VANCOUVER, BC / ACCESSWIRE / 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:
Banyan Gold Corp., Monday, September 5, 2022, Press release picture
Figure 1: East Powerline and Aurex Hill Drill Hole Locations showing historic, completed, and proposed diamond drill holes.
Banyan Gold Corp., Monday, September 5, 2022, Press release picture
Figure 2: West Powerline Drill Hole Locations showing historic, completed, and proposed diamond drill holes.
Banyan Gold Corp., Monday, September 5, 2022, Press release picture
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, 2022and 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:
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.
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.
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.
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.
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
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.
