district, host to such world class gold deposits as Randgold’s (NASDAQ: GOLD ) Tongon (4.2Moz) Resolute’s (ASX: RSG) Syama (5 Million oz Au mined & 6.5 Million oz Au in resources) and Anglo/Randgold’s Morila (6.5Moz mined).

Steve Parsons, Gryphon Minerals' managing director said “we are really excited by these initial drill results from our new Stinger target, highlighting multiple stacked zones of shallow mineralisation that remain open along strike and at depth.”

The company continues to see the benefits in 2011 of its aggressive $30 million exploration program, with a maiden resource previously announced at the Samavogo deposit and now these promising drill results from the new Stinger discovery.

Gryphon recently announced an inferred resource at the Banfora Project of 29Mt at 2.1g/t for 2,000,000oz of gold of which the majority is shallow and above 100 metres depth.

This latest resource update is an interim estimation with significant potential to define further ounces as the company establishes a multi-million ounce gold district in West Africa through an aggressive on-going drilling program.

Regionally within the 1,200 square kilometres project area there remain numerous untested high priority targets which the company will be targeting during 2011/12.

The company has also updated its Mauritania projects with a 30,000 metre RC drill program to commence targeting gold at the Tijirit Project, adjacent Kinross Mining’s Tasiast gold mine.

Originally published at: http://www.proactiveinvestors.com.au/companies/news/19546/gryphon-minerals-makes-new-gold-discovery-near-banfora-gold-project-in-burkina-faso-19546.html