BYN.V · 2022-05-17 12:00:00

Banyan Announces 4 Million Ounce GOLD Mineral Resource Estimate FOR the Aurmac Property, Yukon, Canada

Resource Estimates

BANYAN ANNOUNCES 4 MILLION OUNCE GOLD MINERAL

RESOURCE ESTIMATE FOR THE AURMAC PROPERTY,

YUKON, CANADA

May 17, 2022 TSX-V: BYN | OTCQB: BYAGF

VANCOUVER, B.C., May 17, 2022, Banyan Gold Corp. (the "Company" or "Banyan") (TSX-V:

BYN) (OTCQB: BYAGF ) is pleased to announce an updated mineral resource estimate (the

“Resource Estimate”) prepared for the Company’s AurMac Property located in the Mayo Mining

district, approximately 56 kilometres (‘kms”) northeast from Mayo, Yukon and 356 kms north of

Whitehorse, Yukon (the “AurMac Property”).

The updated Resource Estimate comprises a total inferred mineral resource of 3,990,000 ounces

of gold (Table 1) on the road accessible AurMac Property.

This pit constrained mineral resource is contained in three near/on-surface deposits: the Airstrip,

Powerline and Aurex Hill deposits. The Resource Estimate is summarized below in Table 1 and

shown on Figure 1.

“This Resource Estimate demonstrates the value generated by Banyan with 40,000 metres of

drilling adding over 3 million ounces of inferred mineral resources. All three deposits are open,

with mineralization known to extend beyond the current block model boundaries.” stated Tara

Christie, President and CEO. “Examining the Airstrip and Powerline Mineral Resource model

highlights their robust nature; when the cut-off grades are increased by 50%, to 0.3g/t, just

10% of the ounces are reduced; while the grade increases by 20% to an average of 0.72 g/t.

We are confident the 30,000 metres that the Company plans to drill in 2022 will meaningfully

continue to build upon this Resource Estimate."

Table 1: Pit-Constrained Inferred Mineral Resources – AurMac Property

Deposit Au Cut-Off

g/t

Tonnage

M Tonnes

Average Au

Grade

g/t

Au Content

k oz.

Airstrip 0.2 42.5 0.64 874

Powerline 0.2 152.0 0.59 2,898

Aurex Hill 0.3 12.5 0.53 215

Total Combined 0.2 - 0.3 207.0 0.60 3,990

Notes to Table 1:

1. The effective date for the Resource Estimate is May 13, 2022.

2. Mineral resources which are not mineral reserves do not have demonstrated economic viability.

The Resource Estimate may be materially affected by environmental, permitting, legal, title,

taxation, sociopolitical, marketing, changes in global gold markets or other relevant issues.

3. The definitions of inferred mineral resources that are contained in the Definition Standards of the

Canadian Institute of Mining, Metallurgy and Pe troleum (“CIM Definition Standards”), which are

incorporated by reference into National Instrument 43 -101, Standards of Disclosure for Mineral

Projects (“NI 43-101”) were followed to classify the mineral resources in the Resource Estimate.

The quantity and grade of reported inferred mineral resources in this estimation are uncertain in

nature and there has been insufficient exploration to define these inferred mineral resources as an

indicated mineral resource and it is uncertain if further exploration will result in upgrading them to

an indicated or measured mineral resource category.

4. Mineral resources are reported at a cut-off grade of 0.2 g/t Au for the Airstrip and Powerline deposits

and 0.3 g/t Au for the Aurex Hill deposits, using a US$/CAN$ exchange rate of 0.75 and constrained

within an open -pit shell optimized with the Lerchs -Grossman algorithm to constrain the Mineral

Resources with the following estimated parameters: gold price of US $1,700/ounce, US$2.50/t

mining cost, US$5.50/t processing cost, US$2.00/t G+A, 80% heap leach recoveries, and 45° pit

slope. The gold price and cost assumptions are consistent with current pricing assumptions and

costs, and in particular are consistent with those employed for recent technical reports for similar

pit-constrained Yukon gold projects.

