Banyan Intercepts High Grade Gold Over Significant Widths at The Powerline Deposit, AurMac Property, Yukon

Published on: Jan 16, 2025

VANCOUVER, BC / ACCESS Newswire / January 16, 2025 / Banyan Gold Corp. (the “Company” or “Banyan“) (TSXV:BYN)(OTCQB:BYAGF) is pleased to announce analytical results from twenty-four (24) diamond drillholes collared within the Powerline Deposit located on the Company’s AurMac Property, Yukon Territory. This set of holes targeted the western portion of the Powerline Deposit (See Figure 1) as part of the 2024 AurMac definition drilling program.

Highlights from these most recent analytical results include:

  • AX-24-551: 75.0 metres (“m“) of 0.31 g/t Au from 102.6 m
  • AX-24-561: 23.5 m of 1.06 g/t Au from 106.0 m
  • AX-24-564: 45.7 m of 0.47 g/t Au from 96.2 m
  • AX-24-575: 100.9 m of 0.31 g/t Au from 125.0 m
  • AX-24-592: 48.8 m of 1.45 g/t Au from 70.1 m
  • AX-24-595: 31.2 m of 0.68 g/t Au from 17.5 m
  • AX-24-595: 39.7 m of 1.92 g/t Au from 72.3 m
  • AX-24-596: 45.0 m of 0.53 g/t Au from 85.6 m
  • AX-24-603: 48.5 m of 0.66 g/t Au from 96.3 m
  • AX-24-610: 23.9 m of 0.84 g/t Au from 116.8 m
  • AX-24-610: 18.6 m of 1.15 g/t Au from 158.9 m
  • AX-24-618: 209.0 m of 0.63 g/t Au from 35.1 m

“These assay results continue to demonstrate consistent intervals of high-grade gold from the Powerline deposit,” stated Tara Christie, President and CEO. “We are confident that the 2024 diamond drilling program achieved its main goal; to define areas of on and near-surface gold grades above the deposit average gold value to support the Preliminary Economic Assessment study planned for Q4 2025.”

Summarized analytical results of these drillhole assays are presented in Table 1, collar locations in Table 2 and Figure 1 identifies drill collar locations, respectively.

The Powerline Deposit is contained within a metasedimentary package which consists of predominately schists, quartzites and limestones of the Late Proterozoic to Cambrian age Hyland Group. Gold mineralization here is chiefly associated with low angle quartz-sulfosalt-arsenopyrite veins seen crosscutting all lithologies and is interpreted to be associated with a large intrusion related gold system typical of the Tombstone Gold Belt and Selwyn Basin gold deposits. Highlighted instances of visible gold identified from Banyan’s logging of these drillholes are shown in Image 1.

Image 1: Photographs of visible gold from:

Figure 1:AurMac drillhole locations. Location of historic and Banyan completed diamond drill holes used in Mineral Resource Estimate (“MRE“)* (black and blue dots) and collar locations of 2024 drilling (yellow, red and green dots). *MRE effective date of February 6, 2024, details in Table 3.

Table 1: Highlighted Powerline Diamond Drill Analytical Results.

Hole ID From (m) To (m) Interval (m*) Au (g/t)
AX-24-551 60.7 65.1 4.4 3.48
and 102.6 177.6 75.0 0.31
AX-24-552 36.6 41.4 4.8 0.91
and 125.4 194.2 68.8 0.25
AX-24-554 35.4 50.7 15.2 0.52
and 84.3 87.3 3.0 0.38
and 101.8 111.2 9.4 0.55
and 131.0 135.9 4.9 0.65
AX-24-555 73.5 79.5 6.0 1.29
and 88.6 98.6 10.1 0.35
and 137.3 141.8 4.5 0.86
AX-24-556 115.5 128.4 12.9 0.43
and 141.0 149.5 8.5 0.42
and 172.2 175.3 3.1 4.82
AX-24-559 89.3 125.0 35.7 0.32
and 134.5 151.0 16.5 0.49
and 190.0 197.6 7.6 0.31
AX-24-561 50.8 56.4 5.6 0.45
and 106.0 129.5 23.5 1.06
AX-24-564 96.2 141.8 45.7 0.47
and 153.6 175.4 21.8 0.29
AX-24-567 35.7 45.3 9.6 0.42
and 100.7 113.0 12.3 0.66
and 134.3 157.6 23.3 0.37
AX-24-571 34.0 75.6 41.6 0.31
and 163.2 182.0 18.8 0.34
AX-24-575 28.6 53.3 24.7 0.37
and 92.0 104.6 12.6 0.36
and 125.0 225.9 100.9 0.31
AX-24-580 125.9 140.0 14.1 0.69
and 152.0 154.5 2.5 0.40
and 177.5 186.5 9.0 0.21
and 239.0 257.0 18.0 0.39
AX-24-591 22.9 49.5 26.6 0.44
and 83.4 114.7 31.3 0.50
and 135.5 140.0 4.5 0.37
and 153.5 159.6 6.1 0.27
AX-24-592 19.8 25.9 6.1 1.19
and 70.1 118.9 48.8 1.45
AX-24-599 48.5 66.5 18.0 0.60
and 93.0 123.0 30.0 0.41
and 142.5 147.3 4.8 0.32
and 178.5 181.0 2.5 0.36
AX-24-603 24.4 57.5 33.1 0.36
and 96.3 144.8 48.5 0.66
and 165.2 171.6 6.4 0.52
AX-24-606 28.3 62.5 34.2 0.46
and 98.9 179.0 80.1 0.55
AX-24-610 36.8 57.2 20.4 0.31
and 87.4 105.2 17.8 0.82
and 116.8 140.7 23.9 0.84
and 158.9 177.5 18.6 1.15
and 189.6 198.7 9.1 0.59
AX-24-614 56.4 101.2 44.8 0.32
and 121.4 149.7 28.2 0.38
and 168.2 173.4 5.2 0.50
and 183.3 201.9 18.6 0.55
and 221.4 224.0 2.6 0.98
AX-24-618 35.1 244.1 209.0 0.63
AX-24-620 57.0 80.0 23.0 0.38
and 122.8 149.5 26.7 0.34
and 175.7 204.6 28.9 0.30
and 228.5 259.5 31.0 0.36
AX-24-632 22.6 63.7 41.1 0.39
and 77.4 89.6 12.2 0.36
and 109.0 114.1 5.1 3.63
AX-24-635 42.3 74.7 32.4 0.25
and 112.4 136.3 23.9 0.63

