Gryphon Minerals (ASX: GRY) is focussed on advancing the Banfora Gold Project in Burkina Faso, West Africa as well as its pipeline of new projects in Mauritania.
Banfora is strategically located in a major gold producing district, which is host to 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).
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1. GOLD - BANFORA GOLD PROJECT
Gryphon Minerals Limited (Gryphon Minerals or the Company) during the past twelve months has been active in exploring its flagship Banfora Gold Project in Burkina Faso. The project is located in a major gold producing district, host to such world class gold deposits as Rangold’s Tongon (4.2Moz) Resolute’s Syama (5Moz mined & 6.5M oz resources) and Anglo/Rangold’s Morila (6.5Moz) gold deposits. Results from drilling at the Banfora Gold Project continue to impress and demand that further drilling be undertaken for the upcoming year.
In September 2010, the Company announced for the Banfora Gold Project an increase in the gold resource estimation to 21 million tonnes at 2.2g/t gold for 1,500,000oz of gold, with the majority of the resource shallow and above 100 metres depth. Mineralisation remains open along strike and at depth increasing the probability of adding further ounces and increasing the resource in the near term.
Surpassing a million ounce gold resource estimate is a significant milestone for the company and a major achievement by world gold exploration standards. According to World Gold Council (WGC) statistics, very few gold discoveries over 1 million ounces are found each year globally. Since Gryphon’s first drilling programme at the Banfora Gold Project in 2006 there have only been a handful of new discoveries over 1 million ounces made globally, despite the strengthening spot gold price and increased exploration expenditure over that period.
Graph: Number of gold discoveries found per year over 1 million ounces
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).
The current drilling programmes will continue to target shallow high grade gold mineralisation (≈100 meters vertical depth) outside of the current resource estimate. Further results from ongoing drilling programmes will be made available at the earliest opportunity. The Company is anticipating a new resource estimate after the completion of this drilling campaign.
The Company believes that the drill results released to date confirm the potential for the Banfora Gold Project to host world class gold mineralisation similar to other major deposits in West Africa.
2. GOLD - TIRJIT PROJECT
|Tirijit Gold Project|
The Tijirit 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.
3. COPPER-GOLD - AKJOUJT PROJECT
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.
4. GOLD-COPPER - SABOUSSIRI PROJECT
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.
Mel Ashton - Non Executive Chairman (B.Com, FCA, FAICD
Mel Ashton holds a Bachelor of Commerce degree from the University of Western Australia, is a fellow of the Institute of Chartered Accountants and a fellow of the Australian Institute of Company Directors. Mr Ashton also currently holds a number of board appointments, including a National Director of the Institute of Chartered Accountants, Director of The Hawaiian Group of Companies and a Director of Cullen Wines (Australia) Pty Ltd. He is currently the Chairman for Empired Ltd and Venture Minerals Limited.
Stephen Parsons - Managing Director (BSc (Hons) Geology, MAusIMM)
Stephen Parsons is the Managing Director of the Perth based mineral exploration company, Gryphon Minerals. Gryphon successfully listed on the Australian Stock Exchange in April 2004 with high quality nickel and gold exploration projects located within Western Australia. Mr Parsons graduated from the University of Canterbury in New Zealand with an Honours degree in Geology. He has held technical positions for a number of junior resource companies and major mining houses including CRA Exploration and Placer Dome, exploring for a wide variety of commodities throughout Australia before listing Gryphon in April 2004.
Didier Murcia - Non Executive Director (LLB, BJuris)
Didier Murcia holds a Bachelor of Jurisprudence and Bachelor of Laws degrees from the University of Western Australia, and has over twenty years experience in corporate, commercial and resource law. Mr Murcia is a Director of Aminex PLC, listed on the London Stock Exchange, a Non-Executive Director of Gindalbie Metals Limited and Non-Executive Chairman of Target Energy Limited, both listed on the Australian Stock Exchange. He is also Chairman of Perth law firm Murcia Pestell Hillard and the Honorary Consul for the United Republic of Tanzania.
David Netherway - Non-Executive Director (B.E Mining Engineer)
David Netherway received a B.E in Mining Engineering from the University of Melbourne in 1975 and a Certified Diploma in Accounting and Finance from the Chartered Association of Certified Accountants in the United Kingdom in 1985. Mr Netherway is a mining engineer with over 30 years of experience in the mining industry. He was until the recent takeover by Gryphon Minerals Ltd, the CEO of Shield Mining Ltd.
Prior to this, Mr Netherway served as the CEO of Toronto listed Afcan Mining Corporation, a China focussed gold mining company which was successfully taken over by Eldorado Gold. He is also a former director of Orezone Resources Inc. Kazahgold Ltd and Equigold NL.
Mr Netherway is currently the Chairman of African Aura Mining Inc. (AUR-TSX & AAAM-AIM), GMA Resources plc (GMA-AIM) and Altus Securities Ltd; and Non-Executive Director of Altus Resource Capital Ltd (ARCL-AIM).
Steven Zaninovich - Non Executive Director
Steven Zaninovich has over 19 years experience in senior management, engineering consultancy and project management in all stages of project development from concept to completion including significant experience in numerous West African gold mining projects.
Matthew Bowles - Chief Development Officer (B.Com, CPA, ASA)
Matthew Bowles has more than 16 years commercial and corporate finance experience within the resource sector and brings to Gryphon a wealth of experience in strategy development and domestic and cross border transactions, including mergers and acquisitions. Mr Bowles was previously an Executive Director within Ernst & Young's Mergers and Acquisitions team and spent the first eight years of his career with Rio Tinto.
Hamish Halliday - Management Consultant (BSc (Geology), MAusIMM)
Hamish Halliday has 15 years of both corporate & technical experience within the mining industry. Mr Halliday was the founding Director of Adamus Resources Limited, responsible for listing the company on the ASX in 2001. He was instrumental in the acquisition of the company’s current tenement portfolio which has already yielded a multi-million ounce gold deposit. Mr Halliday has worked on a number of projects exploring for a range of commodities. Prior to Adamus Resources Limited he worked with Taipan Resources NL (now called Intrepid Mines Limited) taking the Paulsens gold project from grass-roots exploration through feasibility.
Brett Dunnachie - Chief Financial Officer / Company Secretary (BCom, CA)
Brett Dunnachie is a Chartered Accountant and holds a Bachelor of Commerce degree. Mr Dunnachie is the Chief Financial Officer and was appointed Company Secretary in February 2007. Prior to joining Gryphon Minerals he was an audit manager at a major chartered accounting practice. He is also the Company Secretary for Avonlea Minerals, Renaissance Minerals and Venture Minerals.
Michael Fox - Exploration Manager (West Africa)
Michael Fox brings considerable experience to the Company that will be invaluable in unlocking the full potential of the Banfora Gold Project. Mr Fox has held a number of technical management positions for Company’s developing projects and mining operations worldwide over the past 25 years, which have included IAMGold’s (Gallery Gold) Mupane Gold Mine in Botswana and Rwamagaza Gold Project in Tanzania, African Gold Resource’s (AGR) Booro Gold Project and Armada’s Erdenet copper mine in Mongolia, Western Mining Corporation’s (WMC) Hill 50 Gold Mines and Kalgoorlie Gold Operations in Australia and the Senior Manager of the Bank of Western Australia’s Resource Project Financing and Project Evaluation.
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