Wednesday, 15 February 2012

Gryphon Minerals discovers more West African gold in follow up drilling at Banfora

Gryphon Minerals (ASX: GRY) is on the hunt for West African gold - and continues to be successful at the Banfora Gold Project in Burkina Faso.

Banfora has already reached the 2 million gold ounce milestone, and hosts 29 million tonnes at 2.1 grams per tonne (g/t), which is less than 100 metres deep - while remaining open.

Where the story really hots up is a Definitive Feasibility Study is underway on a 3.5mtpa plus 200,000 gold ounce per year operation.

The latest drilling highlights are from the Stinger Prospect and include bonanza grade intersections such as 2 metres at 54.69g/t gold from 20 metres, supported by:

- 7 metres at 7.55g/t gold from 9 metres;
- 7 metres at 9.80g/t gold from 177 metres; and
- 3 metres at 12.00g/t gold from 13 metres.

Steve Parsons, managing director, commented on the positive drilling news:

“We are again very excited by the latest drilling results which demonstrate Stinger is shaping up to be a significant new gold target with a very large mineralised footprint similar to the other discoveries at the Banfora Gold Project”.

The Stinger Prospect is located 10 kilometres to the East of the Nogbele Gold Deposit, with the company recognising 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 Banfora.

Gryphon is currently undertaking a detailed reverse circulation and diamond drilling program to move Stinger from discovery to a potential resource estimate.

The company is very well funded with $83 million in cash at the end of January 2012.

Aggressive 2012 exploration campaign

2012 has a $30 million budget allocated for exploration, along with a Definitive Feasibility Study to establish a multi-million ounce gold district at Banfora.

Banfora - strategically located

Banfora is in the south-west of Burkina Faso, in a major gold producing district, host to such world class gold deposits as Tongon (4.2 million gold ounces) Syama (5 million gold ounces mined and 6.5 million gold ounces in resources) and Morila (6.5 million gold ounces).

The project is wholly owned by Gryphon Minerals and contains continuous exploration licenses covering 1,200 square kilometres of a major gold district, and is easily accessible by road and in close proximity to the town of Banfora and the major city of Bobo-Diolasso. Grid power is located 30 kilometres from the eastern boundary.

Other Gryphon news

In other Gryphon news, the company has started a 30,000 metre reverse circulation drilling program targeting multiple gold targets at the Tijirit Project in Mauritania, which is strategically located to Kinross Mining’s Tasiast Gold Mine.

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