Ms. Tara Christie reports
BANYAN EXTENDS MAIN ZONE MINERALIZATION BY 1.25 KM AT HYLAND GOLD PROJECT, YUKON
Banyan Gold Corp. has released the results from the 2018 11-diamond-drill-hole program at its 100-per-cent-owned Hyland gold project in the Yukon's emerging Selwyn basin district.
Highlighted results from HY18-076 to HY18-077, both located approximately 50 metres from the northern limit of the Hyland main zone resource, include:
- 27.5 metres of 0.45 gram per tonne gold and 1.98 g/t silver from surface in HY18-076;
- 85.0 metres of 0.73 g/t Au and 5.61 g/t Ag from surface in HY18-077
including 1.52 metres of 14.5 g/t Au and 51.8 g/t Au from 61 m.
In total, 1.25 kilometres of previously untested, strike extent of the main zone was the target of the diamond drill hole program. The exploration campaign consisted of 1,360 metres of HQTW-sized diamond drilling completed from 10 drill pads. The diamond drilling was conducted in unison with a surface trench program (results announced in a news release dated Sept. 17, 2018) and together targeted the projected near-surface extension of the shallowly dipping upper limb of the main zone resource (1) toward delineation of the hinge location for targeting resource expansion in future drilling programs.
"The 2018 Hyland gold exploration program successfully demonstrated continuity of gold-silver mineralization between the existing main zone resource and Banyan's Camp zone discovery," stated Tara Christie, president and chief executive officer. "The program resulted in the highest-grade gold intersection discovered to date from the property (14.5 g/t over 1.52 m, only 50 metres from the limit of the 2017 main zone resource), and the results demonstrate the Quartz Lake corridor is consistently mineralized and validate the near-surface strike extent model the program was designed to test."
The 2018 Hyland program ran from June 18 through July 17, 2018, and was focused on the establishment of mineralization continuity between the current National Instrument 43-101 resource (1) at the main zone and the recently discovered Camp zone. The drill results have served to confirm the extension of mineralization for a full 1,250 m north of the current resource at the main zone along the Quartz Lake corridor. The style of gold-silver mineralization encountered in this campaign has been noted within the main zone and furthermore exhibits a similar approximate 1:4 Au:Ag ratio, indicating persistent main-zone-style mineralization toward the Camp zone.
Moreover, the program identified significant gold mineralization within the Camp zone, an area that previously lacked detailed diamond drilling. On the strength of this season's exploration program, the Camp zone has now been elevated to a top priority target on the property and the gold-silver mineralization identified here is interpreted to represent an extension to the Hyland main zone. Management believes that a systematic drill program with a suite of drill fences will confirm the main zone and Camp zone are connected, and this largely untested area would have the potential to more than double the size of the current main zone footprint.
As is typical in the higher-grade intervals of Hyland main zone, core recovery was an issue in HY18-077 and the 85.0 metres of 0.729 g/t Au include 7.62 metres of 0-per-cent recovery. Averages were calculated with the lengths of no recovery containing 0.0 g/t Au, which management believes is a conservative estimation of the gold-silver grades from these poorly recovered intervals.
The results from all 2018 drill holes, HY18-079 through HY18-086, have established gold-silver mineralization continuity along the projected shallow-dipping upper limb of the main zone over 1.25 km of strike length. From holes HY18-079 to HY18-082 the degree of gold-silver mineralization deceases until it abruptly increases in holes HY18-083 to HY18-086 within the Camp zone. It is interpreted that the eastward inflection north of the main zone, in the Quartz Lake corridor, is sharper than previously assumed, and has therefore opened up a new area for exploration potential.
Results from holes HY18-083 to HY18-086 successfully encountered anomalous gold-silver mineralization within the Camp zone. Highlighted drill results from these drill holes include:
-
102.4 metres of 0.32 g/t Au and 0.50 g/t Ag from 32.8 metres in HY18-083;
-
75.7 metres of 0.26 g/t Au and 0.17 g/t Ag from 9.1 metres in HY18-084;
-
47.2 metres of 0.15 g/t Au and 1.47 g/t Ag from 83.8 metres in HY18-085;
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18.5 metres of 0.23 g/t Au and 0.51 g/t Ag from 126.3 metres in HY18-086.
A summary of assay results for the 2018 drill holes are provided in the associated table and a plan map with drill hole locations will be made available on the company's website.
