2022

VANCOUVER, BC, November 7, 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 and Aurex Hill deposits located on the Company’s AurMac Property, Yukon Territory.

Assay highlights from this most recent batch of assays received include:

  • 56.6 metres (“m”) of 0.46 g/t Au from 35.1 m in DDH AX-22-283
  • 34.5 m of 1.00 g/t Au from 67.1 m in DDH AX-22-284
  • 19.2 m of 1.24 g/t Au from 121.9 m in DDH AX-22-284
  • 49.6 m of 0.48 g/t Au from 28.1 m in DDH AX-22-291
  • 30.9 m of 1.27 g/t Au from 50.3 m in DDH AX-22-293
  • 58.2 m of 0.57 g/t Au from surface (9.1 m) in DDH AX-22-299
  • 67.1 m of 0.69 g/t Au from surface (16.8 m) in DDH AX-22-301
  • 71.0 m of 0.41 g/t Au from 48.7 m in DDH AX-22-303
  • 48.0 m of 0.47 g/t Au from 249.7 m in DDH AX-22-310
  • 64.4 m of 0.81 g/t Au from 53.0 m in DDH AX-22-313
  • 84.4 m of 1.13 g/t Au from 22.8 m in DDH AX-22-320
  • 70.6 m of 0.49 g/t Au from surface (5.4 m) in DDH AX-22-337
  • 42.6 m of 0.85 g/t Au from 117.1 m in DDH AX-22-338
  • 71.5 m of 0.92 g/t Au from 145.2 m in DDH AX-22-339

“2022 drill results continue to expand the extent of near/on-surface gold mineralization at the Powerline and Aurex Hill Deposits,” stated Tara Christie, President & CEO of Banyan. “Both deposits remain open, with impressive results from the furthest north-eastern hole drilled in Powerline (AX-22-320) which returned an impressive 1.13 g/t gold over 84.4 m. The 2022 Drilling programs have now been completed for the season - with over 50,000 m of core drilled.”

Results from this set of thirty-six (36) 2022 drill holes are consistent with previous exploration drill results at the Powerline and Aurex Hill Deposits (see Tables 1, Figure 1, and Figure 2) and the areal extent of interpreted gold mineralization from near/on-surface continues to be confirmed and expanded 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.

Visible gold from these holes is shown in Image 1.

Image 1: Photographs of visible gold from:

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

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

Table 1: 2022 Highlighted Powerline & Aurex Hill 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-22-281

100.0

152.40

52.4

0.22

 

 

 

 

 

AX-22-282

141.7

147.8

6.1

0.25

 

 

 

 

 

AX-22-283

35.0

91.6

56.6

0.46

and

123.9

147.8

23.9

0.57

and

225.0

273.1

48.1

0.27

 

 

 

 

 

AX-22-284

67.1

101.6

34.5

1.00

and

121.9

141.1

19.2

1.24

and

247.5

256.5

9.0

0.45

 

 

 

 

 

AX-22-286

86.7

156.0

69.3

0.29

and

201.4

203.8

2.4

0.45

and

244.5

251.9

7.4

0.29

 

 

 

 

 

AX-22-288

80.9

130.9

50.0

0.21

and

201.6

214.1

12.5

0.38

and

242.3

287.2

44.9

0.29

 

 

 

 

 

AX-22-289

285.7

314.1

28.4

0.63

And

102.8

123.4

20.6

0.37

 

 

 

 

 

AX-22-290

25.9

36.6

10.7

0.22

and

89.0

108.2

19.2

0.21

and

150.9

179.9

29.0

0.30

and

210.3

236.2

25.9

0.19

 

 

 

 

 

AX-22-291

28.1

77.7

49.6

0.48

and

91.7

105.2

13.5

0.39

and

140.1

151.3

11.2

0.29

and

218.8

238.5

19.7

0.45

and

279.8

293.5

13.7

0.28

 

 

 

 

 

AX-22-292

43.0

59.5

16.5

0.30

and

99.6

113.5

13.9

0.34

and

146.5

256.7

110.2

0.25

 

 

 

 

 

AX-22-293

50.3

81.2

30.9

1.27

and

91.4

154.7

63.3

0.39

and

170.7

193.0

22.3

0.32

and

210.3

220.9

10.6

0.41

 

 

 

 

 

AX-22-294

30.2

45.2

15.0

0.44

and

66.2

100.9

34.7

0.30

and

203.6

212.5

8.9

0.26

and

242.5

257.5

15.0

0.71

and

294.8

302.0

7.2

0.87

 

 

 

 

 

AX-22-295

18.7

31.5

12.8

0.22

and

74.1

84.3

10.2

0.35

and

105.2

117.5

12.3

0.34

and

177.6

200.0

22.4

0.41

and

219.7

251.6

31.9

0.28

 

 

 

 

 

AX-22-296

3.1

48.8

45.7

0.22

 

 

 

 

 

AX-22-298

47.2

61.8

14.6

0.46

and

245.1

270.4

25.3

0.25

and

292.7

319.1

26.4

0.30

 

 

 

 

 

AX-22-299

9.1

67.3

58.2

0.57

 

 

 

 

 

AX-22-301

16.8

83.8

67.0

0.69

 

 

 

 

 

AX-22-302

51.8

90.6

38.8

0.30

 

 

 

 

 

AX-22-303

48.7

119.7

71.0

0.41

and

161.0

161.8

0.8

121.6

 

 

 

 

 

AX-22-305

4.6

61.0

56.4

0.20

and

193.7

214.9

21.2

0.37

 

 

 

 

 

AX-22-308

35.0

41.6

6.6

0.44

and

185.5

233.5

48.0

0.26

 

 

 

 

 

