APACHE JUNCTION, Ariz., Dec. 17, 2010 /PRNewswire/ -- Gryphon Resources Inc. ('Gryphon' or the 'Company') (OTC Bulletin Board: GRYO) today reported progress on its Arizona lithium project.
Project Manager Nick Barr commented: "Initial project due diligence and research has confirmed current land holdings are well positioned to explore for potentially economic concentrations of brine-hosted lithium. Project planning thus far has benefited from a large data base of well log data, academic research and government funded studies detailing gravity, structure, geology and sedimentation history of the immediate area. Work to date, does verify that the core of the project area is situated very near or within the deepest portion of a Pliocene-age lake basin. This is supported by a series of water wells in close proximity and on either side of the property, all showing highly elevated lithium. Additionally, Boron, a recognized pathfinder element for lithium, is also anomalous in well water test data. More importantly, log data from a well within about 2 miles documents approximately 82 feet of nearly pure sodium chloride/calcium sulfate evaporite, which is one the thickest intercepts recognized within the basin."
Barr continued: "The source area for the lithium enriched brines is currently thought to be from nearby, aerially extensive exposures of tertiary volcanic rocks. Several studies of basin stratigraphy do indicate that the previously closed lake basin would have been directly down drainage of this volcanic terrain. Felsic volcanic rocks adjacent to the Clayton Valley, Nevada brine deposits, are documented in assay data as being anomalous in lithium. Also potentially significant, are a series of geologically young, graben subsidence faults, noted in the literature and falling right within the project area. Recent conceptual work in evaporite basins does suggest basin sediment faulting may facilitate remobilization of brines, and subsequent concentration at favorable structural traps. This conceptual model approach is presented in exploration models used in study of Nevada evaporite basin brines."
Barr further commented: "At the present stage of project planning, a simple exploration model approach has been adopted which is based on the concept that the thickest accumulation of evaporite brines will host the highest concentration of lithium. Unique properties of concentrated brine include low density and high conductivity/low resistivity. Based on these parameters, a consensus among geophysical consultants supports that electromagnetics should be effective in delineating evaporite horizons. Several studies do highlight the successful use of Controlled Source Audiomagnegtotellurics ('CSAMT') for recognition of brine horizons. We also believe gravity surveys will also be valuable in basin studies, as it defines the sediment/bedrock contact and serves to locate the low point of closed basin drainage. It is at this loci, that the greatest brine accumulations should be found. Gravity can also useful to delineate contact and structures in the underlying basement rocks."
President and CEO Alan Muller followed up: "Gryphon's current project approach will be to utilize a large, regional gravity data base available from the United States Geological Survey ('USGS'). Work is in progress to enhance this data base by adding additional gravity survey points in key areas. Bids are presently being solicited for this anticipated work." Muller concluded, "Based on our work to date, we have established some viable sampling targets and have confidence we've formed a realistic working plan. We hope to report further news in the near future."
Lithium is used for batteries, specialty glass, lubricants, pharmaceuticals and lithium alloys. Lithium ion (Li-ion) batteries have become the rechargeable battery of choice in cell phones, computers, hybrid-electric cars and electric cars. Manufacturers from GM and Ford to Toyota and Mercedes-Benz have all announced plans to build Li-ion battery powered cars. Demand for lithium-powered vehicles is expected to increase fivefold by 2012. The domestic automotive industry must secure a lithium source to supply the next generation of hybrid-electric and electric vehicles. Over 60% of cell phones and 90% of laptops use lithium batteries. The worldwide market for lithium batteries is estimated at over US$4 billion per year.
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 acquired the rights to 11 exploration properties in south-eastern Arizona, USA and is currently developing exploration plans for these properties. In November, 2010, Gryphon added to its portfolio of exploration rights by entering a Letter of Intent to acquire the Cruce Property in south-central Arizona which shows potential for gold and copper-porphyry. More information about Gryphon is available on our website: www.gryphonresourcesinc.com.
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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 statements:"We also believe gravity surveys will also be valuable in basin studies..."; "It is at this loci, that the greatest brine accumulations should be found"; "Gryphon's current project approach will be to utilize a large, regional gravity data base available from the ...('USGS'). Work is in progress to enhance this data base by adding additional gravity survey points in key areas. Bids are presently being solicited for this anticipated work." 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.
SOURCE Gryphon Resources Inc.