VANCOUVER, BC, September 6, 2023 - Banyan Gold Corp. (the "Company" or "Banyan") (TSX-V: BYN) (OTCQB: BYAGF) is pleased to announce the analytical results from thirteen (13) diamond drill holes from the Powerline deposit located on the Company’s AurMac Project, Yukon Territory. These holes were drilled in an area of the southern portion of the Powerline Deposit which had only been tested to approximately 100 metres (“m”) depth during previous exploration efforts. The 2023 drill holes averaged 235 m and were able to demonstrate additive gold mineralization within these previously untested areas.

Assay highlights include:

• AX-23-455: 39.9 m of 0.60 g/t gold from 61.6 m
• AX-23-458: 34.2 m of 0.95 g/t gold from 33.5 m 
• AX-23-458: 16.1 m of 1.66 g/t gold from 85.8 m 
• AX-23-460: 70.0 m of 0.31 g/t gold from 10.0 m 
• AX-23-460: 37.4 m of 0.65 g/t gold from 165.7 m
• AX-23-461: 90.3 m of 0.52 g/t gold from 10.0 m
• AX-23-462: 61.5 m of 0.39 g/t gold from 72.1 m 
• AX-23-463: 144.5 m of 0.38 g/t gold from 8.5 m
• AX-23-464: 115.0 m of 0.31 g/t gold from 27.0 m 
• AX-23-466: 59.4 m of 0.53 g/t gold from 72.1 m
• AX-23-467: 73.7 m of 0.48 g/t gold from 90.1 m 
• AX-23-469: 65.1 m of 0.50 g/t gold from 27.2 m

“These results confirm the consistency and tenor of the widespread on and near-surface gold mineralization of the Powerline Deposit, and importantly, have extended the zone of mineralization to depth,” stated Tara Christie, President and CEO. “Not only will these assays serve to add gold ounces to the growing AurMac Project, but also successfully demonstrate the ease with which the confidence of AurMac ounces can be increased.”

Highlighted results from these holes are shown in Table 1, collar locations in Table 2 and Figures 1 and 2 show the drill hole locations.

The Powerline gold deposit is 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.

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: 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).

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

Table 2: Drill Collar Location for Released Results

Upcoming Events

• Adelaide Capital – Investor Update – Sept 8, 2023 at 2 PM ET
• Precious Metals Summit Beaver Creek – Sept 12 to 15, 2023
• TakeStock Calgary Capital Event – Oct 4, 2023
• New Tintina Gold Rush Breakfast, Vancouver – Panel Discussion – Oct 19, 2023
• 121 Mining Investment New York – Oct 23 to 24, 2023
• New Orleans Investment Conference – Nov 1 to 4, 2023
  • Exhibitor Booth #325
  • Breakfast Presentation, Camp Room, 3^rd floor - Nov 4^th

2023 Exploration Update

Banyan initiated its 2023 exploration program on March 1, 2023. One-hundred-seven (107) drill holes and 24,722 m of drilling has been completed to date which together closed the gap between the Powerline and Aurex Hill deposits and will extend and demonstrate the extent of the Aurex Hill Zone to the east. Assay results from 69 drill holes are pending.

Drill core processing will wrap up on site this week with all drill core samples shipped to the lab. Processing and logging of core on site was delayed by various factors, including nearby forest fires and closed highway access.

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 Project is adjacent to Victoria Gold's Eagle Gold Mine, in Canada’s Yukon Territory. The updated Mineral Resources Estimate (“MRE”) for the AurMac Project of 6.2 million ounces has an effective date of May 18, 2023.

The 173 square kilometres (“sq km”) AurMac Project lies 30 kilometres (“km”) from Victoria Gold’s Eagle Project and adjacent to Hecla Mining’s high grade Keno Hill Silver mine. The Project is transected by the main Yukon highway and access road to the Victoria Gold open-pit, heap leach Eagle Gold mine. The AurMac Project 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 MRE for the AurMac Project was effective 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 Project

Notes: ‎

1. The effective date for the Mineral Resource is May 18, 2023. The updated Resource Estimate for the AurMac Project 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 entitled "AurMac Property, Mayo Mining District, Yukon Territory, Canada" (the “Technical Report”) has been filed on SEDAR at www.sedar.com on July 7, 2023.
2. 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.
3. 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.
4. Mineral Resources are reported at a cut-off grade of 0.25 g/t gold for the Airstrip and Powerline and 0.3 g/t gold 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.
5. 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 Project, 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. For further information regarding the AurMac Project, please refer to the Technical Report.

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, ease and confidence in increasing ounces, exploration or development plans and timelines; mineral resource estimates; mineral recoveries and anticipated exploration and development 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, availability of personnel, seasonal considerations 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.