Hole From To Width (1) Au Ag
(m) (m) (m) (ppm) (ppm)
HY-18-076 0.0 27.5 27.5 0.45 1.98
incl. 6.1 12.2 6.1 1.35 3.40
incl. 19.8 22.9 3.1 0.61 2.60
And 87.3 102.1 14.8 0.14 1.27
HY-18-077 0.00 85.0 85.0 0.73 5.61
incl. 0.00 9.1 9.1 1.23 13.02
incl. 19.8 29.5 9.7 0.53 2.36
incl. 39.6 47.7 8.1 1.17 12.20
incl. 61.0 62.5 1.5 14.50 51.80
incl. 76.2 85.0 8.8 0.65 1.59
HY-18-078 35.1 45.1 10.0 0.27 9.01
incl. 35.1 36.6 1.5 0.66 13.20
greater
than
incl. 40.8 41.2 0.4 0.37 100
incl. 42.7 43.3 0.6 1.07 10.80
and 51.8 57.9 6.1 0.19 3.84
and 71.6 96.0 24.4 0.21 0.19
HY-18-079 22.9 25.9 3.1 0.59 0.55
and 47.2 54.0 6.7 0.50 0.88
incl. 51.8 54.0 2.1 0.88 4.22
and 86.8 90.5 3.6 0.32 5.06
HY-18-080 9.1 19.6 10.5 0.90 0.96
incl. 10.7 15.2 4.5 1.59 1.93
and 25.9 51.8 25.9 0.21 2.00
incl. 25.9 26.8 0.9 0.54 0.56
incl. 38.1 39.6 1.5 0.40 1.40
incl. 42.2 44.8 2.6 0.55 0.96
incl. 48.1 48.8 0.7 0.68 0.30
and 56.4 57.4 1.0 0.53 0.10
HY-18-081 15.2 19.6 4.4 0.27 0.49
and 27.4 36.6 9.2 0.16 0.13
and 47.6 50.5 2.9 0.24 0.21
and 129.5 132.6 3.1 0.24 0.10
HY-18-082 10.7 22.9 12.2 0.09 0.15
HY-18-083 32.8 135.2 102.4 0.32 0.50
incl. 46.2 50.3 4.1 2.78 0.10
incl. 51.8 53.3 1.5 0.63 0.29
incl. 60.8 62.3 1.5 1.14 0.20
incl. 83.3 84.4 1.1 0.89 0.30
incl. 105.4 109.4 4.0 0.50 0.30
incl. 129.5 136.3 6.8 0.81 2.83
HY-18-084 9.1 84.8 75.7 0.26 0.17
incl. 9.1 12.2 3.1 0.72 1.03
incl. 29.8 36.5 6.7 0.61 0.14
incl. 45.9 50.3 4.4 1.24 0.19
incl. 53.3 54.3 0.9 0.67 0.30
incl. 71.0 72.3 1.3 0.85 0.20
HY-18-085 83.8 131.1 47.2 0.15 1.47
HY-18-086 126.3 144.8 18.5 0.23 0.51
(1) NB true widths have yet to be determined but are estimated to be
approximately two-thirds of the drilled interval, with the exception
of hole HY-18-76 estimated to be 100-per-cent true width.
In addition to diamond drilling, eight trenches (1,194 metres) were completed in the same target area and assisted with the definition of surface expressions of gold mineralization between the main zone and Camp zone. Trench assays were detailed in company news release dated Sept. 17, 2018.
Additionally, prospecting in another of the known mineralized zones on the Hyland gold project, the CUZ zone, located four km south of the main zone, resulted in the collection of 25 select rocks samples. Seven samples returned Au assays greater than 0.10 g/t Au with a maximum of 2.50 g/t Au. These samples are of similar tenor to Au grades from near-surface historic drilling from HY-11-36, HY-11-37 and HY-11-38 which had no silver association and were interpreted to be associated with two stacked east-west-striking mineralized veins. Management believes Cuz zone mineralization is associated with secondary gold-mineralized structures, and prospecting on this zone is focused on locating the structural intersections of these secondary structures with the main Quartz Lake corridor.
Analytical method
All drill core samples collected from the Hyland gold program were analyzed at Bureau Veritas Minerals of Burnaby, B.C., utilizing the four-acid digestion ICP-MS (inductively coupled plasma mass spectrometry) 35-element MA300 analytical package with FA450 50-gram fire assay with AAS (atomic absorption spectroscopy) finish for gold on all samples. All core samples were split on-site at Banyan's core processing facilities at the Hyland gold project. 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. All these 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 Burnaby, B.C., for pulverization and final chemical analysis. A robust system of standards was implemented in the 2017 exploration drilling program and are monitored as chemical assay data become available.
Technical information
The technical information in this news release has been reviewed and approved by Paul D. Gray, PGeo, a qualified person as defined by National Instrument 43-101.
About Banyan Gold Corp.
Banyan is a growth-stage gold exploration company whose flagship property, the Hyland gold project, lies 70 kilometres northeast of Watson Lake, Yukon, along the southeast end of the Tintina gold belt.
The Hyland main zone indicated gold resource estimate, prepared in accordance with NI 43-101, at a 0.3-gram-per-tonne-gold-equivalent cut-off, contains 8.6 million tonnes grading 0.85 g/t gold equivalent for 236,000 AuEq ounces with an inferred mineral resource of 10.8 million tonnes grading 0.83 g/t AuEq for 288,000 AuEq ounces.
Cut-off grade In situ Au Ag AuEq
(g/t AuEq) tonnes Grade Ounces Grade Ounces Grade Ounces
(g/t) (g/t) (g/t)
Indicated
0.3 8,637,000 0.78 216,000 7.04 1,954,000 0.85 236,000
Inferred
0.3 10,784,000 0.77 266,000 5.32 1,845,000 0.83 288,000
Notes:
(1) Mineral resources, which are not mineral reserves, do not have demonstrated
economic viability. All figures are rounded to reflect the relative
accuracy of the estimate.
(2) Mineral resources are reported at a cut-off grade of 0.3 gram per tonne
gold equivalent. Gold equivalent grade is based on $1,350 per ounce gold and
$17 per ounce silver and assumes a 100-per-cent recovery. The gold equivalent
calculation does not apply any adjustment factors for difference in
metallurgical recoveries of gold and silver. This information can only be
derived from definitive metallurgical testing, which has yet to be completed.
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