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Banyan Gold Corp
Symbol BYN
Shares Issued 171,160,528
Close 2021-01-06 C$ 0.265
Market Cap C$ 45,357,540
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Banyan Gold starts metallurgical testing at AurMac

2021-01-06 10:14 ET - News Release

Ms. Tara Christie reports

BANYAN GOLD 2020 YEAR END REVIEW

Banyan Gold Corp. has provided a summary of the company's key 2020 accomplishments advancing the company and the company's AurMac and Nitra properties near Mayo, Yukon.

2020 AurMac project highlights

  • Announced maiden inferred resource -- 903,945 ounces of gold contained in two near/on-surface, road accessible deposits: the Airstrip and Powerline deposits in May, 2020;
  • Executed successful exploration programs June to December:
    • Completed 10,632 metres of diamond drilling in 57 holes focused on at the Airstrip, Powerline and Aurex Hill zones -- AurMac property;
    • Collected 4,289 soil samples with coverage of over 12 square kilometres on the Nitra property -- multiple strong north-northwest mineralized trends identified;
  • Released phase 1 drill hole results from Airstrip zone, expansion of the Airstrip mineralization by 200 m to the west and 125 m to the south, with the deposit remaining open to the east, west and down dip;
  • Released phase 1 drill hole results from Powerline zone, expansion of the Powerline zone by over 500 m to the south of the existing resource -- the resource is open in all directions and at depth;
  • Initiated Airstrip deposit metallurgical testing and AurMac property baseline environmental work;
  • Results pending from 30 holes -- expected in Q1 2021;
    • Airstrip -- 10 holes;
    • Powerline -- 14 holes;
    • Aurex Hill -- six holes.

2020 corporate highlights

  • Company financings raised over $7.3-million with significant participation from its major shareholders, including the adjacent active developers and miners Victoria Gold Corp. and Alexco Resource Corp.;
  • Significant increase in market cap and share price, with a 52-week share price low of three cents and high of 39 cents;
  • Planned 2021 exploration program of over 15,000 m -- beginning in Q1 2021;
  • Strong treasury going into 2021 with over $5.8-million.

"Despite difficult operating conditions through our 2020 season, Banyan Gold's team is to be commended for delivering our planned 10,000 m program on time and on budget and growing our AurMac project. Initial results demonstrate the potential to build on the AurMac Gold Resources and position Banyan for an exciting 2021 exploration season," said president and chief executive officer, Tara Christie. "The outlook for gold is favourable going into 2021 and Banyan is uniquely well positioned to leverage this to our shareholders' benefit as we are located proximally to two new mines, Victoria Gold's Eagle Gold mine and Alexco Resource Corporation high-grade silver mine; and demonstrates Yukon as a first-class jurisdiction where mines can be permitted and built -- an increasingly rare opportunity in 2021."

AurMac 2020 exploration program review

Exploration on the AurMac project consisted of a two-phase diamond drill program focused on the expansion of areas with known mineralization: the Airstrip, Powerline and Aurex Hill zones. The program ran June to mid-December and culminated with 10,632 m from 57 holes.

Airstrip zone

At Airstrip, 22 diamond drill holes totalling 4,554 m targeted step-out drilling along strike and down dip, eight diamond drill holes totalling 1,178 m tested previously undrilled areas within the conceptual pit of the resource; and two diamond drill holes totalling 355 m represented dedicated metallurgical test holes.

Phase 1 drilling at Airstrip included drill holes MQ-20-65 through to MQ-20-83. Results for this phase of drilling, released on Aug. 17, 2020, and Sept. 21, 2020, demonstrated the continuity of gold grades along strike and down dip and extended Airstrip mineralization by 200 m to the west and 125 m down dip respectively, from the bounds of the May, 2020, Airstrip resource.

Phase 2 drilling at Airstrip included drill holes MQ-20-84 through to MQ-20-93. This phase of drilling followed-up on impressive results returned from phase 1 efforts to the west while also testing with step-out drilling along strike to the east. Results for these holes are pending and are expected to be received in Q1 2021.

