BYN.V · 2022-02-21 12:00:00

Banyan Intersects 1.02 G/T GOLD over 55.1 Metres at Powerline Deposit, Aurmac Property, Yukon

Drill Results

BANYAN INTERSECTS 1.02 G/T GOLD OVER 55.1 METRES AT POWERLINE

DEPOSIT, AURMAC PROPERTY, YUKON

February 21, 2022 TSX-V: BYN | OTCQB: BYAGF

VANCOUVER, BC, February 2 1, 2022 – Banyan Gold Corp . (the " Company" or "Banyan")

(TSXV: BYN) (OTCQB: BYAGF) is pleased to announce analytical results from twenty-one (21)

diamond drill holes drilled during the Company’s 2021 exploration program at the Powerline

deposit (the “Powerline Deposit”) located on the AurMac Property.

Assay highlights:

• 59.5 metres (“m”) of 0.71 g/t Au from Surface (14.8 m) in DDH AX-21-140

• 55.2 m of 1.02 g/t Au from 88.1 m in DDH AX-21-142

• 38.9 m of 0.51 g/t Au from 41.8 m in AX-21-148

• 25.3 m of 1.40 g/t Au from 94.9 m in AX-21-152

• 45.7 m of 0.47 g/t Au from Surface (13.7 m) in AX-21-153

• 70.4 m of 0.69 g/t Au from 28.9 m in AX-21-154

• 45.2 m of 0.62 g/t Au from Surface (10.4 m) in AX-21-156

• 42.7 m of 0.81 g/t Au from Surface (12.2 m) in AX-21-160

• 39.1 m of 0.54 g/t Au from Surface (7.5 m) in AX-21-162

• 31.6 m of 0.68 g/t Au from Surface (9.9 m) in AX-21-164

• 105.4 m of 0.47 g/t Au from Surface (9.1 m) in AX-21-175

"The next phase of exploration at the AurMac Property is well underway, with three diamond drills

now turning. With the denser drill spacing to refine mineralization continuity in the northeast of the

Powerline Deposit wrapping up, we are excited to get back to 100 m step-out drilling designed to

demonstrate the size potential of the near/on-surface Powerline Deposit mineralization to the east

and west", Tara Christie, President & CEO of Banyan stated. “ This latest batch of assay results

from our 2021 drill program continues to showcase the extensive nature of gold mineralization

around the Powerline Deposit on the AurMac Property.”

A video to accompany this news release and additional information is located on our website.

Results from the twenty -one (21) drill holes reported herein are consistent with previous

exploration drill results at the Powerline Deposit (see Tables 1 to 3 and Figures 1 and 2). The

areal extent of interpreted gold mineralization from surface continues to be confirmed with each

batch of 2021 assay results received (see Figure 1).

In 2021, step-out drilling to the east and west of the Powerline Deposit identified a near/on-surface

gold trend that is interpreted to have grade continuity over 1.2 kilomet res of strike length (see

Banyan news release dated January 10, 2022). A section of this zone has been drilled at 25 m

centres, along cardinal and intercardinal directions, over a 200 m x 200 m area to test the

continuity of mineralization along strike and down dip, which will be used to refine the

geological/mineralization model of the Powerline Deposit in advance of an updated mineral

resource the Company is planning to complete in 2022. Results from the Powerline Deposit

received to date are summarized separately in Table 2 and their locations are shown in Figure 2.

Visible gold from four of these holes is being shown in Image 1.

Image 1: Photographs of visible gold from:

A) AX-21-156: 137.5 m to 138.9 m - 1.14 g/t Au over 1.4 m

B) AX-21-162: 14.9 m to 16.8 m - 5.10 g/t Au over 1.8 m

C) AX-21-173: 7.6 m to 9.1 m - 5.99 g/t Au over 1.5 m

D) AX-21-175: 113.0 m to 114.5 m - 1.78 g/t Au over 1.5 m

Figure 1: Powerline Drill Hole Locations and Drill Plan Map, showing historic, completed, and

proposed diamond drill holes.

Figure 2: Powerline Drill Hole Locations of 25 m drill spacing

Table 1: 2021 Highlighted Powerline Diamond Drill Analytical Results. (Maps, sections and

full assay results will be available on Banyan’s website).

