Banyan Begins to Define Higher Grade Zone at Powerline Deposit, Intersects 1.07 G/T GOLD over 34.8 Metres, Aurmac Property, Yukon
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BANYAN BEGINS TO DEFINE HIGHER GRADE ZONE AT POWERLINE
DEPOSIT, INTERSECTS 1.07 G/T GOLD OVER 34.8 METRES, AURMAC
PROPERTY, YUKON
May 10, 2022 TSX-V: BYN | OTCQB: BYAGF
VANCOUVER, BC, May 10, 2022 – Banyan Gold Corp. (the "Company" or "Banyan") (TSXV:
BYN) ( OTCQB: BYAGF) is pleased to announce the analytical results from the first nine (9)
diamond drill holes completed in the Company’s 2022 exploration program at the Powerline
deposit (the “Powerline Deposit”) located on the Company’s AurMac Property.
Assay highlights include:
● 32.1 metres (“m”) of 0.78 g/t Au from surface (13.7 m) in DDH AX-22-205
● 34.8 m of 1.07 g/t Au from surface (7.9 m) in DDH AX-22-206
● 33.9 m of 0.74 g/t Au from 54.2 m in DDH AX-22-207
● 22.5 m of 1.07 g/t Au from 22.5 m in DDH AX-22-208
“These initial results from 2022 diamond drilling on the AurMac Property have continued where
2021 drilling left off, definition of higher-grade zones within the expanding mineralization footprint
of on/near surface gold mineralization at the Powerline.” stated Tara Christie, President & CEO
of Banyan. “To date, over 17,000 m of drilling has been completed and Banyan looks forward to
steady results through 2022."
Results from these first nine (9) 2022 drill holes are consistent with previous exploration drill
results at the Powerline Deposit (see Tables 1 and Figure 1) and the areal extent of interpreted
gold mineralization from near/on -surface continues to expand with each batch of assay results
received (see Figure 1).
Visible gold intersected within these drill holes is shown in Image 1 and additional information is
located on our website.
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Image 1: Photographs of visible gold from:
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Figure 1: Powerline Drill Hole Locations and Drill Plan Map, showing historic, completed,
and proposed diamond drill holes.
Table 1: 2021 Highlighted Powerline Diamond Drill Analytical Results. (Maps, sections and
full assay results will be available on Banyan’s website).
Hole ID From (m) To (m) Interval (m*) Au (g/t)
AX-22-205 Surface - 13.7 189.6 175.9 0.40
Including 13.7 45.8 32.1 0.78
AX-22-206 Surface - 7.9 193.1 185.2 0.55
including 7.9 42.7 34.8 1.07
AX-22-207 Surface -10.7 182.6 171.9 0.31
Including 54.2 88.1 33.9 0.74
AX-22-208 82.7 166.1 83.4 0.45
Including 82.7 105.2 22.5 1.07
AX-22-209 Surface - 16.8 36.6 19.8 0.26
and 74.6 80.5 5.9 0.58
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Hole ID From (m) To (m) Interval (m*) Au (g/t)
and 143.3 156.7 13.4 0.28
AX-22-210 58.2 90.5 32.3 0.29
and 102.5 122.2 19.7 0.38
and 134.5 186.7 52.2 0.38
AX-22-211 91.7 112.8 21.1 0.28
AX-22-213 31.4 79.5 48.1 0.32
and 104.3 150.9 46.6 0.40
AX-22-215 22.1 65.3 43.2 0.25
and 176.8 189.4 12.6 0.89
*True widths are estimated to be approximately 90% of drilled intervals.
Table 2: Drill Collar Location for Released Results
Collar ID East
NAD83_Z8
North
NAD83_Z8 Elev. (m) Azimuth Dip (°) Depth (m)
AX-22-205 467525 7083073 795 348 -59 201
AX-22-206 467523 7083121 793 359 -60 207
AX-22-207 467544 7083147 793 003 -60 212
AX-22-208 467198 7082504 802 004 -57 200
AX-22-209 467577 7083179 795 006 -60 221
AX-22-210 467195 7082502 801 268 -58 207
AX-22-211 467693 7083300 795 003 -64 195
AX-22-213 466704 7082934 769 360 -60 223
AX-22-215 467899 7082797 821 359 -57 203
Upcoming Events
Banyan will be attending:
● Vancouver Resource Investment Conference (Cambridge House) – May 17 & 18, 2022
o Booth and Presentation 1:30 pm PDT, May 17
● PDAC 2022 – Toronto, Ont., June 13-15, 2022
● Invest Yukon Conference, Dawson City, Yukon, June 21-23, 2022
All events are subject to change.
