Banyan GOLD Drills 0.92 G/T Au over 63.5 M at Airstrip, Further Expanding GOLD Mineralization BY over 300 M from Existing Resource, Aurmac Property, Yukon
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BANYAN GOLD DRILLS 0.92 G/T AU OVER 63.5 M AT AIRSTRIP, FURTHER EXPANDING
GOLD MINERALIZATION BY OVER 300 M FROM EXISTING RESOURCE, AURMAC
PROPERTY, YUKON
FEBRUARY 24 2021 TSX-V: BYN
VANCOUVER, B.C, February 24, 2021 – Banyan Gold Corp . (the " Company" or "Banyan")
(TSX-V: BYN) is pleased to announce the final 2020 exploration season diamond drill hole results
from the Airstrip Zone, AurMac Property, Yukon (Table 1 and Figure 1).
Highlights from this final set of Airstrip results include:
• 0.92 g/t Au over 63.5 metres from 106.0 metres in MQ-20-86
• 0.89 g/t Au over 59.2 metres from 111.0 metres in MQ-20-87
• 0.62 g/t Au over 59.8 metres from 63.7 metres in MQ-20-93
“Successful step-out drilling along strike to the East, West and down- dip has shown that 2020
drilling added significantly to the mineralized volume of the Airstrip Deposit and defined continuity
of mineralization in all directions.” stated Tara Christie, President and CEO “Significantly, MQ-20-
66, MQ -20-67, MQ -20-86 and MQ-20-87 have identified the continuation of the Airstrip
mineralized trend which remains open down-dip to the South and, in particular, to the West where
the mineralization is showing consi stent higher grade . We look forward to 2021 as a
transformative year for the Company. Drilling is slated to begin early in March 2021 and it will be
a very busy year for Banyan.”
Drill holes MQ -20-85 to MQ -20-89 were located in West Airstrip to follow-up on the promising
results of MQ -20-66 and MQ -20-67; where noteworthy grade-width g old mineralization was
encountered in Phase 1 2020 drilling ( news release September 21, 2020). Consistent with the
geological model, the target calcareous schist unit showed significant quartz -calcite-pyrrhotite
alteration, a key indicator for gold mineralization at Airstrip. Importantly, 2020 drill results have
extended the strike length of the mineral zone by approximately 300 m to the West and also down
dip within the conceptual pit limits used to constrain the 2020 Airstrip mineral resource estimation.
Further definition of the western strike extent of the Airstrip Deposit will be a high priority for 2021
exploration efforts as th e Deposit remains open to the West where a higher -grade trend is
interpreted to exist.
Drill holes MQ-20-90 to MQ-20-93 were collared in East Airstrip to test areas down-dip and east
of well mineralized 2019 drill results. All of these 2020 drill holes intersected gold mineralization
within the target calcareous horizon ; further validating the consistency and continuity of the
Airstrip geological model. Mineralization remains open down-dip and east of the current Airstrip
Deposit.
Drill hole MQ -20-84, an approximately one km step- out along the interpreted eastern strike
extension of the favourable mineralized unit , successfully identified anomalous gold
mineralization from surface to a depth of approximately 30 m , confirming the Company’s
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geological interpretation with the intersection of the target calcareous unit (>200 m in width).
There has been almost no exploration to the east of the Airstrip Zone, and the results of hole MQ-
20-84 confirms Banyan’ s interpretation that the eastern strike extension of Airstrip has the
potential to host additional near-surface gold mineralization and warrants additional exploration
follow up.
