It has been a few weeks since the last chart you posted on this one kennas. During that time, it has found support at 1.30 twice, and bounced pretty well late this afternoon after being down to 1.325 during the day.
What are your thoughts on it now? I reckon it has possibly been setting a base for another run, but would be glad to hear from more experienced charters.
Yes, finding something there across $1.30, but risk is to the downside I think. Lower highs continuing down. Would be nice if $1.30 held and some sidways movement to shore up some decent support for further gains. Alway dangerous when a stock runs up so quick with no consolidation to fall back on.
I'm really looking forward to what they do with the Shield prospects.
They've been saying that work was going to start 'shortly' for a while now....
Quarterly Report
For the period ending 30 September 2010
Highlights
Banfora Gold Project - Burkina Faso, West Africa
o Increased JORC inferred resource estimate on Nogbele & Fourkoura deposits at the Banfora Gold Project to 21Mt @ 2.2g/t for 1.5 Million oz of gold
- Mineralisation remains open at depth and along strike
- The resource is shallow with 80% above 100 metres depth
- Gryphon aims to build on this resource by targeting “step‐out” mineralisation as well as high priority regional targets, to establish a multi‐million ounce gold district at Banfora
o Ongoing Exploration (with further results still pending) includes:
- Recent deeper drilling targeting mineralisation to 150 meters depth intersected high grade gold, including 20m @ 3.30g/t, 14m @ 5.09g/t and 10m @ 4.20g/t highlighting the potential for significant growth at depth (Refer ASX Ann. 0/08/10)
- Ongoing step out and infill drilling at the Nogbele & Fourkoura deposits, intersects further shallow gold mineralisation (<100 meters depth)
- Regional mapping, soil geochemical sampling & trenching over the majority of the untested 1,200km² project area continues
Tijirit Gold Project - Mauritania, West Africa
o Work to commence shortly on the Tijirit Gold Project, adjacent to the world class +11Moz Tasiast Gold Mine
Corporate
o Gryphon raised $45.2million via a heavily oversubscribed share placement and initiated a share purchase plan to raise a further $3 million at $1.25, for a total funding package of $48.2 million
o Current cash position of $60+ million
o Gryphon is admitted to the S&P/ASX300
o During the quarter Gryphon reaches 94% interest in Shield Mining. The Company has now completed compulsory acquisition of Shield and controls 100% of the issued capital
o Mr David Netherway is appointed to the Board as a Non Executive Director
o The Company attended the Denver Gold Show, presented at the Africa Down Under Conference and recently completed an international investor road show