Banyan Metallurgy Update with 93% Recovery from Powerline, AurMac Project, Mayo, Yukon
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Banyan Metallurgy Update with 93% Recovery from
Powerline, AurMac Project, Mayo, Yukon
September 16, 2024
VANCOUVER, B.C., Vancouver, B.C ., September 16, 2024 – Banyan Gold Corp. (the
"Company" or "Banyan") (TSX-V: BYN) (OTCQB: BYAGF) is pleased to provide an update on
ongoing metallurgical test program work for the Company’s AurMac Project in the Yukon Territory.
Test work is being conducted on the AurMac Project’s Powerline Deposit (“Powerline”) and
Airstrip Deposit (“Airstrip”) which host the Project’s 7.0 million ounce (“ Moz”) gold inferred
Mineral Resource Estimate (“ MRE”). Results from the metallurgical test program utilizing bulk
composite samples from Powerline and Airst rip demonstrate robust recoveries for multiple
conventional mill processing options including gravity recovery in combination with Carbon in
Leach (“CIL”)/Carbon in Pulp (“ CIP”) and work is ongoing for flotation-leach. The Company will
continue to advance and optimize these potential mill flow sheets through ongoing metallurgical
test work to support future economic studies.
Highlights:
• Gold recover y of 93%, 92% and 90% from Powerline, Powerline East and Airstrip,
respectively, utilizing conventional gravity separation and whole ore leaching (CIL/CIP) at
a grind size of 75 microns (“m”).
• Gravity recoverable gold was found to be 54%, 46% and 24% from Powerline, Powerline
East and Airstrip bulk samples, respectively.
• Low sulphide concentration and excess buffering capacity indicates Powerline, Powerline
East and Airstrip are non-acid generating.
“The increase in gold recovery from metallurgical work on the Powerline Deposit to 93% for
CIL/CIP, demonstrates that Powerline has strong mill options with further optimization having
likelihood to continue to result in increased overall gold recoveries,” Tara Christie, President and
CEO, stated. “The Powerline deposit has been a key focus for drilling, metallurgical work and
optimization studies in 2024 as we move towards a PEA in 2025.”
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Methodology
Banyan shipped 82, 48 and 185 individual intervals (~491, 346, and 1,283 kg) of representative
drill core from Powerline , Powerline East (formerly known as the Aurex Hill zone) and Airstrip,
respectively, to Forte Analytical in Fort Collins, Colorado for the preparation of three master
composites for the metallurgical test program. The drill holes and individual intervals selected
were based on gold grade, depth from surface, spatial distribution, and lithology (Figure 1). The
test program has been designed considering the results of previous metallurgical work which
includes over 200 bottle rolls and the initial gold recovery estimates for Powerline utilizing the
conventional mill flowsheets identified in the Phase 1 test work released on February 6, 2024.
The program includes acid-base accounting, mineralogy, gold deportment, comminution, gravity
recovery, bottle roll cyanidation (with and without gravity), flotation (with and without gravity) and
Vat leach diffusion extraction tests. The program was overseen by Deepak Malhotra (SME-RM of
Forte Dynamics) who is a “Qualified Person ” as defined by National Instrument 43 -
101, Standards of Disclosure for Mineral Projects (“NI 43-101”).
Figure 1. Drill Hole Locations used for Metallurgical Composites
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Head Assays
Head samples were assayed for gold, carbon speciation, sul phur speciation, metals, and gold
deportment. The total sulphur in the samples ranged from 0.61% to 1. 53%, and total carbon
ranged from 0.63% to 0.90% predominantly as inorganic carbon (>85%) (Table 1). The gold feed
grade for the master composite material for Powerline, Powerline East and Airstrip were found to
be 1.05, 0.67 and 1.02 g/t . A gold deportment study was completed on the three composites
indicating free milling gold of 85.4%, 92.1% and 88.5% for Powerline, Powerline East and Airstrip,
respectively.
