Banyan Completes Drill Program - Aurex-Mcquesten GOLD Project, Yukon
BANYAN COMPLETES DRILL PROGRAM - AUREX-MCQUESTEN GOLD
PROJECT, YUKON
July 15, 2019 TSX-V: BYN
VANCOUVER, July 15, 2019 - Banyan Gold Corp. (the " Company" or "Banyan") ( TSX-V:
BYN), is pleased to announce that it has completed a 1,000 metre diamond drill program at the
Company’s Aurex-McQuesten Gold Project, near Mayo, Yukon.
The 2019 exploration program at Aurex-McQuesten had a two-fold focus:
1) to continue to define and increase confidence within the McQuesten Gold Zone
mineralization via infill drilling within interpreted higher-grade mineralized zones of
the McQuesten Gold Zone; and
2) to test a largely undrilled target area one (1) kilometer south of the McQuesten
Gold Zone, on the Aurex Claim block, that is interpreted to exhibit similar geological
and geochemical characteristics to the McQuesten Gold Zone. This new target
area has the potential to host the same grade, tenor and volume of mineralization
as the McQuesten Gold Zone and is one of several high priority targets on the
greater Aurex-McQuesten claim package.
“The 2019 exploration work has allowed Banyan to complete work necessary to expand and
understand the mineralized McQuesten Zone, in pre paration for future drilling and exploration
work to define a resource on the property , positioning Banyan well for the improving market for
gold. Our largest shareholders, Alexco Resource Corporation and Victoria Gold , concur with our
exploration plan and have amended our option agreements so exploration can focus on
generating shareholder value. The Aurex -McQuesten property, is extremely well located f rom
both gold mineralization and infrastructure vantage points; with existing government-maintained
highways and three phase power- transecting a mature mining camp. Early metallurgy suggests
the mineralization is amenable to surface extraction, bulk tonnage, cyanide leach techniques,
underscored by the fact the McQuesten gold depos it daylights at surface”, said Tara Christie,
President and CEO.
McQuesten Gold Zone
In total, 494 metres of diamond drilling were completed in four ( 4) diamond drill holes at the
McQuesten Gold Zone . The diamond drilling concentrated on the projected extension of an
interpreted higher-grade mineralized zone around holes MQ-03-09, MQ-17-26, MQ-18-30 and
MQ-18-37. Four distinct styles of mineralization were observed in the 2019 McQuesten Gold Zone
drilling program , the combination of which emphasizes the validity of the McQuesten
Mineralization mode and moreover, the perspectivity of the area:
1) Sheeted quartz veins with pyrite-pyrrhotite+/-arsenopyrite +/-chalcopyrite
2) Pervasive disseminated pyrrhotite
3) Stratabound retrograde skarn (actinolite-chlorite) altered horizons with semi-massive to
massive pyrrhotite+/-arsenopyrite+/-sheelite+/-chalcopyrite
4) Quartz-calcite-siderite breccias and veins with sphalerite-galena+/-pyrrhotite
The drill program in 2019 builds on the 2018 program which defined a mineralized “Block1” over
a 500 m strike length. The goal is to prepare the drill plan to expand this block of min eralization
from 500 m to 1 km and also to increase grade. Drill sections and a 3D model showing drill holes
and the mineralized unit are available on Banyan’s website at
https://banyangold.com/projects/aurex-mcquesten/.
Highlights from McQuesten Gold Zone “Block 1” intercepts from 2017 and 2018 drilling campaigns
are summarized below (news release: Dec 10, 2018).
