2022

VANCOUVER, BC, September 6, 2022 – Banyan Gold Corp. (the "Company" or "Banyan") (TSXV: BYN) (OTCQB: BYAGF) is pleased to announce the analytical results from thirty-six (36) diamond drill holes completed during the Company’s 2022 exploration program at the Powerline deposit (the “Powerline Deposit”) located on the Banyan’s AurMac Property.

Assay highlights include:

  • 131.0 metres (“m”) of 0.41 g/t Au in AX-22-217
  • 45.0 m of 1.07 g/t Au in AX-22-221
  • 175.8 m of 0.57 g/t Au in AX-22-224
  • 48.7 m of 0.61 g/t Au in AX-22-229
  • 55.4 m of 0.49 g/t Au in AX-22-230
  • 185.8 m of 0.43 g/t Au from surface in AX-22-231
  • 109.7 m of 0.40 g/t Au in AX-22-234
  • 96.0 m of 0.56 g/t Au from surface in AX-235
  • 51.7 m of 0.61 g/t Au in AX-22-240
  • 68.8 m of 0.82 g/t Au in AX-22-243
  • 114.7 m of 0.40 g/t Au in AX-22-246
  • 46.3 m of 0.69 g/t Au in AX-22-249

The ongoing 2022 drill program continues to expand the gold mineralized footprint of the Powerline and Aurex Hill Deposits on the AurMac Property,” Tara Christie, President & CEO of Banyan stated. “With over 38,000 m of drilling now complete in 2022, consistent and widespread gold mineralization from surface continues to demonstrate there is considerable expansion potential of the Resources on the AurMac Property”

Results from these thirty-six (36) 2022 drill holes are consistent with previous exploration drill results at the Powerline Deposit (see Table 1, Figures 1 and 2) and the areal extent of interpreted gold mineralization from near/on-surface continues to be confirmed with each batch of assay results received.

The Powerline and Aurex Hill gold deposits are contained within a metasedimentary package consisting of predominately schists, quartzites and limestones of the Late Proterozoic to Cambrian Hyland Group. Gold mineralization here is chiefly associated with low angle quartz-sulfosalt-arsenopyrite veins seen crosscutting all lithologies and is interpreted to be associated with a large intrusion related gold system typical of the Tombstone Gold Belt and Selwyn Basin gold deposits. A strong bismuth-gold association has been identified at AurMac and is currently being utilized to establish exploration vectors over the Property.

Notable instances of visible gold identified from these holes are shown in Image 1. Additional information is located on our website.

Image 1: Photographs of visible gold from:

Figure 1: East Powerline and Aurex Hill Drill Hole Locations showing historic, completed, and proposed diamond drill holes.

Figure 2: West Powerline Drill Hole Locations showing historic, completed, and proposed diamond drill holes.

Table 1: 2022 Highlighted Powerline Diamond Drill Analytical Results. (Maps, sections and full assay results will be available on Banyan’s website).

Hole ID

From (m)

To (m)

Interval (m*)

Au (g/t)

AX-22-212

10.7

21.8

11.1

0.50

 

 

 

 

 

AX-22-214

10.7

44.7

34.0

0.46

and

121.2

132.3

11.1

0.80

 

 

 

 

 

AX-22-216

33.5

58.0

24.5

0.46

and

84.6

113.3

28.7

0.42

 

 

 

 

 

AX-22-217

73.2

204.2

131.0

0.41

 

 

 

 

 

AX-22-218

16.2

42.7

26.5

0.49

and

168.1

189.8

21.7

0.32

         

AX-22-219

13.7

59.8

46.1

0.36

 

 

 

 

 

AX-22-220

64.0

74.7

10.7

0.40

and

115.8

129.5

13.7

0.73

and

151.1

161.9

10.8

0.58

 

 

 

 

 

AX-22-221

57.1

102.1

45.0

1.07

and

120.6

126.5

5.9

0.87

and

146.3

198.1

51.8

0.30

 

 

 

 

 

AX-22-222

38.2

133.3

95.1

0.26

or

38.2

105.2

67.0

0.31

 

 

 

 

 

AX-22-223

21.3

173.7

152.4

0.37

 

 

 

 

 

AX-22-224

45.7

221.5

175.8

0.57

including

135.6

163.1

27.5

1.18

including

181.4

198.9

17.5

1.23

 

 

 

 

 

AX-22-225

59.4

111.3

51.9

0.31

and

134.8

155.4

20.6

0.29

 

 

 

 

 

