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Banyan Intersects 0.95 g/t Gold Over 35.7 Metres, Aurex Hill Deposit, AurMac Project, Yukon, Canada

Published on: Jan 15, 2024

VANCOUVER, BC, January 15, 2024 – Banyan Gold Corp. (the “Company” or “Banyan”) (TSX-V: BYN) (OTCQB: BYAGF) is pleased to announce analytical results from the remaining drillholes of the 2023 drill program which consisted of 24,700 metres (“m”) of diamond drilling from 107 holes on the Company’s AurMac Project (“AurMac”), Yukon Territory.

Assay highlights from these results include:

  • AX-23-449: 41.3 m of 0.51 g/t gold from 118.6 m
  • AX-23-454: 25.6 m of 0.82 g/t gold from 21.6 m
  • AX-23-465: 54.3 m of 0.56 g/t gold from 33.5 m
  • AX-23-478: 70.4 m of 0.41 g/t gold from 124.1 m
  • AX-23-481: 37.3 m of 0.71 g/t gold from 168.0 m
  • AX-23-495: 57.3 m of 0.49 g/t gold from 81.5 m
  • AX-23-500: 95.7 m of 0.29 g/t gold from 145.8 m
  • AX-23-501: 114.0 m of 0.34 g/t gold from 117.7 m
  • AX-23-506: 152.1 m of 0.31 g/t gold from 47.1 m
  • AX-23-507: 35.7 m of 0.95 g/t gold from 24.4 m
  • AX-23-508: 127.1 m of 0.37 g/t gold from 49.1 m
  • AX-23-511: 98.0 m of 0.29 g/t gold from 90.1 m
  • AX-23-517: 106.3 m of 0.35 g/t gold from 43.1 m

Drill results continue to be consistent with previous exploration at the Powerline and Aurex Hill Deposits (see Table 1 and Figure 1) and the deposits remain open to gold mineralization expansion in all directions and to depth. The program was also designed to begin to test potential mineralization bounds to identify locations for infrastructure as the Project is advancing.

“With three drill seasons since our initial Resource in 2020, Banyan has taken the resource at AurMac to 6.2 million (“M”) ounces (“oz”) demonstrating the strength and size of the mineralized gold system,” stated Tara Christie, President and CEO. “This year’s drilling post the 2023 Resource update, continues to expand the mineralized footprint and importantly has confirmed that Powerline and Aurex Hill deposits are connected and will be combined in subsequent Resources as the Powerline Deposit”

The Powerline and Aurex Hill gold deposits are contained within a metasedimentary package which consists predominately of schists, quartzites and limestones of the Late Proterozoic to Cambrian Hyland Group. Gold mineralization is primarily associated with low angle quartz-sulfosalt-arsenopyrite veins which crosscut 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 results from drillholes that targeted newly defined gold mineralization are presented in Table 1, collar locations of all drillholes in Table 2, and Figure 1 details drillhole locations.

The images below illustrate selected instances of visible gold identified from assays summarized in this release.

Photographs of selected visible gold occurrences

A) AX-23-449: 62.1 m to 62.4 m – 0.89 g/t gold over 0.3 m

B) AX-23-456: 334.1 m to 335.0 m – 2.71 g/t gold over 0.9 m

C) AX-23-465: 208.0 m to 209.0 m – 1.33 g/t gold over 1. 0 m

D) AX-23-495: 83.0 m to 83.5 m – 36.3 g/t gold over 0.5 m

Figure 1: AurMac Drillhole Locations

Table 1: Highlighted Powerline and Aurex Hill Diamond Drill Analytical Results

Hole ID From (m) To (m) Interval (m*) Gold (g/t)
AX-23-423 29.9 30.7 0.8 6.04
And 62.4 63.5 1.1 0.98
 
AX-23-434 19.5 21.0 1.5 3.37
 
AX-23-437 20.0 33.0 13.0 0.19
And 68.3 87.0 18.7 0.36
And 135.5 159.0 23.5 0.45
AX-23-439 13.9 20.8 6.9 0.26
And 39.3 52.9 13.6 0.50
AX-23-447 36.7 67.6 30.9 0.58
 
AX-23-449 13.4 27.0 13.6 0.35
And 36.8 55.5 18.7 0.66
And 60.1 70.4 10.3 0.45
And 81.5 94.8 13.3 0.42
And 104.1 106.8 2.7 1.12
And 118.6 159.9 41.3 0.51
And 247.0 253.4 6.4 0.35
 
AX-23-454 21.6 47.2 25.6 0.82
And 114.3 116.7 2.4 2.18
And 146.9 157.2 10.3 0.33
And 212.5 213.6 1.1 2.01
And 240.7 243.3 2.6 0.64
AX-23-456 92.8 105.0 12.2 0.30
And 188.9 251.5 62.6 0.27
And 265.2 283.5 18.3 0.20
And 334.1 353.6 19.4 0.21
And 384.8 389.1 4.3 0.59
And 407.3 427.2 19.9 0.63
And 434.3 445.2 10.9 0.29
And 466.6 486.8 20.2 0.6
And 515.9 536.2 20.3 0.21
And 564.5 575.4 10.9 0.73
AX-23-465 33.5 87.8 54.3 0.56
And 144.8 146.7 1.9 0.87
And 200.1 209.0 8.9 0.3
AX-23-468 179.2 196.6 17.4 0.93
And 208.0 211.8 3.8 0.59
 
AX-23-470 56.4 78.7 22.3 0.85
And 170.5 179.6 9.1 0.57
 
AX-23-471 15.6 42.5 26.9 0.32
And 115.8 123.0 7.2 0.34
 
AX-23-473 50.3 59.0 8.7 1.04
And 102.8 116.3 13.5 0.26
And 134.4 138.5 4.1 0.79
And 173.5 178.0 4.5 0.60
And 213.0 217.0 4.0 0.48
AX-23-478 83.8 102.1 18.3 0.46
And 124.1 194.5 70.4 0.41
         
AX-23-479 65.0 86.2 21.2 0.39
And 136.4 205.5 69.1 0.21
And 230.5 271.0 40.5 0.25
AX-23-480 35.5 40.1 4.6 0.43
And 88.4 115.5 27.1 0.24
And 129.0 133.6 4.6 0.23
And 145.5 180.4 34.9 0.35
 
AX-23-481 15.5 40.0 24.5 0.21
And 85.5 98.5 13.0 0.36
And 168.0 205.3 37.3 0.71
 
AX-23-482 121.1 139.5 18.4 0.55
And 150.0 172.7 22.7 0.92
 
AX-23-484 81.4 131.2 49.8 0.31
And 144.9 175.3 30.4 0.52
And 193.5 221.3 27.8 0.32
 
AX-23-485 60.4 77.3 16.9 0.31
And 93.8 115.9 22.1 0.23
And 135.7 153.3 17.6 0.27
And 180.3 191.0 10.7 0.36
And 255.8 273.6 17.8 0.48
 
AX-23-486 56.3 78.1 21.8 0.42
And 103.9 199.0 95.1 0.24
 
AX-23-487 115.3 147.8 32.5 0.35
 
AX-23-489 55.9 86.1 30.2 0.25
And 95.4 114.6 19.1 0.38
And 127.4 148.4 21.0 0.29
And 171.6 187.2 15.6 0.59
 
AX-23-490 10.7 38.6 27.9 0.36
And 119.2 147.5 28.3 0.64
 
AX-23-491 27.1 32.1 5.0 0.25
And 120.3 140.2 19.9 0.32
And 184.0 192.9 8.9 0.42
And 245.4 279.8 34.4 0.34
 
AX-23-492 62.6 67.2 4.6 0.68
And 99.1 124.3 25.2 0.21
And 137.4 165.2 27.8 0.31
And 188.5 208.2 19.7 0.30
 
AX-23-493 17.4 72.9 55.5 0.21
And 102.1 156.9 54.8 0.25
And 187.5 248.5 61.0 0.25
 
AX-23-494 34.0 63.5 29.5 0.41
And 85.0 104.8 19.8 0.20
 
AX-23-495 22.0 38.3 16.3 0.21
And 81.5 138.8 57.3 0.49
 
AX-23-500 6.7 13.7 7.0 0.29
And 28.2 39.0 10.8 0.21
And 120.4 131.1 10.7 0.37
And 145.8 241.5 95.7 0.29
And 303.3 316.8 13.5 0.26
 
AX-23-501 12.2 25.1 12.9 0.21
And 62.3 71.6 9.3 0.25
And 117.7 231.7 114.0 0.34
And 245.4 255.6 10.2 0.23
 
AX-23-503 88.5 119.5 31.0 0.3
And 135.1 158.2 23.1 0.29
And 168.3 197.5 29.2 0.37
 
AX-23-506 47.1 199.2 152.1 0.31
 
AX-23-507 24.4 60.1 35.7 0.95
And 74.6 102.6 28.0 0.22
 
AX-23-508 49.1 176.2 127.1 0.37
 
AX-23-509 16.5 35.0 18.5 0.27
And 62.0 73.5 11.5 0.26
And 95.4 117.8 22.4 0.20
And 132.6 147.8 15.2 0.53
And 161.7 193.4 31.7 0.28
 
AX-23-510 37.6 44.2 6.6 0.23
And 66.6 73.8 7.2 0.41
And 101.0 114.5 13.5 0.66
And 129.4 165.2 35.8 0.23
And 189.6 194.1 4.5 0.94
 
