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Banyan Gold Corp
Symbol BYN
Shares Issued 143,251,472
Close 2020-08-21 C$ 0.37
Market Cap C$ 53,003,045
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Banyan Gold begins exploration at Aurex Hill on AurMac

2020-08-24 10:46 ET - News Release

Ms. Tara Christie reports

EXPLORATION UNDERWAY AT AUREX HILL TARGET, AURMAC PROPERTY, YUKON

Banyan Gold Corp.'s exploration is under way at the Aurex Hill target on its AurMac property, Yukon.

Aurex Hill is situated approximately one kilometre east of the Powerline deposit and includes a large (roughly 10 square km) area defined by a coincident gold and arsenic-in-soil geochemical anomaly. This area will be tested through the application of the geologic model developed successfully by Banyan elsewhere on the AurMac property -- specifically, the Airstrip and Powerline deposits. Over 12,500 metres of historic RAB drilling from 442 shallow (less than 50 m) holes, covering an area of over 2.5 square km on the southwest portion of the Aurex Hill target, combined with the soil geochemical coverage, provide a framework for this year's exploration program. Highlights of the RAB drilling are provided in the summary table of highlights and demonstrate the gold mineralization potential of this area.

        SUMMARY TABLE OF HIGHLIGHTS* FROM 
         HISTORIC RAB AUREX HILL RESULTS

Hole ID  From (m)  To (m)  Interval* (m)  Au (g/t)

93-147        9.2    48.8           39.6      1.18    
93-151       18.3    45.7           27.4      0.73    
93-153        9.2    30.5           21.3      0.75    
93-158       15.2    36.6           21.3      0.93    
94-80         3.1    24.4           21.3      0.71    
94-114        9.2    27.4           18.2      0.70    
94-121        6.1    21.3           15.2      0.97    
94-129       12.2    30.5           18.3      0.74    
94-133        6.1    30.5           24.4      0.73    
94-161        9.2    18.3            9.1      1.54    
94-167        6.1    18.3           12.2      0.88    
94-174       15.2    27.4           12.2      0.79    
94-184        9.2    24.4           15.2      0.78    
94-193        3.1    18.3           15.2      1.44    
96-67         3.1    30.5           27.4      0.74    
                                          

* Historic drill results were reported by a previous operator, Yukon Revenue Mines Ltd., and utilized an Atlas Copco BRE 57-01 top hammer rotary percussion drill, in 1993, 1994 and 1996 exploration campaigns. Analytical results were reported to have been received from NAL lab in Whitehorse (gold -- fire assay with gravimetric finish; antimony, bismuth and arsenic -- atomic absorption spectroscopy); check assays were performed at Chemex Labs. Banyan has not verified the results and therefore they should not be relied upon. Banyan intends to verify a portion of these historically reported results as a part of this season's exploration programs.

"With over $6-million in the bank, Banyan is able to take a 'big picture' look at the broader AurMac property and apply our geological model to test high-priority targets such as Aurex Hill," stated Tara Christie, president and chief executive officer. "With year-round road access afforded by the Yukon Government highway system and the all-season road to Victoria Gold's Eagle gold mine adjacent to our target areas at Airstrip and Powerline, we will be able to continue to drill test these areas well into the fall."

Exploration next steps

Banyan has contracted McElhanney Ltd. to fly a lidar survey over the entirety of the 92 square km AurMac property. The lidar survey will provide valuable insight into the district-scale and property-scale structures that are interpreted to be key controls to gold mineralization on the AurMac property, and, in addition, the survey will deliver detailed topographic control for all future AurMac evaluations and economic studies.

The company has also initiated line-cutting preparation in advance of planned induced polarization and coincident gravity geophysical surveys over priority targets of the AurMac property.

Banyan has drilled over 25 holes and 5,000 m of diamond drill holes to date this season. First results were released on Aug. 17, 2020, and additional results will be released when available. Drilling is planned to continue into the late fall 2020.

Upcoming events

Upcoming events and registration details for them are listed on the company website.

