BANYAN GOLD CORP. (“Banyan” or the “Company”) announces a $1 million advanced exploration program budget for the Company's 100-per-cent-owned Hyland Gold Project.
“This season’s drilling program at the 100% owned Hyland Gold Project will focus on the meaningfully advancement of the current N.I. 43-101 compliant ~400,000 ounce grading 0.99 g/t AuEq on-surface Main Zone inferred resource as well as test the growing Camp and Montrose Ridge Zones on the Property”, stated Tara Christie, President and CEO. “The past four seasons of exploration work at Hyland have highlighted the District Scale mineral potential of the Property, and we believe now is the right time to focus on the Main Zone gold resource to generate maximum shareholder value for our Company.”
HYLAND GOLD PROJECT – 2017 Exploration
The 2017 Hyland Gold Project program will begin in mid-July after the Phase I Aurex-McQuesten program is completed and will continue through September. 4,000 metres of diamond drilling is planned for the Main and Camp Zones in the “Hyland North” portion of the Property. Additional targeted surface trenches and soils geochemical surveys are planned for this area with a concentration on the Camp Zone. Diamond drilling initiatives will be focused on the Hyland Main Zone towards an update of the existing N.I. 43-101 compliant inferred resource as well as continuing to test mineralization targets in the Camp Zone including following up on the 2016 discovery in trench CZ-16-01 which returned 96 metres grading 0.64 gram per tonne gold from zero metres to 96 metres, including 56 metres grading 1.03 grams per tonne gold from zero metres to 56 metres of a broad fault zone consisting of predominantly gouge and brecciated clastic units of the Hyland Formation (See Company News Release dated November 3, 2016).
In the “Hyland South” area, exploration will continue to build out the District-Scale mineralization potential of the Hyland Property through reconnaissance level geochemical sampling to cover areas that have never been soil sampled as well as targeted grid based geochemical surveys over defined geochemical soil anomalies. Exploration focus in these areas has been bolstered by a comprehensive structural analysis of the Property-wide LiDAR survey completed in the Fall of 2016 and several targets deemed prospective for hosting structurally-related mineralization have been identified.
The program is well supported by an existing 35-person camp, pre-positioned drilling and heavy equipment and existing roads. Based on results as the program progress, the company will continue to examine funding opportunities to expand the 2017 Hyland Gold exploration program.
The Hyland Gold Project lies in the Selwyn Basin a prolific geological domain that hosts ATAC Rackla Gold Project to the North and more locally, Golden Predator’s 3 Aces project approximately 150 kilometers north.
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.
About Banyan Gold
Banyan is 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 Main Zone gold Inferred Resource, at a 0.6 g/t gold equivalent cutoff, hosts a NI 43-101 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.
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"
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.