5. The number of tonnes was rounded to the nearest hundred thousand. The number of ounces was

rounded to the nearest thousand and final result to three significant figures. Any discrepancies in

the totals are due to rounding effects.

Figure 1: Plan map showing the Resource Estimate extents, drill collar locations and extent

of interpreted mineralization.

The updated Resource Estimate for the AurMac Property was prepared by Marc Jutras, P.Eng.,

M.A.Sc., Principal, Ginto Consulting Inc., an independent Qualified Person in accordance with the

requirements of NI 43 -101. Mr. Jutras is preparing a technical report supporting the Resource

Estimate (the “Technical Report”) in accordance with the requirements of NI 43-101, which will be

filed on SEDAR at www.sedar.com within forty-five (45) days of the date of this release.

Detailed images of the Mineral Resource model, including an interactive 3D model, a video on

this News Release and additional information can be found at:

https://www.banyangold.com/projects/aurex-mcquesten/

About the AurMac Property

The AurMac Property is comprised of the Aurex and McQuesten properties , as well as claims

staked and owned 100% by Banyan. Banyan currently owns fifty-one (51%) percent of the Aurex

and McQuesten properties and has the right to earn up to a 100% interest in the properties from

Victoria Gold Corp. (TSX: VGCX) (“Victoria Gold ”) under option agreements (the “ Option

Agreements”) for cash or share payments to be completed by 2027 and delivery of a Preliminary

Economic Assessment by December 2025. Upon earning a 100% interest in the Aurex and

McQuesten properties, the Company will grant to Victoria Gold a 6 % royalty on gold, which can

be bought down to 1% for $7 Million dollars per property. See news releases of the Company

dated May 3, 2022, December 13, 2019, July 9, 2019 and May 25, 2017 for further details

regarding the Aurex Option Agreement and McQuesten Option Agreement. The AurMac Property

was formerly referred to as the Aurex-McQuesten property in previous Company disclosure.

The 173 sq km AurMac Property lies 40 km from Victoria Gold's Eagle Project, an open-pit heap

leach mine, and adjacent to the Keno Hill Silver District operated by Alexco Resource Corporation

(“Alexco”). The property is located adjacent to the main Yukon highway and just off the main

access road to Victoria Gold. The AurMac Property benefits from a 3 -phase powerline, existing

Yukon Energy Corp. switching power station and cellular phone communications.

The Airstrip, Powerline and Aurex Hill deposits contained within the AurM ac Property are all

on-surface and near-surface deposits and potentially open-pit mineable, with expected low strip

ratios.

Airstrip Deposit

The Airstrip deposit is delineated by 131 drill holes, representing an increase of 29 drill holes from

the initial mineral resource estimate published on May 25, 2020. Topographic control was from a

detailed LiDAR survey dataset.

There are several geologic controls on gold mineralization as per the current geologic

understanding of the Airstrip deposit. The Airstrip lithological model is made of eight units mainly

oriented east-west, with six of the units dipping at approximately 40° to the south. The bulk of the

Inferred Mineral Resources are hosted within the calcareous package, a roughly 90 -metre-thick

zone that strikes east west and dips approximately 40° to the south.

The most common sampling length of the Airstrip deposit (approximately 45% of the sample data)

is 1.5 m; and composites were constructed at this interval. Capping of high -grade outliers was

based on lithological domains and varied from 2.0 g/t Au to 9.0 g/t Au.

The estimation of gold grades into a block model was carried out with the Ordinary Kriging

technique on capped composites and the resultant block model contains a block size of 5m

(easting) x 5m (northing) x 5 m (elevation), sub -blocked to 1m (easting) x 1m (northing) x 1m

(elevation). Density was calculated from a total of 418 measurements from the drill core. The

average density per lithology type was assigned to the corresponding blocks.

At a 0.20 g/t Au cut-off, the pit-constrained, inferred mineral resources are 42.5 million tonnes at

an average gold grade of 0.64 g/t for a total of 874,000 ounces of gold. Cut-off grade sensitivities

for the Airstrip deposit are presented in Table 2.