Webinars:

  • Sept. 22, 2020, 2 p.m. Eastern Time -- hosted by Adelaide Capital;
  • Mines and Money -- virtual conference -- Aug. 31 to Sept. 1, 2020;
  • Capital Events Okanagan -- Kelowna -- Sept. 3 to Sept. 5, 2020;
  • Precious Metals Summit Beaver Creek -- virtual conference -- Sept. 15 to Sept. 17, 2020.

Qualified person

Paul D. Gray, PGeo, vice-president of exploration for the company, is a qualified person as defined under National Instrument 43-101, and has reviewed and approved the content of this news release.

COVID-19 update

Banyan has taken pro-active measures to protect the health and safety of its employees and communities from COVID-19, and exploration activities in 2020 will have additional safety measures in place, following and exceeding all the recommendations made by Yukon's chief medical officer.

About Banyan Gold Corp.

Banyan's primary asset, AurMac, is adjacent to Victoria Gold Corp.'s new Eagle gold mine in Canada's Yukon, which announced commercial production on July 1, 2020. The AurMac initial resource of 903,945 ounces Au was announced in May, 2020. Banyan's major strategic shareholders include Osisko Gold Royalties, Sprott Funds, Alexco Resource Corp. and Victoria Gold. Banyan is focused on gold exploration projects that have the geological potential, size of land package and proximity to infrastructure that are advantageous for a mineral project to have potential to become a mine. Its Yukon-based projects both fit this model and its objective is to gain shareholder value by advancing projects in its pipeline.

The 92 square km AurMac property lies 30 km from Victoria Gold's Eagle project and adjacent to Alexco's Keno Hill silver district, and is highly prospective for structurally controlled, intrusion-related gold-silver mineralization. The property is located adjacent to the main Yukon highway and just off the main access road to the Victoria Gold open-pit, heap-leach Eagle gold mine. The AurMac property benefits from a three-phase power line, existing Yukon Energy Corp. switching power station and cell phone coverage. Banyan has optioned the properties from Victoria Gold and Alexco, respectively, with a right to earn up to a 100-per-cent interest, subject to royalties.

The 2020 initial mineral resource estimate prepared in accordance with NI 43-101 guidelines for the AurMac property is 903,945 ounces of gold. It is a near-surface, road-accessible, pit-constrained mineral resource contained in two near/on-surface deposits: The Airstrip and Powerline deposits. The mineral resource is summarized in the pit-constrained inferred table.

  PIT-CONSTRAINED INFERRED MINERAL RESOURCES AT A 0.2 G/T AU CUT-OFF -- AURMAC PROPERTY

Deposit         Classification  Tonnage (tonnes)  Average Au Grade (g/t)  Au content (oz)

Airstrip              Inferred        45,997,911                   0.524          774,926      
Powerline             Inferred         6,578,609                   0.610          129,019      
Total combined        Inferred        52,576,520                   0.535          903,945      

The Hyland gold project, located 70 km northeast of Watson Lake, Yukon, along the southeast end of the Tintina gold belt, is a sediment-hosted, structurally controlled, intrusion-related gold deposit with a large land package (over 125 square km), with the resource contained in the main zone area (900 m by 600 m) daylighting at surface and numerous other known surface gold targets. The main zone oxide zone is amenable to heap-leach, open-pit mining, with column-leach recoveries of 86 per cent. The project has an existing gravel access road.

The Hyland main zone table shows 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. It contains 8.6 million tonnes grading 0.85 g/t AuEq 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. The NI 43-101 estimate was prepared by Robert Carne, Allan Armitage and Mr. Gray on May 1, 2018.

                         HYLAND MAIN ZONE INDICATED GOLD RESOURCE ESTIMATE

           Cut-off grade                           Au                              Ag                 AuEq             
              (AuEq g/t)   In situ tonnes  Grade(g/t)       Oz  Grade(g/t)         Oz  Grade(g/t)       Oz  
  
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

We seek Safe Harbor.

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