Hole ID From (m) To (m) Interval (m*) Au (g/t)

AX-21-140 14.8 274.5 259.7 0.42

or 14.8 74.3 59.5 0.71

and 139.0 163.6 24.6 0.86

and 199.2 211.8 12.6 1.28

and 226.5 241.1 14.6 0.43

and 247.5 257.6 10.1 0.45

and 265.0 274.5 9.5 0.84

AX-21-142 35.1 36.6 1.5 1.39

and 47.2 47.6 0.4 1.07

and 88.8 144.0 55.2 1.02

AX-21-145 21.3 33.5 12.2 0.25

and 67.0 103.5 36.5 0.49

Hole ID From (m) To (m) Interval (m*) Au (g/t)

AX-21-146 36.6 41.2 4.6 0.74

AX-21-148 41.8 80.7 38.9 0.51

and 143.5 153.3 9.8 1.52

and 171.3 175.8 4.5 1.05

AX-21-149 14.5 129.8 115.3 0.30

or 14.5 54.9 40.4 0.32

and 70.7 93.0 22.3 0.46

and 112.6 129.8 17.2 0.56

AX-21-152 37.7 62.5 24.8 0.24

and 94.9 120.2 25.3 1.40

and 197.0 213.0 16.0 0.56

AX-21-153 13.7 59.4 45.7 0.47

and 89.0 90.6 1.6 1.18

and 110.6 127.4 16.8 0.84

and 187.5 204.2 16.7 0.30

AX-21-154 28.9 99.3 70.4 0.69

and 129.8 137.3 7.5 0.98

and 179.6 181.4 1.8 2.14

and 221.7 230.5 8.8 0.92

AX-21-156 10.4 55.6 45.2 0.62

and 122.4 125.5 3.1 1.08

and 137.5 138.9 1.4 1.14

AX-21-157 12.2 114.9 102.7 0.35

AX-21-160 12.2 189.9 177.7 0.39

or 12.2 54.9 42.7 0.81

and 64.0 90.8 26.8 0.43

and 113.0 116.4 3.4 2.73

and 157.9 159.5 1.6 1.08

and 179.8 189.9 10.1 0.68

AX-21-161 59.0 60.8 1.8 3.16

AX-21-162 7.5 46.6 39.1 0.54

and 108.1 108.8 0.7 6.02

and 141.3 142.5 1.2 6.27

AX-21-163 12.0 70.1 58.1 0.35

and 114.0 115.5 1.5 1.32

Hole ID From (m) To (m) Interval (m*) Au (g/t)

AX-21-164 9.9 41.5 31.6 0.68

and 85.0 93.3 8.3 1.44

AX-21-171 21.3 32.0 10.7 0.48

and 47.2 48.8 1.6 2.28

AX-21-172 14.9 60.4 45.5 0.37

AX-21-173 4.6 157.6 153.0 0.32

or 4.6 30.5 25.9 0.62

and 57.2 70.2 13.0 0.64

and 79.3 103.7 24.4 0.37

and 135.0 140.2 5.2 0.91

and 156.1 157.6 1.5 1.90

and 229.4 229.9 0.5 9.80

AX-21-175 9.1 114.5 105.4 0.47

AX-21-176 15.5 190.1 174.6 0.28

Or 15.5 37.5 22.0 0.76

and 60.8 101.2 40.4 0.43

*True widths are estimated to be approximately 90% of drilled intervals.

Table 2: 2021 Highlighted Powerline Diamond Drill Analytical Results of 25 m drill spacing

along cardinal and intercardinal directions. (Maps, Sections and full assay results will be

available on Banyan’s website).

Hole ID From (m) To (m) Interval (m) (6) Au (g/t)

AX-20-58 (1) 115.3 181.4 66.1 0.25

AX-20-59 (1) 6.8 48.5 41.7 1.40

AX-20-60 (1) 8.1 178.9 170.8 0.47

AX-21-91 (2) 15.8 76.2 60.4 0.50

AX-21-93 (3) 7.6 53.3 45.7 0.69

AX-21-95 (3) 119.9 172.2 52.3 0.70

AX-21-109 (4) 8.8 78.7 69.9 0.20

AX-21-111 (4) 6.4 96.0 89.6 0.50

AX-21-153 (5) 13.7 59.4 45.7 0.47

AX-21-156 (5) 10.4 55.6 45.2 0.62

AX-21-159 (5) 4.2 56.0 51.8 0.60

AX-21-162 (5) 7.5 46.6 39.1 0.54

AX-21-164 (5) 9.9 41.5 31.6 0.68

AX-21-173 (5) 4.6 30.5 25.9 0.62

AX-21-175 (5) 9.1 114.5 105.4 0.47

Notes:

