Highlights
Banfora Gold Project:
- High grade rock chips from new satellite targets include 16.2g/t gold.
- Follow up Auger drilling has commenced.
- A multi-purpose Reverse Circulation/Diamond drill rig mobilising to commence testing of high grade oxide targets within the proposed mining licence area.
Mauritania Gold & Copper Projects:
- Rock chips include 20.9% copper, 6.1 g/t gold and 16.2 g/t silver from new target at the Akjout Project, adjacent to First Quantum’s Guelb Moghrein copper/gold mine.
Burkina Faso Joint Venture Agreement:
- Three new projects acquired through an earn-in joint venture agreement.
- Includes the Golden Hill Project located on the prolific Houndé belt.
- Historic drill results from Golden Hill include:
2m @ 168.80g/t gold from 22m in hole RC97-075
2m @ 98.40g/t gold from 4m in hole RC98-148
2m @ 58.90g/t gold from 2m in hole RC97-82
2m @ 53.14g/t gold from 24m in hole IRC01-01
22m @ 12.35g/t gold from 22m in hole IRC01-19
Gryphon Minerals Limited (ASX: GRY) is pleased to provide the following update on its exploration activities in Burkina Faso, including a new earn-in joint venture over ground on the highly prospective Houndé Greenstone Belt, and its exploration activities in Mauritania.
The Company is continuing with its low cost exploration approach which will enhance its future growth and development pipeline while it rapidly advances its flagship Banfora Gold Project towards mine development.
Steve Parsons Managing Director of Gryphon Minerals said “We are very excited to be once again drilling, testing high grade oxide targets that are in close proximity to the proposed gold plant at our flagship Banfora Gold Project”.
“We see significant exploration growth potential over the coming years from our high quality exploration pipeline that includes satellite targets at the Banfora Gold Project, our Mauritanian gold and copper projects and our recent earn-in Joint Venture Projects in Burkina Faso”.
Mr Parsons went on to say “The new additional earn-in Joint Venture provides the Company significant exposure to one of the most prolific gold belts in Burkina Faso. The Golden Hill Project is on the same belt and has similar geology to Semafo’s new high grade Siou deposit (769koz @ 4.94g/t) and Roxgold’s Yaramoko project (790koz @ 17.1g/t). The Houndé Belt also hosts Semafo’s flagship 6Moz Mana mine and Endeavour Mining’s Houndé 2Moz deposit.
Banfora Gold Project: New Satellite Targets for drill testing
Auger drilling has commenced at the Banfora Gold Project for a 2,500m program of bedrock sampling as a prelude to a Reverse Circulation (RC) program expected to commence in the coming weeks. The auger rig is being used to help focus and prioritise drilling of the numerous broad, high priority areas defined by previous shallow soil sampling (ASX Announcement 29/1/2014).
The auger sampling will be undertaken at the Bazogo, Muddi, Ouahiri South, Kafina West, Sud, Bassongoro and Raul Targets, where numerous +200 ppb gold-in-soil results, to a peak of 16,830 ppb, have been received (Figure 1). Recent broad spaced surface pitting down to weathered rock has confirmed the presence of mineralised bedrock at Kafina West and Ouahiri South.
The diamond drilling will initially test beneath the new Hillside Prospect where high grade rock chips have been returned including 154g/t, 19.1g/t and 11.9g/t gold (Figure 2), as well as other priority zones within the newly identified prospects.
The overall aim is to identify and define new high grade oxide ounces in close proximity to the proposed Nogbele processing plant. Several of the targets are located within the Mining Licence Application area.
Earn-In Joint Venture Agreement – Exciting New Land Package for Gold in Burkina Faso
Highlights:
- Three project areas covering 1750km sq. (Golden Hill, Gourma & Tenkodogo Projects).
- Significant exposure to highly prospective ground on the prolific Houndé Belt, Burkina Faso.
- Gryphon has the ability to earn a majority interest in each by meeting two years of minimum expenditure commitments.
- Complements Gryphon’s future growth and development pipeline in Burkina Faso.
- In line with Gryphon’s low cost exploration strategy.
Gryphon Minerals Limited (ASX: GRY) and Boss Resources Limited (ASX: BOE) are pleased to announce the signing of a binding heads of agreement to establish a joint venture over the Golden Hill, Gourma and Tenkodogo gold projects located in Burkina Faso, totalling over 1,750 km sq.
Gryphon Minerals will be applying proven low cost exploration techniques that have proven successful at the Banfora Gold Project and elsewhere in West Africa to build on the previous work undertaken at the Projects, to identify and prioritise targets ready for drill testing.
This strategy is expected to ultimately fast track exploration on the properties as it will direct drilling to those areas most likely to deliver a significant discovery. Field and desk top work will commence this month.
