Banyan Drilling Confirms High Grade Structural Controls and Grade Continuity at Powerline, AurMac Project
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Banyan Drilling Confirms High Grade Structural Controls and Grade
Continuity at Powerline, AurMac Project
November 4, 2024, TSX-V: BYN
VANCOUVER, B .C., November 4 , 2024 - Banyan Gold Corp . (the "Company" or "Banyan")
(TSX-V: BYN ) ( OTCQB: BYAGF ) is pleased to announce the latest analytical results from
nineteen (19) diamond drillholes within the Powerline Deposit located on the Company’s AurMac
Project, Yukon Territory (“AurMac”). This set of holes was drilled in the north-central portion of
the Powerline Deposit (See Figure 1) as part of the ongoing definition drilling program to increase
confidence of the Resource model.
Highlights from these assay results:
● AX-24-534: 48.0 metres (“m”) of 0.53 g/t Au from 75.1 m
● AX-24-536: 75.1 m of 0.29 g/t Au from near-surface (23.9 m)
● AX-24-538: 21.5 m of 1.06 g/t Au from near-surface 71.9 m
● AX-24-540: 0.2 m of 539.30 g/t Au from 166.1 m
o And 56.7 m of 0.36 g/t Au from 166.3 m
● AX-24-541: 90.0m of 0.68 g/t Au from surface (13.5 m)
● AX-24-542: 154.1m of 0.58 g/t Au from surface (18.3 m)
● AX-24-544: 0.3 m of 290.10 g/t Au from 37.1 m
● AX-24-545: 78.6 m of 0.41 g/t Au from 74.9 m
● AX-24-548: 79.6 m of 0.56 g/t Au from near-surface (26.5 m)
● AX-24-549: 37.5 m of 0.81 g/t Au from near-surface (44.5 m)
“The 2024 definition drilling program at AurMac, has intersected multiple instances of high-grade
gold veins, exceeding 11.00 g/t Au 1 and up to 539.00 g/t. These East -West oriented vein sets
align with the direction of continuity of the structurally controlled Powerline gold mineralization.
The increased drill density realized through this year's work will improve the interpretation of the
quantity, distribution and thickness, of these hi gh-grade gold veins and their significance within
the framework of the Powerline Gold mineralization, which is in turn expected to result in
refinements to the primary structural controls of the deposit ,” stated Tara Christie, President and
CEO. “The successful 2024 AurMac exploration program, combined with record high gold prices,
have strategically positioned Banyan for a Resource update , Preliminary Economic Assessment
(“PEA”); and, importantly, has provided clear exploration and definition drill targets for 2025.”
1. 1 Banyan considers any assayed interval above the maximum Mineral Resource Estimate
(“MRE”) capping threshold of 11.00 g/t Au to be High Grade. (News Release: Feb 6, 2024,
see About Banyan below)
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Highlighted results of drillhole assays from this release are presented in Table 1, collar locations
in Table 2 and Figure 1 identifies the drillhole locations.
The Powerline Deposit is contained within a metasedimentary package consisting of
predominately schists, quartzites and limestones of the Late Proterozoic to Cambrian Hyland
Group. Gold mineralization here is chiefly associated with low angle quartz-sulfosalt-arsenopyrite
veins seen crosscutting all lithologies and is interpreted to be associated with a large intrusion
related gold system typical of the Tombstone Gold Belt and Selwyn Basin gold deposits.
Highlighted instances of visible gold identified from Banyan’s detailed logging of these drill holes
are shown in Image 1.
Image 1: Photographs of visible gold from drill holes in this release:
A) AX-24-540: 166.1 m to 166.3 m – 539.30 g/t
Au over 0.2 m
B) AX-24-544: 37.1 m to 37.4 m – 290.10 g/t
Au over 0.3 m
C) AX-24-534: 113.3 m to 113.5 m – 16.90 g/t
Au over 0.2 m
D) AX-24-545: 74.9 m to 75.3 m – 4.03 g/t Au
over 0.4 m
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Figure 1: AurMac drill hole locations, showing the location of historic and Banyan completed
diamond drill holes used in the MRE (grey, black and blue dots) and collar locations of 2024
drilling (red, green and yellow dots; respectively).
