Ms. Tara Christie reports
BANYAN DRILLS 1.07 G/T OVER 68.5M AND EXTENDS POWERLINE MINERALIZATION BY OVER 500M, AURMAC PROPERTY, YUKON
Banyan Gold Corp. has released diamond drilling analytical results from the first five diamond drill holes received from the 2020 exploration program at the Powerline zone, AurMac property, Yukon. These holes successfully demonstrate the Powerline mineralization model applies beyond the 2020 Powerline resource extent and, importantly, the expansion potential of Powerline in all directions and at depth.
Highlights of the first five 2020 Powerline drill results include:
- 0.72 gram per tonne gold over 128.5 metres from 82.0 metres in AX-20-43:
- Including 1.07 g/t Au over 68.5 metres;
- 0.80 g/t Au over 29.8 metres from 129.5 metres in AX-20-42;
- 0.47 g/t Au over 30.5 metres from 43.0 metres in AX-20-41;
- 0.76 g/t Au over 13.0 metres from 135.0 metres in AX-20-44;
- 0.46 g/t Au over 27.0 metres from 12.0 metres in AX-20-45.
High-grade intervals within these above intervals include:
- 3.74 g/t Au over 1.5 metres in AX-20-41;
- 2.56 g/t Au over 1.5 metres in AX-20-42;
- 11.5 g/t Au over 0.6 metre in AX-20-42;
- 6.38 g/t Au over 1.5 metres in AX-20-43;
- 3.54 g/t Au over 3.0 metres in AX-20-43;
- 3.04 g/t Au over 3.0 metres in AX-20-43;
- 5.50 g/t Au over 3.4 metres in AX-20-43;
- 3.79 g/t Au over 1.5 metres in AX-20-43;
- 5.15 g/t Au over 1.5 metres in AX-20-45.
"These results demonstrate that the gold mineralization at the Powerline zone is part of a much larger gold system than captured in the 2020 Powerline deposit resource model," stated Tara Christie, president and chief executive officer. "AX-20-41 through to AX-20-45 are 100-metre stepouts south of the 2020 resource, respectively, and together add over 500 metres of mineralized footprint south of the Powerline deposit. The near-surface Powerline deposit grades 0.61 g/t Au, comparable to the resource grade of 0.63 g/t of Victoria Gold's producing Eagle gold mine, which is just 40 kilometres away. Powerline was a 2019 discovery and reinforces the near-surface gold potential of the larger AurMac property."
Powerline is approximately one kilometre south of the Airstrip deposit of the AurMac property and shares all the infrastructure of Airstrip. Importantly, Powerline is open to expansion in all directions and at depth and represents another near-surface bulk-tonnage-minable target at AurMac. At a 0.20 g/t Au cut-off, the pit-constrained, inferred mineral resources are 6.6 million tonnes at an average gold grade of 0.61 g/t for a total of 129,019 ounces of gold.
Diamond drilling at Powerline in 2020 included 1,433 metres from seven holes. The primary objective of the 2020 Powerline zone drilling was to test the expansion potential of gold mineralization to the south of the known deposit. Not only was the mineralization model validated through this season's efforts, but mineralization also remains open to drilling in all directions. The associated table presents highlights from these first five holes of the 2020 Powerline campaign.
2020 HIGHLIGHTED DIAMOND DRILL ANALYTICAL RESULTS -- POWERLINE
Hole ID From To Interval* Au
(m) (m) (m) (g/t)
AX-20-41 43.0 73.5 30.5 0.47
including 49.8 50.7 0.9 1.62
including 70.5 72.0 1.5 3.05
and 97.1 126.0 28.9 0.35
including 111.3 112.5 1.2 1.46
and 145.0 199.5 54.5 0.24
including 145.0 145.3 0.3 1.12
including 167.5 169.0 1.5 3.74
including 198.0 199.5 1.5 1.09
AX-20-42 13.3 184.0 170.7 0.35
Or 13.3 22.9 9.6 0.69
including 22.5 22.9 0.4 14.0
and 34.5 38.5 4.0 0.70
including 34.5 36.0 1.5 1.50
and 54.0 62.5 8.5 0.40
and 89.5 115.0 25.5 0.40
including 95.5 97.0 1.5 2.56
and 129.5 159.3 29.8 0.80
including 140.4 141.9 1.5 1.97
including 148.2 148.5 0.3 18.2
including 157.5 158.7 1.2 1.82
including 158.7 159.3 0.6 11.5
and 172.5 184.0 11.5 0.59
including 182.5 184.0 1.5 2.38
AX-20-43 82.0 210.5 128.5 0.72
including 82.0 150.5 68.5 1.07
including 87.0 88.5 1.5 1.64
including 97.5 99.9 2.4 2.26
including 117.0 118.5 1.5 6.38
including 124.5 127.5 3.0 3.54
including 129.0 132.0 3.0 3.04
including 135.1 138.5 3.4 5.50
including 141.5 143.0 1.5 1.72
including 186.0 187.5 1.5 1.07
including 198.5 200.0 1.5 1.29
including 205.5 207.0 1.5 3.79
AX-20-44 14.0 17.0 3.0 0.50
and 47.5 56.0 8.5 0.36
and 64.1 79.8 15.7 0.31
and 85.5 93.0 7.5 0.23
and 108.0 117.2 9.2 0.45
including 116.0 117.2 1.2 2.29
and 135.0 148.0 13.0 0.76
including 143.5 145.0 1.5 2.93
including 147.3 148.0 0.7 1.72
and 168.5 175.5 7.0 0.88
including 174.0 175.5 1.5 2.98
AX-20-45 12.0 177.7 165.7 0.21
Or 12.0 39.0 27.0 0.46
including 12.0 13.5 1.5 5.15
including 37.5 39.0 1.5 1.28
and 90.0 99.0 9.0 0.32
and 136.6 141.2 4.6 0.66
including 136.6 138.1 1.5 1.62
and 161.0 177.7 16.7 0.43
including 161.0 162.5 1.5 1.43
including 173.1 176.2 3.1 1.25
* True widths are estimated to be greater than 90 per cent of the reported
intervals.
Aurex Hill zone
Upon completion of the first pass Powerline drill holes, drilling commenced at the Aurex Hill zone; this program included 1,800 metres of diamond drill core from 10 holes. Aurex Hill zone objectives included the first-ever test of a Banyan-defined coincident gold-arsenic-in-soils anomaly, within an area on strike and between the Aurex Hill soil anomaly and the Powerline zone -- a prime candidate for the discovery of additional near-surface gold resources.
Diamond drilling activities continue at AurMac and are planned to continue into mid-December. Drilling is currently focused on the Airstrip zone and will be followed by follow-up drilling on the Powerline zone based on the strength of the 2020 Powerline assays received to date. Two thousand twenty drilling at AurMac has thus far achieved over 8,900 metres of drilling from 45 drill holes.
Analytical method
All drill core splits collected from the 2020 AurMac program were analyzed at Bureau Veritas Minerals of Vancouver, B.C., utilizing the aqua regia digestion ICP-MS (inductively coupled plasma mass spectrometry) 36-element AQ200 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. 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, B.C., for pulverization and final chemical analysis. A robust system of standards, one-quarter core duplicates and blanks was implemented in the 2020 exploration drilling program and was monitored as chemical assay data became available.
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 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.
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