Gryphon Minerals confirms continuity and grades at Banfora

THE DRILL SERGEANT: Gryphon Minerals (ASX: GRY) has reported results of recently completed shallow reserve drilling at the company’s 3.6 million ounce Banfora gold project in Burkina Faso.

The drilling was designed to target shallow oxide material within the company’s existing pit designs on a mining grade control pattern in preparation for mine commencement.

Gryphon said the results from the infill drilling have confirmed existing geological and resource models and have also indicated grade continuity within the numerous shoots that were drill tested.

Some of the better intersections include:

Nogbele Deposit

17 metres at 8.2 grams per tonne gold from 12m;

19m at 6.3g/t gold from 7m;

16m at 6.8g/t gold from 7m;

8m at 11.3g/t gold from 6 m; and

25m at 3.4g/t gold from 1m.

Fourkoura Deposit

14m at 64.6g/t gold from 16m, including 1m at 843.4g/t gold;

18m at 5.8g/t gold from 12m;

19m at 5.5g/t gold from 3m;

16m at 4.5g/t gold from 10m; and

12m at 5.3g/t gold from 0m.

“This recent drill program has significantly de-risked the proposed in-pit mining inventory for the initial mining and continues to confirm the excellent continuity and grade of the gold mineralisation,” Gryphon Minerals managing director Stephen Parsons said in the company’s announcement to the Australian Securities Exchange.

“It has also confirmed several areas of very high-grade gold within the initial pit designs that will now be re-optimised and brought forward into the first years of mine production.

“With the de-risking of the Reserves within the initial mining areas and the Banfora gold project being fully permitted to proceed with the proposed two million tonnes per annum heap leach mining operation, the company will continue to progress due diligence with Macquarie Bank for the proposed US$60 million senior loan facility, associated hedging and cost overrun facility.”

Email: admin@gryphonminerals.com.au

Website: www.gryphonminerals.com.au