GRYPHON MINERALS LTD: ASX
RELEASE
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ASX Announcement & Media Release
Wednesday 31 October 2007
Drilling Intersects
Disseminated & Massive Sulphides
Minara Resources Joint Venture - Collurabbie Project
Highlights
- 30 meters of abundant disseminated sulphides
with zones of up to one meter of massive sulphides intersected in the first
diamond drill hole.
- First hole completed into the first of five
high priority targets.
- Along strike from BHP/Falcon Minerals JV and
Regis Resources nickel discoveries.
Gryphon Minerals Ltd (ASX:GRY) is pleased to announce that the first diamond drill
hole (CBDD001) targeting the first ground electro‐magnetic (EM) anomaly has successfully intersected a
30 meter
zone of disseminated and semi-massive to massive sulphides from 157m depth at
the Company’s Collurabbie Project Joint
Venture (Minara Resources) located only 30km to the
south of the BHP/Falcon Minerals nickel discovery in Western Australia.
The sulphide zone in hole
CBDD001 coincides exactly with the EM anomaly recently identified by detailed
ground based geophysical surveying. Preliminary geological logging of the
hole highlights a prospective geological sequence of ultramafic
and mafic schist’s, black shale, sulphidic quartz veining, basalts and gabbros. This is
the first of several diamond holes to be drilled over the coming weeks
targeting the first five high priority ground electro‐magnetic and geochemical targets at the Collurabbie Project JV.
The diamond drilling is
part of the Company’s major exploration campaign which includes aircore drilling, ground electro‐magnetics, down hole electro‐magnetics, aeromagnetics and
soil geochemical surveying.
Detailed ground electro‐magnetic survey (EM) is currently in progress that will infill areas of
previous interest as well as “stepping out” to cover a further
seven kilometres of untested strike potential of the Collurabbie
ultramafic/mafic sequence.
The Company has also
completed a 30 hole reconnaissance air‐core
drill programme to follow up on previously identified areas of anomalism
including 2m @ 0.64% Ni within a limonitic chlorite schist at the bottom of
hole CBR21 and elevated levels of platinum (up to 4m @ 139ppb Pt in hole
CBR14) and palladium (up to 4m @ 37ppb Pd in hole CBR13). Aircore
drill results are pending.
On completion of the Collurabbie ground EM the geophysical team will commence
further EM
surveying at the Mount
Rankin JV Project in
the Southern Cross greenstone belt.
The first diamond drill
core (CBDD001) is currently being cut and sent to the laboratory for
geochemical analysis. All results from the drilling and geophysical
programmes will be made
available at the earliest opportunity.
Download the full ASX announcement
by clicking here.
ACN 107 690 657
Freemasons Hall, 181 Roberts
Road, Subiaco
WA 6008
PO Box 536 West Perth WA
6872
T: + 61 8 9287 4333 F: + 61 8 9287 4334
E: admin@gryphonminerals.com.au W: www.gryphonminerals.com.au
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