Table 2: Pit-Constrained Inferred Mineral Resources – Airstrip Deposit

Au Cut-Off

g/t

Tonnage

Tonnes

Average Au Grade

g/t

Au Content

oz.

0.10 59,592,838 0.498 954,145

0.15 49,991,955 0.570 916,149

0.20 42,487,141 0.640 874,236

0.25 36,280,732 0.711 829,348

0.30 31,037,194 0.785 783,327

0.35 26,800,362 0.858 739,297

0.40 23,305,113 0.931 697,577

0.45 20,469,558 1.001 658,770

0.50 17,928,276 1.075 619,638

Notes to Table 2:

1. The effective date for the Resource Estimate is May 13, 2022.

2. Mineral resources which are not mineral reserves do not have demonstrated economic viability.

The Resource Estimate may be materially affected by environmental, permitting, legal, title,

taxation, sociopolitical, marketing, changes in global gold markets or other relevant issues.

3. The CIM Definition Standards were followed for the classification of inferred mineral resources in

the Resource Estimate. The quantity and grade of reported inferred mineral resources in this

estimation are uncertain in nature and there has been insufficient exploration to define these

inferred mineral resources as an indicated mineral resource and it is uncertain if further exploration

will result in upgrading them to an indicated or measured mineral resource category.

4. Mineral resources are reported at a cut-off grade of 0.2 g/t Au, using a US$/CAN$ exchange rate

of 0.75 and constrained within an open-pit shell optimized with the Lerchs-Grossman algorithm to

constrain the mineral resources with the following estimated parameters: gold price of

US$1,700/ounce, US$2.50/t mining cost, US$5.50/t processing cost, US$2.00/t G+A, 80% heap

leach recoveries, and 45° pit slope.

Powerline Deposit

The drill data for the Powerline deposit is comprised of 166 drill holes, representing an increase

of 151 drill holes from the previously disclosed mineral resource estimate of May 25, 2020. The

drill hole database has a cut-off date of April 25, 2022.

There are several geologic controls on gold mineralization as per the current geologic

understanding of the Powerline deposit. The Powerline mineralization model is made of 7 parallel and

slightly undulating mineralized zones. These zones are trending east-west with a slight plunge of

5° to the west and dip of 10° to the north. The bulk of the Inferred Mineral Resources are hosted

within quartz veins dipping to 15 degrees toward 335 degrees.

The most common sampling length of the Powerline deposit (approximately 60% of the sample

data) is 1.5 m. The 1.5 m length was selected as the composite length and is based on the most

common sampling length as well as on the envisioned block height of 5m. Capping of high-grade

outliers was carried out for each mineralized zone and ranged from 4.0 g/t Au to 12.0 g/t Au.

The estimation of gold grades into a block model was carried out with the Ordinary Kriging

technique on capped composites with the resultant block model containing a block size of 5 m

(easting) x 5 m (northing) x 5 m (elevation), sub -blocked to 1 m (easting) x 1 m (northing) x 1 m

(elevation).

At a 0.20 g/t Au cut -off, the pit-constrained, inferred mineral resources are 152 million tonnes at

an average gold grade of 0.59 g/t for a total of 2,898,000 ounces of gold. Cut-off grade sensitivities

for the Powerline deposit are presented in Table 3.

Table 3. Pit-Constrained Inferred Mineral Resources – Powerline Deposit

Au Cut-Off

g/t

Tonnage

tonnes

Average Au Grade

g/t

Au Content

oz.

0.10 190,905,921 0.503 3,087,297

0.15 172,955,984 0.542 3,013,879

0.20 151,984,708 0.593 2,897,648

0.25 133,368,315 0.644 2,761,401

0.30 114,974,053 0.704 2,602,337

0.35 99,180,749 0.764 2,436,193

0.40 85,881,004 0.825 2,277,939

0.45 73,227,267 0.894 2,104,754

0.50 62,852,644 0.963 1,945,991

Notes to Table 3: