BANYAN GOLD CORP. (“Banyan” or the “Company”) is pleased to announce gold recovery results from detailed metallurgical test work completed as part of the 2017 Hyland Gold Project Main Zone exploration program.
Banyan engaged Kappes Cassiday & Associates of Reno, NV ('KCA') to conduct metallurgical bottle roll and column leach test work on samples collected from dedicated metallurgical diamond drill holes; HY17-073, HY17-074 as well as one bulk composite sample towards determination of gold leach recoveries that may be obtainable using heap leach methods. Average gold recoveries from the three column leach tests were 86% (full details below) on 12.5 milimetre crushed material; tests were conducted over a 58 day period. Importantly, the test work also demonstrated strong leaching kinetics with a range of 73-87% of the ultimate recovery occurring within the first week of leaching.
“The recoveries and leach kinetics from a course crush are highly encouraging and confirm the Hyland Main Zone could be exploited as an open pit, heap leach operation”, said Tara Christie, President and CEO. “These results represent the first ever advanced recovery test-work completed on the Main Zone and deeply validate a potential scenario for economic extraction of gold mineralization from this deposit as an open-pit, heap leach operation. This potential is further validated by the recently announced $505M financing by Victoria Gold Corp. to fully fund the Eagle Gold Mine to commercial production as Eagle is a northern, open-pit, heap leach deposit with attractive economics. ”
The results of the three 2017 metallurgical column leach tests are summarized below:
Gold (Au) Column Leach Tests
Avg. Head Assay
Extracted % Au after 58 Days
% Au Extracted Recovered after 7 days
HY-17-073M - Oxide
HY-17-074M - Oxide
Bulk - Oxide
The results of column leach tests are consistent with previously reported (News release January 8, 2018), 96-hour bottle roll tests on three composite oxide samples reported average gold recoveries of 83.3% on the three oxide samples at a P80 0.15mm crush size.
Based on the strength of these column leach tests, a more robust metallurgical program will be accelerated as part of a larger 2018 Hyland Gold Project exploration program.
Towards that end, the Company has initiated a 2018 mobilization program to preposition fuel, drilling consumables and related exploration equipment. This winter 2018 mobilization effectively begins the 2018 Main Zone and Hyland Property exploration and will allow for an efficient and cost effective targeted 2018 mineral exploration program.
The Qualified Person for the metallurgical content of this release is Carl E. Defilippi of Kappes Cassiday and Associates and the Qualified Person for the geological content is Paul D. Gray, P.Geo.
Chain of custody
Three oxide samples from dedicated diamond drill holes HY17-073 and HY17-074 from the 2017 Hyland Gold Project exploration program were sent for metallurgical testing by Kappes Cassiday & Associates of Reno, NV ('KCA'). Drill core samples were collected and sealed in poly bags at Banyan’s core processing facilities at the Hyland Gold Project. All these samples were delivered by Banyan personnel or a dedicated expediter and shipped directly to KCA in Reno, NV.
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 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:
Tara Christie David Rutt
Tel: (888) 629-0444 Tel: (888) 629-0444
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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.
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