VANCOUVER, BC, July 19, 2023 - Banyan Gold Corp. (the “Company” or “Banyan”) (TSX-V: BYN) (OTCQB: BYAGF) is pleased to release the results from twenty-five (25) diamond drill holes from the Company’s ongoing 2023 exploration campaign. These drill holes establish that the gold mineralization is continuous between Powerline and Aurex Hill deposits located on the Company’s AurMac Property (the “Property”), Yukon Territory.
Assay highlights include:
- AX-23-415: 37.4 metres (“m”) of 0.82 g/t Au from 103.4 m
- AX-23-429: 28.0 m of 0.81 g/t Au from 80.5 m
- AX-23-429: 18.5 m of 2.22 g/t Au from 182.0 m
- AX-23-436: 53.8 m of 0.81 g/t Au from 194.5 m
- AX-23-451: 17.7 m of 1.44 g/t Au from 141.1 m
“Confirmation that AurMac gold mineralization is continuous between Powerline and Aurex Hill was an important goal of our Phase 1 drill program,” stated Tara Christie, President and CEO, “All these reported drill holes are post the 2023 6.2 Million Ounce Gold Resource update and are additive to the overall mineral resource of the Property validating management’s position there remains room to grow this on and near surface deposit. The areal extent of AurMac’s interpreted gold mineralization continues to be expanded with each batch of assay results received.”
Highlighted results from this set of drill holes are presented in Figures 1-2 and Tables 1-2.
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 being utilized to establish exploration vectors over the property.
Highlighted instances of visible gold identified from these holes is shown in Image 1.
Image 1: Photographs of visible gold from:
Figure 1: AurMac Drill Hole Locations, showing the location of historic and Banyan completed diamond drill holes used in MRE (grey, black and blue dots) and collar locations of 2023 drilling (red and yellow dots).
Figure 2: Close up view of the AurMac Drill Hole Locations, showing the location of historic and Banyan completed diamond drill holes used in MRE (grey, black and blue dots) and collar locations of 2023 drilling (red and yellow dots).
Table 1: Highlighted Powerline and Aurex Hill Diamond Drill Analytical Results. (Maps, sections and full assay results will be made available on Banyan’s website).
|
Hole ID |
From (m) |
To (m) |
Interval (m*) |
Au (g/t) |
|
AX-23-412 |
21.3 |
41.5 |
20.2 |
0.22 |
|
And |
61.0 |
77.0 |
16.0 |
0.40 |
|
And |
103.6 |
110.0 |
6.4 |
0.29 |
|
And |
169.3 |
174.5 |
5.2 |
0.94 |
|
And |
228.6 |
233.2 |
4.6 |
0.32 |
|
|
|
|
|
|
|
AX-23-413 |
38.3 |
45.6 |
7.3 |
0.64 |
|
And |
71.9 |
105.5 |
33.6 |
0.33 |
|
And |
125.1 |
142.0 |
16.9 |
0.75 |
|
And |
172.0 |
184.0 |
12.0 |
0.33 |
|
|
|
|
|
|
|
AX-23-414 |
9.1 |
19.8 |
10.7 |
0.42 |
|
And |
50.3 |
71.0 |
20.7 |
0.50 |
|
|
|
|
|
|
|
AX-23-415 |
22.9 |
50.3 |
27.4 |
0.24 |
|
And |
64.3 |
80.3 |
16.0 |
0.38 |
|
And |
103.4 |
140.8 |
37.4 |
0.82 |
|
Including |
136.4 |
136.8 |
0.4 |
51.60 |
|
And |
198.1 |
207.8 |
9.7 |
1.00 |
|
And |
238.5 |
246.5 |
8.0 |
0.24 |
|
|
|
|
|
|
|
AX-23-416 |
|
|
|
|
|
And |
36.1 |
38.7 |
2.6 |
0.60 |
|
And |
88.0 |
102.8 |
14.8 |