Table 1. Head Assays for Powerline, Powerline East and Airstrip Composite Samples
Composite
Sample
Gold
Feed
Grade
Free
Milling
Gold
Total
Carbon
Inorganic
Carbon
Organic
Carbon
Total
Sulphur
Total
Sulphide
Total
Sulphate
g/t % % % % % % %
Powerline 1.05 85.4 0.63 0.58 0.05 0.75 0.28 0.47
Powerline
East 0.67 92.1 0.87 0.83 0.04 0.61 0.40 0.21
Airstrip 1.02 88.5 0.90 0.77 0.13 1.53 0.77 0.76
Industry standard comminution testing was completed on the composite samples to determine
Bond’s ball mill work index ( BWi) and abrasion work index (Ai) parameters. The BWi for the
Powerline, Powerline East and Airstrip were 14.7, 14.6 and 13.9 kWh/t, respectively, indicating
the composites are classified as medium. While the abrasion indices were 0.094, 0.11 and 0.12
for Powerline, Powerline East and Airstrip , respectively, indicating the composites are slightly
abrasive.
Gravity Recovery
The Phase 1 test work identified 53% Gravity Recoverable Gold (“ GRG”) for Powerline, and
additional evaluation was done using E-GRG test work consisting of three stage conce ntration
(1245, 239 and 94 m). E-GRG test work had gravity recoverable gold of 53.7, 46.1 and 24.0%
for Powerline, Powerline East and Airstrip, respectively. The E -GRG results are consistent with
the Phase 1 gravity results for Powerline and confirm the opportunity of a gravity circuit in a mill
flow sheet for AurMac in future economic studies.
Bottle Rolls
Bottle roll tests for the three master composites were run for 48 hours at P80 grind sizes of 53, 75,
150 m (Table 2). The whole ore leach results for Powerline ranged from 88.4 to 95.2%, Powerline
East ranged from 79.9% to 88.2% and Airstrip ranged from 86.4% to 90.6%. The whole ore leach
results show increasing gold recovery with finer grind size . The 75 m bottle roll tests had an
average of 77% gold recovery within the first eight hours and over 89% average gold recovery in
the first 24 hours showing rapid gold recovery kinetics.
The master composite samples were also run for gravity concentration followed by leach ing of
the gravity tailings . The gravity concentration utilised a Knelson concentrator and Gemini table
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collecting ~1% of the weight followed by leaching of the combined gravity tailings. Each composite
was tested at the same three P80 grind sizes (53, 75, 150 m) as whole ore leach testing for direct
comparison of potential benefits of gravity to the CIL/CIP flow sheet (Table 3). The combined
gravity and leach gold recovery for Powerline ranged from 91.2 to 93.7%, Powerline East ranged
from 89.2% to 91.8% and Airstrip ranged from 89.1% to 92.4%. The combined gravity and leach
results did not consistently show the same trend as whole ore of increased recovery at finer grind
size. The inclusion of the gravity gold concentration prior to leaching on average increased gold
recovery by approximately 3%.
