10:38:21 EDT Sat 10 Apr 2021
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Banyan Gold Corp
Symbol BYN
Shares Issued 171,523,389
Close 2021-02-23 C$ 0.20
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Banyan Gold drills 63.5 m of 0.92 g/t Au at AurMac

2021-02-24 06:46 ET - News Release

Ms. Tara Christie reports

BANYAN GOLD DRILLS 0.92 G/T AU OVER 63.5 M AT AIRSTRIP, FURTHER EXPANDING GOLD MINERALIZATION BY 300M FROM EXISTING RESOURCE, AURMAC PROPERTY, YUKON

Banyan Gold Corp. has released the final 2020 exploration season diamond drill hole results from the Airstrip zone, AurMac property, Yukon.

Highlights from this final set of Airstrip results include:

  • 0.92 gram per tonne gold over 63.5 metres from 106.0 metres in MQ-20-86;
  • 0.89 g/t Au over 59.2 metres from 111.0 metres in MQ-20-87;
  • 0.62 g/t Au over 59.8 metres from 63.7 metres in MQ-20-93.

"Successful stepout drilling along strike to the east, west and downdip has shown that 2020 drilling added significantly to the mineralized volume of the Airstrip deposit and defined continuity of mineralization in all directions," stated Tara Christie, president and chief executive officer. "Significantly, MQ-20-66, MQ-20-67, MQ-20-86 and MQ-20-87 have identified the continuation of the Airstrip mineralized trend, which remains open downdip to the south and, in particular, to the west where the mineralization is showing consistent higher grade. We look forward to 2021 as a transformative year for the company. Drilling is slated to begin early in March, 2021, and it will be a very busy year for Banyan."

Drill holes MQ-20-85 to MQ-20-89 were located in West Airstrip to follow up on the promising results of MQ-20-66 and MQ-20-67, where noteworthy grade-width gold mineralization was encountered in phase 1 2020 drilling (news release dated Sept. 21, 2020). Consistent with the geological model, the target calcareous schist unit showed significant quartz-calcite-pyrrhotite alteration, a key indicator for gold mineralization at Airstrip. Importantly, 2020 drill results have extended the strike length of the mineral zone by approximately 300 m to the west and also downdip within the conceptual pit limits used to constrain the 2020 Airstrip mineral resource estimation. Further definition of the western strike extent of the Airstrip deposit will be a high-priority for 2021 exploration efforts as the deposit remains open to the west where a higher-grade trend is interpreted to exist.

Drill holes MQ-20-90 to MQ-20-93 were collared in East Airstrip to test areas downdip and east of well-mineralized 2019 drill results. All of these 2020 drill holes intersected gold mineralization within the target calcareous horizon, further validating the consistency and continuity of the Airstrip geological model. Mineralization remains open downdip and east of the current Airstrip deposit.

Drill hole MQ-20-84, an approximately one km stepout along the interpreted eastern strike extension of the favourable mineralized unit, successfully identified anomalous gold mineralization from surface to a depth of approximately 30 m, confirming the company's geological interpretation with the intersection of the target calcareous unit (greater than 200 m in width). There has been almost no exploration to the east of the Airstrip zone, and the results of hole MQ-20-84 confirms Banyan's interpretation that the eastern strike extension of Airstrip has the potential to host additional near-surface gold mineralization and warrants additional exploration follow-up.

       2020 HIGHLIGHTED DIAMOND DRILL ANALYTICAL RESULTS

Hole ID            From           To    Interval*           Au
                    (m)          (m)          (m)        (g/t)

MQ-20-84            6.5         13.1          6.6         0.79
including          11.0         12.5          1.5         2.41
and                21.1         29.5          8.4         0.30
including          27.8         28.2          0.4         1.87
MQ-20-85           86.5        116.0         29.5         0.42
including         102.0        103.5          1.5         2.13
including         104.5        105.5          1.0         1.78
and               125.6        130.0          4.4         0.68
including         127.5        127.9          0.4         2.08
MQ-20-86           19.1         22.0          2.9         2.74
and                79.0         89.5         10.5         0.60
and               106.0        169.5         63.5         0.92
including         111.9        112.8          0.9         2.80
including         132.2        134.5          2.3         1.58
including         142.0        143.0          1.0         1.81
including         152.0        154.0          2.0         3.33
including         156.0        158.0          2.0         1.36
including         159.0        160.0          1.0         1.27
including         162.0        164.5          2.5         6.70
including         167.7        168.2          0.5         6.24
MQ-20-87          111.0        170.2         59.2         0.89
including         126.8        130.5          3.7         2.04
including         145.5        147.0          1.5         1.08
including         155.0        159.5          4.5         3.97
including         162.5        164.0          1.5         1.63
including         168.0        168.9          0.9         2.73
and               182.0        186.7          4.7         2.03
MQ-20-88           58.5         96.9         38.4         0.22
and               115.0        160.3         45.3         0.48
including         115.0       116.25         1.25         2.61
including         127.5        129.0          1.5         3.57
including         159.5        160.3          0.8         2.71
MQ-20-89           68.5         92.0         23.5         0.30
including          81.7         83.0          1.3         1.87
and               126.5        163.4         36.9         0.56
including         126.5        127.2          0.7         6.07
including         145.2        146.4          1.2         1.95
including         150.1        150.9          0.8         2.79
including         162.1        162.3          0.2         7.70
including         163.1        163.4          0.3         10.5
MQ-20-90           43.8        113.6         69.8         0.24
including          43.8           45          1.2         1.85
including          92.0         92.6          0.6         1.24
including          95.5         97.0          1.5         1.71
and               181.5        186.9          5.4         0.30
including         186.2        186.9          0.7         1.45
MQ-20-91          134.1        186.2         52.1         0.30
including         134.1        135.6          1.5         1.62
including         137.8        138.8          1.0         4.59
including         141.6        142.4          0.8         1.44
including         145.1        145.5          0.4         2.68
including         186.1        186.2          0.1         1.47
and               206.1        215.2          9.1         0.26
MQ-20-92          130.7        146.0         15.3         0.55
including         130.7        133.0          2.3         1.97
including         141.6        143.0          1.4         1.06
and               156.4        170.9         14.5         0.39
including         168.1        170.9          2.8         1.49
and               213.5        239.8         26.3         0.23
MQ-20-93           63.7        123.5         59.8         0.62
including          74.2         76.7          2.5         2.05
including          83.8         85.3          1.5         1.97
including         106.3        107.7          1.4         16.3

* True widths are estimated to be greater than 90 per cent 
of the reported intervals.

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

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 (APAC);
  • May 13, 2021 -- Mines and Money Roadshow (EMEA);
  • 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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