Banyan Intersects 0.95 g/t Gold Over 35.7 Metres, Aurex Hill Deposit, AurMac Project, Yukon, Canada
*VANCOUVER, BC / ACCESSWIRE / January 15, 2024 / Banyan Gold Corp*. (the "Company" or "Banyan") (*TSX-V:BYN*)(*OTCQB:BYAGF*) is pleased to announce analytical results from the remaining drillholes of the 2023 drill program which consisted of 24,700 metres ("m") of diamond drilling from 107 holes on the Company's *AurMac Project ("AurMac")*, Yukon Territory.
Assay highlights from these results include:
· AX-23-449: 41.3 m of 0.51 g/t gold from 118.6 m
· AX-23-454: 25.6 m of 0.82 g/t gold from 21.6 m
· AX-23-465: 54.3 m of 0.56 g/t gold from 33.5 m
· AX-23-478: 70.4 m of 0.41 g/t gold from 124.1 m
· AX-23-481: 37.3 m of 0.71 g/t gold from 168.0 m
· AX-23-495: 57.3 m of 0.49 g/t gold from 81.5 m
· AX-23-500: 95.7 m of 0.29 g/t gold from 145.8 m
· AX-23-501: 114.0 m of 0.34 g/t gold from 117.7 m
· AX-23-506: 152.1 m of 0.31 g/t gold from 47.1 m
· AX-23-507: 35.7 m of 0.95 g/t gold from 24.4 m
· AX-23-508: 127.1 m of 0.37 g/t gold from 49.1 m
· AX-23-511: 98.0 m of 0.29 g/t gold from 90.1 m
· AX-23-517: 106.3 m of 0.35 g/t gold from 43.1 m
Drill results continue to be consistent with previous exploration at the Powerline and Aurex Hill Deposits (see Table 1 and Figure 1) and the deposits remain open to gold mineralization expansion in all directions and to depth. The program was also designed to begin to test potential mineralization bounds to identify locations for infrastructure as the Project is advancing.
"With three drill seasons since our initial Resource in 2020, Banyan has taken the resource at AurMac to 6.2 million ("M") ounces ("oz") demonstrating the strength and size of the mineralized gold system," stated Tara Christie, President and CEO. "This year's drilling post the 2023 Resource update, continues to expand the mineralized footprint and importantly has confirmed that Powerline and Aurex Hill deposits are connected and will be combined in subsequent Resources as the Powerline Deposit"
The Powerline and Aurex Hill gold deposits are contained within a metasedimentary package which consists predominately of schists, quartzites and limestones of the Late Proterozoic to Cambrian Hyland Group. Gold mineralization is primarily associated with low angle quartz-sulfosalt-arsenopyrite veins which crosscut 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 results from drillholes that targeted newly defined gold mineralization are presented in Table 1, collar locations of all drillholes in Table 2, and Figure 1 details drillhole locations.
The images below illustrate selected instances of visible gold identified from assays summarized in this release.
*Photographs of selected visible gold occurrences*
*Figure 1: AurMac Drillhole Locations*
*Table 1: Highlighted Powerline and Aurex Hill Diamond Drill Analytical Results*
*Hole ID*
*From (m)*
*To (m)*
*Interval (m*)*
*Gold (g/t)*
*AX-23-423* 29.9
30.7
0.8
6.04
*And* 62.4
63.5
1.1
0.98
*AX-23-434* 19.5
21.0
1.5
3.37
*AX-23-437* 20.0
33.0
13.0
0.19
*And* 68.3
87.0
18.7
0.36
*And* 135.5
159.0
23.5
0.45
*AX-23-439* 13.9
20.8
6.9
0.26
*And* 39.3
52.9
13.6
0.50
*AX-23-447* 36.7
67.6
30.9