(1) Previously released on April 21, 2021

(2) Previously released on June 21, 2021

(3) Previously released on August 23, 2021

(4) Previously released on September 8, 2021

(5) Holes released in this new release

(6) True widths are estimated to be approximately 90% of drilled intervals

Table 3: Drill Collar Location for Released Results

Collar ID East NAD83_Z8 North NAD83_Z8 Elev. (m) Azimuth Dip (°) Depth (m)

AX-21-140 466598 7083192 764 002 -61 275.84

AX-21-142 466792 7083198 779 357 -58 205.75

AX21-145 466903 7083298 783 352 -60 193.55

AX21-146 466708 7082996 769 355 -61 201.17

AX-21-148 466900 7082998 775 356 -59 243.84

AX-21-149 466994 7083012 778 354 -58 188.97

AX-21-152 467699 7083001 802 001 -58 239.27

AX-21-153 467418 7083097 791 004 -60 220.98

AX-21-154 466956 7083122 781 357 -58 274.32

AX-21-156 467451 7083103 793 001 -57 200.59

AX-21-157 467693 7082790 813 003 -62 256.67

AX-21-160 467695 7082697 815 357 -60 249.63

AX-21-161 466841 7083247 782 351 -61 246.89

AX-21-162 467525 7083096 795 352 -60 222.50

AX-21-163 467693 7082601 817 001 -62 205.13

AX-21-164 467550 7083084 795 343 -59 114.00

AX-21-171 466695 7083302 771 353 -58 68.60

AX-21-172 467905 7082498 832 355 -63 209.36

AX-21-173 467447 7083054 793 004 -59 246.89

AX-21-175 467425 7083022 793 360 -60 198.12

AX-21-176 467799 7082696 818 355 -63 223.11

Exploration Update – 2022 Program

The Company has planned an exploration program on the AurMac Property in 2022 that is

expected to include 30,000 m of diamond drilling, split between the Powerline Deposit and Aurex

Hill targets. Additional drill locations will be determined after a complete review of analytical results

is available. To date, six (6) drill holes totaling approximately 1,200 m of the 2022 exploration

program have been completed.

Analytical Method and Quality Assurance/Quality Control Measures

All drill core splits reported in this news release were analysed at SGS Canada in Vancouver, BC

utilising 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 Assay with

AAS finish for gold on all samples. Samples with gold content exceeding the analytical thresholds

of this package were reanalysed utilising an additional 30g Fire Assay Gravimetric Fi nish (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 sam ple 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 SGS laboratory in Vancouver, BC

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 Events

Banyan will be attending:

● BMO 31st Global Metals & Mining Conference – February 27 - March 2, 2022

● International Deal Gateway – March 4, 2022

● Metals Investor Forum Vancouver – March 10-11, 2022

● 121 Mining Investment Las Vegas – March 30-31, 2022

● Mines & Money Connect – April 5-7, 2022

● Vancouver Resource Investment Conference – May 16-17, 2022

o Booth and Presentation

● PDAC 2022 – June 13-15, 2022

All events are subject to change.

COVID-19 Update

Banyan continues to take proactive measures to protect the health and safety of our Yukon

communities, our contractors and our employees from COVID 19. Exploration activities will

continue to have additional safety measures in place, regularly updated to follow and exceed all

the recommendations of Yukon’s Chief Medical Officer.

About Banyan

Banyan's primary asset, the AurMac Property is comprised of the Aurex and McQuesten

properties, as well as claims staked and owned 100% by Banyan Gold, and adjacent to Victoria

Gold's Eagle Gold Mine, in Canada’s Yukon Territory. The initial resource for the AurMac Property

of 903,945 oz Au (see Table 1 below) was announced in May 2020. Our major strategic

shareholders include Franklin Gold and Precious Metals Fund, Osisko Development, 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

the Keno Hill Silver District operated by Alexco Resource Corp. (“ Alexco”) 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% interest, subject to royalties.

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