BANYAN GOLD CORP. (“Banyan” or “The Company”) is pleased to announce 2014 Hyland exploration program has been approved for funding under the Yukon Mineral Exploration Program ("YMEP"). Through YMEP, the Yukon Government will fund up to 50% of the planned $95,000 mineral exploration program on the Hyland Gold Project.
The Company plans to conduct a robust mineral exploration program following up on the encouraging results received from the 2013 Hyland Regional Program, and envisions focused rock/soils sampling with coincident geological mapping programs focused on the highly prospective CUZ South and Montrose Ridge Zones. The Montrose Ridge Zone boasts the largest gold-in-soils anomaly ever uncovered on the South Hyland Property, and the CUZ South Zone continues to define and expand gold/arsenic-in-soils anomalies related to the 2011 Cuz Zone Gold Discovery.
The Montrose Ridge Zone was discovered in 2013 through a detailed soils/rock sampling program on the South Hyland Property, 6.5km south of the Hyland Main Zone (which hosts a NI 43-101 Inferred Resource of 396,000 gold equivalent ounces). Importantly, the Montrose Ridge Zone lies along the identified >12 km long Quartz Lake Lineament which is interpreted to control significant mineralization identified on the Hyland Project, and fits with the Company’s regional structurally controlled mineralization model for the Hyland Project and Hyland District.
2013 exploration highlights from the CUZ South and Montrose Ridge Zones included
- Gold (Au)-in-soils results ranged from trace to 0.191 g/t
- Arsenic (As)-in-soils results ranged from trace to 597.3g/t As
- Silver (Ag)-in-soils results ranged from trace to 2.9g/t Ag
Mineral exploration, through the use of targeted soils grids, have proven to be highly successful in delineating areas of potential gold mineralization (as defined by gold/arsenic-in-soils anomalies) at the Hyland Project and is the method of choice to continue to define and expand the precious metals potential of the Property on a regional scale.
“Banyan will continue to develop the District scale gold mineralization controlled by the >12km Quartz Lake Lineament at Hyland” stated Mark Ayranto, Chairman. “Each successive program at Hyland has proven-up this Regional scale mineralization model on this large, under-explored Property, and Banyan is confident that our continued efforts to define District scale gold mineralization trends at Hyland will identify new, high quality drill targets to compliment step-out resource drilling planned for the Main Zone in the coming year”.
This News Release has been reviewed and approved by Paul D. Gray, B.Sc., P.Geo., the Hyland Gold Qualified Person as defined by NI 43-101.
About Banyan Gold
Banyan Gold is a gold exploration and development company whose flagship property, the Hyland Gold Project (“Hyland”), is approximately 70 km NE of Watson Lake, Yukon, along the southeast end of the Tintina Gold Belt. The Main Zone gold Inferred Resource, at a 0.6 g/t gold equivalent ("AuEq") cutoff, hosts a NI 43-101 compliant Resource of 12,503,994 tonnes containing 361,692 ounces gold at 0.9 g/t and 2,248,948 ounces silver at 5.59 g/t for a combined gold and silver 396,468 ounces gold equivalent. Based on the success of previous exploration and numerous untested drill ready targets Banyan Gold management foresees potential for a significant regional exploration at Hyland.
Banyan Gold trades on the TSX-Venture Exchange under the symbol “BYN”. For more information please visit the corporate website at www.banyangold.com or contact Banyan Gold.
ON BEHALF OF THE BANYAN GOLD BOARD OF DIRECTORS
(signed) "Mark Ayranto"
For more information, please contact: Mark Ayranto
Tel: (604) 648-8450
The TSX Venture Exchange (the “Exchange) has neither approved nor disapproved the contents of this press release. Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
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Statements in this news release regarding Banyan Gold which are not historical facts are “forward-looking statements” that involve risks and uncertainties. Such information can generally be identified by the use of forwarding-looking wording such as “may”, “will”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations.