West Africa focused Gryphon Minerals has wowed the gold industry and analysts with better than expected results from its latest drilling campaign.
Gryphon yesterday increased its gold reserves by over 100 per cent, with analysts marking the junior as a potential big player in the future industry.
In an investor note this morning Foster Stockbroking analysts said Gryphon had "exceeded market expectations" and its flagship Banfora gold project in West Africa was home to "extremely sound and attractive characteristics".
Foster analysts said with the new announcement Gryphon joined a "select few" Australian gold stocks with large gold reserves not yet in production.
"These other stocks are Beadell Resources with its 4.3Moz Tucano project in Brazil (which is nearing commissioning), and PMI Gold with its 4.5Moz Obotan project in Ghana," they said.
"While these projects are robust in their own right, we believe Banfora arguably stands above them."
Foster analysts also said Gyphon was "on the verge of being a Tier 1 asset" and while economic uncertainty continued to weigh on the gold market there were big opportunities for promising companies.
Earlier this year Australian Mining wrote an in-depth feature on Grphon Minerals and spoke to the company's managing director Steve Parsons.