0.21 |
|
|
|
|
|
|
|
AX-23-417 |
18.3 |
21.2 |
2.9 |
0.49 |
|
And |
38.0 |
40.4 |
2.4 |
0.37 |
|
And |
74.7 |
78.7 |
4.0 |
1.67 |
|
And |
118.1 |
126.5 |
8.4 |
0.37 |
|
And |
144.5 |
154.8 |
10.3 |
0.26 |
|
And |
172.2 |
183.1 |
10.9 |
0.60 |
|
|
|
|
|
|
|
AX-23-420 |
31.1 |
46.6 |
15.5 |
0.20 |
|
And |
79.3 |
88.4 |
9.1 |
0.27 |
|
And |
108.3 |
146.7 |
38.4 |
0.24 |
|
|
|
|
|
|
|
AX-23-421 |
92.1 |
95.7 |
3.6 |
0.32 |
|
And |
113.5 |
123.0 |
9.5 |
0.24 |
|
And |
134.5 |
162.3 |
27.8 |
0.29 |
|
And |
181.6 |
189.1 |
7.5 |
0.21 |
|
|
|
|
|
|
|
AX-23-422 |
13.7 |
25.9 |
12.2 |
0.55 |
|
And |
55.3 |
67.0 |
11.7 |
0.23 |
|
And |
144.8 |
158.2 |
13.4 |
0.32 |
|
|
|
|
|
|
|
AX-23-424 |
16.1 |
32.0 |
15.9 |
0.22 |
|
And |
39.6 |
46.9 |
7.3 |
0.36 |
|
And |
82.8 |
110.6 |
27.8 |
0.31 |
|
And |
138.6 |
155.5 |
16.9 |
0.21 |
|
And |
166.1 |
240.9 |
74.8 |
0.25 |
|
|
|
|
|
|
|
AX-23-426 |
18.0 |
86.9 |
68.9 |
0.25 |
|
And |
109.3 |
121.9 |
12.6 |
0.28 |
|
And |
133.1 |
142.0 |
8.9 |
0.72 |
|
And |
167.7 |
172.2 |
4.5 |
0.97 |
|
|
|
|
|
|
|
AX-23-427 |
37.5 |
78.8 |
41.3 |
0.21 |
|
And |
86.8 |
99.0 |
12.2 |
0.21 |
|
And |
120.4 |
128.4 |
8.0 |
0.52 |
|
And |
146.6 |
221.1 |
74.5 |
0.38 |
|
|
|
|
|
|
|
AX-23-429 |
36.0 |
49.5 |
13.5 |
0.25 |
|
And |
80.5 |
108.5 |
28.0 |
0.81 |
|
And |
126.5 |
134.5 |
8.0 |
0.31 |
|
And |
151.1 |
153.8 |
2.7 |
0.55 |
|
And |
182.0 |
200.5 |
18.5 |
2.22 |
|
And |
240.0 |
245.0 |
5.0 |
0.28 |
|
|
|
|
|
|
|
AX-23-431 |
25.5 |
31.5 |
6.0 |
0.77 |
|
And |
48.0 |
60.5 |
12.5 |
0.34 |
|
And |
76.0 |
129.0 |
53.0 |
0.35 |
|
And |
159.5 |
163.0 |
3.5 |
0.23 |
|
And |
170.7 |
173.5 |
2.8 |
0.41 |
|
And |
222.8 |
228.5 |
5.7 |
0.50 |
|
|
|
|
|
|
|
AX-23-432 |
23.9 |
50.4 |
26.5 |
0.26 |
|
And |
93.4 |
105.8 |
12.4 |
0.83 |
|
And |
115.3 |
122.2 |
6.9 |
0.21 |
|
And |
151.4 |
173.9 |
22.5 |
0.53 |
|
And |
207.7 |
222.9 |
15.2 |
0.29 |
|
|
|
|
|
|
|
AX-23-435 |
63.0 |
83.3 |
20.3 |
0.47 |
|
And |
139.0 |
142.0 |
3.0 |
1.57 |
|
|
|
|
|
|
|
AX-23-436 |
5.0 |
11.2 |
6.2 |
0.20 |
|
And |
27.2 |
39.1 |
11.9 |
0.74 |
|
And |
69.0 |
71.3 |
2.3 |
0.39 |
|
And |
194.5 |
248.3 |
53.8 |
0.81 |
|
|
|
|
|
|
|
AX-23-438 |
8.4 |
16.7 |
8.3 |
0.34 |
|
|
|
|
|
|
|
And |
49.0 |
62.5 |
13.5 |
0.14 |
|
And |
76.2 |
90.8 |
14.6 |
0.70 |
|
And |
103.2 |
129.1 |
25.9 |
0.35 |
|
And |
143.3 |
152.4 |
9.1 |
0.47 |
|
And |
180.8 |
189.3 |
8.5 |
0.25 |
|
|
|
|
|
|
|
AX-23-440 |
10.7 |
49.5 |
38.8 |
0.50 |
|
And |
66.5 |
77.0 |
10.5 |
1.07 |
|
And |
100.6 |
108.5 |
7.9 |
1.12 |
|
And |
139.5 |
144.0 |
4.5 |
0.43 |
|
And |
177.0 |
185.5 |
8.5 |
0.62 |
|
And |
199.0 |
205.0 |
6.0 |
0.39 |
|
|
|
|
|
|
|
AX-23-441 |
23.5 |
56.5 |
33.0 |
0.20 |
|
And |
79.5 |
87.8 |
8.3 |
0.82 |
|
And |
104.0 |
128.0 |
24.0 |
0.72 |
|
And |
149.4 |
153.5 |
4.1 |
0.26 |
|
|
|
|
|
|
|
AX-23-442 |
7.3 |
16.8 |
9.5 |
0.31 |
|
And |
29.0 |
32.5 |
3.5 |
0.29 |
|
And |
44.9 |
46.0 |
1.1 |
0.32 |
|
And |
73.0 |
76.0 |
3.0 |
1.05 |
|
And |
98.6 |
109.5 |
10.9 |
0.57 |
|
And |
123.5 |
137.0 |
13.5 |
0.91 |
|
And |
148.5 |
152.4 |
3.9 |
0.89 |
|
And |
161.5 |
163.0 |