Table 2. Whole Ore Leach Results for Powerline, Powerline East and Airstrip Composite Samples
Sample
P80
Grind
m
Calculated
Head
g/t gold
Extraction
% Gold
Residue
g/t gold
Powerline
150 1.12 88.4 0.12
75 1.04 92.3 0.08
53 2.06 95.2 0.12
Powerline East
150 0.55 79.9 0.11
75 0.66 86.3 0.09
53 0.68 88.2 0.08
Airstrip
150 0.96 86.4 0.13
75 1.01 90.1 0.10
53 0.96 90.6 0.09
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Table 3. Gravity and Leach Results for Powerline, Powerline East and Airstrip Composite
Samples
P80
Grind
Size
Gravity
Concentrate
Recovery
Concentrate
Grade
Leach
Extraction Residue
Leach
Calculate
Feed
Calculate
Feed g/t
Combined
Gravity &
Leach
Recovery
m Weight
%
%
gold
g/t
gold
%
gold
g/t
gold
g/t
gold
g/t
gold
%
gold
Powerline
150 1.05 52.9 56.2 86.7 0.07 0.53 1.11 93.7
75 0.34 41.5 125 88.2 0.07 0.60 1.02 93.1
53 0.25 27.9 89.4 87.8 0.07 0.58 0.80 91.2
Powerline East
150 1.34 37.8 13.0 82.6 0.05 0.29 0.46 89.2
75 0.54 36.7 41.7 87.2 0.05 0.39 0.61 91.8
53 0.27 22.9 40.5 86.4 0.05 0.37 0.48 89.5
Airstrip
150 1.46 28.9 20 84.7 0.11 0.73 1.01 89.1
75 0.59 18.6 29.7 88.2 0.09 0.77 0.94 90.4
53 0.28 17.8 64.1 91.4 0.07 0.83 1.01 92.4
Environmental
Mineralogy and acid -base accounting were performed on the three master composite samples
and the results indicate that Powerline , Powerline East and Airstrip are not acid generating and
have excess buffering capacity. The samples were mainly composed of quartz (>64%) and minor
quantities of albite, anorthite, augite , plagioclase, biotite, calcite, clinochlore, epidote and
muscovite, with pyrite being the primary sulphide mineral present. The non-acid generating nature
and excess buffering capacity of AurMac project material is an important consideration in future
permitting and waste management designs.
Summary and Next Steps
These metallurgical results demonstrate strong gold recoveries at 75m for the CIL/CIP leaching
flow sheets ranging from 86% to 90% for whole ore leach and 90% - 93% for gravity and leach.
The gravity, flotation and leach test work is ongoing and further work is planned for optimization.
Overall, the CI L/CIP and gravity with flotation -leach processes both continue to be flow sheet
options that provide robust gold recoveries.
Additional test work for AurMac is ongoing and further test work is planned to focus on the CIL/CIP
and gravity-flotation-leach flow sheets using 2024 drill core. Continuing test work will advance our
understanding of:
• grind sizes, flotation times and mass pull for the flotation flow sheet
• grind sizes, leaching time and reagent usage for CIL/CIP flow sheet
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• optimizations of both mill flow sheets utilizing gravity recovery
The focus will remain on mill flow sheet optimization to minimize capital and operating costs for
the mill flow sheets to maximize value in future economic studies.
Upcoming Events
• Denver Gold Forum Americas – September 15 - 18
o Corporate Presentation: September 17 4:50 PM MDT
• Metals Investor Forum Vancouver – September 20 – 21
o Corporate Presentation: September 20 1:50 PM PDT
• GCFF Conference (Vancouver) – September 21
o Corporate Presentation: September 21 10:30 AM PDT
Qualified Persons
Deepak Malhotra SME-RM, Director of Metallurgy, of Forte Dynamics is a “Qualified Person” as
defined by NI 43-101, independent of the Company and have reviewed and approved the content
of this news release. Mr. Malhotra has verified the data disclosed in this news release, including
the sampling, analytical and test data underlying the information.
Paul D. Gray, P.Geo., is a “Qualified Person” as defined under NI 43-101, and has reviewed and
approved the content of this news release. Mr. Gray is a consultant to Banyan and has verified
the data disclosed in this news release, including the sampling, analytical and test data underlying
the information.
About Banyan
Banyan's primary asset, the AurMac Project is located in Canada’s Yukon Territory. The current
inferred Mineral Resource Estimate (“MRE”) for the AurMac Project of 7.0 million ounces has an
effective date of February 6, 2024.
The 173 square kilometres (“sq km”) AurMac Project lies 40 km from Mayo, Yukon. The AurMac
Project is transected by the main Yukon highway and benefits from a 3-phase powerline, existing
power station and cell phone coverage. Banyan has the right to earn up to a 100% interest, in
both the Aurex and McQuesten Properties respectively, subject to certain royalties.
