Banyan Announces Expansion of Aurmac Property and Acquisition of the Nitra Property, Yukon
BANYAN ANNOUNCES EXPANSION OF AURMAC PROPERTY AND ACQUISITION
OF THE NITRA PROPERTY, YUKON
September 9, 2020 TSX-V: BYN
VANCOUVER, September 9, 2020, Banyan Gold Corp. (the "Company" or "Banyan") (TSX-V:
BYN) is pleased to announce that it has staked an additional 401 claims situated immediately
adjacent and contiguous to the AurMac Property; significantly expanding the AurMac footprint
from 92 square kilometres to 156 square kilometres.
Concurrently, Banyan identified and staked a new package of land located 5 km to the west of
the AurMac Project, which based on prospecting exhibits similar geological potential . The new
property has been named the Nitra Property and comprises 593 claims and 117 square
kilometres.
“Banyan has now expanded our land position to over 270 square kilometres of highly prospective
ground that fits the application of our geological model developed and utilized to successfully
unlock near surface gold resources at Airstrip and Powerline”, stated Tara Christie, President and
CEO, “The Mayo Mining District is an extremely prospective and active mining camp, and Banyan
intends to be a leader in the advancement of mineral resources in the area.”
The newly staked expansion to AurMac and the Nitra properties are 100% owned by Banyan.
Banyan selected the name Nitra to hono ur the First Nation of Nacho Nyak Dun , within whose
Traditional Territory the AurMac and Nitra Properties are located. Nitra is from the Northern
Tuchone language, the ancestral language of the First Nation of Nacho Nyak Dun and means
“respect”.
Upcoming Events:
Upcoming events and registration details for them are listed on the Company website and include:
Webinars:
September 29nd, 2020 - 2pm Est. Hosted by Adelaide Capital (*Note: change of date)
Precious Metals Summit Beaver Creek, Virtual Conference - September 15-17, 2020
Presentation: Wed, Sep 16 at 15:30-15:45
Qualified Person
Paul D. Gray, P.Geo., Vice President of Exploration for the Company, is a “qualified person” as
defined under NI 43-101 and has reviewed and approved the content of this news release.
COVID-19 Update
Banyan has taken proactive measures to protect the health and safety of our employees and
communities from COVID 19 and exploration activities in 2020 have additional safety measures
in place and are adapted as needed, following and exceeding all the recommendations made by
the Yukon’s Chief Medical Officer.
About Banyan
Banyan's primary asset AurMac is adjacent to Victoria Gold's new Eagle Gold Mine, in Canada’s
Yukon Territory, which announced commercial production on July 1, 2020. The AurMac initial
resource of 903,945 oz. Au (see Table 1 below) was announced in May 2020. Our major strategic
shareholders include Osisko Gold Royalties, Sprott Funds, Alexco Resource Corp, and Victoria
Gold Corporation. Banyan is focused on gold exploration projects that have the geological
potential, size of land package and proximity to i nfrastructure that is advantageous for a mineral
project to have potential to become a mine. Our Yukon based projects both fit this model and our
objective is to gain shareholder value by advancing projects in our pipeline.
The 156 sq. km AurMac Property lies 30km from Victoria Gold's Eagle Project and adjacent to
Alexco 's Keno Hill Silver District and is highly prospective for structurally controlled, intrusion
related gold-silver mineralization. The property is located adjacent to the main Yukon highway
and just off the main access road to the Victoria Gold open-pit, heap leach Eagle Gold mine. The
AurMac Property benefits from a 3 -phase powerline, existing Yukon Energy Corp. switching
power station and cell phone coverage. Banyan has optioned the properties from Victoria Gold
and Alexco respectively with a right to earn up to a 100% interest subject to royalties.
The 2020 Initial Mineral Resource Estimate prepared in accordance with National Instrument 43-
101 (“NI 43 -101”) gui delines for the AurMac Property is 903,945 ounces of gold. It is a near
surface, road accessible pit constrained Mineral Resource contained in two near/on -surface
deposits: The Airstrip and Powerline deposits. The Mineral Resource is summarized in Table 1
below.
Table 1: Pit -Constrained Inferred Mineral Resources at a 0.2 g/t Au Cut -Off – AurMac
Property
Deposit Classification Tonnage
Tonnes
Average Au
Grade
g/t
Au Content
oz.