AX-23-511 90.1 188.1 98.0 0.29
 
AX-23-513 20.6 29.0 8.4 0.41
And 116.9 178.0 61.1 0.29
 
AX-23-517 43.1 149.4 106.3 0.35
And 184.9 192.9 8.0 0.25
 
AX-23-518 40.0 50.5 10.5 0.26
And 63.2 114.2 51.0 0.31
And 135.1 158.2 23.1 0.29
And 168.3 197.5 29.2 0.37

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

Table 2: Drill Collar Locations for Final Batch of 2023 Results

Collar ID East NAD83_Z8 North NAD83_Z8 Elev. (m) Azimuth Dip (°) Depth (m)
AX-23-418 471402 7082403 975 360 -60 200.6
AX-23-419 471401 7082603 978 356 -60 199.6
AX-23-423 471403 7082809 978 001 -59 236.9
AX-23-425 471400 7083002 975 002 -59 199.0
AX-23-428 471605 7082803 977 359 -59 205.7
AX-23-430 471804 7082804 974 357 -61 144.8
AX-23-433 471804 7082704 973 005 -60 111.3
AX-23-434 471794 7082403 971 004 -60 94.5
AX-23-437 471405 7082307 973 359 -63 161.5
AX-23-439 471392 7082003 968 360 -60 223.1
AX-23-443 471393 7081902 967 358 -60 178.3
AX-23-444 467197 7083299 785 356 -56 189.0
AX-23-446 467101 7083209 783 357 -60 147.8
AX-23-447 471297 7081996 971 359 -59 197.2
AX-23-449 469554 7082009 983 359 -58 283.5
AX-23-452 469680 7082697 986 357 -61 234.7
AX-23-454 466664 7083234 770 359 -69 266.7
AX-23-456 466550 7083252 750 003 -71 859.5
AX-23-465 466395 7083199 739 358 -59 218.2
AX-23-468 466415 7083292 727 003 -60 221.0
AX-23-470 466299 7083297 723 355 -62 213.4
AX-23-471 469548 7082702 983 359 -61 178.3
AX-23-472 469797 7082800 985 355 -60 251.5
AX-23-473 469552 7082600 988 002 -63 217.9
AX-23-474 469804 7082703 991 360 -59 192.0
AX-23-475 469556 7082503 993 001 -62 289.0
AX-23-476 469799 7082601 995 359 -57 185.9
AX-23-477 469801 7082501 1003 356 -61 263.7
AX-23-478 469551 7082396 999 001 -61 219.8
AX-23-479 469798 7082400 1007 005 -61 332.2
AX-23-480 469548 7082301 1005 354 -58 207.3
AX-23-481 469446 7082305 997 360 -59 219.5
AX-23-482 469798 7082301 1010 356 -58 189.0
AX-23-483 469456 7082403 997 005 -59 219.5
AX-23-484 469805 7082208 1003 357 -62 268.2
AX-23-485 469451 7082503 992 003 -62 283.5
AX-23-486 469803 7082103 994 350 -61 260.6
AX-23-487 469456 7082600 988 358 -62 224.6
AX-23-488 469350 7082506 991 350 -63 228.0
AX-23-489 469799 7082005 987 356 -60 217.9
AX-23-490 469346 7082402 998 355 -58 185.9
AX-23-491 469896 7082300 1010 353 -60 283.2
AX-23-492 469898 7082408 1015 355 -61 242.3
AX-23-493 469895 7082202 1004 360 -61 283.5
AX-23-494 469899 7082493 1011 359 -63 216.4
AX-23-495 469900 7082602 1002 004 -57 224.0
AX-23-496 470895 7082500 1002 355 -62 149.4
AX-23-497 469906 7082696 996 006 -59 221.0
AX-23-498 470899 7082603 1003 007 -64 190.5
AX-23-499 470010 7082697 1000 006 -61 225.6
AX-23-500 468498 7082199 920 001 -61 333.8
AX-23-501 468298 7082198 888 355 -58 261.2
AX-23-502 470899 7082700 999 006 -61 230.1
AX-23-503 469898 7082101 997 002 -59 296.9
AX-23-504 471001 7082698 996 027 -62 105.2
AX-23-505 471103 7082596 998 011 -61 123.4
AX-23-506 469899 7081999 988 002 -58 234.7
AX-23-507 471099 7082701 993 004 -63 138.7
AX-23-508 469900 7081901 979 360 -58 225.6
AX-23-509 469804 7081910 980 349 -58 204.2
AX-23-510 469996 7081899 980 356 -62 200.0
AX-23-511 470000 7082000 990 002 -60 240.8
AX-23-512 470001 7082103 999 360 -60 233.2
AX-23-513 470096 7082003 991 357 -59 201.8
AX-23-514 470653 7081542 954 357 -74 207.3
AX-23-515 471110 7081412 954 360 -79 187.8
AX-23-516 470401 7082501 1015 360 -57 198.1
AX-23-517 469653 7081804 964 351 -60 220.4
AX-23-518 469550 7081804 965 356 -62 192.0

