PAPUA New Guinea-focused Gryphon Melanesia has embarked on a $6 million pre-IPO fund-raiser to enable broadacre and survey work to define targets on its 8000 square kilometres of groundholding in the country.
"The company will use the most advanced geophysics technology in the world today (high resolution aeromagnetics, ZTEM and Ultramag) to prioritise Tier 1 hardrock targets for discovery drilling and development," said Heugh.
"Essentially, we are elephant hunting in elephant country with a globally experienced team and the latest technology. More than 20 hardrock targets have already been identified by remote sensing.
"Gryphon's closest comparable explorer with similar prospectivity is Gold Mountain, which has less than 15% of our ground holding in area," Heugh said.