Stinger Target results positive for Gryphon

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THE DRILL SERGEANT: Gryphon Minerals has announced follow up drilling results from the exciting new Stinger Target located only 10 kilometres to the East of the Nogbele Gold Deposit and planned gold processing plant, at the Company’s flagship Banfora Gold
Project in Burkina Faso, West Africa.

The Banfora Project, located in the South-West of Burkina Faso, is owned one-hundred percent by Gryphon Minerals and contains continuous exploration licenses covering approximately 1,200 square kilometres of a major gold district.

Banfora Gold Project, Burkina Faso. Source: Company Announcement

“These latest drill results are again showing the robust nature of yet another major gold discovery at the Banfora Gold Project.”

“We are now excitedly awaiting the new independent resource estimate which is due in the coming weeks,” Gryphon Minerals managing director Steve Parsons said in the company’s announcement to the Australian Securities Exchange.

The latest drilling results are from initial Reverse Circulation (RC), Diamond (DD) drilling at the Stinger Target.

The drill results highlight 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 the Banfora Gold Project.

Results include:

  • BNRC2629 16 metres at 1.20 grams per tonne gold from 52 metres and 10 metres at 8.67 grams per tonne gold from 141 metres (end of hole)
  • BNRC2630 34m at 1.20g/t gold from 10m and 20m at 3.02g/t gold from 110m
  • BNRC2991 11m at 2.00g/t gold from 104m and 17m at 4.26g/t gold from 261m
  • BNRC3259 16m at 3.17g/t gold from 4m
  • BNRC3258 8m at 6.42g/t gold from 24m

This recent drilling has confirmed at least three parallel mineralised zones within the major regional North-East trending “Stinger mineralised corridor” that remains open along strike.

This drill program has also confirmed mineralisation continues deeper to at least +150 metres below surface and is open at depth.

The company is continuing with 4 x RC/DD rigs infill and step out drill programs at Stinger over the coming months.

A new independent resource estimate for the Banfora Gold Project, including the Stinger target, is anticipated in the coming weeks.

There are also a further 20 high priority regional targets that will be systematically tested with reconnaissance style RAB drilling in 2012.

Further drill results will be made available in due course.