0.58
*AX-23-449* 13.4
27.0
13.6
0.35
*And* 36.8
55.5
18.7
0.66
*And* 60.1
70.4
10.3
0.45
*And* 81.5
94.8
13.3
0.42
*And* 104.1
106.8
2.7
1.12
*And* *118.6*
*159.9*
*41.3*
*0.51*
*And* 247.0
253.4
6.4
0.35
*AX-23-454* *21.6*
*47.2*
*25.6*
*0.82*
*And* 114.3
116.7
2.4
2.18
*And* 146.9
157.2
10.3
0.33
*And* 212.5
213.6
1.1
2.01
*And* 240.7
243.3
2.6
0.64
*AX-23-456* 92.8
105.0
12.2
0.30
*And* 188.9
251.5
62.6
0.27
*And* 265.2
283.5
18.3
0.20
*And* 334.1
353.6
19.4
0.21
*And* 384.8
389.1
4.3
0.59
*And* 407.3
427.2
19.9
0.63
*And* 434.3
445.2
10.9
0.29
*And* 466.6
486.8
20.2
0.6
*And* 515.9
536.2
20.3
0.21
*And* 564.5
575.4
10.9
0.73
*AX-23-465* *33.5*
*87.8*
*54.3*
*0.56*
*And* 144.8
146.7
1.9
0.87
*And* 200.1
209.0
8.9
0.3
*AX-23-468* 179.2
196.6
17.4
0.93
*And* 208.0
211.8
3.8
0.59
*AX-23-470* 56.4
78.7
22.3
0.85
*And* 170.5
179.6
9.1
0.57
*AX-23-471* 15.6
42.5
26.9
0.32
*And* 115.8
123.0
7.2
0.34
*AX-23-473* 50.3
59.0
8.7
1.04
*And* 102.8
116.3
13.5
0.26
*And* 134.4
138.5
4.1
0.79
*And* 173.5
178.0
4.5
0.60
*And* 213.0
217.0
4.0
0.48
*AX-23-478* 83.8
102.1
18.3
0.46
*And* *124.1*
*194.5*
*70.4*
*0.41*
*AX-23-479* 65.0
86.2
21.2
0.39
*And* 136.4
205.5
69.1
0.21
*And* 230.5
271.0
40.5
0.25
*AX-23-480* 35.5
40.1
4.6
0.43
*And* 88.4
115.5
27.1
0.24
*And* 129.0
133.6
4.6
0.23
*And* 145.5
180.4
34.9
0.35
*AX-23-481* 15.5
40.0
24.5
0.21
*And* 85.5
98.5
13.0
0.36
*And* *168.0*
*205.3*
*37.3*
*0.71*
*AX-23-482* 121.1
139.5
18.4
0.55
*And* 150.0
172.7
22.7
0.92
*AX-23-484* 81.4
131.2
49.8
0.31
*And* 144.9
175.3
30.4
0.52
*And* 193.5
221.3
27.8
0.32
*AX-23-485* 60.4
77.3
16.9
0.31
*And* 93.8
115.9
22.1
0.23
*And* 135.7
153.3
17.6
0.27
*And* 180.3
191.0
10.7
0.36
*And* 255.8
273.6
17.8
0.48
*AX-23-486* 56.3
78.1
21.8
0.42
*And* *103.9*
*199.0*
*95.1*
*0.24*
*AX-23-487* 115.3
147.8
32.5
0.35
*AX-23-489* 55.9
86.1
30.2
0.25
*And* 95.4
114.6
19.1
0.38
*And* 127.4
148.4
21.0
0.29
*And* 171.6
187.2
15.6
0.59
*AX-23-490* 10.7
38.6
27.9
0.36
*And* 119.2
147.5
28.3
0.64
*AX-23-491* 27.1
32.1
5.0
0.25
*And* 120.3
140.2
19.9
0.32
*And* 184.0
192.9
8.9
0.42
*And* 245.4
279.8
34.4
0.34
*AX-23-492* 62.6
67.2
4.6
0.68
*And* 99.1
124.3
25.2
0.21
*And* 137.4
165.2
27.8
0.31
*And* 188.5
208.2
19.7
0.30
*AX-23-493* 17.4
72.9
55.5
0.21
*And* 102.1
156.9
54.8
0.25
*And* 187.5
248.5
61.0
0.25
*AX-23-494* 34.0
63.5
29.5
0.41
*And* 85.0
104.8
19.8
0.20
*AX-23-495* 22.0
38.3
16.3
0.21
*And* *81.5*
*138.8*
*57.3*
*0.49*
*AX-23-500* 6.7
13.7
7.0
0.29
*And* 28.2
39.0
10.8
0.21
*And* 120.4
131.1
10.7
0.37
*And* *145.8*
*241.5*
*95.7*
*0.29*
*And* 303.3
316.8
13.5
0.26
*AX-23-501* 12.2
25.1
12.9
0.21
*And* 62.3
71.6
9.3
0.25
*And* *117.7*
*231.7*
*114.0*
*0.34*
*And* 245.4
255.6
10.2
0.23
*AX-23-503* 88.5
119.5
31.0
0.3
*And* 135.1
158.2
23.1
0.29
*And* 168.3
197.5
29.2
0.37
*AX-23-506* *47.1*
*199.2*
*152.1*
*0.31*
*AX-23-507* *24.4*
*60.1*
*35.7*
*0.95*
*And* 74.6
102.6
28.0
0.22
*AX-23-508* *49.1*
*176.2*
*127.1*
*0.37*
*AX-23-509* 16.5
35.0
18.5
0.27
*And* 62.0
73.5
11.5
0.26
*And* 95.4
117.8
22.4
0.20
*And* 132.6
147.8
15.2
0.53
*And* 161.7
193.4
31.7
0.28
*AX-23-510* 37.6
44.2
6.6
0.23
*And* 66.6
73.8
7.2
0.41
*And* 101.0
114.5
13.5
0.66
*And* 129.4
165.2
35.8
0.23
