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Feb 2011 - Gryphon Minerals

Gryphon Minerals Limited (GRY) –Heading for Production of >150,000ozpa from 2013, Backed by a >3moz Resource at Banfora

  • With the discovery of a stacked lode system at Samovogo complementing the existing stacked lode system at Nogbele, Gyrphon Minerals (GRY) appears to be heading towards a >3moz resource at Banfora in DQ 2011 (as at Sept) after achieving an expected ~2moz or so resource at Banfora in JQ 2011 (as at March).
  • Progress on the scoping study scheduled for mid-2011 currently envisages a 1.5km x 1km pit to a depth of ~170m to 180m at Nogbele treating ~ 2.5mtpa to 3mtpa at > 2g/t, with possibly a heap-leach for the ~0.7g/t halo, resulting in gold production of >150,000ozpa from 2013, following construction in 2012.
  • At this stage, Samovogo and the other discoveries appear likely to be satellite pits trucking ore to a central plant at Nogbele, unless the ~20km away Samovogo becomes significantly large enough to have its own plant (as its mineralisation appears to be spread along a ~5km to 12km long structure).
  • The acquisition of Shield appears to be paving the way for GRY’s second operation, located at Tijirit in Mauritania. While there are a number of reasonable grade intersections (inferring possibly a ~100,000ozpa operation) that are similar to the operating Tasiast gold mine, the upside potential is whether Tijirit is a faulted offset of Tasiast (~30km NW of Tijirit).
  • Tasiast is being claimed as one of the biggest gold discoveries at possibly >20moz with expected production of >1mozpa at a cash cost of ~$400loz and hence >$1bnpa operating cashflow. Tijirit does have similar rocks to Tasiast, and also has a central anticline. It was drilling of the anticline at Tasiast that exposed a ~100m thick at ~2.5g/t to 3.0g/t hidden Greenschist unit, and the main driver behind Kinross’ >$7bn takeover of Redback (for Tasiast).
  • GRY established two associates in 2010 in which it holds ~15% to 16% each, being Renaissance Minerals (RNS) containing its Australian assets and Tawana (TAW) which was a cash shell and now holds GRY’s Liberian assets (TAW could result in containing GRY’s “base and other metals prospects” in West Africa).
  • Written by: Keith Goode
  • Tuesday, 01 February 2011

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