Banyan Files Technical Report for AurMac Project, 7 Million Ounce Gold Updated Mineral Resource Estimate, Yukon, Canada
Banyan Files Technical Report for AurMac Project, 7 Million Ounce Gold
Updated Mineral Resource Estimate, Yukon, Canada
March 19, 2024 TSX-V: BYN | OTCQB: BYAGF
VANCOUVER, March 19, 2024, Banyan Gold Corp . (the " Company" or "Banyan") ( TSX-V:
BYN) (OTCQB: BYAGF) announces the filing of the Technical Report to support the Updated
Mineral Resource Estimate (“ MRE”) in accordance with the Canadian Institute of Mining,
Metallurgy and Petroleum (“ CIM”) Definition Standards incorporated by reference in National
Instrument 43-101 (“NI 43-101”) for the AurMac Pro ject. The AurMac Pro ject is located in the
Mayo Mining district, approximately 40 kilometres (“ km”) northeast from the village of Mayo,
Yukon and 356 km north of Whitehorse, Yukon (the “ AurMac Property” or “AurMac”). The
Technical Report was prepared by Marc Jutras, P.Eng., M.A.Sc., Principal, Ginto Consulting Inc.,
Tawnya Thornton, P.Eng., of JDS Energy & Mining Inc. and Deepak Malhotra, PhD., of Forte
Dynamics. The Technical Report is available for review on SEDAR at www.sedar.com and on the
Company’s website at www.banyangold.com.
As announced on February 7, 2024, the Updated AurMac Mineral Resource comprises a total
inferred mineral resource of 7,003,000 ounces of gold (Table 1) on the road accessible AurMac
Project. The updated MRE contains an Inferred Mineral Resource of 7.0 million (“M”) ounces
(“oz”) of gold (as defined in the CIM Definition Standards for Mineral Resources & Mineral
Reserves incorporated by reference into NI 43-101).
The pit constrained MRE is contained in two near/on-surface deposits: The Airstrip and Powerline1
deposits in the road accessible AurMac Project. The updated MRE is summarized below in Table
1.
“AurMac’s 7 million oz gold Resource is one of the largest potentially open-pit mineable resources
in North America,” said Tara Christie, Banyan President and CEO. “ AurMac also benefits from
being in a safe jurisdiction with a proven mine permitting process, adjacent to two existing mines
and possessing existing all-season roads and hydro power infrastructure on the property.”
Table 1: Pit-Constrained Inferred Mineral Resources – AurMac Project(1)(2)(3)(4)(5)
Deposit Gold Cut-
Off
g/t
Tonnage
Tonnes
Average Gold
Grade
g/t
Gold Content
oz.
Inferred
1 Includes Aurex Hill deposit (Aurex Hill was included as a standalone deposit in previous May 18, 2023 MRE). The
2023 drill program connected Powerline and Aurex Hill deposits into a single deposit, now defined as Powerline.
Airstrip 0.30 35,243,000 0.75 845,000
Powerline1 0.30 312,243,000 0.61 6,158,000
Combined Inferred 0.30 347,486,000 0.63 7,003,000
Notes to Table 1:
1. The effective date for the MRE is February 6, 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 following 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.2
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.
The pit outlines used to constrain the MRE are shown in Figure 1. Detailed images of the Mineral
Resource model, including an interactive 3D model and additional information can be found at:
https://www.banyangold.com/projects/aurmac/
2 The gold price and cost assumptions are consistent with current pricing assumptions and costs and, in particular,
with those employed for recent technical reports for similar pit-constrained Yukon gold projects.
Figure 1: Plan Map Showing the Mineral Resource Estimate Extents and Drill Collar Locations.
Qualified Persons
Paul D. Gray, P.Geo., is a “Qualified Person” as defined under NI 43-101, and has reviewed and
approved the content of this news release Mr. Gray is Banyan Gold’s geological consultant and
has verified the data disclosed in this news release, including the sampling, analytical and test
data underlying the information.
Upcoming Events
• Banyan US Roadshow • Seattle, Los Angeles, Dallas, Houston – April 4 - 10
• Arctic Indigenous Investment Conference – May 7 - 8
• Invest Yukon Investment Conference & Property Tours – June 21 - 26
About Banyan
The 173 square kilometres (“sq km”) AurMac Project lies 30 km from Victoria Gold’s Eagle Project
and adjacent to Hecla Mining’s high grade Keno Hill Silver mine. The AurMac Project is transected
by the main Yukon highway and access road to the Victoria Gold open-pit, heap leach Eagle Gold
mine. The AurMac Project 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.
In addition to the AurMac Project, 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
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 n ews release includes, but is not limited to, the
Company’s plans for exploration; and statements regarding exploration expectations, prospectivity of the Company's
property interests, potential mining processes, pricing assumptions and 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 m ineralization, 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 risk s,
uncertainties relating to the estimation of mineral resources and the availability and costs of financing needed in the
future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, 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.