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Banyan Gold Corp
Symbol BYN
Shares Issued 130,818,915
Close 2020-01-16 C$ 0.07
Market Cap C$ 9,157,324
Recent Sedar Documents

Banyan Gold drills 24.5 m of 1.34 g/t Au at Aurex

2020-01-17 06:39 ET - News Release

Ms. Tara Christie reports

BANYAN GOLD INTERSECTS 24.5 METRES OF 1.34 G/T AND DEFINES WIDESPREAD GOLD MINERALIZATION AT POWERLINE ZONEA AUREX-MCQUESTEN GOLD PROJECT, YUKON

Banyan Gold Corp. has released assay results from the seven diamond drill holes collared in the phase 2, 2019 exploration campaign at the Powerline zone on the company's Aurex-McQuesten gold project near Mayo, Yukon. These seven holes totalled 871 metres as stepout drill fences from the Powerline Discovery holes (see company news release of Sept. 3, 2019); and defined broad intervals of near- and on-surface gold mineralization akin to the Airstrip zone located just over one kilometre north of Powerline.

Powerline zone mineralization has been shown to be similar to the Airstrip zone with broad subgram gold intervals; however, within these near-surface intervals, higher-grade horizons are evident and provide compelling targets for exploration follow-up.

Powerline zone phase 2 drill hole result highlights:

  • 97.9 metres of 0.49 gram per tonne gold in AX-19-39 including 24.5 metres of 1.34;
  • 78.5 metres of 0.35 g/t Au in AX-19-36;
  • 45.5 metres of 0.47 g/t in AX-19-40.

Higher-grade intervals of note include:

  • 13.4 metres of 0.78 g/t Au in AX 19-34;
  • 1.5 metres of 4.57 g/t Au in AX-19-35;
  • 4.3 metres of 2.05 g/t Au in AX-19-36;
  • 1.5 metres of 5.68 g/t Au in AX-19-39.

"Gold mineralization at the newly discovered Powerline zone is extensive, starting from surface, and is open in all directions from the limited 250-metre-by-250-metre area drill tested to date. The gold grade increasing to the north, in hole AX-19-39, is highly encouraging," stated Tara Christie, president and chief executive officer of Banyan. "These latest results have greatly aided interpretation of lithology, structure and gold mineralization controls in this new zone. The goal of the 2019 program was to build potentially open-pit extractable gold ounces at both the Powerline and Airstrip zones, located only one kilometre from each other; and that has been successfully achieved."

Full results from 2019 drilling at the Powerline zone, are shown in the associated table. Phase 1 holes AX-19-30 through 34 have been included in this table and with reinterpreted mineralized intervals based on phase 2 drilling results. The 2019 phase 2 holes are AX 19-34 to AX 19-40 and cover a drill-tested area to the east, west and north of the phase 1 discovery holes and represent the first-ever systematic assessment of the mineral potential of this area.

