Banyan Intersects 1.07 g/t Gold Over 45 Meters At Powerline Deposit, Aurmac Property, Yukon

Published on: September 6, 2022

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:

  • 131.0 metres (“m”) of 0.41 g/t Au in AX-22-217
  • 45.0 m of 1.07 g/t Au in AX-22-221
  • 175.8 m of 0.57 g/t Au in AX-22-224
  • 48.7 m of 0.61 g/t Au in AX-22-229
  • 55.4 m of 0.49 g/t Au in AX-22-230
  • 185.8 m of 0.43 g/t Au from surface in AX-22-231
  • 109.7 m of 0.40 g/t Au in AX-22-234
  • 96.0 m of 0.56 g/t Au from surfacein AX-235
  • 51.7 m of 0.61 g/t Auin AX-22-240
  • 68.8 m of 0.82 g/t Au in AX-22-243
  • 114.7 m of 0.40 g/t Au in AX-22-246
  • 46.3 m of 0.69 g/t Au in AX-22-249

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

1.0m

 

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)
AX-22-212 10.7 21.8 11.1 0.50
 
AX-22-214 10.7 44.7 34.0 0.46
and 121.2 132.3 11.1 0.80
 
AX-22-216 33.5 58.0 24.5 0.46
and 84.6 113.3 28.7 0.42
 
AX-22-217 73.2 204.2 131.0 0.41
 
AX-22-218 16.2 42.7 26.5 0.49
and 168.1 189.8 21.7 0.32
AX-22-219 13.7 59.8 46.1 0.36
 
AX-22-220 64.0 74.7 10.7 0.40
and 115.8 129.5 13.7 0.73
and 151.1 161.9 10.8 0.58
 
AX-22-221 57.1 102.1 45.0 1.07
and 120.6 126.5 5.9 0.87
and 146.3 198.1 51.8 0.30
 
AX-22-222 38.2 133.3 95.1 0.26
or 38.2 105.2 67.0 0.31
 
AX-22-223 21.3 173.7 152.4 0.37
 
AX-22-224 45.7 221.5 175.8 0.57
including 135.6 163.1 27.5 1.18
including 181.4 198.9 17.5 1.23
 
AX-22-225 59.4 111.3 51.9 0.31
and 134.8 155.4 20.6 0.29
 
AX-22-225A 16.8 33.2 16.4 0.70
 
AX-22-226 27.4 36.6 9.2 0.21
and 103.6 205.7 102.1 0.35
 
AX-22-227 24.4 199.6 175.2 0.24
 
AX-22-228 15.2 64.3 49.1 0.35
 
AX-22-229 56 65.4 9.4 0.43
and 81.4 84.4 3.0 0.63
and 137.2 185.9 48.7 0.61
 
AX-22-230 38.1 116.9 78.8 0.39
and 135.6 191.0 55.4 0.49
or 53.3 191.0 137.7 0.41
 
AX-22-231 18.4 204.2 185.8 0.43
 
AX-22-232 13.7 18.3 4.6 0.52
and 85.3 88.4 3.1 0.78
 
AX-22-233 18.3 24.4 6.1 0.47
and 106.4 146.8 40.4 0.29
 
AX-22-234 50.3 160.0 109.7 0.40
 
AX-22-235 13.7 109.7 96.0 0.56
and 152.1 166.1 14.0 0.54
 
AX-22-236 121.9 128.0 6.1 0.94
  99.1 106.7 7.6 1.00
 
AX-22-237 59.6 161.5 101.9 0.25
or 59.6 65.5 5.9 0.30
and 86.9 108.8 21.9 0.31
and 114.6 138.7 24.1 0.44
and 149.2 161.5 12.3 0.27
 
AX-22-238 37.3 76.5 39.2 0.33
and 96.6 133.7 37.1 0.30
 
AX-22-239 33.0 71.2 38.2 0.25
and 130.3 160.0 29.7 0.43
and 184.2 196.8 12.6 0.90
 
AX-22-240 112.0 234.6 122.6 0.39
or 112.0 163.1 51.1 0.26
and 182.9 234.6 51.7 0.61
 
AX-22-241 45.7 92.2 46.5 0.21
and 144.8 189.0 44.2 0.23
 
AX-22-242 16.0 61.8 45.8 0.26
and 98.9 126.5 27.6 0.21
and 179.3 208.8 29.5 0.41
 
AX-22-243 100.6 169.4 68.8 0.82
and 195.6 247.8 52.2 0.53
 
AX-22-244 42.7 141.8 99.1 0.27
or 42.7 81.1 38.4 0.29
and 103.6 141.8 38.2 0.34
 
AX-22-245 42.7 104.1 61.4 0.20
and 126.8 164.1 37.3 0.82
and 197.3 217.9 20.6 0.53
 
AX-22-246 57.5 172.2 114.7 0.40
or 57.5 101.2 43.7 0.48
and 116.7 172.2 55.5 0.43
and 194.9 200.8 5.9 0.67
also 15.2 38.1 22.9 0.28
 
AX-22-247 8.5 120.4 111.9 0.35
or 8.5 50.3 41.8 0.49
and 64.0 83.8 19.8 0.45
and 96.0 120.4 24.4 0.31
and 150.9 172.2 21.3 0.23
 