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2022 Exploration Program Update
Banyan initiated its 2022 exploration program on January 26, 2022, and currently has three drills
operating on the property. Seventy-Five (75) drill holes and over 17,000 metres (“m”) of drilling
has been completed to date which together have expanded the mineralization around the
Powerline Zone by over 600 m to the east and 1,000 m west from 2021 drilling. The 2022 program
will include approximately 80% of exploration drilling focused on expansion of the mineralization
at Powerline and testing the interpreted mineralization connected with the Aurex Hill zone; and a
commiserate ~20% targeting high priority regional targets on the AurMac and Nitra Properties.
Analytical Method and Quality Assurance/Quality Control Measures
All drill core splits reported in this news release were analysed by 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 with AAS 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, ¼ core duplicates and blanks was
implemented in the 2022 exploration drilling program and was monitored as chemical assay data
became available.
COVID-19 Update
Banyan continues to take proactive measures to protect the health and safety of our Yukon
communities, our contractors and our employees from COVID 19. Exploration activities will
continue to have additional safety measures in place, regularly updated to follow and exceed all
the recommendations of Yukon’s Chief Medical Officer.
About Banyan
Banyan's primary asset, the AurMac Property is comprised of the Aurex and McQuesten
properties, as well as claims staked and owned 100% by Banyan Gold, and adjacent to Victoria
Gold's Eagle Gold Mine, in Canada’s Yukon Territory. The initial resource for the AurMac Property
of 903,945 oz Au (see Table 3 below) was announced in May 2020. Our major strategic
shareholders include Franklin Gold and Precious Metals Fund, Osisko Development, and Victoria
Gold Corporation. Banyan 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. Our Yukon based projects both fit this model and our
objective is to gain shareholder value by advancing projects in our pipeline.
The 173 sq km AurMac Property lies 30 km from Victoria Gold's Eagle Project and adjacent to
the Keno Hill Silver District operated by Alexco Resource Corp. 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 c overage. Banyan optioned the properties
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from Victoria Gold and Alexco, respectively, with a right to earn up to a 100% interest, subject to
royalties.
The Initial Mineral Resource Estimate for the AurMac Property was prepared in 2020 and
consisted of 903,945 ounces of gold (see Table 3). It is a near surface, road accessible pit
constrained Mineral Resource contained in two near/on-surface deposits: the Airstrip deposit and
the Powerline Deposit.
Table 3: 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:
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
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 t he 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 slope.
5. The Mineral Resource Estimate was prepared in accordance with National Instrument NI 43-101, Standards
of Disclosure for Mineral Projects (“NI 43-101”) requirements by Marc Jutras, P.Eng., M.A.Sc., Principal, Ginto
Consulting Inc, with technical report filed on SEDAR on July 7,2020.
The Hyland Gold Project, located 70 km Northeast 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 (900 m x 600 m) daylighting at surface and numerous other known surface gold targets. It
appears the Main Zone oxide zone would be amenable to heap leach open pit mining, with column
leach recoveries of 86%. The project has an existing gravel access road.
Table 4 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, c ontains 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.
Table 4: 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
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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
Notes:
1. Mineral resources which are not mineral reserves do not have demonstrated economic viability.
2. All figures are rounded to reflect the relative accuracy of the estimate.
3. Mineral resources are reported at a cut-off grade of 0.3 g/t AuEq. AuEq grade is 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.
4. Mineral Resource Estimate prepared in accordance with NI 43-101 by Robert Carne, Allan Armitage and Paul
Gray dated and filed on SEDAR on May 1, 2018.
Banyan trades on the TSX -Venture Exchange under the symbol “BYN” and is quoted on the
OTCQB Venture Market under the symbol “ BYAGF”. For more information, please visit the
corporate website at www.BanyanGold.com or contact the Company.
Qualified Person
Paul D. Gray, P.Geo., Vice President of Exploration for the Company, is a “qualified person” as
defined under National Instrument 43-101, Standards of Disclosure for Mineral Projects (“NI 43-
101”), and has reviewed and approved the content of this news release. Mr. Gray has verified the
data disclosed in this press release, including the sampling, analytical and test data underlying
the information
ON BEHALF OF BANYAN GOLD CORPORATION
(signed) "Tara Christie"
Tara Christie
President & CEO
For more information, please contact:
Tara Christie • 778 928 0556 • [email protected]
Jasmine Sangria • 604 312 5610 • [email protected]
CAUTIONARY STATEMENT: Neither the TSX Venture Exchange, its Regulation Services Provider (as that term
is defined in policies of the TSX Venture Exchange) nor OTCQB Venture Market 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.
FORWARD LOOKING INFORMATION: This news release contains forward -looking information, which is not
comprised of historical facts. Such information can generally be identifi ed by the use of forwarding -looking wording
such as “may”, “will”, “expect”, “estimate”, “anticipate”, “intend”, “believe”, “potential” and “continue” or the negative
thereof or similar variations. 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, the
Company’s plans for drilling this year; and 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, continuity and extent of
mineralization, 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,
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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.