Ms. Tara Christie reports

BANYAN INTERSECTS 1.66 G/T GOLD OVER 16 METRES, POWERLINE DEPOSIT, AURMAC PROJECT, YUKON, CANADA

Banyan Gold Corp. has released the analytical results from 13 diamond drill holes from the Powerline deposit located on the company's AurMac project, Yukon. These holes were drilled in an area of the southern portion of the Powerline deposit, which had only been tested to approximately 100 metres depth during previous exploration efforts. The 2023 drill holes averaged 235 m and were able to demonstrate additive gold mineralization within these previously untested areas.

Assay highlights include:

• AX-23-455 -- 39.9 m of 0.60 gram per tonne gold from 61.6 m;
• AX-23-458 -- 34.2 m of 0.95 g/t gold from 33.5 m;
• AX-23-458 -- 16.1 m of 1.66 g/t gold from 85.8 m;
• AX-23-460 -- 70.0 m of 0.31 g/t gold from 10.0 m;
• AX-23-460 -- 37.4 m of 0.65 g/t gold from 165.7 m;
• AX-23-461 -- 90.3 m of 0.52 g/t gold from 10.0 m;
• AX-23-462 -- 61.5 m of 0.39 g/t gold from 72.1 m;
• AX-23-463 -- 144.5 m of 0.38 g/t gold from 8.5 m;
• AX-23-464 -- 115.0 m of 0.31 g/t gold from 27.0 m;
• AX-23-466 -- 59.4 m of 0.53 g/t gold from 72.1 m;
• AX-23-467 -- 73.7 m of 0.48 g/t gold from 90.1 m;
• AX-23-469 -- 65.1 m of 0.50 g/t gold from 27.2 m.

"These results confirm the consistency and tenor of the widespread on- and near-surface gold mineralization of the Powerline deposit, and, importantly, have extended the zone of mineralization to depth," stated Tara Christie, president and chief executive officer. "Not only will these assays serve to add gold ounces to the growing AurMac project, but also successfully demonstrate the ease with which the confidence of AurMac ounces can be increased."

Highlighted results from these holes are shown in an attached table.

The Powerline gold deposit is contained within a metasedimentary package consisting of predominately schists, quartzites and limestones of the Late Proterozoic to Cambrian Hyland group. Gold mineralization here is chiefly associated with low-angle quartz-sulphosalt-arsenopyrite veins seen crosscutting all lithologies, and is interpreted to be associated with a large, intrusion-related gold system typical of the Tombstone gold belt and Selwyn basin gold deposits.

2023 exploration update

Banyan initiated its 2023 exploration program on March 1, 2023. A total of 107 drill holes and 24,722 m of drilling have been completed to date, which together closed the gap between the Powerline and Aurex Hill deposits and will extend and demonstrate the extent of the Aurex Hill zone to the east. Assay results from 69 drill holes are pending.

Drill core processing will wrap up on site this week, with all drill core samples shipped to the lab. Processing and logging of core on site were delayed by various factors, including nearby forest fires and closed highway access.

Analytical method and quality assurance/quality control measures

All drill core splits reported in this news release were analyzed by MSA Canada of Langley, B.C., utilizing the aqua regia digestion ICP-MS 39-element IMS-116 analytical package with FAS-121 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 prepped by MSA personnel on site and then shipped to MSA's analytical laboratory in Langley, B.C., for pulverization and final chemical analysis. A robust system of standards, one-fourth core duplicates and blanks was implemented in the 2023 exploration drilling program and was monitored as chemical assay data became available.

About Banyan Gold Corp.

Banyan's primary asset, the AurMac project, is adjacent to Victoria Gold's Eagle gold mine, in Canada's Yukon. The updated mineral resources estimate for the AurMac project of 6.2 million ounces has an effective date of May 18, 2023.

The 173-square-kilometre AurMac property lies 30 kilometres from Victoria Gold's Eagle project and adjacent to Hecla Mining's high-grade Keno Hill silver mine. The property is transected by the main Yukon highway and the access road to Victoria Gold's open-pit, heap-leach Eagle gold mine. The AurMac property benefits from a three-phase powerline, existing power station and cellphone coverage. Banyan has a right to earn up to a 100-per-cent interest in both the Aurex and McQuesten properties, subject to certain royalties.

Qualified person

Paul D. Gray, PGeo, vice-president of exploration, a qualified person as defined under National Instrument 43-101 -- Standards of Disclosure for Mineral Projects, has reviewed and approved the content of this news release. Mr. Gray has verified the data disclosed in this press release, including the sampling, analytical and test data underlying the information.

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