AX-22-248 10.7 231.3 220.6 0.23
or 10.7 31.5 20.8 0.23
and 113.5 199.5 86.0 0.33
and 222.5 231.3 8.8 0.71
 
AX-22-249 18.3 48.5 30.2 0.30
and 76.2 122.5 46.3 0.69
and 129.5 171.5 42.0 0.27
and 185.9 195.9 10.0 0.72

*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-22-212 467699 7083199 797 005 -63 197.5
AX-22-214 467804 7083098 804 007 -60 213.4
AX-22-216 467798 7082997 811 003 -62 227.7
AX-22-217 466704 7082801 769 356 -60 219.5
AX-22-218 467802 7082801 817 357 -58 221.0
AX-22-219 467801 7082902 815 006 -67 227.1
AX-22-220 467901 7082698 821 002 -61 201.2
AX-22-221 466803 7082802 773 356 -59 199.6
AX-22-222 467901 7083102 809 002 -57 198.4
AX-22-223 467901 7082901 820 358 -55 204.2
AX-22-224 466700 7082700 770 004 -59 242.3
AX-22-225 467900 7082999 816 004 -57 196.6
AX-22-225-A 467900 7082999 816 004 -57 59.4
AX-22-226 466699 7082599 777 358 -56 240.8
AX-22-227 468001 7082902 823 005 -58 201.2
AX-22-228 468005 7083091 819 359 -60 210.3
AX-22-229 467998 7082797 825 356 -58 245.4
AX-22-230 466813 7082697 774 357 -57 227.1
AX-22-231 468198 7082995 830 004 -56 208.8
AX-22-232 468000 7082690 831 359 -59 201.2
AX-22-233 468198 7083104 831 001 -58 207.3
AX-22-234 466813 7082607 782 356 -58 249.9
AX-22-235 468003 7082996 820 007 -57 210.3
AX-22-236 468300 7083101 836 006 -62 207.9
AX-22-237 466923 7082599 791 358 -58 208.8
AX-22-238 468296 7082991 843 355 -62 229.5
AX-22-239 468192 7082708 845 357 -57 231.7
AX-22-240 466601 7082599 771 357 -59 323.1
AX-22-241 468305 7082798 856 357 -59 201.2
AX-22-242 468090 7082699 840 354 -55 208.8
AX-22-243 466599 7082704 765 354 -59 269.8
AX-22-244 468294 7082903 848 004 -57 214.9
AX-22-245 466596 7082800 759 359 -59 249.9
AX-22-246 466899 7082705 777 357 -62 213.4
AX-22-247 468198 7082900 840 000 -61 219.5
AX-22-248 466500 7082697 760 355 -61 246.9
AX-22-249 467002 7082803 783 004 -60 233.2

Upcoming Events

Banyan will be attending:

  • Metals Investor Forum, Vancouver, British Columbia, September 9 – 10, 2022, presentation September 9that 12:10 pm PDT
  • Precious Metals Summit, Beaver Creek, Colorado, September 13 – 16, 2022,presentation September 14th at 3:15 PM MST
  • GCFF Conference 2022 – Global Resource Investment Conference, Richmond, British Columbia, September 24, 2022
  • New Orleans Investment Conference, New Orleans, Louisiana, October 12 – 15, 2022

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.

About Banyan

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

Deposit Au Cut-Off
g/t
Tonnage

M Tonnes

Average Au Grade

g/t

Au Content

k oz

Airstrip 0.2 42.5 0.64 874
Powerline 0.2 152.0 0.59 2,898
Aurex Hill 0.3 12.5 0.53 215
Total Combined 0.2 – 0.3 207.0 0.60 3,990

Notes: ‎

  1. The effective date for the Resource Estimate is May 13, 2022. The updated Resource Estimate for the AurMac Property 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. Mr. Jutras is preparing a technical report supporting the Resource Estimate (the “Technical Report”) in accordance with the requirements of NI 43-101, which will be filed on SEDAR at www.sedar.com within forty-five (45) ‎days of the date of the initial news release. ‎Please see the news release of May 17, 2022.
  2. Mineral resources which are not mineral reserves do not have demonstrated economic viability. The Resource Estimate may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing,changes in global gold markets or other relevant issues. 
  3. The definitions of inferred mineral resources that are contained in the Definition Standards of the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM Definition ‎Standards”), which are incorporated by reference into National Instrument 43-101, Standards of Disclosure for Mineral Projects (“NI 43-101”) were followed to classify the mineral resources in the Resource Estimate. 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 0.2 g/t Au for the Airstrip and Powerline deposits 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$1,700/ounce, US$2.50/t mining cost, US$5.50/t processing cost, US$2.00/t G+A, 80% heap leach recoveries, and 45° pit slope. The gold price and cost assumptions are consistent with current pricing assumptions and costs, and in particular are consistent with those employed for recent technical reports for similar pit-constrained Yukon gold projects.
  5. The number of tonnes was rounded to the nearest hundred thousand. The number of ounces was rounded to the nearest thousand and final result to three significant figures. Any discrepancies in the totals are due to rounding effects.

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.

Qualified Person

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”
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.

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