*And* 189.6
194.1
4.5
0.94
*AX-23-511* *90.1*
*188.1*
*98.0*
*0.29*
*AX-23-513* 20.6
29.0
8.4
0.41
*And* 116.9
178.0
61.1
0.29
*AX-23-517* *43.1*
*149.4*
*106.3*
*0.35*
*And* 184.9
192.9
8.0
0.25
*AX-23-518* 40.0
50.5
10.5
0.26
*And* 63.2
114.2
51.0
0.31
*And* 135.1
158.2
23.1
0.29
*And* 168.3
197.5
29.2
0.37
*True widths are estimated to be approximately 90% of drilled intervals.
*Table 2: Drill Collar Locations for Final Batch of 2023 Results*
*Collar ID*
*East NAD83_Z8*
*North NAD83_Z8*
*Elev. (m)*
*Azimuth*
*Dip (°)*
*Depth (m)*
AX-23-418
471402
7082403
975
360
-60
200.6
AX-23-419
471401
7082603
978
356
-60
199.6
AX-23-423
471403
7082809
978
001
-59
236.9
AX-23-425
471400
7083002
975
002
-59
199.0
AX-23-428
471605
7082803
977
359
-59
205.7
AX-23-430
471804
7082804
974
357
-61
144.8
AX-23-433
471804
7082704
973
005
-60
111.3
AX-23-434
471794
7082403
971
004
-60
94.5
AX-23-437
471405
7082307
973
359
-63
161.5
AX-23-439
471392
7082003
968
360
-60
223.1
AX-23-443
471393
7081902
967
358
-60
178.3
AX-23-444
467197
7083299
785
356
-56
189.0
AX-23-446
467101
7083209
783
357
-60
147.8
AX-23-447
471297
7081996
971
359
-59
197.2
AX-23-449
469554
7082009
983
359
-58
283.5
AX-23-452
469680
7082697
986
357
-61
234.7
AX-23-454
466664
7083234
770
359
-69
266.7
AX-23-456
466550
7083252
750
003
-71
859.5
AX-23-465
466395
7083199
739
358
-59
218.2
AX-23-468
466415
7083292
727
003
-60
221.0
AX-23-470
466299
7083297
723
355
-62
213.4
AX-23-471
469548
7082702
983
359
-61
178.3
AX-23-472
469797
7082800
985
355
-60
251.5
AX-23-473
469552
7082600
988
002
-63
217.9
AX-23-474
469804
7082703
991
360
-59
192.0
AX-23-475
469556
7082503
993
001
-62
289.0
AX-23-476
469799
7082601
995
359
-57
185.9
AX-23-477
469801
7082501
1003
356
-61
263.7
AX-23-478
469551
7082396
999
001
-61
219.8
AX-23-479
469798
7082400
1007
005
-61
332.2
AX-23-480
469548
7082301
1005
354
-58
207.3
AX-23-481
469446
7082305
997
360
-59
219.5
AX-23-482
469798
7082301
1010
356
-58
189.0
AX-23-483
469456
7082403
997
005
-59
219.5
AX-23-484
469805
7082208
1003
357
-62
268.2
AX-23-485
469451
7082503
992
003
-62
283.5
AX-23-486
469803
7082103
994
350
-61
260.6
AX-23-487
469456
7082600
988
358
-62
224.6
AX-23-488
469350
7082506
991
350
-63
228.0
AX-23-489
469799
7082005
987
356
-60
217.9
AX-23-490
469346
7082402
998
355
-58
185.9
AX-23-491
469896
7082300
1010
353
-60
283.2
AX-23-492
469898
7082408
1015
355
-61
242.3
AX-23-493
469895
7082202
1004
360
-61
283.5
AX-23-494
469899
7082493
1011
359
-63
216.4
AX-23-495
469900
7082602
1002
004
-57
224.0
AX-23-496
470895
7082500
1002
355
-62
149.4
AX-23-497
469906
7082696
996
006
-59
221.0
AX-23-498
470899
7082603
1003
007
-64
190.5
AX-23-499
470010
7082697
1000
006
-61
225.6
AX-23-500
468498
7082199
920
001
-61
333.8
AX-23-501
468298
7082198
888
355
-58
261.2
AX-23-502
470899
7082700
999
006
-61
230.1
AX-23-503
469898
7082101
997
002
-59
296.9
AX-23-504
471001
7082698
996
027
-62
105.2
AX-23-505
471103
7082596
998
011
-61
123.4
AX-23-506
469899
7081999
988
002
-58
234.7
AX-23-507
471099
7082701
993
004
-63
138.7
AX-23-508
469900
7081901
979
360
-58
225.6
AX-23-509
469804
7081910
980
349
-58
204.2
AX-23-510
469996
7081899
980
356
-62
200.0
AX-23-511
470000
