Banyan Drills 116.4 Metres of 0.75 G/T GOLD, Including Multiple High-Grade Intervals, at Aurmac Property, Yukon
BANYAN DRILLS 116.4 METRES OF 0.75 G/T GOLD, INCLUDING MULTIPLE
HIGH-GRADE INTERVALS, AT AURMAC PROPERTY, YUKON
August 17, 2020 TSX-V: BYN
VANCOUVER, August 17, 2020, Banyan Gold Corp . (the "Company" or "Banyan") ( TSX-V:
BYN) is pleased to release, the first analytical results of diamond drilling from the 2020 exploration
program at the Airstrip Zone, AurMac Property, Yukon.
Highlights of the Airstrip Zone drill results to date include:
• 0.63 g/t Au over 46.0 m from 88.1 m in MQ-20-66
• 0.75 g/t Au over 116.4 m from 20.2 m in MQ-20-71
• 0.52 g/t Au over 38.7 m from 37.5 m in MQ-20-75
• 0.75 g/t Au over 32.5 m from 32.5 m in MQ-20-76
• 0.82 g/t Au over 20.5 m from 84.5 m in MQ-20-77
• 0.64 g/t Au over 65.2 m from 5.8 m in MQ-20-78
“These results not only demonstrate the continuity of the AurMac gold deposit , but the long
intervals will add meaningfully to the Resource. Grades of up to 19.50 g/t Au have been reported
to date as well as multiple intercepts over 3.00 g/t Au”, stated Tara Christie, President and CEO,
“We continue to methodically execute the AurMac exploration program based on the application
of our geological and resource models. We plan to drill late into the fall.”
The results received to date have demonstrated a continuity of gold grade within the projected
mineralized zone of the Airstrip Deposit, on strike and down dip. Long intervals of Airstrip style
grade (average ~ 0.5 g/t Au) have been intersected repeatedly within these undrilled portions of
the deposit and will serve to add to the geological and resource models. Importantly, these holes
have extended the strike length of the mineral zone by ~300m to the west and down dip within
the conceptual pit limits used to constrain the 2020 Airstrip mineral resource estimation.
High Grade Highlights from the Airstrip Zone include:
• 8.33 g/t Au over 1.4 m in Hole MQ-20-66
• 3.22 g/t Au over 0.9 m in Hole MQ-20-70
• 19.5 g/t Au over 0.7 m in Hole MQ-20-71
• 3.13 g/t Au over 1.6 m in Hole MQ-20-71
• 19.4 g/t Au over 0.2 m in Hole MQ-20-71
• 3.94 g/t Au over 1.0 m in Hole MQ-20-71
• 7.93 g/t Au over 1.1 m in Hole MQ-20-71
• 3.07 g/t Au over 0.3 m in Hole MQ-20-74
• 4.35 g/t Au over 0.8 m in Hole MQ-20-75
• 4.16 g/t Au over 0.3 m in Hole MQ-20-75
• 8.64 /t Au over 1.5 m in Hole MQ-20-76
• 7.11 g/t Au over 1.0 m in Hole MQ-20-77
• 3.40 g/t Au over 1.5 m in Hole MQ-20-78
The Airstrip Zone is an on and near-surface gold deposit open to resource expansion to the
east, west and downdip and represents an open-pit mineable bulk tonnage target that is
advantaged by existing transportation infrastructure (main Yukon government highway system),
the all-season road to Victoria Gold's Eagle mine, three-phase power lines and cellular
communications. At a 0.20 g/t Au cut-off, the pit-constrained, inferred mineral resources are
46.0 million tonnes at an average gold grade of 0.524 g/t for a total of 774,926 ounces of
gold. (See Table 3).
The 2020 phase 1 program included 3,578 meters (18 holes) on the Airstrip Zone, with results
pending for over half of the holes. Table 1, below summarizes the assay results received from
Banyan’s Airstrip Zone.