Powerline zone

Drilling at Powerline consisted of 19 diamond drill holes totalling 3,657 m -- all step-out exploration drilling from the Powerline deposit.

Phase 1 drilling at Powerline included drill holes AX-20-41 through to AX-20-52. Results for this phase of drilling, released on Nov. 16, 2020, demonstrated that gold mineralization at Powerline is part of a much larger gold system than captured in the 2020 Powerline deposit resource model. Results from six phase 1 drill holes at Powerline remain outstanding with results received to-date highlighting gold mineralization extends over 500 m south of the Powerline deposit resource model.

Phase 2 drilling at Powerline consisted of drill holes AX-20-58 through to AX-20-65. This phase of drilling tested for gold-grade continuity along a 500 m north-south section at 100 m drill spacing, east of the Powerline deposit. Results for this phase of drilling remain pending and are expected to be received in Q1 2021.

Aurex Hill zone

Drilling at the Aurex Hill consisted of five diamond drill holes totalling 888 m and were designed to test a strong and previously untested Au-in-soil anomaly of approximately 1,000 m by 400 m areal extent. Results for all Aurex Hill drill holes are pending and are expected to be received in Q1 2021.

Nitra project review

The Nitra property is located west of the AurMac property and comprises 593 claims (117 square kilometres) 100 per cent owned by Banyan with no underlying royalties. The earliest documented work on the Nitra property is from 1980s to 1990s placer gold exploration which identified erratically deposited coarse gold hosted in quartz-arsenopyrite veins and in calcareous schist horizons upstream of these placer workings. No follow-up exploration had been reported until Banyan recognized the potential for the geological model utilized to successfully unlock near surface gold resources at Airstrip and Powerline to be applied to Nitra, and more broadly, the district.

Banyan's inaugural exploration on the Nitra project culminated in the collection of 4,289 soil samples covering 12 square kilometres. These survey grids were located upstream of historic and active gold placer workings and oriented north-south with 100-metre-line spacing and 25-metre station centres. All soil samples were field tested with a portable XRF (Niton XL5). Five hundred ninety soil samples with anomalous As, Pb and/or Zn were selected for laboratory gold and full suite multielement ICP analysis. The soil anomalies shown on the accompanying map emphasise a dominant north-northwest mineralized trend and these trends will be the focus of 2021 diamond drill testing of this previously undrilled gold target.

Analytical method

All drill core splits collected from the 2020 AurMac drill program were analyzed at Bureau Veritas Minerals of Vancouver, B.C., 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. 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-fourth core duplicates and blanks was implemented in the 2020 exploration drilling program and was monitored as chemical assay data became available.

All soil samples were collected from a well-developed B-horizon at depths between 10 centimetres and 40 cm. Samples were placed in a kraft paper bag and labeled with their UTM grid position. Samples were dried and then analyzed using a Niton XL5 portable XRF. A subset of soil samples selected, using a portable XRF, from the 2020 Nitra exploration were analyzed at Bureau Veritas Minerals of Vancouver, B.C., utilizing the aqua regia digestion ICP-MS 36-element AQ200 analytical package. Soil 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 final chemical analysis.

Upcoming catalysts

Jan. 13, 2021 -- Vancouver Resource Investment Conference

Jan. 21, 2021 -- AME Roundup 2021 -- virtual presentation

Q1 2020 -- drill results from 2020 program

Q1 2020 -- Resume drilling at AurMac property

Qualified person

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

COVID-19 update

Banyan has taken proactive measures to protect the health and safety of our employees and communities from COVID-19 and exploration activities in 2021 will have additional safety measures in place, following and exceeding all the recommendations made by the Yukon's chief medical officer.

About Banyan Gold Corp.

Banyan's primary asset AurMac is adjacent to Victoria Gold's new Eagle Gold mine, in Canada's Yukon Territory, which announced commercial production on July 1, 2020. The AurMac initial resource of 903,945 oz. Au was announced in May, 2020. The company's major strategic shareholders include Osisko Gold Royalties, Sprott Funds, Alexco Resource Corp. and Victoria Gold Corp. Banyan is focused on gold exploration projects that have the geological potential, size of land package and proximity to infrastructure that is 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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