7082000
990
002
-60
240.8
AX-23-512
470001
7082103
999
360
-60
233.2
AX-23-513
470096
7082003
991
357
-59
201.8
AX-23-514
470653
7081542
954
357
-74
207.3
AX-23-515
471110
7081412
954
360
-79
187.8
AX-23-516
470401
7082501
1015
360
-57
198.1
AX-23-517
469653
7081804
964
351
-60
220.4
AX-23-518
469550
7081804
965
356
-62
192.0
*Upcoming Events*
· Metals Investor Forum Vancouver, January 19 - 20, 2024
· Corporate Presentation: January 19, 12:10 PM PST
· Tombstone Belt Breakfast - Fireside Chat - Vancouver, January 22, 2024
· 7AM to 9 AM PST
· Vancouver Resource Investment Conference 2024, January 21 - 22, 2024
· Exhibitor Booth 103-105
· Corporate Presentation, January 21, 2:50 PM PST, Workshop 3
· Tombstone Gold Belt Panel, January 22, 10 AM PST, Invest Yukon Pavilion
· Corporate Update: January 22, 10:30 AM PST, Invest Yukon Pavilion
· AME Roundup, January 22 - 25, 2024
· Core Shack: January 24 - 25
· CEM Whistler Capital Event, February 9 - 11, 2024
· BMO 33^rd Global Metals, Mining & Critical Minerals Conference, February 25 - 28, 2024
*Analytical Method and Quality Assurance/Quality Control Measures*
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 were 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 either the Bureau Veritas, Whitehorse preparatory laboratory where samples were prepared and then shipped to Bureau Veritas's Analytical laboratory in Vancouver, BC for pulverization and final chemical analysis or MSALABS, on-site preparatory laboratory where samples were prepared and then shipped to MSALABS in Langley, BC for 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.
Eighteen (18) drill hole core splits reported in this news release (AX-23-437, -449, -454, -456, -465, -468, -471, -473, -478 to -480, -482, -486, -500, -501, -506, -508, -518) were analysed by MSALABS 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. The remainder of the forty-four (44) drill hole 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.
*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 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 owns 51% and 75% with the right to earn up to a 100% interest, in both the Aurex and McQuesten Properties respectively, subject to certain royalties.
The Updated MRE for the AurMac Project 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 MRE (contained in three near/on-surface deposits: the Airstrip, Aurex Hill and Powerline Deposits.
*Table 3: Pit-Constrained Inferred Mineral Resources - AurMac Project*
*Deposit*
*Gold Cut-Off (g/t)*
*Tonnage *
*(Mt)*
*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*: *
1. The effective date for the Mineral Resource Estimate is May 18, 2023. The updated MRE 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 MRE (the "Technical Report") has been filed on SEDAR at www.sedar.com effective 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 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.*[1]*
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.
*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 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.
*SOURCE:* Banyan Gold Corp.View the original press release on accesswire.com