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Gryphon Minerals Ltd.
Summary
| Project: | Banfora | |
|---|---|---|
| Deposit: | Fourkoura | |
| Location: | Burkina Faso | |
| Commodities: | Gold | |
| Date: | 7/13/2016 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 13-7-2016: Gryphon Minerals Ltd. announces an Exploration/Drilling Update report for its Fourkoura deposit at the Banfora project. Drilling results incl. 7m @ 12.8g/t Au from 60m. Gryphon Minerals Limited (ASX:GRY) is pleased to provide an update on its e | |
| Resources: | (Resource): 3.04Mt @ 1.8g/t Au (Ind.) and 0.42Mt @ 1.9g/t Au (Inf.) at Fourkoura | |
| CP/QP: | [Overall Report]: Sam Brooks (Internal) | |
| ABSTRACT: | Gryphon Minerals Limited (ASX:GRY) is pleased to provide an update on its exploration activities at its 100% owned Banfora Gold Project in Burkina Faso, West Africa. Current drilling is focussed on advancing the high grade lodes at the Fourkoura and Nogbele Gold deposits to potentially increase the reserve grade and provide additional reserve growth. Steve Parsons Managing Director of Gryphon Minerals said “We are excited by these latest results demonstrating further high grade shallow mineralisation at the Fourkoura gold deposit. We are now keenly awaiting the next drill results from the Nogbele deposit again targeting shallow near surface high grade gold mineralisation. We anticipate a phase two drill programme to commence shortly after all results have been received and reviewed. With the recently announced merger with Teranga Gold Corporation phase two drilling will focus on the primary material suitable for CIL processing”. Reverse Circulation drilling at the Banfora Gold Project, part of the phase 1 programme is now complete. Approximately 3,500 m of RC drilling has been undertaken at the Fourkoura and Nogbele Gold deposits. Drilling has focussed on the high grade ore shoots and zone extensions with the intention of improving the reserve grade and adding further inventory suitable for CIL processing. These initial drill results from 827 metres of the drill programme are from the Fourkoura deposit and we are awaiting results from the Nogbele drilling programme. The Fourkoura Deposit is located 5km to the south-west of the Nogbele Gold Deposit and location of the proposed CIL processing plant. The orebody is associated with a gabbro unit located within the Nianka Shear corridor, a major North to North-east trending shear zone within the central Banfora Gold Project. The Fourkoura Deposit is characterised by intense shearing and carbonate alteration within and along the contact of the host gabbro mineralisation dipping 45 degrees to the east. Mineralisation is associated with pyrite, Fe-carbonate and quartz veining and has been intercepted over 2 kilometres of strike length so far. Currently reported resources at Fourkoura at a 1 g/t lower cut are 3.04 Mt @ 1.8 g/t for 0.18 MOZ of indicated and 0.42 Mt @ 1.9 g/t for 0.03 MOZ of inferred (refer ASX 04/08/2014)1. | |
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