                    2019 POWERLINE DRILL HOLE RESULTS

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

AX-19-30               25.9            135.6            109.7             0.36
or                     25.9             30.5              4.6             2.89
including              25.9             27.4              1.5             8.19
and                    44.2             67.3             23.1             0.62
including              44.2             51.6              7.4             1.46
and                   116.3            116.4              0.1             1.59
and                   128.0            129.7              1.7             1.79
and                   134.1            135.6              1.5             1.51
AX-19-31               11.7             86.5             74.8             0.54
Or                     11.7             16.8              5.1             0.57
and                    30.5             41.2             10.7             0.71
including              11.7             13.8              2.1             1.16
and                    64.0             86.5             22.5             1.21
including              64.0             65.5              1.5             1.34
including              71.6             72.0              0.4             48.1
including              75.4             76.9              1.5             0.93
including              82.2             83.2              1.0             2.39
AX-19-32               13.3             30.8             19.5              0.4
AX-19-33               44.2             91.4             47.2             0.64
or                     44.2             59.4             15.2             0.71
including              44.2             46.4              2.2             1.12
including              49.6             53.8              4.2             1.24
including              56.0             56.3             0.33             3.59
and                    74.8             91.4             16.6             1.10
including              82.2             83.8              1.6             4.51
including              86.0             87.9              1.9             2.08
including              90.1             91.4              1.3             3.12
AX-19-34               43.6             96.3             52.7             0.31
or                     43.6             57.0             13.4             0.78
including              48.1             49.6              1.5             3.39
including              50.4             51.8              1.4             2.03
and                    83.5             96.3             12.8             0.33
AX-19-35                3.7            105.4            101.7             0.33
or                      3.7             18.2             14.5             0.90
including               3.7              4.7              1.0             1.64
including              15.4             16.8              1.4             7.26
and                    53.2            105.4             52.2             0.36
including              53.2             54.6              1.4             1.30
including             101.5            103.0              1.5             4.57
including             104.4            105.4              1.0             1.34
Ax-19-36               13.4             91.9             78.5             0.35
or                     13.4             42.4             29.0             0.54
including              22.7             24.0              1.3             1.89
including              38.1             42.4              4.3             2.05
and                    65.7             77.1             11.4             0.75
including              70.0             72.9              2.9             2.36
and                    90.4             91.9              1.5             0.96
AX-19-37               41.9            109.0             67.1             0.21
or                     41.9             51.3              9.4             0.45
including              41.9             43.0              1.1             1.70
and                    63.6             81.6             18.0             0.29
including              70.1             71.5              1.4             1.26
and                   107.5            109.0              1.5             1.87
AX-19-38               29.9            122.1             92.2             0.26
or                     29.9             45.3             15.4             0.44
including              30.7             32.2              1.5             2.18
and                    83.6            122.1             38.5             0.37
including             101.1            102.5              1.4             1.15
including             109.4            110.9              1.5             2.08
AX-19-39                5.6            103.5             97.9             0.49
or                      5.6             11.2              5.6             0.88
including               8.8             11.2              2.4             1.81
and                    16.0             40.5             24.5             1.34
including              17.2             18.3              1.1             1.89
including              19.5             21.0              1.5             1.77
including              22.5             24.0              1.5             1.08
including              33.0             34.5              1.5             1.07
including              37.9             39.0              1.1             1.12
and                    46.5             78.0             31.5             0.64
including              46.5             48.0              1.5             5.68
including              70.8             72.3              1.5             1.99
and                    84.0            103.5             19.5             0.39
including              84.0             85.5              1.5             1.12
including             102.0            103.5              1.5             2.41
AX-19-40               18.0             63.5             45.5             0.47
or                     18.0             30.4             12.4             0.52
including              18.0             19.0              1.0             1.20
including              27.5             29.0              1.5             1.31
and                    37.3             48.4             11.1             0.97
including              38.5             40.0              1.5             2.14
including              44.9             48.4              3.5             1.55
and                    62.0             63.5              1.5             2.10
  
* True widths are not known at this time.

Phase 1 holes AX-19-30 to 34 have been included in the table and are reinterpreted based on the new geological interpretation developed from phase 2 drilling. The 2019 phase 2 holes are 19-34 to AX 19-40.

The 2019 Powerline drill holes are hosted in the Yusezyu formation of the Hyland group sediments. These Proterozoic-aged, host rocks to the Powerline gold mineralization are juxtaposed against the younger Sourdough formation of the Keno Hill quartzite, which is host to the Airstrip zone gold mineralization. Interpretation of the drill results from the phase 2 Powerline program indicates a gold grade increase to the north, toward the regional-scale Robert Service thrust, which lies between the Airstrip zone and the Powerline zone.

A set of plan maps and sections to accompany this news release will be made available on the company website.

About Aurex-McQuesten

The Aurex-McQuesten property is just 40 km from Victoria Gold Corp.'s Eagle gold mine and adjacent to Alexco Resource Corp.'s highly mineralized Keno Hill silver. The Airstrip and Powerline zones are located just off the main Yukon government highway between Mayo and Keno. The property has numerous historic exploration roads and trails and has cellphone coverage. The three-phase power line from the hydroelectric dam in Mayo passes through the property, as well as, the switching station and spur power line to Victoria Gold. There is an existing airstrip on the property and the Mayo airport is a 20-minute drive on the highway from the property.

Technical information

The technical information in this news release has been reviewed and approved by Paul D. Gray, PGeo, a qualified person as defined by National Instrument 43-101.

Analytical method

All drill core and trench samples collected from the 2019 Aurex-McQuesten 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 in Elsa, Yukon. 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 2019 exploration drilling program and was monitored as chemical assay data became available.

About Banyan Gold Corp.

Banyan Gold 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. The company's Yukon-based projects both fit this model and the company's objective is to gain shareholder value by advancing projects in its pipeline.

We seek Safe Harbor.

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