BANYAN GOLD CORP. (“Banyan”) is pleased to announce results from the 2016 Hyland Gold Project diamond drill program. The drill program targeted in-fill and extension of the Main Zone gold-silver deposit. Each of the three holes drilled in 2016 returned long intervals of Main Zone mineralization including: 30.7 metres of 1.30g/t Au and 8.0 g/t Ag from 18.3 to 49.0 metres (drill hole HY-16-48); 27.1 metres of 1.02 g/t Au and 16 g/t Ag from 24.4 to 51.5 metres (drillhole HY-16-49); and 35.7 metres of 1.00 g/t Au and 2.5 g/t Ag from 76.0 to 111.6 metres (drill hole HY-16-10). The 2016 drill results have further confirmed the structure and continuity of the Main Zone gold-silver Resource* and highlight the grade potential at Hyland’s Main Zone. The Main Zone Deposit remains open for expansion to the east, north and to depth.
*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.
In addition, oxide and sulphide gold-silver mineralization was collected to be utilized for metallurgical recovery test work.
“Banyan is excited to report on the first drill holes the Company has drilled in the Hyland Gold Main Zone deposit.” commented Tara Christie, President and CEO. “The exploration focus on Banyan’s flag ship Hyland Gold Project is to continue to demonstrate the property hosts a large, District-Scale mineralized system while also communicating that the 400,000 ounce gold-silver Resource defined on the Property remains expandable. Metallurgical recovery test work on the Main Zone is the next step in the on-going deposit appraisal and these results are expected in the near term.”
Table 1: Selected Intervals from Hyland Main Zone 2016 Drill Program
| Hole ID | From (m) |
To (m) |
Length (m) |
Gold (g/t) |
Silver (g/t) |
|---|---|---|---|---|---|
| HY-16-48 | 1.2 | 103.0 | 101.8 | 0.67 | 5.3 |
| including | 18.3 | 49.0 | 30.7 | 1.30 | 8.0 |
|
and
including |
61.0 | 103.0 | 42.0 | 0.57 | 4.7 |
| HY-16-49 | 0.0 | 143.0 | 143.0 | 0.50 | 12.2 |
| including | 24.4 | 51.5 | 27.1 | 1.02 | 16.0 |
|
and
including |
90.5 | 124.0 | 33.5 | 0.75 | 7.0 |
| HY-16-50 | 0.0 | 125.0 | 125.0 | 0.70 | 4.8 |
| including | 15.2 | 67.5 | 52.3 | 0.83 | 3.3 |
| and including |
76.0 | 111.6 | 35.7 | 1.00 | 2.5 |
The 2016 diamond drill program was conducted by Kluane Drilling Ltd of Whitehorse, YT and consisted of three holes HQ/NQ drillholes totaling 475 metres. In total, 312 drillcore samples were collected and analyzed as part of this program; assays ranged from trace to 6.68 g/t Au and averaged 0.46 g/t Au. Only 16 of the
312 samples returned over 2.0 g/t Au, a fact that highlights the consistent nature of the Main Zone mineralization.
Analytical Method
All drill core samples collected from the Hyland 2016 program were analyzed at SGS Canada Inc. of Burnaby, B.C. utilizing the GE-ICP14B, 34-element ICP analytical package with GE-FAA515 50-gram Fire Assay with Gravimetric finish for gold on all samples. GE_ICP14B. All core samples were split on-site at Banyan’s Quartz Lake exploration camp 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. All these samples were shipped to the SGS’s Burnaby, B.C. Laboratory where samples were sorted and crushed to appropriate particle size (pulp) and representatively split to a smaller size for analysis. A robust system of standards was implemented in the 2016 exploration drilling program and was monitored as chemical assay data became available.
Maps and visual aids in support of the Hyland 2016 diamond drill program will be made available at www.banyangold.com
This News Release has been reviewed and approved by Paul D. Gray, P.Geo., a Qualified Person as defined by NI 43-101.
About Banyan Gold
Banyan is a gold exploration and development company whose flagship property, the Hyland Gold Project (“Hyland”), is approximately 70km 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.
Banyan trades on the TSX-Venture Exchange under the symbol “BYN”. For more information please visit the corporate website at www.BanyanGold.com or contact the Company.
ON BEHALF OF THE BANYAN BOARD OF DIRECTORS
(signed) "Tara Christie"
Tara Christie
President & CEO
For more information, please contact:
Tara Christie
Tel: (888) 629-0444
Email: tchristie@banyangold.com
David Rutt
Tel: (888) 629-0444
Email: drutt@banyangold.com
CAUTIONARY STATEMENT: The TSX Venture Exchange does not accept 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. This news release contains forward-looking information, which is not comprised of historical facts. 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, Banyan’s objectives, goals or future plans, statements regarding exploration results, exploration or development plans and the timing of any additional resource estimates. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, uncertainties inherent to preparing a resource estimate within expected timeline, 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. Paul D.Gray of Banyan Gold Corp. is a “qualified person” within the meaning of such term as set forth in National Instrument 43-101 of the Canadian Securities Administrators, has verified and supervised the preparation of all of the scientific and technical information contained in this news release.