Banyan Completes First Year Earn In Commitments on the Aurex McQuesten Gold Project, Yukon
Banyan Completes First Year Earn In Commitments on the Aurex McQuesten
Gold Project, Yukon
December 15, 2017 TSX-V: BYN
BANYAN GOLD CORP. (“Banyan” or the “Company”) is pleased to announce that it has
satisfied its first year earn -in exploration expenditure commitment on the Aurex and McQuesten
Properties optioned from Victoria Gold Cor p. (“Victoria Gold”) and Ale xco Resource Corp.
(“Alexco”) respectively. In order t o complete the first year commitment s, Banyan will issue
750,000 shares to Victoria Gold and 400,000 shares to Alexco on or before December 31, 2017.
Under the definitive agreements, Banyan can earn a 51% interest in both properties with staged
expenditures and share payments over 4 years. The Compa ny also has the right to earn a
100% interest in the properties additional expe nditures and share payment s ( see the
Company’s news releases dated May 25, 2017).
Tara Christie, President & CEO commented “The 2017 exploration and data compilation
program has positioned Banyan to begin to unlock the value of the large Aurex-McQuesten land
package. Drilling results at the two target areas, the McQuesten and Aurex Hill Zones, chosen
for drilling in 2017 confirmed and extended the known near-surface gold mineralization in these
two areas”.
The Aurex and McQuesten properties are contiguous properties that comprise approximately
8,230 hectares and 1,000 hectares respectively, and together represent a large property that is
highly prospective for intrusive -related gold mineralization which includes zones of historic gold
production (lode and placer), in the prolific Mayo Mining District, Yukon Territory.
Banyan’s inaugural exploration program at the Aurex -McQuesten Project consisted of a
property wide geochemical soil survey (1,114 soil samples), 464 metres of trench sampling,
inclusive of the reopening/remapping of historic trenches (235 t rench samples) along with a
1,422 metres diamond drill program from 10 holes (see the Company’s news releases dated
September 11, September 13 and October 4, 2017).
The exp loration target at the Aurex -McQuesten Project is near surface gold mineraliza tion in
meta-sedimentary host rocks related to an interpreted buried intrusive stocks. Structural traps
are known to control intrusion -related gold -silver mineralization in this area and defined gold
mineralization on the property occurs in sheeted quartz veins, silicified skarn horizons, and
quartz-monzonite dykes similar to mineralization at Victoria Gold’s nearby Eagle Gold Project,
as well as silver mineralization related to faults similar to those found at Alexco’s Keno Hill Silver
District.
The Aurex-McQuesten properties boasts exceptional infrastructure including Highway road
access, grid powerlines and historic exploration access roads with nearby services out of Mayo,
Yukon, 25 km to the South. Additi onally, both Victoria Gold and Alexco are strategic partners
on this project, providing camp, geological and financial support. The 2017 exploration program
was funded by equity contributions from Alexco and Victoria Gold as part of the option
agreement.
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 is a growth stage gold exploration company whose flagship property, the Hyland Gold
Project, is approximately 70km NE of Watson Lake, Yukon, along the southeast end of the
Tintina Gold Belt.
The Hyland Main Zone Inferred Gold Resource Estimate, prepared in acc ordance with NI 43 -
101, at a 0.6g/t gold equivalent cutoff, contain s 12,503,994 tonnes with 361,692 ounces gold at
0.9g/t and 2,248,948 ounces silver at 5.59g/t for a combined gold a nd silver 396,468 ounces
gold equivalent at 0.99 g/t.
The Aurex-McQuesten Property, in close proximity to Victoria Gold's Eagle Project and Alexco
Resource's Keno Hill Silver District, is highly perspective for structurally controlled, intrusion
related gold-silver mineralization.
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]
CAUTIONARY STATEMENT: The TSX Venture Exchange does not accept 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 the timing of negotiating the definitive agreements. Factors that could cause actual results to
differ materially from such forward -looking information include, but are not limited to, uncertainties inherent t o
preparing a resource estimate within expected timeline, 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. Paul D. Gray of Banyan Gold Corp. is a “qualified person” within the meaning of such term as set
forth in National Instrument 43-101 of the Canadian Securities Administrators, and has verified and supervised the
preparation of all of the scientific and technical information contained in this news release.
Statements in this news release regarding Banyan Gold which are not historical facts are “forward -looking
statements” that involve risks and uncertainties. Such information can generally be identified by the use of
forwarding-looking wording such as “may”, “will”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or
the negative thereof or similar variations.