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Banyan Gold Corp
Symbol BYN
Shares Issued 24,384,000
Close 2015-04-10 C$ 0.045
Market Cap C$ 1,097,280
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Banyan Gold to drill 1,200 m at Hyland

2015-04-16 13:43 ET - News Release

Mr. Mark Ayranto reports

BANYAN GOLD EXPANDS MONTROSE RIDGE ZONE, MOBILIZES DRILL AND EQUIPMENT FOR 2015 EXPLORATION PROGRAM

Banyan Gold Corp. has expanded the Montrose Ridge zone on the Hyland gold property, Yukon, Canada, through 2014 exploration program results, which continue to demonstrate strong gold-plus-or-minus-arsenic soil anomalies. The Montrose Ridge zone was discovered in 2013 through a targeted soil and rock sampling program on the South Hyland property, 6.5 kilometres south of the Hyland Main zone (which hosts a National Instrument 43-101 inferred resource of 396,000 gold-equivalent ounces) and coincident with the identified greater than 16 km long Quartz Lake corridor, which is interpreted to control gold and silver mineralization identified on the Hyland project.

Additionally, Banyan announces successful completion of the 2014 Yukon mineral exploration program (YMEP) reporting and has now received payment in the amount of $49,650 from the Yukon government, representing 50 per cent of the 2014 exploration expenditures at Hyland. YMEP funding has supported Banyan over the last two exploration seasons to explore and expand the Hyland gold project for 50 cents on the dollar.

For 2015, Banyan has recently completed prepositioning fuel, supplies and exploration equipment, including a D-6 Cat, PCS2000LC-8 excavator and a KD1000 diamond drill. Banyan has signed a contract with Kluane Drilling of Whitehorse, Yukon, to drill a minimum of 1,200 metres HQ core on the Hyland gold project, and has mobilized all required equipment and materials to site to support this program. The addition of this heavy equipment will allow for access construction to the rapidly developing Montrose Ridge zone and surface trenching of that same zone. The heavy equipment will also be utilized for drill site preparation as well as trenching of additional high-priority targets on the Hyland gold property, including CUZ, CUZ Sur, THAS and Camp zones, without the need for costly helicopter support.

"Banyan continues to define quality exploration targets at our Hyland gold project with each successive season. The company will maintain its current focus to qualify the large-scale, regional potential of gold and silver mineralization beyond the Main zone resource," said Mark Ayranto, chairman.

Systematic targeting of first-order arsenic-gold-in-soil anomalies is being used to identify additional high-priority targets for drill testing in 2015. The excavator will afford targeted trench testing of the prioritized geochemical anomalies discovered to date as well as construct access to the more southerly, regional targets on the property.

Results of 2014 program

During the late summer and early fall of 2014, Banyan completed a soil/rock sampling and geologic mapping program at the Hyland gold property. The program was focused on the follow-up of the encouraging results received from the 2013 Hyland South and regional exploration programs, and included focused soils/rock sampling with coincident geological mapping over the highly prospective CUZ South and Montrose Ridge zones. The Montrose Ridge zone boasts the largest gold-in-soil anomaly ever uncovered on the Hyland South property, and the CUZ South zone continues to define and expand gold-arsenic-in-soil anomalies related to the 2011 CUZ zone gold discovery. The 2014 Hyland exploration program has now filled in soil coverage to link the CUZ South and Montrose Ridge zones.

In total, Banyan collected and shipped 491 samples (452 soils and 39 rocks) from the 2014 Hyland South geochemical soil grid program. Results from the program are summarized below.

  • Au soil results ranged from trace to 0.120 gram per tonne gold (120 parts per billion Au) with a mean of 0.007 g/t Au (seven ppb Au);
  • As soil results ranged from trace to 561 parts per million As with a mean of 54 ppm As.

These results indicate a broad (500 m by 1,000 m) east-west-trending gold-in-soil anomaly (greater than 20 ppb Au) focused around the Montrose Ridge zone. Additionally, a parallel soil anomaly (As plus or minus Au) is located near the CUZ South anomaly, and together these two anomalies define a greater than two km long cohesive arsenic-in-soil northeast-trending anomaly. The Montrose Ridge and CUZ extension grid anomalies remain open, particularly to the east and north.

The 2014 rock sampling program was designed to complement the soil sampling program by collecting type rock samples from the soil grid and returned subtle Au and Ag results to significant As results (one sample returned 3,048 ppm As).

The regional potential of the Hyland project has only just been identified during the past two season's soil sampling programs. Arsenic (plus or minus Au) in soil has proven to be reliable indictors of potentially mineralized corridors and establishing vectors thereon. Results to date warrant detailed follow-up exploration including access construction and targeted trenching and possible drilling of the CUZ South and Montrose Ridge zones.

All 2014 samples were sent to the AGAT Labs preparation facility in Whitehorse samples were sorted and crushed to appropriate particle size (pulp) and representatively split to a smaller size and shipped to AGAT's Burnaby analysis facility. Assays were performed at the Vancouver, B.C., facility of AGAT, an ISO 9001:2008-certified, independent laboratory, utilizing a 201-272 50-element ICP/MS finish analytical package with 30-gram fire assay for gold on all samples.

This news release has been reviewed and approved by Paul D. Gray, BSc, PGeo, vice-president of exploration for Banyan Gold, is the qualified person as defined by National Instrument 43-101.

We seek Safe Harbor.

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