VANCOUVER, BC, September 6, 2022 – Banyan Gold Corp. (the “Company” or “Banyan“) (TSXV: BYN) (OTCQB: BYAGF) is pleased to announce the analytical results from thirty-six (36) diamond drill holes completed during the Company’s 2022 exploration program at the Powerline deposit (the “Powerline Deposit”) located on the Banyan’s AurMac Property.
Assay highlights include:
“The ongoing 2022 drill program continues to expand the gold mineralized footprint of the Powerline and Aurex Hill Deposits on the AurMac Property,” Tara Christie, President & CEO of Banyan stated. “With over 38,000 m of drilling now complete in 2022, consistent and widespread gold mineralization from surface continues to demonstrate there is considerable expansion potential of the Resources on the AurMac Property”
Results from these thirty-six (36) 2022 drill holes are consistent with previous exploration drill results at the Powerline Deposit (see Table 1, Figures 1 and 2) and the areal extent of interpreted gold mineralization from near/on-surface continues to be confirmed with each batch of assay results received.
The Powerline and Aurex Hill gold deposits are contained within a metasedimentary package consisting of predominately schists, quartzites and limestones of the Late Proterozoic to Cambrian 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. A strong bismuth-gold association has been identified at AurMac and is currently being utilized to establish exploration vectors over the Property.
Notable instances of visible gold identified from these holes are shown in Image 1. Additional information is located on our website.
Image 1: Photographs of visible gold from:
A) AX-22-221: 72.7m to 73.7m – 29.7 g/t over
B) AX-22-249: 121.6m to 122.5m – 14.8 g/t over 0.9m
C) AX-22-239: 195.5m to 196.8m – 5.37 g/t over 1.3m
D) AX-22-221: 78.2m to 78.7m – 4.8 g/t over 0.5m
Figure 1: East Powerline and Aurex Hill Drill Hole Locations showing historic, completed, and proposed diamond drill holes.
Figure 2: West Powerline Drill Hole Locations showing historic, completed, and proposed diamond drill holes.
Table 1: 2022 Highlighted Powerline Diamond Drill Analytical Results. (Maps, sections and full assay results will be available on Banyan’s website).
|Hole ID||From (m)||To (m)||Interval (m*)||Au (g/t)|
*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)|
Banyan will be attending:
All events are subject to change.
2022 Exploration Program Update
Banyan started its 2022 exploration program on January 26, 2022. One hundred-fifty-five (155) drill holes and over 38,000 m of drilling has been completed to expand the mineralization around the Powerline Zone by 600 m to the east and 1,000 m west. The 2022 program will include 90% of the drilling focused on expansion of the mineralization at Powerline and connecting Aurex Hill; and 10% focused on testing high priority regional targets on the AurMac Property and Nitra Property.
Analytical Method and Quality Assurance/Quality Control Measures
All drill 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. 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, BC for pulverization and final chemical analysis. A robust system of standards, ¼ core duplicates and blanks was implemented in the 2021 exploration drilling program and was monitored as chemical assay data became available.
Banyan’s primary asset, the AurMac Property is comprised of the Aurex and McQuesten properties, as well as claims staked and owned 100% by Banyan, and adjacent to Victoria Gold’s Eagle Gold Mine, in Canada’s Yukon Territory. The updated resource for the AurMac Property of 3,990,000 ounces (see Table 3 below) was announced on May 17, 2022.
The 173 sq km AurMac Property lies 30 kilometres from Victoria Gold’s Eagle Project and adjacent to the Keno Hill Silver District operated by Alexco Resource Corp. (with Hecla Mining Company’s acquisition effective September 7, 2022) and is highly prospective for structurally controlled, intrusion related gold-silver mineralization. The property is transected by the main Yukon highway and access road to the Victoria Gold open-pit, heap leach Eagle Gold mine. The AurMac Property benefits from a 3-phase powerline, existing power station and cell phone coverage. Banyan has a right to earn up to a 100% interest, in both the Aurex and McQuesten Properties, subject to certain royalties.
The Updated Mineral Resource Estimate for the AurMac Property was prepared May 13, 2022 and consisted of 3,990,000 ounces of gold (see Table 3) hosted within near surface, road accessible pit constrained Mineral Resources contained in three near/on-surface deposits: the Airstrip, Aurex Hill and Powerline Deposits.
Table 3: Pit-Constrained Inferred Mineral Resources at a 0.2 g/t Au Cut-Off – AurMac Property
|Average Au Grade
|Total Combined||0.2 – 0.3||207.0||0.60||3,990|
In addition to the AurMac Property, the Company holds the Hyland Gold Project, located 70 kilometres 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.
Paul D. Gray, P.Geo., Vice President of Exploration for the Company, 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”
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. Such information can generally be identified by the use of forwarding-looking wording such as “may”, “will”, “expect”, “estimate”, “anticipate”, “intend”, “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 drilling this year; and statements regarding exploration expectations, exploration or development plans; and mineral resource estimates. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, 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, delays in the development of projects 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.