AX-22-310

24.1

66.0

41.9

0.28

and

198.0

225.8

27.8

0.30

and

249.7

297.7

48.0

0.47

 

 

 

 

 

AX-22-311

59.3

66.4

7.1

0.44

and

106.1

119.3

13.2

0.25

and

225.4

227.1

1.68

0.55

 

 

 

 

 

AX-22-313

12.2

18.3

6.10

0.34

and

53.0

117.4

64.4

0.81

and

157.3

164.6

7.3

1.30

and

186.8

189.4

2.6

0.50

 

 

 

 

 

AX-22-314

10.7

19.8

9.1

0.62

and

48.8

84.9

36.1

0.24

and

104.1

127.3

23.2

0.28

and

141.7

153.9

12.2

0.20

and

173.0

210.3

37.3

0.21

 

 

 

 

 

AX-22-315

15.2

100.4

85.2

0.33

and

133.6

172.2

38.6

0.20

 

 

 

 

 

AX-22-316

1.0

39.8

38.8

0.31

and

66.5

80.4

13.9

0.28

and

109.2

164.0

54.8

0.30

and

202.4

220.1

17.7

0.17

 

 

 

 

 

AX-22-317

75.2

81.3

6.1

0.42

and

104.9

193.7

88.8

0.33

and

256.3

264.0

7.7

0.42

 

 

 

 

 

AX-22-319

44.0

53.4

9.4

1.14

and

119.0

155.5

36.5

0.26

and

192.2

208.1

15.9

0.26

 

 

 

 

 

AX-22-320

22.8

107.2

84.4

1.13

 

 

 

 

 

AX-22-322

4.3

48.4

44.1

0.20

 

 

 

 

 

AX-22-327

7.7

105.2

97.5

0.35

 

 

 

 

 

AX-22-328

106.3

113.9

7.6

0.83

and

161.5

170.7

9.2

0.25

 

 

 

 

 

AX-22-337

5.4

76.0

70.6

0.49

and

117.1

159.7

42.6

0.85

 

 

 

 

 

AX-22-338

45.7

48.0

2.3

0.45

and

132.2

137.2

5.0

0.24

 

 

 

 

 

AX-22-339

30.5

35.1

4.6

0.81

and

126.5

131.8

5.3

0.27

and

145.2

216.7

71.5

0.92

*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-22-281

466935

7082511

792

356

-60

245.36

AX-22-282

469414

7083990

835

011

-64

233.17

AX-22-283

466197

7083105

733

001

-59

295.05

AX-22-284

466970

7082681

788

009

-64

291.08

AX-22-286

466096

7083200

722

005

-63

298.7

AX-22-288

466201

7082992

735

352

-60

332.23

AX-22-289

466399

7083600

722

005

-59

342.6

AX-22-290

466200

7082900

736

004

-61

277.37

AX-22-291

466101

7083097

728

002

-61

303.27

AX-22-292

466200

7082825

737

359

-62

289.56

AX-22-293

467102

7082704

791

357

-62

255.44

AX-22-294

466100

7083002

731

003

-58

337.11

AX-22-295

466299

7082802

744

005

-61

300.74

AX-22-296

469239

7081801

963

359

-62

198.12

AX-22-298

466002

7083005

726

008

-57

354.48

AX-22-299

469236

7081898

972

359

-62

204.22

AX-22-301

469239

7082002

982

002

-64

211.84

AX-22-302

465896

7083003

721

009

-71

236.83

AX-22-303

469238

7082095

989

004

-62

192.02

AX-22-305

469244

7082306

994

003

-64

222.56

AX-22-308

469248

7082397

993

005

-64

240.79

AX-22-310

466003

7082696

730

354

-62

307.85

AX-22-311

469244

7082501

988

359

-66

227.08

AX-22-313

469250

7082602

984

006

-63

204.22

AX-22-314

469660

7082299

1005

359

-61

210.31

AX-22-315

469252

7082705

980

002

-65

203.91

AX-22-316

469659

7082407

1001

007

-64

220.07

AX-22-317

465995

7083202

716

355

-58

263.96

AX-22-319

469256

7082805

976

002

-63

233.63

AX-22-320

469677

7082613

988

002

-60

189.13

AX-22-322

469321

7081802

963

007

-53

220.98

AX-22-327

469329

7081999

980

359

-60

214.88

AX-22-328

465800

7083000

717

351

-58

228.6

AX-22-337

469103

7082700

969

360

-62

211.84

AX-22-338

469101

7082796

961

001

-61

185.92

AX-22-339

465700

7083004

711

357

-61

297.18

Upcoming Events

Banyan will be attending:

  • Precious Metals Summit Zurich, Zurich, Switzerland November 14-15, 2022, Presentation November 15th at 3:45PM CET
  • Deutsche Goldmesse German Gold Show, Frankfurt, Germany – November 18-19, 2022, Presentation November 19th at 3:45 PM CET
  • Yukon Geoscience Forum & Trade Show, Whitehorse, Yukon – November 19-22, 2022
  • Mineral Exploration Group, KEGS Calgary, Calgary, Alberta – December 2, 2022, Presentation at 12 PM MST

All events are subject to change.

2022 Exploration Program Update

Banyan started its 2022 exploration program on January 26th and the last drill hole was completed on November 5th, with a total of two-hundred-eleven (211) drill holes culminating in over 50,000 metres (“m”) of drilling designed to expand the mineralization around the Powerline and Aurex Hill Deposits. Core logging, processing and on-site sample preparatory lab activities will continue through November.

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, B.C. 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, B.C. for pulverization and final chemical analysis. A robust system of standards, ¼ core duplicates and blanks was implemented in the 2022 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 Hecla Mining’s high grade Keno Hill Silver mine. 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 – AurMac Property

Deposit

Classification

Tonnage
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(s)”, “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.


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