1.5 |
2.18 |
|
And |
186.0 |
204.2 |
18.2 |
0.34 |
|
|
|
|
|
|
|
AX-23-445 |
18.0 |
19.5 |
1.5 |
1.46 |
|
And |
39.0 |
40.5 |
1.5 |
0.94 |
|
And |
50.0 |
52.0 |
2.0 |
0.79 |
|
And |
71.7 |
81.8 |
10.1 |
0.42 |
|
And |
113.1 |
115.1 |
2.0 |
15.30 |
|
And |
138.5 |
140.7 |
2.2 |
1.01 |
|
And |
164.6 |
175.3 |
10.7 |
0.20 |
|
|
|
|
|
|
|
AX-23-448 |
115.0 |
129.5 |
14.5 |
0.32 |
|
And |
138.6 |
167.8 |
29.2 |
0.27 |
|
And |
206.1 |
207.6 |
1.5 |
0.29 |
|
And |
230.1 |
231.7 |
1.6 |
0.43 |
|
And |
242.1 |
243.5 |
1.4 |
0.65 |
|
And |
251.0 |
257.0 |
6.0 |
0.32 |
|
And |
269.1 |
273.3 |
4.2 |
0.22 |
|
|
|
|
|
|
|
AX-23-450 |
|
|
|
|
|
And |
21.3 |
22.9 |
1.6 |
1.12 |
|
And |
97.5 |
99.0 |
1.5 |
1.01 |
|
And |
151.0 |
161.5 |
10.5 |
1.12 |
|
And |
177.7 |
181.7 |
4.0 |
0.59 |
|
|
|
|
|
|
|
AX-23-451 |
|
|
|
|
|
And |
96.6 |
128.5 |
31.9 |
0.27 |
|
And |
141.1 |
158.8 |
17.7 |
1.44 |
|
And |
177.4 |
188.5 |
11.1 |
0.20 |
*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-23-412 |
468600 |
7082803 |
892 |
348 |
-59 |
235 |
|
AX-23-413 |
468600 |
7082803 |
892 |
292 |
-60 |
235 |
|
AX-23-414 |
468498 |
7082503 |
893 |
008 |
-61 |
233 |
|
AX-23-415 |
468600 |
7082803 |
892 |
095 |
-53 |
313 |
|
AX-23-416 |
468498 |
7082503 |
893 |
089 |
-59 |
312 |
|
AX-23-417 |
468703 |
7082806 |
899 |
091 |
-58 |
305 |
|
AX-23-420 |
468429 |
7082502 |
893 |
089 |
-60 |
205 |
|
AX-23-421 |
468703 |
7082806 |
899 |
003 |
-55 |
191 |
|
AX-23-422 |
468429 |
7082502 |
893 |
001 |
-58 |
226 |
|
AX-23-424 |
468503 |
7082809 |
877 |
359 |
-58 |
244 |
|
AX-23-426 |
468497 |
7082578 |
892 |
001 |
-60 |
219 |
|
AX-23-427 |
468399 |
7082804 |
866 |
007 |
-56 |
250 |
|
AX-23-429 |
468573 |
7082615 |
895 |
358 |
-62 |
323 |
|
AX-23-431 |
468403 |
7082892 |
865 |
003 |
-56 |
296 |
|
AX-23-432 |
468604 |
7082701 |
896 |
002 |
-60 |
259 |
|
AX-23-435 |
468400 |
7082703 |
868 |
001 |
-59 |
213 |
|
AX-23-436 |
468402 |
7082992 |
857 |
004 |
-55 |
311 |
|
AX-23-438 |
468501 |
7082698 |
884 |
359 |
-63 |
255 |
|
AX-23-440 |
468510 |
7082897 |
878 |
357 |
-54 |
209 |
|
AX-23-441 |
468397 |
7082602 |
877 |
004 |
-60 |
215 |
|
AX-23-442 |
468604 |
7082905 |
885 |
012 |
-61 |
204 |
|
AX-23-445 |
468517 |
7082993 |
876 |
357 |
-57 |
206 |
|
AX-23-448 |
468301 |
7082113 |
890 |
001 |
-60 |
274 |
|
AX-23-450 |
468293 |
7082289 |
881 |
360 |
-59 |
206 |
|
AX-23-451 |
468394 |
7082102 |
909 |
355 |
-58 |
223 |
Upcoming Events
- CEM - TSX Venture Growth Capital Event Kelowna – July 21 to 23
- Precious Metals Summit Beaver Creek – Sept 12 to 15
2023 Exploration Update
Banyan initiated its 2023 exploration program on March 1, 2023. One-hundred (100) drill holes and over 23,400 m of drilling has been completed to date which together closed the gap between the Powerline Zone and Aurex Hill Zone and extended the Aurex Hill Zone further to the east. The 2023 program will include approximately 80% of exploration drilling focused on Powerline and Aurex Hill deposits, as well as expanding the mineralization at Aurex Hill Zone to the east, and a commiserate ~20% on new targets. The Company is currently planning the Phase II exploration program for 2023.
