Gryphon Minerals sharpens Stinger

THE DRILL SERGEANT: West Africa-focused gold play Gryphon Minerals has received encouraging results from an initial round of RC and diamond drilling on its new Stinger discovery located only 10 kilometres to the east of the Nogbele gold deposit and planned processing plant, at the company’s Banfora gold project in Burkina Faso.

Gryphon said the drill results show, “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”.

“We are really excited by these initial drill results from our new Stinger target, highlighting multiple stacked zones of shallow mineralisation that remain open along strike and at depth,” Gryphon Minerals managing director Steve Parsons said in the company’s announcement to the Australian Securities Exchange.

“We continue to see the benefits in 2011 of our aggressive $30 million exploration program, with a maiden resource previously announced at the Samavogo deposit and now exciting drill results from the new Stinger discovery, which again further illustrates the high prospectivity of the district and potential for further new discoveries at the Banfora gold project.”

The initial drilling Gryphon has carried out at the Stinger prospect has been shallow, targeting gold less than 100 meters vertical depth on a new and previously untested north‐east trending zone several kilometres to the east of the current gold deposits at the Banfora project.

“Mineralisation occurs as multiple stacked zones, associated with silica flooded and albite altered hematite dusted intrusive with fine grained disseminated pyrite and pervasive sericite alteration with occasional minor milky veins and visible gold,” the company said.

Drilling to date has tested just two kilometres strike of a major regional shear zone that remains open along strike and down dip.

Gryphon is now undertaking a detailed drill RC and DD program that is expects will move Stinger from discovery to a potential resource estimate in as soon a time frame as possible.

The company has also identified a further 20 high priority regional targets that it has earmarked for systematic testing by reconnaissance style RAB and auger drilling throughout the rest of this year and into the next.

Gryphon recently announced a preliminary independent engineering study for the Banfora project and is now undertaking detailed feasibility studies on a 3.5 million tonne per annum open pit operation with a central processing plant located at the Nogbele deposit.

Gryphon anticipates that with further drilling and potential resource growth it will eventually be able to incorporate the new Stinger discovery into the detailed feasibility studies.