Upcoming Events

  • Metals Investor Forum Vancouver, January 19 – 20, 2024
  • Corporate Presentation: January 19, 12:10 PM PST
  • Tombstone Belt Breakfast – Fireside Chat – Vancouver, January 22, 2024 – 7AM to 9 AM PST
  • Vancouver Resource Investment Conference 2024, January 21 – 22, 2024

– Exhibitor Booth 103-105

– Corporate Presentation, January 21, 2:50 PM PST, Workshop 3

– Tombstone Gold Belt Panel, January 22, 10 AM PST, Invest Yukon Pavilion

– Corporate Update: January 22, 10:30 AM PST, Invest Yukon Pavilion

  • AME Roundup, January 22 – 25, 2025
  • -Core Shack: January 24 – 25
  • CEM Whistler Capital Event, February 9 – 11, 2024
  • BMO 33rdGlobal Metals, Mining & Critical Minerals Conference, February 25 – 28, 2024

Analytical Method and Quality Assurance/Quality Control Measures

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 were 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 either the Bureau Veritas, Whitehorse preparatory laboratory where samples were prepared and then shipped to Bureau Veritas’s Analytical laboratory in Vancouver, BC for pulverization and final chemical analysis or MSALABS, on-site preparatory laboratory where samples were prepared and then shipped to MSALABS in Langley, BC for final chemical analysis. A robust system of standards, ¼ core duplicates and blanks was implemented in the 2023 exploration drilling program and was monitored as chemical assay data became available.

Eighteen (18) drill hole core splits reported in this news release (AX-23-437, -449, -454, -456, -465, -468, -471, -473, -478 to -480, -482, -486, -500, -501, -506, -508, -518) were analysed by MSALABS of Langley, BC, utilizing the aqua regia digestion ICP-MS 39-element IMS-116 analytical package with FAS-121 50-gram Fire Assay with AAS finish for gold on all samples. The remainder of the forty-four (44) drill hole core splits reported in this news release were analysed by Bureau Veritas Minerals of Vancouver, BC, utilizing the aqua regia digestion ICP-MS 36-element AQ200 analytical package with FA450 50-gram Fire Assay with AAS finish for gold on all samples.

About Banyan

Banyan’s primary asset, the AurMac Project is adjacent to Victoria Gold’s Eagle Gold Mine, in Canada’s Yukon Territory. The updated Mineral Resources Estimate (“MRE”) for the AurMac Project of 6.2 million ounces has an effective date of May 18, 2023.

The 173 square kilometres (“sq km”) AurMac Project lies 30 km from Victoria Gold’s Eagle Project and adjacent to Hecla Mining’s high grade Keno Hill Silver mine. The Project is transected by the main Yukon highway and access road to the Victoria Gold open-pit, heap leach Eagle Gold mine. The AurMac Project benefits from a 3-phase powerline, existing power station and cell phone coverage. Banyan owns 51% and 75% with the right to earn up to a 100% interest, in both the Aurex and McQuesten Properties respectively, subject to certain royalties.

The Updated MRE for the AurMac Project was prepared on May 18, 2023 and consisted of 6,181,000 ounces of gold (see Table 3) hosted within near surface, road accessible pit constrained MRE (contained in three near/on-surface deposits: the Airstrip, Aurex Hill and Powerline Deposits.

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

Deposit Gold Cut-Off (g/t) Tonnage
(Mt)		 Average Gold Grade (g/t) Contained Gold (koz)
Airstrip 0.25 41.2 0.68 897
Powerline 0.25 197.4 0.61 3,840
Aurex Hill 0.30 74.3 0.60 1,444
Total Combined 0.25 to 0.3 312.9 0.61 6,181

Notes: ‎

  1. The effective date for the Mineral Resource Estimate is May 18, 2023.   The updated MRE for the AurMac Project was prepared by Marc Jutras, P.Eng., M.A.Sc., Principal, Ginto Consulting Inc., an independent Qualified Person in accordance with the requirements of NI 43-101. The technical report supporting the MRE (the “Technical Report”) has been filed on SEDAR at www.sedar.com effective July 7, 2023.
  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 0.25 g/t Au for the Airstrip and Powerline and 0.3 g/t Au for the Aurex Hill 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, UD$2.00/t G+A, 80% heap leach recoveries, and 45° pit slope.
  5. The number of tonnes was rounded to the nearest hundred thousand. The number of 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 Project, 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 www.banyangold.com or contact the Company.

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 has verified the data disclosed in this press release, including the sampling, ‎‎analytical and test data underlying the information.

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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