AX-22-225A

16.8

33.2

16.4

0.70

 

 

 

 

 

AX-22-226

27.4

36.6

9.2

0.21

and

103.6

205.7

102.1

0.35

 

 

 

 

 

AX-22-227

24.4

199.6

175.2

0.24

 

 

 

 

 

AX-22-228

15.2

64.3

49.1

0.35

 

 

 

 

 

AX-22-229

56

65.4

9.4

0.43

and

81.4

84.4

3.0

0.63

and

137.2

185.9

48.7

0.61

 

 

 

 

 

AX-22-230

38.1

116.9

78.8

0.39

and

135.6

191.0

55.4

0.49

or

53.3

191.0

137.7

0.41

 

 

 

 

 

AX-22-231

18.4

204.2

185.8

0.43

         

AX-22-232

13.7

18.3

4.6

0.52

and

85.3

88.4

3.1

0.78

 

 

 

 

 

AX-22-233

18.3

24.4

6.1

0.47

and

106.4

146.8

40.4

0.29

 

 

 

 

 

AX-22-234

50.3

160.0

109.7

0.40

 

 

 

 

 

AX-22-235

13.7

109.7

96.0

0.56

and

152.1

166.1

14.0

0.54

 

 

 

 

 

AX-22-236

121.9

128.0

6.1

0.94

 

99.1

106.7

7.6

1.00

         

AX-22-237

59.6

161.5

101.9

0.25

or

59.6

65.5

5.9

0.30

and

86.9

108.8

21.9

0.31

and

114.6

138.7

24.1

0.44

and

149.2

161.5

12.3

0.27

         

AX-22-238

37.3

76.5

39.2

0.33

and

96.6

133.7

37.1

0.30

 

 

 

 

 

AX-22-239

33.0

71.2

38.2

0.25

and

130.3

160.0

29.7

0.43

and

184.2

196.8

12.6

0.90

         

AX-22-240

112.0

234.6

122.6

0.39

or

112.0

163.1

51.1

0.26

and

182.9

234.6

51.7

0.61

         

AX-22-241

45.7

92.2

46.5

0.21

and

144.8

189.0

44.2

0.23

         

AX-22-242

16.0

61.8

45.8

0.26

and

98.9

126.5

27.6

0.21

and

179.3

208.8

29.5

0.41

 

 

 

 

 

AX-22-243

100.6

169.4

68.8

0.82

and

195.6

247.8

52.2

0.53

         

AX-22-244

42.7

141.8

99.1

0.27

or

42.7

81.1

38.4

0.29

and

103.6

141.8

38.2

0.34

         

AX-22-245

42.7

104.1

61.4

0.20

and

126.8

164.1

37.3

0.82

and

197.3

217.9

20.6

0.53

         

AX-22-246

57.5

172.2

114.7

0.40

or

57.5

101.2

43.7

0.48

and

116.7

172.2

55.5

0.43

and

194.9

200.8

5.9

0.67

also

15.2

38.1

22.9

0.28

         

AX-22-247

8.5

120.4

111.9

0.35

or

8.5

50.3

41.8

0.49

and

64.0

83.8

19.8

0.45

and

96.0

120.4

24.4

0.31

and

150.9

172.2

21.3

0.23

         

AX-22-248

10.7

231.3

220.6

0.23

or

10.7

31.5

20.8

0.23

and

113.5

199.5

86.0

0.33

and

222.5

231.3

8.8

0.71

         

AX-22-249

18.3

48.5

30.2

0.30

and

76.2

122.5

46.3

0.69

and

129.5

171.5

42.0

0.27

and

185.9

195.9

10.0

0.72

*True widths are estimated to be approximately 90% of drilled intervals.

Table 2: Drill Collar Location for Released Results

Collar ID

East NAD83_Z8

North NAD83_Z8

Elev. (m)

Azimuth

Dip (°)

Depth (m)

