Gryphon Minerals unfurls scorching 68m at 3.86g/t gold in Burkina Faso

Gryphon Minerals (ASX: GRY) has delivered some very impressive gold intersections from the Banfora Gold Project in Burkina Faso today, and most importantly the discovery outlines a new zone of high grade gold.

A new parallel north-west trending zone has been discovered using reverse circulation drilling containing significant high grade gold mineralisation, hosted within the Nogbele granordiorite.

Highlights included 68 metres at 3.86 grams per tonne (g/t) gold from just 12 metres, and 32 metres at 1.14g/t gold from 24 metres.

Adding some further support were additional intersections from diamond infill and step out drilling at the Nogbele gold deposit, which included:

- 28 metres at 3.51g/t gold from surface;
- 14 metres at 3.01g/t gold from 130 metres; and
- 10 metres at 3.28g/t gold from 102 metres.

Importantly, mineralisation is shallow and remains open along strike and down dip.

Steve Parsons, managing director, commented on the good news. “Once again these are solid drill results from our aggressive exploration program at Banfora and we are really excited by what we are seeing.

"Nogbele is consistently delivering, shallow, high grade mineralisation that continues to be open along strike and down dip. Banfora is shaping up to be a major gold discovery in a new gold district.”

Proximity to multi million ounce gold deposits

Providing a huge tick to the potential of Banfora is the strategic location in a major gold producing district, which is host some world class gold deposits.

These include Randgold Resources’ (LON: RRS) Tongon (4.2 million ounces), Resolute Mining’s (ASX: RSG) Syama (5 million ounces mined and 6.5 million ounces in resources) and Anglo/Randgold’s Morila (6.5 million ounces).

Banfora already hosts an Inferred JORC Resource of 29 million tonnes at 2.1g/t for 2 million ounces of gold, with the latest intersections no doubt providing a significant boost to future resource updates.

Six rigs active

Its all action at Banfora with six rigs active, which will deliver a boost to short term news flow as infill, step out and regional results are expected shortly.

The company had more than $41 million cash available as at the end of September. A Definitive Feasibility Study for a 3.5 million tonne annual operation at the project is also well advanced.

Mauritanian projects

Adding some extra spice to Gryphon is that the company has a 30,000 metre reverse circulation drilling program commencing at the Tijirit Gold Project, strategically positioned adjacent to Kinross Mining’s plus 21 million ounce gold mine.

Originally published at: http://www.proactiveinvestors.com.au/companies/news/21311/gryphon-minerals-unfurls-scorching-68m-at-386gt-gold-in-burkina-faso-21311.html