Banyan GOLD Powerline Mineralization Expansion Continues, Including 0.75 G/T GOLD over 45.2 Metres, Aurmac Property, Yukon
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BANYAN GOLD POWERLINE MINERALIZATION EXPANSION CONTINUES, INCLUDING
0.75 G/T GOLD OVER 45.2 METRES, AURMAC PROPERTY, YUKON
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 the results from the next four diamond drill holes received from the
2021 exploration program on the AurMac Property, Yukon. These drill holes represent part of the
larger, systematic 100 metre (“m”) spaced step-out grid drilling designed to expand the Powerline
Deposit.
Assay highlights from these four 2021 Powerline Zone drill holes results include:
• 0.75 g/t Au over 46.6 metres from 52.5 m in AX-21-70
• 0.55 g/t Au over 51.9 metres from surface 115.8 m in AX-21-71
• 0.48 g/t Au over 45.2 metres from 67.0 m in AX-21-69
2021 drilling at Powerline is designed to test the near-surface gold mineralization to a total area
of over 900,000 m 3, stepping out in all directions from the existing 160,000 m 3 of the existing
Powerline resource. Drilling continues to demonstrate exceptional potential for growth in all
directions of the Powerline Resource, which resulted from a blind discovery in 2019. This set of
reported holes are focused south and west of the Powerline Deposit. Mineralization identified this
year is consistent with the Powerline Deposit Model, and has led to increased confidence in the
mineralization model and overall AurMac exploration strategy. In addition, visible gold has been
found in the following 2021 dr ill holes AX-21-54, AX-21-66, AX-21-67, AX-21-68, AX-21-69 and
AX-21-70. Images corresponding assays from the core with visible gold are posted on the Banyan
Gold website.
“We have continued to expand the drill grid around the Powerline, building upon the known
mineralization rapidly and efficiently ; and importantly, have intersected gold mineralization in all
directions.” stated Tara Christie, President and CEO. “With over 6,300 m of drilling completed
as of today’s date and the highly encouraging metallurgical results announced last week (90%
average recoveries from all ore types) Banyan continues to rapidly advance AurMac”.
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Figure 1: Plan map of Powerline Zone 2021 drill holes reported, planned and completed.
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Figure 2: Cross-section A to A’ of Powerline (Looking West)
Figure 3: Long-section B to B’ of Powerline (Looking west)
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Table 1: 2021 Highlighted Powerline Diamond Drill Analytical Results
Hole ID
From
(m)
To
(m)
Interval*
(m)
Au
(g/t)
AX-21-69 67.0 112.2 45.2 0.48
including 67.0 68.0 1.0 1.13
including 94.8 96.0 1.2 5.90
including 99.1 100.1 1.0 1.71
including 102.1 103.6 1.5 2.18
including 111.3 112.2 0.9 1.53
AX-21-70 10.2 25.9 15.7 0.22
and 52.5 99.1 46.6 0.75
including 52.5 53.3 0.8 1.29
including 61.0 64.0 3.0 1.56
including 71.6 76.2 4.6 1.07
including 77.7 79.3 1.6 3.69
including 96.7 99.1 2.4 2.81
and 118.0 125.0 7.0 0.36
and 144.1 152.1 8.0 1.50
including 144.1 145.2 1.1 1.73
including 147.8 150.4 2.6 3.22
AX-21-71 82.3 105.2 22.9 0.39
and 115.8 167.7 51.9 0.55
including 126.5 129.5 3.0 1.26
including 132.9 134.1 1.2 1.43
including 141.0 143.0 2.0 2.09
including 163.1 166.1 3.0 2.49
and 184.4 185.9 1.5 2.18
AX-21-72 49.2 51.3 2.1 1.26
and 76.2 85.4 9.2 0.19
and 121.9 153.9 32.0 0.30
and 177.7 192.0 14.3 0.40
including 178.5 179.4 0.9 1.38
* True widths are estimated to be greater than 90% of the reported intervals.
2021 Drilling Program Update
As of May 9, 2021, Banyan has completed over 31 drill holes for >6,300 m on the Powerline Zone
of the AurMac property. Drilling planned for 2021 Phase 1, is largely focused on the Powerline
and Aurex Hill Zones.
Analytical Method
All drill core splits reported in this news release were analyzed at SGS Canada in Vancouver,
B.C. utilizing their GE_IMS21B20 analytical package which comprises a two-acid aqua regia
digestion followed by a 36-element ICP-MS scan, in conjunction with the GE_FAA30V5 30g Fire
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Assay with AAS finish for gold on all samples. Samples with gold content exceeding the analytical
thresholds of this package were reanalyzed utilizing an additional 30g Fire Assay Gravimetric
Finish (SGS Package GO_FAG30V). 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 SGS,
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 2021
exploration drilling program and was monitored as chemical assay data became available.
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 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 constrai ned Mineral Resource contained in two near/on-surface
deposits: The Airstrip and Powerline deposits . The Mineral Resource is summarized in Table 2
below.
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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.
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.
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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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Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results,
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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
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