The inferred MRE for the AurMac Project was prepared on February 6, 2024, and consisted
of 7,003,000 ounces of gold (see Table 4) hosted within near surface, road accessible pit
constrained Mineral Resources contained in two near/on-surface deposits: the Airstrip and
Powerline Deposits.
Table 4: Pit-Constrained Inferred Mineral Resources – AurMac Project(1)(2)(3)(4)(5)
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Deposit Gold Cut-
Off
g/t
Tonnage
Tonnes
Average Gold
Grade
g/t
Gold Content
oz.
Inferred
Airstrip 0.30 35,243,000 0.75 845,000
Powerline 0.30 312,243,000 0.61 6,158,000
Combined Inferred 0.30 347,486,000 0.63 7,003,000
Notes to Table 4:
1. The effective date for the MRE is February 6, 2024 and was prepared by Marc Jutras, P.Eng., M.A.Sc.,
Principal, Ginto Consulting Inc., an independent Qualified Person in accordance with the requirements of NI
43-101. The technical report supporting the Resource Estimate entitled “AurMac Property, Mayo Mining
District, Yukon Territory, Canada” (the “Technical Report”) has been filed on SEDAR at www.sedarplus.ca on
March 18, 2024.
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 Definition Standards 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 0.30 g/t gold for all deposits, 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 $1,800/ounce,
US$2.50/t mining cost, US$5.50/t processing cost, US$2.00/t G+A, 80% gold recoveries, and 45° pit slopes.
5. The number of tonnes and ounces was rounded to the nearest thousand. Any discrepancies in the totals are
due to rounding effects; rounding followed the recommendations as per NI 43-101.
Detailed images of the Mineral Resource model, including an interactive 3D model and additional
information can be found at: https://www.banyangold.com/projects/aurmac/
In addition to the AurMac Project, the Company holds the Hyland Gold Project, located 70 km
Northeast of Watson Lake, Yukon, along the Southeast end of the Tintina Gold Belt (the “Hyland
Project”). The Hyland Project represents a sediment hosted, structurally controlled, intrusion
related gold deposit, within a large land package (over 125 sq km), accessible by a network of
existing gravel access roads.
Banyan trades on the TSX -Venture Exchange under the symbol “ BYN” and is quoted on the
OTCQB Venture Market under the symbol “ BYAGF”. 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
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For more information, please contact:
Tara Christie • 778 928 0556 • [email protected]
Jasmine Sangria • 604 312 5610 • [email protected]
CAUTIONARY STATEMENT: Neither the TSX Venture Exchange, its Regulation Services Provider (as that term
is defined in policies of the TSX Venture Exchange) nor OTCQB Venture Market 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.
FORWARD LOOKING INFORMATION: This news release contains forward -looking information, which is not
comprised of historical facts and is based upon the Company’s current internal expectations, estimates, projections,
assumptions and beliefs. Such information can generally be identified by the use of forwarding -looking wording such
as “may”, “will”, “expect”, “estimate”, “anticipate”, “intend(s)”, “believe”, “potential” and “continue” or the negative thereof
or similar variations. 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 n ews release includes, but is not limited to, the
Company’s plans for exploration and future economic studies, and statements regarding exploration expectations,
prospectivity of the Company's property interests, potential mining processes, pricing assumptions and costs ease and
confidence in increasing ounces, exploration or development plans and timelines; mineral resource estimates; mineral
recoveries and anticipated mining costs. Factors that could cause actual results to differ materially from such forward-
looking information include uncertainties inherent in resource estimates, continuity and extent of mineralization, capital
and operating costs varying significantly from estimates, the preliminary nature of metallurgical test results, delays in
obtaining or failures to obtain required governmental, environm ental or other project approvals, political risks,
uncertainties relating to the estimation of mineral resources and the availability and costs of financing needed in the
future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, 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 information, future
events or otherwise, other than as required by law.