GRY - Gryphon Minerals

[spottygoose]

Announcement - $5.5 million nickel JV - Minara Resources

 

[spottygoose]

$5,500,000 Nickel Farm In - Joint Venture with Minara Resources
- Collurabbie & Mount Rankin Projects

Gryphon Minerals Ltd (GRY) is pleased to announce a Farm in and Joint Venture (JV) agreement with major nickel producer Minara Resources Ltd (Minara) to primarily explore for sulphide nickel mineralisation on Gryphon Minerals Collurabbie and Mount Rankin Projects, located in two highly prospective nickel regions of Western Australia.

Inaugural exploration programmes for the Gryphon-Minara JV has already commenced with detailed geophysical ground Electro-Magnetic (EM) surveys at the Collurabbie and Mount Rankin Projects being undertaken. The Company anticipates generating several drill targets from the geophysical surveys which are expected to be completed over the coming weeks.

Minara Resources Limited is a leading Australian resources company, based in Perth and listed on the Australian Stock Exchange (ASX Code: MRE). The Company is Western Australia’s second largest nickel producer, and one of the top ten in the world. Founded in 1994, Minara Resources (formerly Anaconda Nickel Limited) owns and operates the world-class Murrin Murrin nickel cobalt joint venture project (60% Minara, 40% Glencore International AG) near Leonora in Western Australia's historic northern goldfields region.

 

[spottygoose]

Up over 6% today on decent volume. Any ideas on news that might be coming? West Africa gold drilling results? Uranium update? Wise owl had a strong buy on these with a target of 60c been as high as 40c today. Any ideas?

 

[Peakey]

GRY looking good on the chart. Volume has picked up with the break at .37. MACD looks positive and new highs as well. Not holding but will watch it closely if .45 is surpassed.

 

[Sean K]

I've obviously been following this for some time, and have been surprised by the sell off. Maybe just like most other goldies.

Need to review what they're up to and potential to host a significant resource. Will dig a bit deeper.

In the mean time just a look at their chart.

Potential bottom at 30c perhaps. The historical support is significant. Change of fortunes around the green circle perhaps?

Some funnymentals to follow.

Anyone else watching?

 

[jman2007]

Anyone else watching?

Well, just the usual suspects mate

I did start to take notice of this once it slid in to the mid-forty range, and toyed with the idea of buying some for a while, but held off. I can only attribute the slide in the sp to none other than simply the negative sentiment toward goldies atm..

Similarly I also do not know a huge amount about their recent work, although they recently announced a maiden 410,000oz @2.1g/t resource at Banfora in Burkina Faso. They are targeting an enormous amount of drilling here over the next 8-10 months, somewhere in the region of 80,000m, and they recently raised $10M to accelerate exploration at Banfora, so they're obviously very confident of finding more ounces.

They also have some interesting projects in WA that would also justify some more detailed examination.

Definitely an interesting prospect imo.

Cheers
jman

 

[Goldmann]

Well, just the usual suspects mate

I did start to take notice of this once it slid in to the mid-forty range, and toyed with the idea of buying some for a while, but held off. I can only attribute the slide in the sp to none other than simply the negative sentiment toward goldies atm..

Similarly I also do not know a huge amount about their recent work, although they recently announced a maiden 410,000oz @2.1g/t resource at Banfora in Burkina Faso. They are targeting an enormous amount of drilling here over the next 8-10 months, somewhere in the region of 80,000m, and they recently raised $10M to accelerate exploration at Banfora, so they're obviously very confident of finding more ounces.

They also have some interesting projects in WA that would also justify some more detailed examination.

Definitely an interesting prospect imo.

Cheers
jman

i will be honest (red wine does that).

Long time listener, first time caller.. crossed both your paths in various other threads... you both are always interesting at the least....

I was interested in this one for no real technincal reason when they .30 last time, other than this is the horse that i would call in the eighth at port headland... google astriaal drummer.. if you can work that out.. then you have more time on your hands than me....

GRYPHON... extremely strong name... i will buy in to this.. just a matter of when.. by the way - how is leviathan going?

 

[Sean K]

I'm not sure when the next resource upgrade is due, but with the recent drill results it looks like they're going to be able to upgrade the resource by quite a few ounces. Not sure how many will make a feasible mining operation here. 1m oz? I doubt they can upgrade it that much with what they've produced so some way to go, but prospective. Need to get a wriggle on if they're going to make the most of this spurt in gold which may or may not continue.

Not sure what Newmont's doing on the register. Maybe waiting tosee what they can shore up before taking them over perhaps, or at least blocking another predator.

Was that a bottom down there?

Like many explorers, been decimated with the market sell off. Maybe overdone?

 

[Sean K]

Revovered well since the 'bottom' down there, and the resource upgrade is out.

Doubled!

Not bad.

Nice grades for around here too.

Is that a little baby bird calling out?


Wednesday, 8 April 2009

Resource Doubles to 820,000oz Gold: Banfora Gold Project, Burkina Faso - West Africa

Highlights

• JORC resource estimate on Nogbele & Fourkoura deposits at the Banfora Gold
  Project of 10.6Mt @ 2.4g/t for 820,000oz gold.
• Mineralization remains open at depth and along strike at both Nogbele and
  Fourkoura deposits.
• The resource is shallow with 90% above 100 meters depth.
• On‐going 15,000 meter RC/DD drilling programme following up on high grade
  extensions along strike and at depth.
• 100% increase in gold ounces & 15% increase in grade from the last resource
  estimate.
• Less than US$10 per ounce discovery costs.

 

[Sean K]

Revovered well since the 'bottom' down there, and the resource upgrade is out.

