BANYAN GOLD CORP. (“Banyan” or the “Company”) is pleased to announce results from the next six holes of its 2017 Exploration Program at its 100% owned Hyland Gold Project (the “Property”) in the Yukon’s emerging Selwyn Basin District.
The results from these next six holes, HY17-059 to HY17-062, HY17-064 and HY17-065, continue the process of building gold ounces within the deposit and extending the known Main Zone mineralization to the north. Highlighted results from these drill holes include:
- 27.43 metres of 1.26 g/t Au and 4.11 g/t Ag from 36.58 to 64.01 metres in HY17-062
- 54 metres of 0.93 g/t and 5.99 g/t Ag from 33.1 to 87.1 metres HY17-065
These long, continuously mineralized intersections of gold and silver mineralization were punctuated by high-grade intervals such as 1.5 metres of 6.3 g/t Au and 5.4 g/t Ag from 45.1 to 46.6 metres in HY17-062 and 24.85 metres of 1.78 g/t Au and 8.23 g/t Ag from 52.15 to 77 metres in drill hole HY17-065.
The 2017 Hyland exploration program was completed at the end of September and culminated with 3,847 metres of diamond drilling from 25 drill holes focused on in-fill drilling, step-out exploration and dedicated metallurgical drilling concentrated on the Hyland Gold Main Zone gold-silver deposit. This year’s exploration efforts were focused on increasing confidence in the Main Zone Resource* model as well as targeting resource expansion via testing the northern portion of the Main Zone, a previously under-tested zone prospective for the continuation of the Main Zone gold-silver mineralization.
Tara Christie, President & CEO, stated “HY17-065 is 100 metres north from the last drill section utilized in the 2012 Hyland Main Zone resource model. More importantly this year’s results demonstrate continuation of on-surface, oxide mineralization to the north and to depth; both of which correlate well with our understanding of this predicable and continuously mineralized near-surface Main Zone gold-silver deposit.”
Drill holes HY17-059 to HY-17061 were all drilled from the same pad, to maximize drill fence coverage on this important step-out exploration section. HY17-059 had a steep dip to the east and 060 and 061 were more shallowly east dipping. HY17-060 collared in a mineralized fault and was abandoned at 10 metres due to very poor recovery (<20% recovery – a typical problem when drilling the near-surface portions of the Main Zone Deposit). The hole was re-drilled successfully as HY17-061 and intersected the near surface and deeper mineralized zones on the limbs of the anticline, once again validating the Main Zone resource model. A deeper mineralized zone was also intersected in HY17-062, 100m further to the east along section.
Drill-holes HY17-064 and HY17-065 represent 50 metre and 100 metre step-out exploration test holes, respectively and targeted a predicted extension to the mineralized zone proximal to the hinge of the interpreted antiform which controls the Main Zone Deposit. HY17-064, was the 100 metre step-out exploration hole on this section while HY17-065, the 50 metre step-out drill-hole intersected the near-surface mineralized zone within the hinge of the antiform.
The full results from these six drill holes are provided in the following table. Maps with drill-hole locations and sections can be found on the Company’s website (http://www.banyangold.com/projects/hyland/).
Not completed due to poor core recovery. Re-drilled as HY17-061
Lengths above are drill intervals. True widths are estimated to be 60-70% of drilled lengths. HY17-065 is interpreted to be a true width.
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.
All drill core samples collected from the Hyland Gold program were analyzed at Bureau Veritas Minerals 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 the Hyland Gold Project. 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 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 Burnaby, B.C. for pulverization and final chemical analysis. A robust system of standards was implemented in the 2017 exploration drilling program and are monitored as chemical assay data become available.
About Banyan Gold
Banyan is a 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 Hyland Main Zone Inferred Gold Resource Estimate, prepared in accordance with NI 43-101, at a 0.6g/t gold equivalent cutoff, contains 12,503,994 tonnes with 361,692 ounces gold at 0.9g/t and 2,248,948 ounces silver at 5.59g/t for a combined gold and silver 396,468 ounces gold equivalent at 0.99 g/t.
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.
The Company will be in attendance and presenting at the Precious Metals Summit in Zurich and London November 7 – 9, 2017 (http://www.precioussummit.com/)
ON BEHALF OF BANYAN GOLD CORPORATION
(signed) "Tara Christie"
President & CEO
For more information, please contact:
Tel: (888) 629-0444
Tel: (888) 629-0444
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.