Banyan Identifies Numerous New Targets at the Aurex-Mcquesten GOLD Project, Yukon
BANYAN IDENTIFIES NUMEROUS NEW TARGETS AT THE AUREX-MCQUESTEN
GOLD PROJECT, YUKON
January 8, 2019 TSX-V: BYN
BANYAN GOLD CORP. (“Banyan” or “The Company”), is pleased to announce the results from the 2018
soil sampling program conducted over the Aurex-McQuesten Property, Central Yukon have expanded the
McQuesten Gold Zone, enlarged the Aurex Hill target and identified new gold targets on the property. The
Aurex-McQuesten property (the “Property”), is located between Victoria Gold Corp.’s Eagle Gold mine
which is currently under construction (and their prolific Potato Hills mineralized trend ) and Alexco
Resource Corp’s highly mineralized Keno Hill Silver District.
“Soils samples have proven to be an incredibly useful tool in Banyan’s on-going exploration of the
Property, and in the District (as witnessed by Victoria Gold’ s ongoing Eagle and Potato Hills trend
exploration successes) and this year’s results have identified additional target zones for more advanced
exploration in Banyan’s 2019 exploration season and beyond ” stated Tara Christie, CEO of Banyan Gold.
“The results have also defined promising extensions to the McQuesten Gold Zone, which Banyan defined
with drilling in 2018. This, combined with the exceptional location of this property, located less than 100
m from a Yukon Government Highway, Victoria Gold’s all season road and the existing power lines make
this a very unique property with significant potential.”
Over a 2 month period Banyan field crews collected a total of 3, 698 soil samples from the Property. The
combination of soil sampling analyses and recent portable x-ray flourecence (“XRF”) analyses have
identified numerous new and extensive Ca- and As-in-soil anomalies on the Property which are pathfinder
elements for the gold mineralization . The Aurex -Hill area, 1.5 km south of the McQuesten Gold Zone,
hosts the most significant As-in-soils anomaly, with a 10.2 square kilometer anomaly now defined. The
McQuesten Gold Zone hosts a pronounced Ca-in-soil anomaly of approximately 5.3 square kilometers.
For reference the McQuesten “Block 1”mineralization drilled by Banyan in 2018, is contained in an area
of 0.2 square kilometers.
The McQuesten Gold, Aurex Hill and the other newly defined zones are high-priority targets that will be
the focus of follow-up sampling programs to vector drilling towards the source of the mineralization.
The 2018 defined XRF Ca-in-soil anomalies are interpreted to highlight the calcareous stratigraphic unit
and underscore potential to extend the preferentially mineralized calcareous unit that was the target of
2017/2018 Banyan drilling at the McQuesten Gold Zone (see Company News Releases dated September
19th, October 24th, November 19 th, and December 10 th, 2018). The 70 th, 80 th and 90 th Ca-in-soil XRF
percentiles are 0.9%, 1.1% and 1.4% Ca, respectively. The gold mineralization observed in the McQuesten
Gold Zone is hosted within a stratabound calcareous package of meta-siliciclastics with multiple stacked
pyrrhotitic retrograde skarn horizons. The Au-in-soil anomaly (as defined from chemical analyses) map
shows that there is a direct spatial relationship with the XRF Ca-in-soil anomalies in the McQuesten Gold
Zone, further highlighting the gold potential of the McQuesten Property.
The 2018 defined XRF As-in-soil anomalies emphasize the size of the Aurex-Hill Zone in comparison to
other areas within the Property. The 70th, 80th and 90th As-in-soil XRF percentiles are 45 ppm, 63 ppm, and
102 ppm, respectively . The large area covered by the As -in-soil anomalies is interpreted as reflective of
the mineralized northwest and east-west oriented structures (and structural intersections) that represent
mineralized sheeted quartz arsenopyrite veins that have been identified by historic drilling programs and
by Banyan’s inaugural drilling on the Aurex property in 2017 (see News Release dated October 4 th 2017).
The Au-in-soil (as defined from chemical analyses) anomalies highlight a direct relationship with the XRF
As-in-soil anomalies in the Aurex-Hill Zone. Two distinct styles of gold mineralization have been identified
by Aurex-Hill drilling to date:
1) sheeted quartz arsenopyrite veins and associated brittle fault and vein breccias; and
2) stratabound pyrrhotitic retrograde skarn altered horizons.
These styles of gold mineralization are the same as those seen in the McQuesten Gold Zone. The recent
confirmation of the McQuesten Gold Zone geologic model (see News Release dated December 10th 2018),
the extensive As -in-soil and Au -in-soil anomalies and historic Aurex -Hill d rilling has increased
Managements’ confidence that the Aurex Hill Zone has the potential to host near-surface gold
mineralization and further work is warranted in these areas.
As part of the on -going assessment of the Aurex -McQuesten Property, 375 of the 3,698 soils samples
collected in 2018 (approximately 10% of the sample set) have been sent for full ICP chemical analyses to
Bureau Veritas Labs Vancouver, B.C. laboratories. These samples were selected based on a threshold As
XRF result and will be used to confirm analytical grades with XRF determinations. Additionally, 375 pulps
from the 2018 McQuesten Gold Zone have been sent to Bureau Veritas Labs for cyanide leach tests
towards a preliminary determination of gold recovery potential of the mineralized horizon. Conditional
on test results , additional recovery and metallurgical work will be part of Banyan’s 2019 exploration
programs.
A set of scale maps with the XRF and analytical soils geochemical results will be made available on the
Company website.
Soil XRF Analysis
2018 soil samples were collected along 100 metre spaced east-west oriented lines at 25 metre survey
station spacing. Soil samples were placed in Kraft bags and labeled with the UTM position of the survey
station. Samples were allowed to dry in the Kraft bags in a well ventilated area. Once dry , the samples
were transferred to plastic bags and placed in a test stand and analyzed by a portable XRF instrument
(Olympus Delta Premium ) by a 30:30:30 three -beam timed analysis. The samples were returned to the
labelled Kraft bag and placed into secured storage for future work. Portable XRF instruments collect
quality base metal and various pathfinder element data but provide limited precious metal results.
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 a 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 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.
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
(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.
The 9,230 ha Aurex-McQuesten Property, in close proximity to Victoria Gold's Eagle Project and
Alexco Resource's Keno Hill Silver District, is highly prospective 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]
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Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results,
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