Airstrip Inferred 45,997,911 0.524 774,926
Powerline Inferred 6,578,609 0.610 129,019
Total Combined Inferred 52,576,520 0.535 903,945
Notes to Table 1:
1. The effective date for the Mineral Resource is May 25, 2020.
2. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. The estimate of Mineral
Resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, changes
in global gold markets or other relevant issues.
3. The CIM definitions were followed for classification of Mineral Resources. The quantity and grade of reported inferred
Mineral Resources in this estimation are uncertain in nature and there has been insufficient explo ration 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$1,500/ounce, US$1.50/t mining cost, US$2.00/t processing cost, US$2.50/t G +A,
80% heap leach recoveries, and 45° pit slope1
5. Mineral Resource Estimate prepared in accordance with NI 43-101 guidelines by Marc Jutras, P.Eng., M.A.Sc., Principal,
Ginto Consulting Inc, with technical report filed July 7,2020.
The Hyland Gold Project, located 70km NE of Watson Lake, Yukon, along the southeast end of
the Tintina Gold Belt is a sediment hosted, structurally controlled, intrusion related gold deposit,
with a large land package (over 125 sq. km), with the resource contained in the Main Zone area
(900x600m) daylighting at surface and numerous other known surface gold targets. The Main
Zone oxide zone is amenable to heap leach open pit mining, with column leac h recoveries of
86%. The project has an existing gravel access road.
Table 2 shows the Hyland Main Zone Indicated Gold Resource Estimate, prepared in accordance
with NI 43 -101, at a 0.3 g/t gold equivalent cutoff, contains 8.6 million tonnes grading 0.85 g/t
AuEq for 236,000 AuEq ounces with an Inferred Mineral Resource of 10.8 million tonnes grading
0.83 g/t AuEq for 288,000 AuEq ounces. NI 43-101 prepared by Robert Carne, Allan Armitage
and Paul Gray on May 1, 2018.
Table 2: Hyland Main Zone Indicated Gold Resource Estimate
Cut-off
Grade
(AuEq g/t)
In situ Tonnes
Au Ag AuEq
Grade
(g/t) Ozs Grade
(g/t) Ozs Grade
(g/t) Ozs
Indicated
0.3 8,637,000 0.78 216,000 7.04 1,954,000 0.85 236,000
Inferred
0.3 10,784,000 0.77 266,000 5.32 1,845,000 0.83 288,000
(1) Mineral resources which are not mineral reserves do not have demonstrated
economic viability. All figures are rounded to reflect the relative accuracy of the estimate.
(2) Mineral resources are reported at a cut -off grade of 0.3 g/t AuEq. AuEq grade i s
based on $1,350.00/oz Au, $17.00/oz Ag and assumes a 100% recovery. The AuEq
calculation does not apply any adjustment factors for difference in metallurgical
recoveries of gold and silver. This information can only be derived from definitive
metallurgical testing which has yet to be completed.
Banyan trades on the TSX -Venture Exchange under the symbol “BYN”. For more information,
please visit the corporate website at www.BanyanGold.com or contact the Company.
ON BEHALF OF BANYAN GOLD CORPORATION
(signed) "Tara Christie"
Tara Christie
President & CEO
For more information, please contact:
Tara Christie David Rutt
Tel: (888) 629-0444 Tel: (888) 629-0444
Email: [email protected] Email: [email protected]
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defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information
contained herein. This news release contains forward-looking information, which is not comprised of historical facts.
Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results,
performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking
information. Forward looking information in this news release includes, but is not limited to, Banyan’s objectives, goals
or future plans, statements regarding exploration expectations, exploration or development plans and mineral resource
estimates. Factors that could cause actual results to differ materially from such forward-looking information include, but
are not limited to, uncertainties inherent in resource estimates , capital and operating costs varying significantly from
estimates, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required
governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs
of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in
commodity prices, delays in the development of projects and the other risks involved in the mineral exploration and
development industry, enhanced risks inherent to conducting business in any jurisdiction, and those risks set out in
Banyan’s public documents filed on SEDAR. Although Banyan believes that the assumptions and factors used in
preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on
such information, which only applies as of the date of this news release, and no assurance can be given that such
events will occur in the disclosed time frames or at all. Banyan disclaims any intention or obligation to update or revise
any forward-looking information, whether as a result of new information, future events or otherwise, other than as
required by law.
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