Gryphon Minerals finds high grade gold zones at Nogbele Deposit...

Gryphon Minerals finds high grade gold zones at Nogbele Deposit in Burkina Faso

Wednesday, March 07, 2012 by John Phillips
The gold discoveries at the Nogbele Deposit demonstrate the shallow and outcropping nature of the high grade zones, which is important in the “starter pit” designs of the Definitive Feasibility Studies, which are on track for a September 2012 quarter delivery.

Gryphon Minerals (ASX: GRY) continues to discover gold at the Banfora Gold Project in Burkina Faso, and importantly this information will add some positive data to the resource upgrade to be completed in the June 2012 quarter.

The latest reverse circulation drilling highlights at the Nogbele Deposit include:

- 16 metres at 8.61 grams per tonne (g/t) gold from surface;
- 17 metres at 6.85g/t gold from 22 metres;
- 20 metres at 4.45g/t gold from 40 metres; and
- 20 metres at 3.94g/t gold from 64 metres.

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 short term news flow from Gryphon will be constant, with eight rigs currently turning at the project, with further results from Nogbele, Samavogo, Stinger and satellite targets pending.

Steve Parsons, managing director, commented on the latest gold discoveries:

“These latest drill results from the Nogbele Deposit demonstrate the shallow and outcropping nature of the high grade zones, which of course will be significant in the “starter pit” designs of the Definitive Feasibility Studies on track for the third quarter of this year”.

Drilling included infill and step out targeting multiple parallel, shallow and outcropping mineralised zones, where an oxide component exists.

Mineralisation at Nogbele consists of multiple parallel and sub-parallel zones of broad hematite and / or magnetite, silica and pyritic alteration, sericitic schist’s and lode quartz veins that dip between “flat” and 60 degrees to the north, “wrapping” around the “nose” of the Nogbele granodiorite into the surrounding sediments and mafic units.


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.


Gryphon looks to speed up assays with own lab

Gryphon said that currently in West Africa with the increased level of exploration drilling there are large amounts of sample results outstanding at the assay laboratories.

This has impacted the company with around 50,000 samples outstanding and waiting for assaying.

Gryphon therefore is in the process of alleviating this backlog by negotiating for an assay preparation lab to be built at Banfora by an international assay laboratory group.