*True widths are estimated to be approximately 90% of drilled intervals.

Table 2: Drill Collar Location for Released Results

Collar ID East NAD83_Z8 North NAD83_Z8 Elev. (m) Azimuth Dip (°) Depth (m)
AX-24-551 466453 7083054 753 356 -59 224.0
AX-24-552 466351 7083053 744 353 -59 203.9
AX-24-554 466250 7083052 735 005 -60 147.8
AX-24-555 466250 7083145 734 354 -60 164.6
AX-24-556 466353 7083149 738 353 -64 175.3
AX-24-559 466850 7082950 773 357 -58 207.3
AX-24-561 466751 7082952 770 354 -59 157.0
AX-24-564 466649 7082947 767 357 -61 176.8
AX-24-567 466551 7082952 762 348 -60 204.5
AX-24-571 466453 7082947 754 355 -58 266.1
AX-24-575 466551 7082855 762 357 -61 225.9
AX-24-580 466453 7082850 755 354 -56 263.7
AX-24-591 466954 7082852 779 004 -59 208.8
AX-24-592 467049 7082656 794 354 -60 190.5
AX-24-599 466849 7082857 773 006 -63 201.2
AX-24-603 466845 7082743 774 002 -61 182.9
AX-24-606 466751 7082845 770 002 -59 208.8
AX-24-610 466751 7082777 770 358 -60 248.4
AX-24-614 466651 7082834 763 359 -61 245.4
AX-24-618 466652 7082750 765 357 -61 245.4
AX-24-620 466548 7082746 759 359 -57 260.6
AX-24-629 466969 7083247 785 350 -60 194.5
AX-24-632 466946 7083060 777 297 -88 152.1
AX-24-635 466955 7082909 776 354 -62 175.3

Upcoming Events

  • Crescat Capital Tombstone Gold Belt Webinar, January 16, 2025, 11:00am PST / 2:00pm EST
  • Metals Investor Forum Vancouver, January 17 – 18, 2025
    • Corporate Presentation: January 18, 11:00 AM PST
  • Vancouver Resource Investment Conference 2024, January 19 – 20, 2025
    • Exhibitor Booth 103
    • Corporate Presentation, January 19, 200 PM PST, Workshop 4
  • AME Roundup, January 22 – 23, 2025
    • Core Shack Booth 919:
      • January 22, 9:00 AM PST – 4:00 PM PST
      • January 23, 9:00 AM PST – 2:30 PM PST
  • BMO 34th Global Metals, Mining & Critical Minerals Conference, February 23 – 26, 2025

Analytical Method and Quality Assurance/Quality Control Measures

All drill core splits reported in this news release were analysed by Bureau Veritas of Vancouver, B.C., utilizing the aqua regia digestion ICP-MS 36-element AQ-200 analytical package with FA-450 50-gram Fire Assay with AAS finish for gold on all samples. All core samples were split on-site at Banyan’s core processing facilities. Once split, half samples were placed back in the core boxes with the other half of split samples sealed in poly bags with one part of a three-part sample tag inserted within. Samples were delivered by Banyan personnel or a dedicated expediter to the Bureau Veritas, Whitehorse preparatory laboratory where samples are prepared and then shipped to Bureau Veritas’s Analytical laboratory in Vancouver, B.C., for pulverization and final chemical analysis. A robust system of standards, ½ core duplicates and blanks was implemented in the 2024 exploration drilling program and was monitored as chemical assay data became available.