AX-22-212

467699

7083199

797

005

-63

197.5

AX-22-214

467804

7083098

804

007

-60

213.4

AX-22-216

467798

7082997

811

003

-62

227.7

AX-22-217

466704

7082801

769

356

-60

219.5

AX-22-218

467802

7082801

817

357

-58

221.0

AX-22-219

467801

7082902

815

006

-67

227.1

AX-22-220

467901

7082698

821

002

-61

201.2

AX-22-221

466803

7082802

773

356

-59

199.6

AX-22-222

467901

7083102

809

002

-57

198.4

AX-22-223

467901

7082901

820

358

-55

204.2

AX-22-224

466700

7082700

770

004

-59

242.3

AX-22-225

467900

7082999

816

004

-57

196.6

AX-22-225-A

467900

7082999

816

004

-57

59.4

AX-22-226

466699

7082599

777

358

-56

240.8

AX-22-227

468001

7082902

823

005

-58

201.2

AX-22-228

468005

7083091

819

359

-60

210.3

AX-22-229

467998

7082797

825

356

-58

245.4

AX-22-230

466813

7082697

774

357

-57

227.1

AX-22-231

468198

7082995

830

004

-56

208.8

AX-22-232

468000

7082690

831

359

-59

201.2

AX-22-233

468198

7083104

831

001

-58

207.3

AX-22-234

466813

7082607

782

356

-58

249.9

AX-22-235

468003

7082996

820

007

-57

210.3

AX-22-236

468300

7083101

836

006

-62

207.9

AX-22-237

466923

7082599

791

358

-58

208.8

AX-22-238

468296

7082991

843

355

-62

229.5

AX-22-239

468192

7082708

845

357

-57

231.7

AX-22-240

466601

7082599

771

357

-59

323.1

AX-22-241

468305

7082798

856

357

-59

201.2

AX-22-242

468090

7082699

840

354

-55

208.8

AX-22-243

466599

7082704

765

354

-59

269.8

AX-22-244

468294

7082903

848

004

-57

214.9

AX-22-245

466596

7082800

759

359

-59

249.9

AX-22-246

466899

7082705

777

357

-62

213.4

AX-22-247

468198

7082900

840

000

-61

219.5

AX-22-248

466500

7082697

760

355

-61

246.9

AX-22-249

467002

7082803

783

004

-60

233.2

Upcoming Events

Banyan will be attending:

  • Metals Investor Forum, Vancouver, British Columbia, September 9 – 10, 2022, presentation September 9th at 12:10 pm PDT
  • Precious Metals Summit, Beaver Creek, Colorado, September 13 – 16, 2022, presentation September 14th at 3:15 PM MST
  • GCFF Conference 2022 – Global Resource Investment Conference, Richmond, British Columbia, September 24, 2022
  • New Orleans Investment Conference, New Orleans, Louisiana, October 12 – 15, 2022

All events are subject to change.

2022 Exploration Program Update

Banyan started its 2022 exploration program on January 26, 2022. One hundred-fifty-five (155) drill holes and over 38,000 m of drilling has been completed to expand the mineralization around the Powerline Zone by 600 m to the east and 1,000 m west. The 2022 program will include 90% of the drilling focused on expansion of the mineralization at Powerline and connecting Aurex Hill; and 10% focused on testing high priority regional targets on the AurMac Property and Nitra Property.

Analytical Method and Quality Assurance/Quality Control Measures

All drill core splits reported in this news release were analysed by Bureau Veritas Minerals of Vancouver, BC utilizing the aqua regia digestion ICP-MS 36-element AQ200 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. 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. 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 Vancouver, BC for pulverization and final chemical analysis. A robust system of standards, ¼ core duplicates and blanks was implemented in the 2021 exploration drilling program and was monitored as chemical assay data became available.

About Banyan

Banyan's primary asset, the AurMac Property is comprised of the Aurex and McQuesten properties, as well as claims staked and owned 100% by Banyan, and adjacent to Victoria Gold's Eagle Gold Mine, in Canada’s Yukon Territory. The updated resource for the AurMac Property of 3,990,000 ounces (see Table 3 below) was announced on May 17, 2022.

The 173 sq km AurMac Property lies 30 kilometres from Victoria Gold's Eagle Project and adjacent to the Keno Hill Silver District operated by Alexco Resource Corp. (with Hecla Mining Company’s acquisition effective September 7, 2022) and is highly prospective for structurally controlled, intrusion related gold-silver mineralization. The property is transected by the main Yukon highway and access road to the Victoria Gold open-pit, heap leach Eagle Gold mine. The AurMac Property benefits from a 3-phase powerline, existing power station and cell phone coverage. Banyan has a right to earn up to a 100% interest, in both the Aurex and McQuesten Properties, subject to certain royalties.

The Updated Mineral Resource Estimate for the AurMac Property was prepared May 13, 2022 and consisted of 3,990,000 ‎ounces of gold (see Table 3) hosted within near surface, road accessible pit constrained Mineral Resources contained in three near/on-surface deposits: the Airstrip, Aurex Hill and Powerline Deposits.

