BANYAN GOLD CORP. (“Banyan” or the “Company”) is pleased to announce analytical results from the first two holes from the recently completed ten-hole diamond drill campaign on the Aurex-McQuesten Property 2017 exploration program.
Results from the first two of six diamond drill holes targeted the McQuesten showing area and are presented in the summary table below. The McQuesten showing area is a 1,000 metre x 400 metre wide zone of known near-surface gold and silver mineralization, where previous exploration results include drill intercepts of up to 120 m grading 1.36 g/t Au with intervals of up to 1.5 m grading 8.89 g/t Au (see Company news release dated May 25, 2017). The attached map provides the location of the drill holes and trenches and can be viewed at http://www.banyangold.com/projects/aurex-mcquesten/
| Hole # | Comment | From (m) | To (m) | Interval (m) | Gold (g/t) |
Silver (g/t) |
|---|---|---|---|---|---|---|
| MQ17-024 | 24.4 | 55.1 | 30.7 | 0.44 | 0.93 | |
| incl. | 25.9 | 35.7 | 9.8 | 0.69 | 1.35 | |
| incl. | 27.4 | 28.9 | 1.5 | 2.10 | 1.10 | |
| also | 91.4 | 94.5 | 3.1 | 2.62 | 4.71 | |
| incl. | 91.4 | 92.1 | 0.6 | 9.98 | 6.30 | |
| also | 112.2 | 128.0 | 15.8 | 0.68 | 1.49 | |
| incl. | 117.5 | 128.0 | 10.5 | 0.90 | 1.79 | |
| MQ17-025 | 72.7 | 81.6 | 8.8 | 0.76 | 0.82 | |
| incl. | 74.5 | 78.1 | 3.5 | 1.25 | 1.65 |
“With detailed oriented core measurements collected for the first time on the properties, and after a rigorous compilation of all historic exploration results, this year’s drill program has greatly assisted the understanding of the structural and geological controls on gold mineralization in the mineralized zone. These initial results are extremely encouraging, returning high-grade gold values over substantive widths and the remainder of the analytical results are expected in coming weeks” said Tara Christie, President and CEO.
These two initial holes from the McQuesten 2017 program were holes stepped out 50 meters, on-section, from historic drill-holes and were designed to extend known mineralized zones as well as test interpreted down-dip mineralization extents from previously defined surface (trench) targets. Additionally, these drill-holes provided valuable structural and geological data on mineralization hosts and controls, never before available to Banyan. Both holes intercepted gold mineralization, establishing the McQuesten showing as an anomalous gold target with prospectivity for defining additional gold mineralization.
Aurex-McQuesten Gold Project
Banyan’s inaugural exploration program at the Aurex-McQuesten Project consisted of a property wide geochemical soil surveys (1,114 soil samples), 464 metres of trench sampling, inclusive of the reopening/remapping of historic trenches (235 trench samples) along with a 1,421.89 metres diamond drill program from 10 holes (1,007 drill-core samples).
The exploration target at the Aurex-McQuesten Project is near surface gold mineralization in meta-sedimentary host rocks related to interpreted buried intrusive stocks. Structural traps are known to control intrusion-related gold-silver mineralization in this area and defined gold mineralization on the property occurs in sheeted quartz veins, silicified skarn horizons, and quartz-monzonite dykes similar to mineralization at Victoria Gold’s nearby Eagle Gold Project, as well as silver mineralization related to faults similar to those found at Alexco Resource’s Keno Hill Silver District.
The combined Aurex-McQuesten properties consist of approximately 9,230 hectares and boasts exceptional infrastructure including Highway road access, grid powerlines and historic exploration access roads with nearby services out of Mayo, Yukon, 25 km to the South. Additionally, both Victoria Gold Corp. and Alexco Resource Corp. are strategic partners on this project, providing camp, geological and financial support.
Technical Information
The technical information in this news release has been reviewed and approved by Paul D. Gray, P.Geo., a Qualified Person as defined by NI 43-101.
Analytical Method
All drill core samples collected from the Aurex McQuesten program were analyzed at Bureau Veritas of Burnaby, B.C. utilizing the four acid digestion ICP-MS 35-element MA300 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 at Alexco Resource Corp.’s Elsa processing facility. 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 Bureau Veritas, Whitehorse preparatory laboratory where samples were sorted and crushed to appropriate particle size (pulp) and representatively split to a smaller size for shipment to Bureau Veritas’s Analytical laboratory in Vancouver, B.C. for final chemical analysis. A robust system of standards was implemented in the 2017 exploration drilling program and was monitored as chemical assay data became available.
About Banyan Gold
Banyan is a well-financed growth stage gold exploration company whose flagship property, the Hyland Gold Project, is approximately 70km NE of Watson Lake, Yukon, along the southeast end of the Tintina Gold Belt.
The newly acquired 9,230 ha Aurex-McQuesten Property, in close proximity to Victoria Gold's Eagle Project and Alexco Resource's Keno Hill Silver District, is highly perspective for structurally controlled, intrusion related gold-silver mineralization in relation to quartz monzonite dykes of the Tombstone intrusive suite.
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 BANYAN GOLD CORPORATION
(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 expectations, exploration or development plans and the timing of negotiating the definitive agreements. 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, and has verified and supervised the preparation of all of the scientific and technical information contained in this news release.
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.