Qualified Persons

Paul D. Gray, P.Geo., is a “qualified person” as ‎defined under National Instrument 43-101, Standards of Disclosure for Mineral Projects (“NI 43-101“), and has reviewed and approved the content of this news release.‎ Mr. Gray is a consultant to Banyan and has verified the data disclosed in this news release, including the sampling, ‎‎analytical and test data underlying the information.

About Banyan

Banyan’s primary asset, the AurMac Project is located in Canada’s Yukon Territory. The current inferred Mineral Resource Estimate (“MRE“) for the AurMac Project of 7.0 million ounces has an effective date of February 6, 2024.

The 173 square kilometres (“sq km“) AurMac Project lies 40 km from Mayo, Yukon. The AurMac Project is transected by the main Yukon highway and benefits from a 3-phase powerline, existing power station and cell phone coverage. Banyan has the right to earn up to a 100% interest, in both the Aurex and McQuesten Properties respectively, subject to certain royalties.

The inferred MRE for the AurMac Project was prepared on February 6, 2024, and consisted of 7,003,000 ounces of gold (see Table 3) hosted within near surface, road accessible pit constrained Mineral Resources contained in two near/on-surface deposits: the Airstrip and Powerline Deposits.

Table 3: Pit-Constrained Inferred Mineral Resources – AurMac Property

Deposit Gold Cut-Off (g/t) Tonnage
(Tonnes)
Average Gold Grade (g/t) Contained Gold (oz.)
Inferred
Airstrip 0.30 35,243,000 0.75 845,000
Powerline 0.30 312,243,000 0.61 6,158,000
Total Combined 0.30 347,486,00 0.63 7,003,000

Notes: ‎

  1. The effective date for the MRE is February 6, 2024, and was prepared by Marc Jutras, P.Eng., M.A.Sc., Principal, Ginto Consulting Inc., an independent Qualified Person in accordance with the requirements of NI43-101. The technical report supporting the Resource Estimate entitled “AurMac Property, Mayo Mining District, Yukon Territory, Canada” (the “Technical Report”) has been filed on SEDAR at www.sedarplus.ca on March 18, 2024.
  2. Mineral Resources, which are not Mineral Reserves, do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, changes in global gold markets or other relevant issues.
  3. The CIM Definition Standards were followed for classification of Mineral Resources. The quantity and grade of reported Inferred Mineral Resources in this estimation are uncertain in nature ‎and there has been insufficient exploration to define these Inferred Mineral Resources as an ‎Indicated Mineral Resource and it is uncertain if further exploration will result in upgrading them to an ‎Indicated or Measured Mineral Resource category.
  4. Mineral Resources are reported at a cut-off grade of 0.30 g/t gold for all deposits, using a US$/CAN$ exchange rate of 0.75 and constrained within an open pit shell optimized with the Lerchs-Grossman algorithm to constrain the Mineral Resources with the following estimated parameters: gold price of US$1,800/ounce, US$2.50/t mining cost, US$5.50/t processing cost, US$2.00/t G+A, 80% gold recoveries, and 45° pit slopes.
  5. The number of tonnes and ounces was rounded to the nearest thousand. Any discrepancies in the totals are due to rounding effects; rounding followed the recommendations as per NI 43-101.

In addition to the AurMac Property, the Company holds the Hyland Gold Project, located 70 km Northeast of Watson Lake, Yukon, along the Southeast end of the Tintina Gold Belt (the “Hyland Project”). The Hyland Project represents a sediment hosted, structurally controlled, intrusion related gold deposit, within a large land package (over 125 sq km), accessible by a network of existing gravel access roads.

Banyan trades on the TSX-Venture Exchange under the symbol “BYN” and is quoted on the OTCQB Venture Market under the symbol “BYAGF“. For more information, please visit the corporate website at or contact the Company.

ON BEHALF OF BANYAN GOLD CORPORATION

(signed) “Tara Christie”

Tara Christie
President & CEO

For more information, please contact:

Tara Christie • 778 928 0556 • [email protected]
Jasmine Sangria • 604 312 5610 • [email protected]

CAUTIONARY STATEMENT: Neither the TSX Venture Exchange, its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) nor OTCQB Venture Market accepts responsibility for the adequacy or accuracy of this release.

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

FORWARD LOOKING INFORMATION: This news release contains forward-looking information, which is not comprised of historical facts and is based upon the Company’s current internal expectations, estimates, projections, assumptions and beliefs. Such information can generally be identified by the use of forwarding-looking wording such as “may”, “will”, “expect”, “estimate”, “anticipate”, “intend(s)”, “believe”, “potential” and “continue” or the negative thereof or similar variations. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company’s plans for exploration; and statements regarding exploration expectations, ease and confidence in increasing ounces, exploration or development plans and timelines; mineral resource estimates; mineral recoveries and anticipated mining costs. Factors that could cause actual results to differ materially from such forward-looking information include uncertainties inherent in resource estimates, continuity and extent of mineralization, capital and operating costs varying significantly from estimates, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, and the other risks involved in the mineral exploration and development industry, enhanced risks inherent to conducting business in any jurisdiction, and those risks set out in Banyan’s public documents filed on SEDAR. Although Banyan believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Banyan disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

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