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Table 1: Highlighted Powerline Analytical Results.
Hole ID From (m) To (m) Interval (m*) Au (g/t)
AX-24-531 21.5 50.5 29.0 0.49
and 94.5 158.1 63.6 0.39
AX-24-532 20.0 53.0 33.0 0.44
and 94.5 112.0 17.5 0.55
and 119.5 142.5 23.0 0.33
AX-24-533 13.3 100.0 86.7 0.40
AX-24-534 55.1 62.5 7.4 0.32
and 75.1 123.1 48.0 0.53
and 167.9 169.2 1.3 1.06
AX-24-535 22.0 31.5 9.5 0.28
and 51.5 94.0 42.5 0.37
and 103.8 115.0 11.2 0.46
AX-24-536 23.9 99.0 75.1 0.29
AX-24-537 85.1 122.5 37.4 0.33
and 155.5 170.8 15.3 0.30
and 215.3 229.0 13.7 0.81
AX-24-538 9.1 30.6 21.4 0.60
and 71.9 93.4 21.5 1.06
AX-24-539 15.0 42.5 27.5 0.34
and 51.0 77.5 26.5 0.26
and 89.5 112.0 22.5 0.22
and 117.0 124.0 7.0 0.23
AX-24-540 29.0 50.3 21.3 0.31
and 69.2 98.4 29.2 0.31
and 107.8 112.5 4.7 0.54
and 135.6 151.4 15.8 0.45
and 159.3 182.4 23.1 5.68
including 166.1 166.3 0.2 539.30
and 191.9 223.0 31.1 0.32
AX-24-541 13.5 103.5 90.0 0.68
or 13.5 22.0 8.5 0.65
and 40.0 41.5 1.5 1.23
and 56.0 75.9 19.9 0.39
and 84.5 103.5 19.0 2.20
AX-24-542 18.3 172.4 154.1 0.58
or 18.3 39.6 21.3 1.31
and 62.5 69.4 6.9 0.60
and 85.3 117.9 32.6 1.23
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Hole ID From (m) To (m) Interval (m*) Au (g/t)
and 144.5 172.4 27.9 0.39
AX-24-543 91.5 94.0 2.5 0.46
and 127.3 128.0 0.7 2.62
and 163.0 166.0 3.0 0.74
AX-24-544 34.8 38.5 3.7 20.19
including 37.1 37.4 0.3 290.10
and 77.0 86.0 9.0 0.67
and 107.8 123.6 15.8 1.10
and 146.2 176.5 30.3 0.37
and 199.4 199.8 0.4 9.10
AX-24-545 35.0 41.2 6.2 0.41
and 74.9 153.5 78.6 0.41
AX-24-546 36.8 65.4 28.6 0.38
AX-24-547 38.7 83.5 44.8 0.25
AX-24-548 26.5 106.1 79.6 0.56
and 160.8 170.9 10.1 0.60
and 185.5 219.2 33.7 0.55
AX-24-549 44.5 82.0 37.5 0.81
*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-24-531 467651 7082953 803 357 -57 181.4
AX-24-532 467751 7082952 809 357 -58 193.6
AX-24-533 467752 7083047 803 001 -59 168.3
AX-24-534 466750 7083048 772 003 -59 199.6
AX-24-535 467651 7083039 800 357 -57 135.6
AX-24-536 467649 7083151 798 357 -58 100.6
AX-24-537 466657 7083050 766 356 -58 231.7
AX-24-538 467752 7083152 801 002 -58 96.1
AX-24-539 467862 7083050 812 360 -57 152.4
AX-24-540 466654 7083153 770 355 -60 231.7
AX-24-541 467947 7083054 816 003 -56 121.6
AX-24-542 466746 7083152 776 003 -60 201.2
AX-24-543 465552 7084255 685 004 -58 214.9
AX-24-544 466554 7083056 759 359 -63 225.6
AX-24-545 466453 7083153 745 003 -63 172.9
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AX-24-546 468057 7083055 822 359 -59 126.5
AX-24-547 468156 7083056 828 360 -54 89.9
AX-24-548 466556 7083152 759 353 -61 230.1
AX-24-549 468253 7083053 833 002 -55 99.1
Upcoming Events
● Precious Metals Forum Zurich – November 11 to 12
o Corporate Presentation – November 11, 10:45 AM CET
● Yukon Geoscience Forum – November 17 to 20
o Corporate Presentation – November 17, 1:00 PM PST
● New Orleans Investment Conference – November 20 to 23
o Corporate Update and Breakfast - November 21, 7:15 AM CST
2024 Exploration Update
Banyan initiated its 2024 exploration program on June 1, 2024, and over the course of this season
one hundred and eighteen (118) drillholes and over 21,000 m of drilling has been completed within
the Powerline and Airstrip deposits. Drilling was completed in mid-October and core continues to
be logged and processed with this expected to be completed by mid-November.