Doubled!

Not bad.

Good response, up 40+%, but looking heady around these levels on a peer comparison.

AZM mc down around $9m with 750K ounces.
GRY mc currently at $29m with 805K ounces.

Similar depth deposits, but GRY grades better.

Market's factoring many more ounces for GRY to come by the look.

 

[shag]

well im onboard now with a handful at 20c.
watch it get dumped now i guess.
looking at the graph i guess it can only drop to 8c or so....

 

[MACCA350]

Picked up some at market today when it was climbing by the second......26.5c which ended up being the high of the day......and to think I was going to buy in a few weeks ago below 10c

Hopefully the run hasn't lost it's legs already

cheers

 

[shag]

i like the fact newcrest is onboard and some of its hi grades, plus mac bank.
i'd say newcrest will know what they likely have got, geo's talk, gold people know gold.
always good to have yr ore body open too, but i guess most are open to some degree.
it went from 19 to 26 real quick.

 

[Sean K]

I think it's Newmont on board.

Macquarie have supported a number of juniors in West Africa interestingly.

The 800K does look like it'll get another upgrade down the track. 1m oz is the key to getting a decent standalone project up and running, and corporate interest. Lots of additional targets near by for them to test, so chances are they'll get well over the 1m. In fact, looking back through one of their last presentations, they have heaps of other prospects to be drilled out with some good looking grades. Potential for a multi million ouce project perhaps.

I've never invested in this to date. Kicking myself about missing what looked pretty bottomish to me, as per previous posts.

Quite a few junior goldies are up 2-300% since the 'bottom'. Were clearly oversold in retrospect. Wish I had have been more on the ball.

Pretty tough picking the top yesterday! Bad luck.

 

[shag]

sorry mate, newmont and newcrest and details like that go in on eye and out the other.
the opess saga was so obviously a once in a lifetime buy chance, but then the world banks came periously close to all falling over then too, and it could all have been toilet paper too.
i guess all this makes azm look better.

 

[Sean K]

Pretty good day yesterday imo. Could have come right back down after what looked to be a little bit too much of a run on 800K oz au. Long way to go with this one.

In the Aus - Criterion:

Gryphon Minerals (GRY) 22.5c

ELSEWHERE in Africa -- the bulbous western side -- Gryphon Minerals is in striking distance of firming up a targeted 1 million ounce gold resource at its Banfora project in Burkina Faso.

Gryphon yesterday doubled its inferred resource to 820,000ounces of the yellow stuff, at a pleasing average grade of 2.4g a tonne. "It's a significant upgrade in terms of both grade and number of ounces," says chief garimpeiro Steve Parsons.

Much more needs to be done to upgrade the resource to reserve status, but at least Gryphon has a plan to get to staged open-pit production before the next Ice Age.

Parsons envisages an initial heap-leach plant, operating from next January, to process low-grade stuff sitting near the surface. The plan is to pour 45,000oz to fund a 100,000oz-a-year carbon-in-leach plant (costing $60-$100 million).

Gryphon has cash of $5million to contribute to the $15-$20 million cost of the heap-leach plant. Management plans to raise a further $20million, tapping a receptive shareholder base that includes Macquarie Group, Newmont Mining, Standard Bank and the emerging-market fund Genesis.

Gryphon shares stacked on 5.5c yesterday, which values Banfora at $21 million. Put another way, Gryphon's reserves are valued at $US25 per resource ounce, compared with the average of more like $US120/oz.

We rate Gryphon a speculative buy, even after the standard Africa discount. For fans of nearism, other mines in the same zone include Resolute's 11.5 million ounce Syama mine -- which has been mined for 1000 years -- and Randgold/Anglo Ashanti's Morila, otherwise known as Morila the Gorilla.

 

[jman2007]

I've never invested in this to date. Kicking myself about missing what looked pretty bottomish to me, as per previous posts.

Quite a few junior goldies are up 2-300% since the 'bottom'. Were clearly oversold in retrospect. Wish I had have been more on the ball.

Pretty tough picking the top yesterday! Bad luck.

I never really considered an investment in GRY either kennas, it would have been an extremely bold move to have picked up a swag late last year, but those that did have been spectacularly rewarded... so well done to anyone on ASF who did! GRY seemed to have sat on Banfora for what seemed like an eternity, but the upgrade was a good one. A lesson in patience perhaps.

jman

 

[shag]

the sad thing is we, the common bloke knows the least and is the last to hear of any real plus intangible information re resource prospects. i guess thats where charting assists, filters out the dregs of info we never get or get last.
u presume macbank knows or has faith in these wee fellas, unless its just funds for yr mates. the only good thing is the geos and engineers have the information before dirty directors(some) get their hands on it, bar the financials side.
my point partly, is why should azm be more discounted to say gry....do others know, or is it just ignored....
directors need to be more tightly watched, and proper penalties, punative also.

 

[Sean K]

Good intersection jus announced well downstrike and outside the current resource estimate. So the 800K oz should definately be upgraded significantly, how much a pluck. Have to wait to later in the year to find out. Can only guestimate that it should be well over 1m oz if the strike is uniform along the veins. At present MC, 1m oz from surface and 2.5 g/t looks pretty good!

 

[Sean K]

Interesting set up here. After the breakout, consolidated into a bit of a triangle making a pole and pennant. Target on break up is the length of the pole. These things sometimes come off and in a continuation pattern like this has a high probability. Interesting to see what happens anyway.

Although, it's gone from 5c to 25c in a couple of months, so there might be a tendancy for some profit taking.

So, it could go up, sideways, or down.