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.

Figure 1: AurMac Drillhole Locations

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

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 33rd Global 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 • tchristie@banyangold.com

Jasmine Sangria • 604 312 5610 • jsangria@banyangold.com

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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