Banyan GOLD Issues Incentive Stock Options
BANYAN GOLD ISSUES INCENTIVE STOCK OPTIONS
May 11, 2021 TSX-V: BYN
VANCOUVER, B.C., May 11, 2021 – Banyan Gold Corp. (the "Company" or "Banyan") (TSX-
V: BYN) is pleased to announce that the Board of Directors of the Company have granted
3,600,000 stock options to purchase 3,600,000 shares at an exercise price of $0. 24 per share,
expiring 5 years from the date of the grant. The options have a vesting period of up 18 months.
The stock options are being issued to field employees, consultants, Directors and Officers of the
company. The options were granted under and are subject to the terms and conditions of the
Company’s stock option plan.
Upcoming Catalysts
May 13, 18 – Virtual Mines and Money Online Roadshow
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 2021 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 2 below) was announced in May 2020. Our major strategic
shareholders include Alexco Resource Corp, Victoria Gold Corporation and Osisko Development.
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 ad jacent 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
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power station and cell phone coverag e. 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.
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.
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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]
CAUTIONARY STATEMENT: Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is
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, fluctuat ions 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 in formation, 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 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.