• 68.3 m of 0.42 g/t Au from 22.7 m in DDH MQ-17-24
• 73.7 m of 0.23 g/t Au from 15.1 m in DDH MQ-17-25
• 96.4 m of 0.74 g/t Au from 5.8 m in DDH MQ-17-26
• 79.0 m of 0.22 g/t Au from 0.0 min DDH MQ-17-27
• 71.2 m of 0.45 g/t Au from 36.2 m in DDH MQ-17-28
• 107.7 m of 0.66 g/t Au from 33.7 m in DDH MQ-17-29
• 80.8 m of 1.06 g/t Au from 10.1 m in DDH MQ-18-30
• 62.5 m of 0.21 g/t Au from 12.2 m in DDH MQ-18-31
• 68.1 m of 0.30 g/t Au from 3.1 m in DDH MQ-18-32
• 80.3 m of 0.32 g/t Au from 25.8 m in DDH MQ-18-33
• 113.0 m of 0.74 g/t Au from 63.5 m in DDH MQ-18-34
• 75.7 m of 0.28 g/t Au from 45.0 m in DDH MQ-18-35
• 76.5 m of 0.49 g/t Au from 57.5 m in DDH MQ-18-36
• 94.9 m of 0.64 g/t Au from 8.9 m in DDH MQ-18-37
*True widths are estimated to be >90% of drilled interval lengths
These broad zones of gold mineralization confirmed the geologic model developed by Banyan for
the McQuesten Gold Zone to contain near surface gold mineralization of this tenor over
predictable widths; outlining a 500 m block of calcareous clastic sediments approximately 90m
thick dipping about 30 degrees to the south that host gold mineralization within stratabound
retrograde skarn -altered horizons. The 2018 work defined a volume of about 12 million cubic
metres of this interpreted mineralized block with nominal drill -section spacing of 100m and
nominal in section drill spacing of 50 metres. Banyan's interpretations and 2018 drill results
confirmed potential extensions to the east, west and downdip to the south, all of which remain
open to further delineation.
Aurex Target
In total, 504 metres of diamond drilling were completed in 4 holes over a newly developed priority
target area approximately one (1) kilometre south of the McQuesten Gold Zone. Similar styles of
mineralization observed in diamond drill core to the McQuesten Gold Zone were noted in the 2019
Aurex drill holes. Importantly, the density of discordant sheeted quartz veins was pronounced in
this largely untested zone.
Two surface trenches, with a total linear length of 170m , were excavated, mapped and sampled
on the Aurex -McQuesten Targets and added to the delineation of on -surface mineralization
known to exist on the Aurex-McQuesten Gold Property
Figures and a 3D model highlighting the 2019 drill hole and trench locations will be made available
on the Company website.
Drill core and trench samples have been submitted to the lab and assay results will be reported
as analyses become available.
The Aurex-McQuesten property is just 40 km from Victoria Gold Corp.’s Eagle Gold mine which
has recently completed construction and is scheduled to produce first gold in September 2019 .
Most importantly Victoria has maintained an aggressive exploration campaign on their Potato Hills
mineralized trend to the north -west and Alexco Resource Corp’s highly mineralized Keno Hill
Silver District immediately to the North and East of the Aurex -McQuesten Gold Project . The
property is therefore well positioned in this highly mineralized area and benefits from existing road
and power infrastructure . The McQuesten Zone is located just 100 m West of the main Yukon
Government highway between Mayo and Keno and just 50m north of the all -season road to
Victoria Gold. The property has numerous historic exploration roads and trails. The 3 -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.
Upcoming events
Banyan Gold will be participating in the following events:
• Yukon Mining Alliance Investment Conference and Property Tours July 14-18, 2019. For
more information. https://yukonminingalliance.ca/conferences-tours/. The investment
conference is on
• Precious Metals Summit, Beaver Creek, Colorado, September 10-13, 2019.
Technical Information
The technical information in this news release has been reviewed and approved by Paul D. Gray,
P.Geo., a Qualified Person as defined by NI 43-101.
About Banyan Gold
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. Our Yukon based projects both fit th is model and our objective is to
gain shareholder value by advancing projects in our pipeline.
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 lea ch open pit mining, with column leach recoveries of
86%. The project has an existing gravel access road.
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.
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 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.
The 9,230 ha Aurex-McQuesten Property, in close proximity to Victoria Gold's Eagle Project and
Alexco Resource's Keno Hill Silver District, is highly prospective for structurally controlled,
intrusion related gold-silver mineralization in relation to quartz monzonite dykes of the Tombstone
intrusive suite. The property hosts numerous known gold targets and Banyan has developed a
mineralization model at the McQuesten Gold target, located adjacent to the main Yukon highway
and on the access road to the Victoria Gold heap leach mine.
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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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,
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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
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of financing needed in the future, changes in equity markets, inflation, changes in excha nge rates, fluctuations in
commodity prices, delays in the development of projects and the other risks involved in the mineral exploration and
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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
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required by law.
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wording such as “may”, “will”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof
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