Table 3: Pit-Constrained Inferred Mineral Resources at a 0.2 g/t Au Cut-Off – AurMac Property

Deposit

Au Cut-Off
g/t

Tonnage
M Tonnes

Average Au Grade
g/t

Au Content
k oz

Airstrip

0.2

42.5

0.64

874

Powerline

0.2

152.0

0.59

2,898

Aurex Hill

0.3

12.5

0.53

215

Total Combined

0.2 - 0.3

207.0

0.60

3,990

Notes: ‎

  1. The effective date for the Resource Estimate is May 13, 2022. The updated Resource Estimate for the AurMac Property was prepared by Marc Jutras, P.Eng., M.A.Sc., Principal, Ginto Consulting Inc., an independent Qualified Person in accordance with the requirements of NI 43-101. Mr. Jutras is preparing a technical report supporting the Resource Estimate (the “Technical Report”) in accordance with the requirements of NI 43-101, which will be filed on SEDAR at www.sedar.com within forty-five (45) ‎days of the date of the initial news release. ‎Please see the news release of May 17, 2022.
  2. Mineral resources which are not mineral reserves do not have demonstrated economic viability. The Resource Estimate may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, changes in global gold markets or other relevant issues.
  3. The definitions of inferred mineral resources that are contained in the Definition Standards of the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM Definition ‎Standards”), which are incorporated by reference into National Instrument 43-101, Standards of Disclosure for Mineral Projects (“NI 43-101”) were followed to classify the mineral resources in the Resource Estimate. The quantity and grade of reported inferred mineral resources in this estimation are uncertain in nature ‎and there has been insufficient exploration to define these inferred mineral resources as an ‎indicated mineral resource and it is uncertain if further exploration will result in upgrading them to an ‎indicated or measured mineral resource category.
  4. Mineral resources are reported at a cut-off grade of 0.2 g/t Au for the Airstrip and Powerline deposits and 0.3 g/t Au for the Aurex Hill deposits, using a US$/CAN$ exchange rate of 0.75 and constrained within an open-pit shell optimized with the Lerchs-Grossman algorithm to constrain the Mineral Resources with the following estimated parameters: gold price of US$1,700/ounce, US$2.50/t mining cost, US$5.50/t processing cost, US$2.00/t G+A, 80% heap leach recoveries, and 45° pit slope. The gold price and cost assumptions are consistent with current pricing assumptions and costs, and in particular are consistent with those employed for recent technical reports for similar pit-constrained Yukon gold projects.
  5. The number of tonnes was rounded to the nearest hundred thousand. The number of ounces was rounded to the nearest thousand and final result to three significant figures. Any discrepancies in the totals are due to rounding effects.

In addition to the AurMac Property, the Company holds the Hyland Gold Project, located 70 kilometres Northeast of Watson Lake, Yukon, along the Southeast end of the Tintina Gold Belt (the “Hyland Project”). The Hyland Project represents a sediment hosted, structurally controlled, intrusion related gold deposit, within a large land package (over 125 sq km), accessible by a network of existing gravel access roads.

Banyan trades on the TSX-Venture Exchange under the symbol “BYN” and is quoted on the OTCQB Venture Market under the symbol “BYAGF”. For more information, please visit the corporate website at www.BanyanGold.com or contact the Company.

Qualified Person

Paul D. Gray, P.Geo., Vice President of Exploration for the Company, is a “qualified person” as ‎defined under National Instrument 43-101, Standards of Disclosure for Mineral Projects (“NI 43-101”), and has reviewed and approved the content of this news release.‎ Mr. Gray has verified the data disclosed in this press release, including the sampling, ‎‎analytical and test data underlying the information.

ON BEHALF OF BANYAN GOLD CORPORATION

(signed) "Tara Christie"
Tara Christie
President & CEO

For more information, please contact:
Tara Christie • 778 928 0556 • tchristie@banyangold.com
Jasmine Sangria • 604 312 5610 • jsangria@banyangold.com

CAUTIONARY STATEMENT: Neither the TSX Venture Exchange, its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) nor OTCQB Venture Market 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.

FORWARD LOOKING INFORMATION: This news release contains forward-looking information, which is not comprised of historical facts. Such information can generally be identified by the use of forwarding-looking wording such as “may”, “will”, “expect”, “estimate”, “anticipate”, “intend”, “believe”, “potential” and “continue” or the negative thereof or similar variations. 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, the Company’s plans for drilling this year; and 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, continuity and extent of mineralization, 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.


TSX-V: BYN | OTCQB: BYAGF

                    

 

                                        


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