Table 1: Summary Table of 2020 Diamond Drill Analytical Results
Hole ID From
(m)
To (m) Interval*
(m)
Au
(g/t)
MQ-20-65 118.5 217.1 98.6 0.24
Including 121.4 122.2 0.8 2.97
Including 133.7 135.0 1.3 1.26
Including 137.3 137.8 0.5 1.03
MQ-20-66 88.1 134.1 46.0 0.63
Including 111.0 111.9 0.9 2.02
Including 122.5 123.9 1.4 8.33
Including 123.9 124.9 1.0 1.84
Including 133.0 134.1 1.1 1.69
MQ-20-70 17.9 45.7 27.8 0.45
Including 20.3 21.4 1.1 2.40
Including 40.1 41.9 1.8 1.26
And 65.5 83.7 18.2 0.40
Including 77.5 78.4 0.9 3.22
And 104.1 110.1 6.0 0.64
Including 104.1 105.8 1.7 1.14
Including 108.7 110.1 1.4 1.28
And 128.8 136.0 7.2 0.64
Including 134.1 136.0 1.9 1.91
MQ-20-71 20.2 136.6 116.4 0.75
Including 20.2 26.8 6.6 1.44
Including 40.2 41.8 1.6 1.80
Including 51.7 54.6 2.9 2.77
Including 68.2 68.9 0.7 19.5
Including 68.9 69.5 0.6 2.32
Including 70.8 72.4 1.6 3.13
Including 73.7 73.9 0.2 19.4
Including 85.7 86.7 1.0 1.00
Including 92.3 93.3 1.0 3.94
Including 98.1 99.1 1.0 1.39
Including 109.4 110.9 1.5 1.39
Including 112.4 114.1 1.7 1.03
Including 114.1 115.2 1.1 7.93
Including 119.3 120.8 1.5 2.29
Including 135.1 136.6 1.5 1.45
MQ-20-74 8.9 12.5 3.6 0.42
And 23.0 46.0 23.0 0.64
Including 25.9 26.9 1.0 1.46
Including 34.0 35.9 1.9 2.54
Including 43.1 44.5 1.4 1.00
And 61.0 95.0 34.0 0.51
Including 67.1 67.4 0.3 3.07
Including 79.5 82.8 3.3 2.85
And 136.2 143.0 6.8 0.57
Including 136.2 137.2 1.0 1.00
Including 140.0 141.5 1.5 1.17
MQ-20-75 37.5 76.2 38.7 0.52
Including 43.0 44.0 1.0 1.15
Including 58.6 60.0 1.4 1.41
Including 66.6 67.4 0.8 4.35
Including 72.2 72.5 0.3 4.16
Including 75.2 77.5 2.3 1.74
MQ-20-76 18.0 50.5 32.5 0.75
Including 41.0 42.5 1.5 1.69
Including 46.1 47.5 1.4 1.06
Including 49.0 50.5 1.5 8.64
And 76.2 85.0 8.8 0.38
Including 82.0 83.5 1.5 1.11
MQ-20-77 9.0 51.4 42.4 0.45
Including 9.0 10.5 1.5 1.80
Including 18.0 21.0 3.0 1.50
Including 35.5 37.0 1.5 1.02
And 84.5 105.0 20.5 0.82
Including 96.5 99.5 3.0 1.27
Including 100.3 101.8 1.5 2.32
Including 104.0 105.0 1.0 7.11
And 135.8 139.3 3.5 1.20
MQ-20-78 5.8 71.0 65.2 0.64
Including 21.5 24.5 3.0 1.38
Including 26.0 27.5 1.5 3.40
Including 40.0 41.5 1.5 2.22
Including 50.5 52.0 1.5 1.84
Including 64.0 65.5 1.5 1.40
Including 68.5 71.0 2.5 2.20
*True widths are considered to be greater than 90% of the reported intervals
Sections and further analysis of these holes will be provided when complete results from all
adjacent holes are available. The time to receive analytical results has been longer than expected
due to precautions and staffing related to COVID at the laboratory and compounded with the high
volume of samples being submitted to the Yukon preparation la boratory and main Vancouver
analytical laboratory facilities. While the laboratories are working to improve turnaround times,
with the drill program progressing into the fall, Banyan anticipates the current average turnaround
time of two months to continue. Results from additional holes will be reported when full hole results
are available and quality control data has been verified. There are no results pending for Hole
MQ-20-069 as the drillhole was abandoned due to ground conditions.
Exploration Update
The Company has completed over 25 diamond holes totalling over 5,000 metres thus far this
season on the AurMac property. Subsequent to the Airstrip Zone phase of drilling, the Powerline
Zone has been the focus of exploration efforts, wi th over 1,400 metres drilled in seven holes to
date. Assays remain pending for these holes.
Analytical Method
All drill core splits collected from the 20 20 AurMac program were analyzed at 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 sta ndards, ¼ core duplicates and
blanks was implemented in the 2020 exploration drilling program and was monitored as chemical
assay data became available.
Upcoming Events:
Upcoming events and registration details for them are listed on the Company website and include:
Webinars:
August 20th, 2020 - Hosted by Invest Yukon and 6ix
September 22nd , 2020 - Hosted by Adelaide Capital
Mines and Money- Virtual Conference – August 31- September 1, 2020
Precious Metals Summit Beaver Creek, Virtual Conference - September 15-17, 2020
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 will have additional safety
measures in place, 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 3 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 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 92 sq. km AurMac Property lies 30km from Victoria Gold's Eagle Project and adjacent to
Alexco 's Keno Hill Silver District and is high ly 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 Pr operty 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% subject to royalties.
The 2020 Initial Mineral Resource Estimate prepared in accordance with National Instrument 43-
101 (“NI 43 -101”) guidelines 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 3
below.
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 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 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 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 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 ho sted, 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 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, 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 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
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.
Statements in this news release regarding Banyan which are not historical facts are “forward -looking statements” that
involve risks and uncertainties. Such information can generally be ident ified by the use of forwarding -looking wording
such as “may”, “will”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or
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