Golden Hill Project
The Golden Hill project is the most advanced of all the projects in the JV agreement area whand is considered particularly prospective as it is located within the highly mineralised Houndé Greenstone Belt. This belt hosts the majority of the high grade discovered gold ounces in Burkina Faso, including Semafo’s (TSX, OMF: SMF) recently discovered Siou Deposit (reserves of 769k oz @ 4.94 g/t gold) plus the high grade Yaramoko deposit owned by Roxgold (TSX.V: ROG) (790koz @ 17.15 g/t Gold). The belt also hosts Semafo’s Mana Mine (6 Moz) and Endeavour Mining’s (TSX: EDV, ASX: EVR) 2Moz 2.0g/t deposit (Figures 3 and 4). The Golden Hill project straddles the same structure and stratigraphy that host these high grade deposits.
Gourma Gold Project
The Gourma Project is located within the Fada N'Gourma Greenstone Belt, 250km east of Ouagadougou and only 80km SSW of Niger's largest gold deposit, the 50,000 ounce per annum Samira Hill gold mine (1.9 million ounce project). The Project consists of four contiguous permits (Diabatou, Tyara, Foutouri and Boutouanou) that cover a total area of 850km² and is easily accessible by existing roads.
The Gourma Project covers a highly under-explored sequence of Birimian greenstones that host abundant artisanal workings within strike extensive regional shear zones.
There are several significant gold targets that will be geologically reviewed by the Company. The Tambiga Hill prospect contains over 1,000 artisanal pits and shafts up to 60m deep that cover an area 500m x 250m. At the Diabatou prospect active hard rock and colluvial workings cover an area of 1,600m x 400m while at the nearby Gariaga Prospect artisanal workings cover an area of 1,300m x 800m.
Tenkodogo Gold Project
The Tenkodogo Project is located on the Gourma Shear Zone, 125km southeast of Ouagadougou within the SW strike extension of the Fada N'Gourma Greenstone Belt of Burkina Faso. The project consists of two contiguous exploration permits (Bassare and Kassougou) that cover a total area of 410km2. Access is all year round directly off the Ouagadougou-Tenkodogo highway. The project contains 24 strike kilometres of Birimian Greenstones and is only 30km east of the 5.9Moz Kiaka deposit (B2 Gold & Volta Resources). Very Little previous exploration work has been conducted on the project.
Summary of the Earn-in Joint Venture agreement:
In regard to the joint Venture Agreement Gryphon Minerals Managing Director Steve Parsons commented:
“In line with the Company’s long term objective of becoming a significant West Africa Gold company, we are excited to be entering into a joint venture to explore this exceptional tenure. This transaction is in-line with our low cost exploration strategy and delivers additional, highly prospective tenure to our project development pipeline. While Gryphon’s focus firmly remains on the development of the Banfora Gold Project, our highly skilled exploration team can use proven low cost exploration techniques to advance these projects. ”
Boss Resources Technical Director Peter Williams commented:
“We are extremely pleased to be able to joint venture these properties with Gryphon. Their experienced exploration team has a solid track record of gold discoveries in Burkina Faso and other parts of West Africa. The structure of the joint venture is a great outcome for Boss shareholders as it allows us to retain long term interest in the projects whilst freeing management up to focus on our diversification into Europe and chase high value commodities using new technologies and smart integrated techniques”
The material terms of the Joint Venture (JV) are as follows:
- Gryphon to sole manage the JV and fund all exploration on the projects up to the completion of a Definitive Feasibility Study (DFS) and decision to mine.
- Boss to have a free carried interest to completion of a DFS and decision to mine.
- Gryphon shall meet two years minimum expenditure commitments on the permits to earn 51% in the JV.
- On delivery of the DFS Gryphon’s interest in the JV will increase to 70%
- Gryphon has the right to acquire an additional 10% interest in the JV for A$2.5million.
- Upon completion of the DFS but prior to a decision to mine, Boss may elect to convert the remainder of their interest to a 1.5% NSR otherwise Boss shall be free carried to a decision to mine and will then be required to contribute on a pro rata basis.
- Subject to standard due diligence, including legal due diligence on title and tenement status.
As part of the transaction Gryphon shall also acquire all the camp property plant and equipment supporting the projects for a total amount of A$260,000.
Mauritania: Exploration update and new copper - gold targets
Activity at the Tijirit Gold Project currently comprises prospect mapping and surface sampling building the team’s geological understanding on the geological and structural controls to mineralisation. This work will assist in identifying where future drilling should take place as the Company looks to expand upon the encouraging results to date which include 67m @ 1.16 g/t gold from 66m and rock chip results to 38.9 g/t Au (refer to ASX release, 5/08/2013).
Geological mapping has recently been completed across the Akjout and Saboussiri Projects coupled with rock chip sampling. A detailed BLEG stream survey was completed in December covering the 1100 km sq Saboussiri Project with the purpose of expanding the geochemical coverage and prioritising and increasing the number of copper and gold targets on the property. The samples have been shipped to Perth with assays and interpretation of results anticipated this quarter.
Recent highly anomalous rock chips taken from the Akjout project have returned values of 20.9% copper and 6.1g/t gold and 16.2 g/t silver. These results are currently being followed up with mapping and further prospecting to guide the next phase of exploration. The new target is in close proximity to First Quantum’s Guelb Moghrein copper gold mine.
Gryphon remains committed to its highly prospective Mauritanian projects as they present the possibility of a significant new discovery, however the Company has reduced exploration spend on these projects to preserve cash given current market conditions.