Figure 1: Locations of 2020 Drill holes – highlighting location of Phase 2 Drill Collars
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Figure 2: Section 466,450E showing highlighted interval from MQ-20-85 and MQ-20-86
Figure 3: Section 466,500E showing highlighted interval from MQ-20-87 and MQ-20-66
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Figure 4: Section 467,550E showing highlighted interval from MQ-20-93
Table 1: 2020 Highlighted Diamond Drill Analytical Results
Hole ID
From
(m)
To
(m)
Interval*
(m)
Au
(g/t)
MQ-20-84 6.5 13.1 6.6 0.79
Including 11.0 12.5 1.5 2.41
And 21.1 29.5 8.4 0.30
Including 27.8 28.2 0.4 1.87
MQ-20-85 86.5 116.0 29.5 0.42
including 102.0 103.5 1.5 2.13
including 104.5 105.5 1.0 1.78
and 125.6 130.0 4.4 0.68
including 127.5 127.9 0.4 2.08
MQ-20-86 19.1 22.0 2.9 2.74
and 79.0 89.5 10.5 0.60
and 106.0 169.5 63.5 0.92
including 111.9 112.8 0.9 2.80
including 132.2 134.5 2.3 1.58
including 142.0 143.0 1.0 1.81
including 152.0 154.0 2.0 3.33
including 156.0 158.0 2.0 1.36
including 159.0 160.0 1.0 1.27
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Hole ID
From
(m)
To
(m)
Interval*
(m)
Au
(g/t)
including 162.0 164.5 2.5 6.70
including 167.7 168.2 0.5 6.24
MQ-20-87 111.0 170.2 59.2 0.89
including 126.8 130.5 3.7 2.04
Including 145.5 147.0 1.5 1.08
including 155.0 159.5 4.5 3.97
including 162.5 164.0 1.5 1.63
including 168.0 168.9 0.9 2.73
and 182.0 186.7 4.7 2.03
MQ-20-88 58.5 96.9 38.4 0.22
and 115.0 160.3 45.3 0.48
including 115.0 116.25 1.25 2.61
including 127.5 129.0 1.5 3.57
including 159.5 160.3 0.8 2.71
MQ-20-89 68.5 92.0 23.5 0.30
including 81.7 83.0 1.3 1.87
and 126.5 163.4 36.9 0.56
including 126.5 127.2 0.7 6.07
including 145.2 146.4 1.2 1.95
including 150.1 150.9 0.8 2.79
including 162.1 162.3 0.2 7.70
including 163.1 163.4 0.3 10.5
MQ-20-90 43.8 113.6 69.8 0.24
including 43.8 45 1.2 1.85
Including 92.0 92.6 0.6 1.24
including 95.5 97.0 1.5 1.71
and 181.5 186.9 5.4 0.30
including 186.2 186.9 0.7 1.45
MQ-20-91 134.1 186.2 52.1 0.30
including 134.1 135.6 1.5 1.62
including 137.8 138.8 1.0 4.59
Including 141.6 142.4 0.8 1.44
including 145.1 145.5 0.4 2.68
Including 186.1 186.2 0.1 1.47
and 206.1 215.2 9.1 0.26
MQ-20-92 130.7 146.0 15.3 0.55
including 130.7 133.0 2.3 1.97
including 141.6 143.0 1.4 1.06
and 156.4 170.9 14.5 0.39
including 168.1 170.9 2.8 1.49
and 213.5 239.8 26.3 0.23
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Hole ID
From
(m)
To
(m)
Interval*
(m)
Au
(g/t)
MQ-20-93 63.7 123.5 59.8 0.62
including 74.2 76.7 2.5 2.05
including 83.8 85.3 1.5 1.97
including 106.3 107.7 1.4 16.3
* True widths are estimated to be greater than 90% of the reported intervals.
Results of AX-20-58 to AX-20-65 holes from the 2020 exploration season remain pending and
the results to date continue to validate the AurMac geological model.
Analytical Method
All drill core splits collected from the 2020 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 sampl es. 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, ¼ core duplicates and
blanks was implemented in the 2020 exploration drilling program and was monitored as chemical
assay data became available.
Upcoming Events and Catalysts
Q1 2020 – Drill results from 2020 program
Q1 2020 – Resume drilling at AurMac Property
March 1-5, 2021 – BMO Online Conference
March 8-11, 2021 – PDAC Virtual Convention – Banyan Booth
March 8-11, 2021 – PDAC Core Shack
March 9-10, 2021 – PDAC One-on-One Virtual Convention (in partnership with Precious Metals
Summit)
March 17, 2021 – European Family Office Investor Event
March 30, 2021 – Webinar with Adelaide Capital
May 6, 2021 – Mines and Money Roadshow (APAC)
May 13, 2021 – Mines and Money Roadshow (EMEA)
May 20, 2021 – Mines and Money Roadshow (Americas)
Additional details for these events on our website: www.banyangold.com
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 explor ation activities in 2021 will have additional safety
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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 2 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 173 sq km AurMac Property lies 30 km from Victoria Gold's Eagle Project and adjacent to
Alexco 's Keno Hill Silver District and is highly 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 Property 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 2
below.
Table 2: 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:
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 slop.
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.
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The Hyland Gold Project, located 70 km NE of Watson Lake, Yukon, along the Southeast end of
the Tintina Gold Belt is a sediment hosted, structurally controlled, intrusion related gold deposit,
with a large land package (over 125 sq km), with the resource contained in the Main Zone area
(900 m x 600 m) 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 3 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 3: 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
Notes:
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 is 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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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