GRYPHON MINERALS LIMITED - ASX: GRY

The data on Australian Shares.com is intended as a guide only and is compiled from information in the public domain. Data on this website should not be used to make an investment or trading decision.

Description

Gryphon Minerals(ASX:GRY) is aggressively focussed on advancing the Banfora Gold Project in Burkina Faso, West Africa as well as its pipeline of new and exciting projects in Mauritania.

The Company recently announced a resource of 21Mt @ 2.2g/t for 1,500,000oz gold at its flagship Banfora Gold Project. The Project has numerous regional exploration targets with real potential for Gryphon Minerals to uncover a multi-million ounce gold district in the near term. The Banfora Project area covers 1,200km2 and mineralisation drilled so far is shallow with 80% less than 100 meters from surface and with scope to extend this considerably deeper with further drilling. The Project is in a major gold producing district, host to such world class gold deposits as Randgold’s Tongon (4.2Moz), Resolute’s Syama (5 Million oz Au mined & 6.5 Million oz Au in resources) and Randgold/Anglo Ashanti’s Morila (6.5Moz).

The Company recently acquired fellow ASX company Shield Mining (ASX:SHX) which now gives Gryphon exposure to a number of highly prospective gold and copper projects including the Tijirit project adjacent to the world-class Tasiast Gold Mine currently owned by Redback/Kinross.

Gryphon Minerals has world-class shareholder support including the IFC (World Bank Group), Baker Steel, Genesis Fund and other international institutional and sophisticated investors. Gryphon Minerals holds 10 million shares, approximately 15% of Renaissance Minerals Ltd (ASX:RNS), an Australian focussed gold explorer with over 3,000km2 of highly prospective and strategic landholdings in Western Australia and Alaska.

Banfora Gold Project, Burkina Faso (100%)

The Banfora Gold Project is located in the south-west of Burkina Faso, West Africa, in a major gold producing district, host to the world class gold deposits of Tongon (4.2 Million oz Au) only 30km to the south, Syama (5 Million oz Au mined & 6.5 Million oz Au in resources) 50km to the West, and Morila (6.5 Million oz Au) 75km to the North West. The project area contains six exploration licenses covering a total area of approximately 1,200km2 and encapsulates the entire "Loumana" Birimian greenstone belt within Burkina Faso.

The Project area is easily accessible by road and in close proximity to the town of Banfora. A 100km sealed road connects Banfora town to the city of Bobo Diolasso and a further 350km to Burkina Faso's capital city Ouagadougou. Grid power is located approximately 30km from the eastern boundary of the project. Since Gryphon commenced exploration at the Banfora Gold Project approx 95% of all drilling has been focussed within the large grano-diorite intrusion known as the Nogbele (Nog-bee-lee) and Fourkoura (Four-core-a) gold deposits.

The Company continues to explore aggressively with drilling at both the Nogbele and Fourkoura deposits intersecting excellent mineralised widths and grades which has resulted in some of the highest gram meter intercepts to date including 10m @ 13.0g/t gold (130 gram meters), 24m @ 4.60g/t gold (110 gram meters) 24m @ 4.75g/t gold (114 gram meters).

In September 2010, the Company announced reaching another significant milestone of increasing the JORC inferred resource estimate at the company’s flagship Banfora Gold Project in Burkina Faso, West Africa to 21Mt @ 2.2g/t for 1.5 Million oz of gold (See Table 1 for further details). The Company views this latest resource upgrade as an interim estimation with significant potential to define further ounces and to potentially establish a multi-million ounce gold district through the company’s aggressive on-going drilling programs at the Banfora Gold Project. Recent drill results prior to this resource estimate upgrade confirm the potential for the Banfora Gold Project to host a multi million ounce deposit as high grade mineralisation remains open along strike and at depth.

Tirjit Project, Mauritania

The Tirijit Gold Project is located in the north-west of Mauritania, West Africa in a highly prospective and underexplored gold district that hosts the world class gold Tasiast (+11Moz) deposits. The project is owned 100% by Gryphon Minerals and contains continuous exploration licenses covering approximately 1,460km2 of a highly prospective and underexplored gold district. The project is easily accessible by road and only 300kms from the capital of Nouakchott.

First pass historical drilling results included:

6m @ 17.63g/t Au from 10m
6m @ 10.47g/t Au from 16m
2m @ 24.90g/t Au from 56m

The majority of the Project has been drilled to less than 50m vertical depth, intersecting major mineralised zones over 150m wide.

Akjoujt Project, Mauritania

The Akjoujt Copper Gold Project permits cover approximately 750km2 of ground located 30km west of the Guelb Moghrein gold/copper mine operated by First Quantum Minerals Ltd. The Guelb Moghrein mineralisation is classified as an Iron Oxide Copper Gold (IOCG) deposit and has characteristic carbonate and magnetite alternation signature.

An airborne gravity survey over the Akjoujt Project was completed on the property in February 2010 in conjunction with First Quantum, targeting both copper and gold mineralisation. A number of highly prospective gravity anomalies were identified and the Company intends to follow these up during the next 12 months.

Saboussiri Project, Mauritania

The Saboussiri Gold/Copper Project permit covers approximately 200km2 of ground in the southern Mauritanides close to the border with Senegal. A number of copper prospects have been identified on the property including a drill ready copper/gold target at Diaguili together with a strong gold anomaly at Toumbou. The Company intends to follow these up during the next 12 months.

Mine For

gold, copper

Location of operation(s)

Burkina Faso, Mauritania

Address

Freemasons Building , 181 Roberts Road
SUBIACO, WA, AUSTRALIA

Phone

08 9287 4333

Email

Website

http://www.gryphonminerals.com.au

Last Updated

6/4/2011