Gryphon Resources Expands Work at its Cruce Property in Arizona, USA
Apache Junction, Arizona – March 14, 2011 – Gryphon Resources Inc. (‘Gryphon’ or the ‘Company’) (Over-The-Counter Bulletin Board: GRYO) today provided the following work update for its ‘Cruce Property’ located in Pinal County, south-central Arizona, USA on which the Company is exploring for gold and copper-porphyry reserves:
CRUCE PROJECT - PINAL COUNTY, ARIZONA
Systematic evaluation of the Cruce Property commenced early in the year and has focused on both the gold and copper porphyry-style mineralization documented in previous exploration programs. Project site geology is characterized by a gentle dipping, Miocene-age detachment fault juxtaposing upper plate Tertiary andesite with lower plate, Precambrian, granitic mylonite. Historic workings, positioned right at the geologic contact, expose a quartz-sulfide gold system emplaced within the detachment breccias, marking the volcanic-intrusive contact. Of particular interest is the inferred down-dip projection of this gold system beneath the capping volcanics. Limited and widely spaced previous drilling has confirmed that gold mineralization continues beneath the volcanics, where interpreted as a series of tabular horizons coincident with 'stacked', mylonitic breccias zones. Identification of a feeder system for the gold mineralization is one of the primary objectives of work in progress.
Also of keen interest are summary comments from a deep core hole dating back to the 1960's, which describes alteration and mineralization characteristic of a copper-porphyry system. Widely scattered prospects in both the upper and lower plate rocks, exposing copper oxides, may present further evidence of this porphyry-copper potential. Laramide-age intrusive activity in the immediate vicinity is discussed in early reports and referenced in mine workings, but has not yet been substantiated.
To date, geologic mapping and sampling has significantly expanded areas of known mineralization and led to acquisition of an additional 2.25 sections of State Exploration Lease. Highlights of reconnaissance work includes confirmation of a major, through-going fault system, location of a linear trend of prospects in the volcanics, spanning a distance of 1500 ft, and returning gold values ranging from 1 to 4 ppm, and recognition of an aerially extensive zone of carbonate alteration within the volcanics. It is postulated that this major, large displacement crustal break, may have been a conduit for mineralizing fluids, in addition to possibly directing emplacement of Laramide-age intrusives.
Directed by both recent sampling and projection of mineralization beneath the volcanics, a Mobile Metallic Ion(‘MMI’) soil geochemistry survey was conducted over three priority targets, which to date, has tested an area totaling approximately 1.25 square miles. Analysis results for 613 samples is now pending. MMI is rapidly gaining industry recognition as a potent tool to detect trace levels of metal ions that have migrated vertically to the surface from mineralization at depth. Gryphon has engaged an expert contractor in this geochemical method who is directing Gryphon's sampling program and will provide an interpretation of survey results. Additional areas of interest, identified in both the volcanic and granitic terrain, will be tested by expanded MMI sampling once a cultural survey is completed.
Utilizing MMI at Cruce, where trends of mineralization appear to be masked by an overlying, fault-emplaced rock unit, presents Gryphon with a unique exploration tool unavailable when the property was last explored. One additional target of merit, and also generated from earlier work, is an open-ended I P anomaly marking the western edge of the mylonites. An expanded induced polarization survey is anticipated, and now in the early planning stage.
“We’re pleased and cautiously optimistic about our progress with the Cruce Property,” said President and CEO Alan Muller. “Key developments so far include findings which have warranted the acquisition of surrounding properties to expand of our sampling program and the use of hi-tech MMI survey techniques which we believe may never before have been used on the Cruce Property. Additionally, we currently have 613 samples being assayed. In sum, our efforts to date continue to support our expectation that the Cruce Property has significant gold and copper-porphyry potential.”
About Gryphon Resources
Gryphon Resources Inc. trades on the OTC-BB and Pink Sheets under the symbol GRYO. The Company was incorporated in Nevada in 2006 and has been involved in mineral exploration activities since inception. In 2010, Gryphon entered: the ‘L.G. Agreement’ to acquire the rights to 11 lithium exploration properties in south-eastern Arizona, USA; and in 2011 entered the ‘Cruce Agreement’ to acquire exploration rights to the 560 acre Cruce Property in south-central Arizona with potential for gold and copper-porphyry reserves. More information about Gryphon is available on our website: www.gryphonresourcesinc.com.
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
Safe Harbour Statement under the Private Securities Litigation Reform Act of 1995
Certain information contained in this press release, including any information as to our strategy, plans or future financial or operating performance and other statements that express management's expectations or estimates of future performance, constitute "forward-looking statements” as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, are forward-looking statements. The words "believe," "expect," "will," "anticipate," "contemplate," "target," "plan," "continue,” "budget," "may," "intend," "estimate," “project” and similar expressions identify forward-looking statements. In this press release, the expressions: “It is postulated that this major, large displacement crustal break, may have been a conduit for mineralizing fluids, in addition to possibly directing emplacement of Laramide-age intrusives”; “An expanded induced polarization survey is anticipated, and now in the early planning stage”; and “...[we] continue to support our expectation that the Cruce Property has significant gold and copper-porphyry potential”, are Forward-looking statements. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.
The company´s intent is to invest significant dollars over the next year to complete an economic pre-feasibility study on the L.G. Project to advance the project to the feasibility stage. Phase I of the planned 2011 program will include surface sampling, reconnaissance drilling and metallurgical testing. Phase II will incorporate detailed drilling, a continuation of metallurgical test-work and a pre-feasibility study. Both the first and second phases are expected to be completed by Spring 2013.