Analytical Method and Quality Assurance/Quality Control Measures
All drill core splits reported in this news release were analysed by Bureau Veritas of Vancouver,
B.C., utilizing the aqua regia digestion ICP -MS 36-element AQ-200 analytical package with FA-
450 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, ½ core duplicates and blanks was implemented in the
2024 exploration drilling program and was monitored as chemical assay data became available.
Qualified Persons
Paul D. Gray, P.Geo., 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 is a consultant to Banyan and has verified the data
disclosed in this news release, including the sampling, analytical and test data underlying the
information.
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About Banyan
Banyan's primary asset, the AurMac Project is located in Canada’s Yukon Territory. The current
inferred Mineral Resource Estimate (“MRE”) for the AurMac Project of 7.0 million ounces has an
effective date of February 6, 2024.
The 173 square kilometres (“sq km”) AurMac Project lies 40 km from Mayo, Yukon. The AurMac
Project is transected by the main Yukon highway and benefits from a 3-phase powerline,
existing power station and cell phone coverage. Banyan has the right to earn up to a 100%
interest, in both the Aurex and McQuesten Properties respectively, subject to certain royalties.
The inferred Mineral Resource Estimate “MRE” for the AurMac Project was prepared on
February 6, 2024, and consisted of 7,003,000 ounces of gold (see Table 1) hosted within near
surface, road accessible pit constrained Mineral Resources contained in two near/on-surface
deposits: the Airstrip and Powerline Deposits.
Table 3: Pit-Constrained Inferred Mineral Resources – AurMac Property
Deposit Gold Cut-Off
(g/t)
Tonnage
(Tonnes)
Average Gold
Grade (g/t)
Contained Gold
(oz.)
Inferred
Airstrip 0.30 35,243,000 0.75 845,000
Powerline 0.30 312,243,000 0.61 6,158,000
Total Combined 0.30 347,486,00 0.63 7,003,000
Notes:
1. The effective date for the MRE is February 6, 2024, and 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. The technical report supporting the Resource Estimate entitled “AurMac Property, Mayo Mining
District, Yukon Territory, Canada” (the “Technical Report”) has been filed on SEDAR at www.sedarplus.ca on
March 18, 2024.
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 Definition Standards 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 0.30 g/t gold for all 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 fo llowing estimated parameters: gold price of US$1,800/ounce,
US$2.50/t mining cost, US$5.50/t processing cost, US$2.00/t G+A, 80% gold recoveries, and 45° pit slopes.
5. The number of tonnes and ounces was rounded to the nearest thousand. Any discrepancies in the totals are
due to rounding effects; rounding followed the recommendations as per NI 43-101.
In addition to the AurMac Property, the Company holds the Hyland Gold Project, located 70 km
Northeast of Watson Lake, Yukon, along the Southeast end of the Tintina Gold Belt (the “Hyland
Project”). The Hyland Project represents a sediment hosted, structurally controlled, intrusion
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related gold deposit, within a large land package (over 125 sq km), accessible by a network of
existing gravel access roads.
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.
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 and is based upon the Company’s current internal expectations, estimates, projections,
assumptions and beliefs. Such information can generally be identified by the use of forwarding -looking wording such
as “may,”“will,” “expect,” “estimate,” “anticipate,” “intend(s),” “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 exploration; and statements regarding exploration expectations, ease and confidenc e in
increasing ounces, exploration or development plans and timelines; mineral resource estimates; mineral recoveries
and anticipated mining costs. Factors that could cause actual results to differ materially from such forward -looking
information include 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 require d 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 pr ices, 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 t he 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.