BANYAN GOLD CORP. (“Banyan” or the “Company”) is pleased to announce the commencement of the 2018 field exploration season, with field-based trench, diamond drill and geochemical sampling programs planned for the Company's wholly-owned, flagship Hyland Gold Project located in Southeast Selwyn Basin, Yukon Territory.
“This season’s program on our Hyland Gold Project will focus on establishing the mineral continuity between the current N.I. 43-101 compliant resource at the Main Zone and the Camp Zone, an area never before tested”, stated Tara Christie, President and CEO. “We believe that a combination of targeted surface trenches and focused diamond drilling will lay the groundwork necessary to grow the current N.I. 43-101 compliant resource within the Quartz Lake Corridor and generate maximum shareholder value for our Company.”
The Hyland Project is dominated by the 18 km long north-south Quartz Lake Corridor (“QLC”) and is interpreted to be the dominant control for gold mineralization at Hyland. Of the 18 km long QLZ ~870m has been delineated by the current N.I. 43-101 compliant resource in the Main Zone, ~400m has been tested by 5 trenches and 3 drill holes in the Camp Zone. The ~850m section of the Quartz Lake Lineament between the Camp Zone and the Main Zone remains largely untested.
Planning and preparations for an active 2018 field season have begun with personnel slated to be mobilized to the Hyland Gold project beginning in mid-June. The program will target previously inaccessible portions of the QLC for detailed trenches and a subsequent drill program designed to test the continuity of mineralization between the two Zones. Approximately 1,200 metres of diamond drilling from ten ~100m-spaced holes combined with >1,000 meters of trenches from 20 50m-spaced trenches is planned over this high-priority target area.
The proposed exploration programs are well supported by an existing 35-person camp and commiserate pre-positioned fuel, drill, and heavy equipment that were transported to the Hyland Gold Project in March 2018 by Banyan on the existing access trail. In addition to the equipment and consumables brought in on the winter trail, a secondary, fully equipped 25-person camp was mobilized to site and will be commissioned near the Main Zone.
Summary Maps of the proposed 2018 Hyland program will be made available on the Company’s website:
The Company plans to issue 200,000 stock options, to certain staff, with an exercise price of $0.075 per share, pursuant to the Company's Stock Option Plan.
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 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 Indicated Gold Resource Estimate, prepared in accordance with NI 43-101, at a 0.3 g/t gold equivalent cutoff, contains 8.6 million tonnes grading 0.85 g/t AuEq for 236,000 AuEq ounces with an Inferred Mineral Resource of 10.8 million tonnes grading 0.83 g/t AuEq for 288,000 AuEq ounces.
In situ Tonnes
(1) Mineral resources which are not mineral reserves do not have demonstrated economic viability. All figures are rounded to reflect the relative accuracy of the estimate.
(2) Mineral resources are reported at a cut-off grade of 0.3 g/t AuEq. AuEq grade is based on $1,350.00/oz Au, $17.00/oz Ag and assumes a 100% recovery. The AuEq calculation does not apply any adjustment factors for difference in metallurgical recoveries of gold and silver. This information can only be derived from definitive metallurgical testing which has yet to be completed.
The 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 prospective 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 or contact the Company.
ON BEHALF OF BANYAN GOLD CORPORATION
(signed) "Tara Christie"
President & CEO
For more information, please contact:
Tara Christie David Rutt
Tel: (888) 629-0444 Tel: (888) 629-0444
Email: firstname.lastname@example.org Email: email@example.com
CAUTIONARY STATEMENT: Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts 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 mineral resource estimates. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, uncertainties inherent in resource estimates , 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.
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.