Analytical Method and Quality Assurance/Quality Control Measures
All drill core splits reported in this news release were analysed by MSA Canada of Langley, BC utilizing the aqua regia digestion ICP-MS 39-element IMS-116 analytical package with FAS-121 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 prepped by MSA personnel on site and then shipped to MSA Analytical laboratory in Langley, BC for pulverization and final chemical analysis. A robust system of standards, ¼ core duplicates and blanks was implemented in the 2023 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 6.2 million ounces has an effective date of May 18, 2023.
The 173 square kilometres (“sq km”) AurMac Property lies 30 kilometres (“km”) 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 on May 18, 2023 and consisted of 6,181,000 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 |
Gold Cut-Off (g/t) |
Tonnage |
Average Gold Grade (g/t) |
Contained Gold (koz) |
|
Airstrip |
0.25 |
41.2 |
0.68 |
897 |
|
Powerline |
0.25 |
197.4 |
0.61 |
3,840 |
|
Aurex Hill |
0.30 |
74.3 |
0.60 |
1,444 |
|
Total Combined |
0.25 to 0.3 |
312.9 |
0.61 |
6,181 |
Notes:
- The effective date for the Mineral Resource is May 18, 2023. 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. The technical report supporting the Resource Estimate (the “Technical Report”) has been filed on SEDAR at www.sedar.com effective July 7, 2023.
- Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, changes in global gold markets or other relevant issues.
- The CIM Definition Standards were followed for classification of Mineral Resources. 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.
- Mineral Resources are reported at a cut-off grade of 0.25 g/t Au for the Airstrip and Powerline 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$1,800/ounce, US$2.50/t mining cost, US$5.50/t processing cost, UD$2.00/t G+A, 80% heap leach recoveries, and 45° pit slope.
- The number of tonnes was rounded to the nearest hundred thousand. The number of ounces was rounded to the nearest thousand. Any discrepancies in the totals are due to rounding effects; rounding followed the recommendations as per NI 43-101.
In addition to the AurMac Property, the Company holds the Hyland Gold Project, located 70 km 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 Persons
Paul D. Gray, P.Geo., 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 and is based upon the Company’s current internal expectations, estimates, projections, assumptions and beliefs. 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 exploration; and statements regarding exploration expectations, exploration or development plans and timelines; mineral resource estimates; mineral recoveries and anticipated mining costs. Factors that could cause actual results to differ materially from such forward-looking information include 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, 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.