Gryphon Minerals has gotten a boost in its push to develop its Banfora gold project in West Africa, with exploration drilling more than doubling the project’s resource estimate to 4.5 million ounces of gold.
Gryphon managing director Steve Parsons said the mineralisation remained open along strike and at depth at the project’s Nogbele, Fourkoura, Samavogo and Stinger gold deposits, and 90 per cent of the resource estimate was less than 150 metres deep.
The project’s previous resource estimate was around 2 million ounces of gold.
“Full credit must be given to our team for their ability to increase the resource from 2Moz to 4.5Moz in a little over 12 months, which also demonstrates the enormous growth potential of Banfora as a major multi-million ounce gold district,” Mr Parsons said in a statement.
“This latest resource estimate provides a solid foundation for our next major milestone which is the completion of the definitive feasibility study.”
The definitive feasibility study is due to be completed in by the end of the year.
Gryphon said pending a successful study, mine permitting and construction would commence immediately, with first production targeted by the end of 2014.
At close of trade today Gryphon stocks were down 2.1 per cent, trading at 70 cents.
