Ms. Tara Christie reports

BANYAN INTERSECTS 0.95 G/T GOLD OVER 35.7 METRES, AUREX HILL DEPOSIT, AURMAC PROJECT, YUKON, CANADA

Banyan Gold Corp. has released analytical results from the remaining drill holes of the 2023 drill program which consisted of 24,700 metres of diamond drilling from 107 holes on the company's AurMac project, Yukon.

Assay highlights from these results include:

• AX-23-449: 41.3 m of 0.51 gram per tonne gold from 118.6 m;
• AX-23-454: 25.6 m of 0.82 g/t gold from 21.6 m;
• AX-23-465: 54.3 m of 0.56 g/t gold from 33.5 m;
• AX-23-478: 70.4 m of 0.41 g/t gold from 124.1 m;
• AX-23-481: 37.3 m of 0.71 g/t gold from 168 m;
• AX-23-495: 57.3 m of 0.49 g/t gold from 81.5 m;
• AX-23-500: 95.7 m of 0.29 g/t gold from 145.8 m;
• AX-23-501: 114 m of 0.34 g/t gold from 117.7 m;
• AX-23-506: 152.1 m of 0.31 g/t gold from 47.1 m;
• AX-23-507: 35.7 m of 0.95 g/t gold from 24.4 m;
• AX-23-508: 127.1 m of 0.37 g/t gold from 49.1 m;
• AX-23-511: 98 m of 0.29 g/t gold from 90.1 m;
• AX-23-517: 106.3 m of 0.35 g/t gold from 43.1 m.

Drill results continue to be consistent with previous exploration at the Powerline and Aurex Hill deposits and the deposits remain open to gold mineralization expansion in all directions and to depth. The program was also designed to begin to test potential mineralization bounds to identify locations for infrastructure as the project is advancing.

"With three drill seasons since our initial resource in 2020, Banyan has taken the resource at AurMac to 6.2 million ounces, demonstrating the strength and size of the mineralized gold system," stated Tara Christie, president and chief executive officer. "This year's drilling, post the 2023 resource update, continues to expand the mineralized footprint and importantly has confirmed that Powerline and Aurex Hill deposits are connected and will be combined in subsequent resources as the Powerline deposit."

The Powerline and Aurex Hill gold deposits are contained within a metasedimentary package which consists predominately of schists, quartzites and limestones of the Late Proterozoic to Cambrian Hyland group. Gold mineralization is primarily associated with low-angle quartz-sulphosalt-arsenopyrite veins which crosscut 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.

Coming events:

• Metals Investor Forum Vancouver, Jan. 19 to 20, 2024:
  • Corporate presentation: Jan. 19, 12:10 p.m. PST.
• Tombstone Belt Breakfast -- Fireside Chat -- Vancouver, Jan. 22, 2024:
  • 7 a.m. to 9 a.m. PST.
• Vancouver Resource Investment Conference 2024, Jan. 21 to 22, 2024:
  • Exhibitor booth 103-105;
  • Corporate presentation, Jan. 21, 2:50 p.m. PST, Workshop 3;
  • Tombstone gold belt panel, Jan. 22, 10 a.m. PST, Invest Yukon Pavilion;
  • Corporate update: Jan. 22, 10:30 a.m. PST, Invest Yukon Pavilion.
• AME Roundup, Jan. 22 to 25, 2024:
  • Core Shack: Jan. 24 to 25.
• CEM Whistler Capital Event, Feb. 9 to 11, 2024;
• BMO 33rd Global Metals, Mining & Critical Minerals Conference, Feb. 25 to 28, 2024.

Analytical method and quality assurance/quality control measures

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 were 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 either the Bureau Veritas, Whitehorse, preparatory laboratory where samples were prepared and then shipped to Bureau Veritas's analytical laboratory in Vancouver, B.C., for pulverization and final chemical analysis or MSALABS on-site preparatory laboratory where samples were prepared and then shipped to MSALABS in Langley, B.C., for 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.

Eighteen drill hole core splits reported in this news release (AX-23-437, -449, -454, -456, -465, -468, -471, -473, -478 to -480, -482, -486, -500, -501, -506, -508, -518) were analyzed by MSALABS of Langley, B.C., utilizing the aqua regia digestion inductively coupled plasma mass spectrometry 39-element IMS-116 analytical package with FAS-121 50-gram fire assay with atomic absorption spectroscopy finish for gold on all samples. The remainder of the 44 drill hole core splits reported in this news release were analyzed by 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.

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 (MRE) for the AurMac project of 6.2 million ounces has an effective date of May 18, 2023.

Qualified persons

Paul D. Gray, PGeo, is a qualified person as defined under National Instrument 43-101 -- Standards of Disclosure for Mineral Projects, and 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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