Ms. Tara Christie reports

BANYAN DRILLS 116.4 METRES OF 0.75 G/T GOLD, INCLUDING MULTIPLE HIGH-GRADE INTERVALS, AT AURMAC PROPERTY, YUKON

Banyan Gold Corp. has released the first analytical results of diamond drilling from the 2020 exploration program at the Airstrip zone, AurMac property, Yukon.

Highlights of the Airstrip zone drill results to date include:

• 0.63 gram per tonne gold over 46 metres from 88.1 m in MQ-20-66;
• 0.75 gram per tonne gold over 116.4 m from 20.2 m in MQ-20-71;
• 0.52 gram per tonne gold over 38.7 m from 37.5 m in MQ-20-75;
• 0.75 gram per tonne gold over 32.5 m from 32.5 m in MQ-20-76;
• 0.82 gram per tonne gold over 20.5 m from 84.5 m in MQ-20-77;
• 0.64 gram per tonne gold over 65.2 m from 5.8 m in MQ-20-78.

"These results not only demonstrate the continuity of the AurMac gold deposit, but the long intervals will add meaningfully to the resource. Grades of up to 19.5 g/t Au have been reported to date, as well as multiple intercepts over three g/t Au," stated Tara Christie, president and chief executive officer. "We continue to methodically execute the AurMac exploration program, based on the application of our geological and resource models. We plan to drill late into the fall."

The results received to date have demonstrated a continuity of gold grade within the projected mineralized zone of the Airstrip deposit, both on strike and down dip. Long intervals of Airstrip-style grade (average of approximately 0.5 g/t Au) have been intersected repeatedly within these undrilled portions of the deposit and will serve to add to the geological and resource models. Importantly, these holes have extended the strike length of the mineral zone by approximately 300 metres to the west and down dip within the conceptual pit limits used to constrain the 2020 Airstrip mineral resource estimation.

High-grade highlights from the Airstrip zone include:

• 8.33 grams per tonne gold over 1.4 m in hole MQ-20-66;
• 3.22 grams per tonne gold over 0.9 m in hole MQ-20-70;
• 19.5 grams per tonne gold over 0.7 m in hole MQ-20-71;
• 3.13 grams per tonne gold over 1.6 m in hole MQ-20-71;
• 19.4 grams per tonne gold over 0.2 m in hole MQ-20-71;
• 3.94 grams per tonne gold over 1.0 m in hole MQ-20-71;
• 7.93 grams per tonne gold over 1.1 m in hole MQ-20-71;
• 3.07 grams per tonne gold over 0.3 m in hole MQ-20-74;
• 4.35 grams per tonne gold over 0.8 m in hole MQ-20-75;
• 4.16 grams per tonne gold over 0.3 m in hole MQ-20-75;
• 8.64 grams per tonne gold over 1.5 m in hole MQ-20-76;
• 7.11 grams per tonne gold over 1.0 m in hole MQ-20-77;
• 3.40 grams per tonne gold over 1.5 m in hole MQ-20-78.

The Airstrip zone is an on-surface/near-surface gold deposit open to resource expansion to the east, to the west and down dip, and represents an open-pit, bulk-tonnage target that is advantaged by: existing transportation infrastructure (main Yukon government highway system); the all-season road to Victoria Gold Corp.'s Eagle mine; three-phase power lines; and cellular communications. At a 0.2 g/t gold cut-off, the pit-constrained inferred mineral resources are 46 million tonnes at an average gold grade of 0.524 g/t for a total of 774,926 ounces of gold.

The 2020 phase 1 program included 3,578 metres (18 holes) at the Airstrip zone, with results pending for over half of the holes. An attached table summarizes the assay results received from Banyan's Airstrip zone.

Sections and further analysis of these holes will be provided when complete results from all adjacent holes are available. The time to receive analytical results has been longer than expected due to precautions and staffing related to COVID-19 at the laboratory, compounded with the high volume of samples being submitted to the Yukon preparation laboratory and the main Vancouver analytical laboratory. While the laboratories are working to improve turnaround times, with the drill program progressing into the fall, Banyan anticipates the current average turnaround time of two months to continue. Results from additional holes will be reported when full-hole results are available and quality control data have been verified. There are no results pending for hole MQ-20-069, as the drill hole was abandoned due to ground conditions.

Exploration update

The company has completed over 25 diamond holes, totalling over 5,000 metres, thus far this season at the AurMac property. Subsequent to the Airstrip zone phase of drilling, the Powerline zone has been the focus of exploration efforts, with over 1,400 metres drilled in seven holes to date. Assays remain pending for these holes.

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 36-element AQ200 analytical package with FA450 50-gram fire assay and AAS finish for gold on all samples. All core samples were split on site at Banyan's core processing facilities. Once split, one-half samples were placed back in the core boxes, with the other one-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 Bureau Veritas Minerals' Whitehorse preparatory laboratory, where samples are prepared and then shipped to Bureau Veritas Minerals' 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 2020 exploration drilling program and was monitored as chemical assay data became available.

Upcoming events

Upcoming events and registration details for them are listed at the company website and include:

• Aug. 20, 2020 -- hosted by Invest Yukon and 6ix;
• Sept. 22, 2020 -- hosted by Adelaide Capital;
• Mines and Money virtual conference -- Aug. 31, 2020, to Sept. 1, 2020;
• Precious Metals Summit Beaver Creek virtual conference -- Sept. 15, 2020, to Sept. 17, 2020.

Qualified person

Paul D. Gray, PGeo, vice-president of exploration, 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 2020 will have additional safety measures in place, following and exceeding all the recommendations made by the Yukon's chief medical officer.

About Banyan Gold Corp.

Banyan Gold's primary asset, AurMac, is adjacent to Victoria Gold's new Eagle gold mine, Yukon, Canada, which announced commercial production on July 1, 2020. The AurMac initial resource of 903,945 ounces of gold was announced in May, 2020. The company'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 the potential to become a mine. Banyan Gold's Yukon-based projects fit this model, and the company's objective is to gain shareholder value by advancing projects in the company's pipeline.

We seek Safe Harbor.