Gold exploration company, Gryphon Minerals Ltd (ASX: GRY), announces the significant milestone of reaching more than one million ounces of gold in the JORC inferred resource estimation at the company’s flagship Banfora Gold Project in Burkina Faso - West Africa.
Gryphon views this resource as an interim estimation with significant potential to define further shallow ounces and potentially a multi-million ounce gold district from the company’s aggressive on-going drilling programs at the Banfora Gold Project.
Surpassing a million ounce gold resource estimate is a significant milestone for the company and a major achievement by world gold exploration standards. According to World Gold Council (WGC) statistics, very few gold discoveries over 1 million ounces are found each year globally. Since Gryphon’s first drilling programme at the Banfora Gold Project in 2006 there have only been a handful of new discoveries over 1 million ounces made globally, despite the strengthening spot gold price and increased exploration expenditure over that period.