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Banyan Gold Corp
Symbol BYN
Shares Issued 171,523,389
Close 2021-03-05 C$ 0.175
Market Cap C$ 30,016,593
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Banyan Gold starts drilling at AurMac

2021-03-08 06:46 ET - News Release

Ms. Tara Christie reports

BANYAN GOLD COMMENCES 2021 DRILL EXPLORATION PROGRAM AT AURMAC PROPERTY, YUKON

Banyan Gold Corp. has commenced the 2021 exploration program at its flagship AurMac property, located in the Mayo mining district, Yukon, Canada. The primary objectives of the 15,000-metre drill program planned for the AurMac property are to expand the resource at both the Airstrip and Powerline zones and advance the Aurex Hill zone toward an initial mineral resource.

"We are excited to commence this year's AurMac drilling program early and with a healthy treasury," stated Tara Christie, president and chief executive officer. "The 2021 drill program will pick up right where the 2020 drill program left off as we continue to significantly add value to the AurMac property by expanding the current resources. Continued growth of the Airstrip, Powerline and Aurex Hill mineralization and proving the extent of mineralization are key deliverables. We look forward to 2021 as a transformative year for the company."

In 2020, the Airstrip stepout drilling showed that the favourable host rock for gold mineralization was identified in every drill hole and that gold mineralization continued to show preferred trends within this calcareous unit. Stepout drilling to the south of the Powerline resource identified a notable increase in quartz-vein-hosted gold mineralization. This sheeted vein system was observed in every hole between Powerline and Aurex Hill, over a 2.5-kilometre extent, suggesting a much larger system of gold mineralization than previously recognized in the area.

Results of drill holes AX-20-58 to AX-20-65 from the 2020 exploration season remain pending and the results to date continue to validate the AurMac geological model.

Banyan will continue work to the high safety standards of operations set to date and respect for the land in the traditional territory of the first nation of Nacho Nyak Dun.

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.

Coming events and catalysts:

  • Q1 2020 -- drill results from 2020 program;
  • Q1 2020 -- resume drilling at AurMac property;
  • March 1 to March 5, 2021 -- Bank of Montreal on-line conference;
  • March 8 to March 11, 2021 -- Prospectors & Developers Association of Canada virtual convention -- Banyan booth;
  • March 8 to March 11, 2021 -- PDAC core shack;
  • March 9 to March 10, 2021 -- PDAC one-on-one virtual convention (in partnership with Precious Metals Summit);
  • March 17, 2021 -- European Family Office investor event;
  • March 30, 2021 -- webinar with Adelaide Capital;
  • May 6, 2021 -- Mines and Money Roadshow (Asia-Pacific);
  • May 13, 2021 -- Mines and Money Roadshow (Europe, Middle East and Africa);
  • May 20, 2021 -- Mines and Money Roadshow (Americas).

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 2021 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.

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