Banyan Gold Announces Work Program Updates At Hyland and Aurex- McQuesten
Banyan Gold Announces Work Program Updates At Hyland and Aurex-
McQuesten
July 25, 2017 TSX-V: BYN
BANYAN GOLD CORP. (“Banyan” or the “Company”) is pleased to provide an
exploration program update on both of the Hyland Gold and Aurex-McQuesten Projects.
Both these projects are undergoing active exploration this 2017 season with activities
recently concluded at Aurex -McQuesten and the recent initiation of the pr ogram at the
Hyland Gold Project.
Hyland Gold Project
The Company has commenced on its planned $1M dollar, ~4,000 metres of diamond
drilling on the M ain and Camp Zones in the “Hyland N orth” portion of the Property.
Diamond drilling will primarily focus on the Hyland Main Zone with a view towards
potential expansion of the existing 396,468 oz of 0.99g/t AuEq inferred resource
estimate prepared in accordance with NI 43 -101. Moreover, drilling will also test
mineralization targets in the Camp Zone including following up on the 2016 discovery in
trench CZ-16-01 which returned 96 metres grading 0.64 gram per tonne gold from zero
metres to 96 metres, including 56 metres grading 1.03 grams per tonne gold from zero
metres to 56 metres of a broad fault zone consisting of predominantly gouge and
brecciated clastic units of the Hyland Formation (See Company News Release dated
November 3, 2016). Additionally, targeted surface trenches and soils geochemical
surveys are planned for these areas with a concentration on the Camp Zone.
In the “Hyland South” area, exploration will continue to build out the District -Scale
mineralization potential of the Hyland Gold Property through reconnaissance to grid
level geochemical surveys designed to target areas deemed high priority targets ba sed
on a recently completed full Property structural analysis from 2016 acquired LiDAR ,
existing soils and stream geochemical surveys and detailed airborne geophysical
interpretations. Many of these areas of interest have never been soil sampled and
represent new mineralization targets on the growing Quartz Lake structural corridor.
The program is well supported by an existing 35 -person camp, pre -positioned drill ,
heavy equipment, fuel and a network of existing roads.
“At the end of the currently planned program, Banyan will still have over $1.2 M in
the treasury and be in good position to follow up on a Phase II program on Aurex -
McQuesten or the Hyland Gold Project” said Tara Christie, President and CEO.
Aurex-McQuesten Gold Project
The Company has recently completed the Phase I exploration program at the Aurex -
McQuesten Project. This inaugural exploration program on Banyan’s newest project
consisted of property-wide geochemical surveys, 122 metres of new trenching and re -
opening of 1,243 metres of historic trenches, along with a 1,420 metre (m) diamond drill
program from 10 holes.
The diamond drill program focused on the McQuesten showing area, a 1,000m x 400m
wide zone of known gold and silver mineralization , where previous exploration results
include drill intercepts of up to 120 m grading 1.36 g/t Au with intervals of up to 1.5 m
grading 8.89 g/t Au (See Company news release dated May 25, 2017).
The exploration target at the Aurex-McQuesten is near surface gold mineralization in
meta-sedimentary host rocks related to interpreted buried intrusive stocks. Structural
traps are known to control intrusion-related gold -silver mineralization in this area and
defined gold m ineralization 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 P roject, as well as silver mineralization related to faults similar to
those found at Alexco Resource Corp., Keno Hill District.
The combined Aurex -McQuesten properties consist of approximately 9,230 hectares
and 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. Additionally, both Victoria Gold Corp. and Alexco Resource Corp. are
strategic partners on this project, providing camp, geological and financial support.
Banyan will host a public webcast presentation at 10:30-11:00 a.m. on Thu rsday,
August 3, 2017, which may be accessed from www.wsw.com/vir16 or
www.veryindependentresearch.com/confrerences. The pre sentation will be at the
Greek Church small hall, 20 Hillcrest Road, Holmdel, NJ , 07733. Please contact John
Tumazos for an invitation should you wish to attend in person.
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 well financed 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 Main Zone gold Inferred
Resource, at a 0.6 g/t gold equivalent cut off, hosts a NI 43 -101 resource of 12,503,994
tonnes containing 361,692 ounces gold at 0.9 g/t and 2,248,948 ounces silver at 5.59
g/t for a combined gold and silver 396,468 ounces gold equivalent.
The newly acquired 9,230 ha Aurex-McQuesten Property, in close proximity to Victoria
Gold's Eag le P roject and Alexco Resource's Keno Hill Silver District, is highly
perspective for structurally controlled, intrusion related gold -silver mineralization in
relation to quartz monzonite dykes of the Tombstone intrusive suite.
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.