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MarketScreener Homepage  >  Equities  >  TSX VENTURE EXCHANGE  >  Banyan Gold Corp.    BYN   CA06683K1066

BANYAN GOLD CORP.

(BYN)
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Banyan Gold : COMMENCES 2020 PHASE 1 DRILL PROGRAM AT AURMAC PROPERTY, YUKON, CANADA

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06/03/2020 | 11:14am EDT

VANCOUVER - Banyan Gold Corp. (the 'Company' or 'Banyan') (TSX-V: BYN) is pleased to announce commencement of its Phase 1 2020 exploration program on the AurMac Property located in the Mayo Mining district, approximately 56 kilometres northeast from the village of Mayo, Yukon and 350 kilometres north of Whitehorse, Yukon.

The Phase 1 diamond drilling will continue to add gold ounces on the Company's AurMac Property and will also include broader Property wide evaluation programs including the Aurex Hill gold showings.

'Banyan has proven its ability to efficiently and cost effectively build gold ounces through the application of clear geologic principles, and we intend to continue to do just that at AurMac this season.' stated Tara Christie, President and CEO. 'The Resource models that have been developed at Airstrip and Powerline both highlight the potential for expansion through systemic drilling. We feel this drill campaign will meaningfully increase gold ounces and demonstrate the higher grades that AurMac offers. Moreover, we will further the application of the AurMac Geologic model throughout this large Project, with our Banyan 'boots on the ground' style exploration efforts.'

The 2020 diamond drill program will establish Banyan's COVID working safety procedures for further drilling campaigns and planned regional exploration over the 92 km2 AurMac property.

On May 25, 2020, Banyan Gold announced an Initial Mineral Resource Estimate at AurMac comprised of the Airstrip and Powerline deposits that together, contain a total Inferred Mineral Resource of 903,945 ounces of gold prepared in accordance with NI 43-101, on these near surface, road accessible deposits. [1]

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.

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.

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 a 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 slope[2]

About the AurMac Property

The AurMac Property is held by the Company under earn-in option agreements (the 'Option Agreements') with StrataGold Corporation, a 100% owned subsidiary of Victoria Gold Corp. (TSX: VGCX) ('Victoria Gold') and Alexco Resource Corporation (TSX: AXR) ('Alexco'). The Company has the right to earn up to a 100% interest in the AurMac Property, subject to royalties, pursuant to the terms and conditions of the Option Agreements.[3]

The Airstrip and Powerline deposits contained within the AurMac Property are both on and near-surface deposits and potentially open pit mineable, with expected low strip ratios. The AurMac Property is located just 40 km from Victoria Gold's open pit, heap leach mine and 10 km from Alexco's mill facility at the High-Grade silver deposits of the Keno Hills District. The AurMac Property lies on existing transportation infrastructure (Main Yukon Government Highway System) and the all-season road to Victoria Gold's Eagle Mine. The Airstrip and Powerline deposits are within 1 km of each other and both within 50m of year-round access roads, have 3-phase powerlines and benefit from cellular communications.

About Banyan

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 have existing Mineral Resources that fit this model and our objective is to increase shareholder value by advancing projects in our pipeline.

The 9,230 ha AurMac Property lies in close proximity to both Victoria Gold's Eagle Project and Alexco's Keno Hill Silver District and is highly prospective for structurally controlled, intrusion related gold-silver mineralization in relation to the Tombstone intrusive suite. The property hosts numerous known gold targets and Banyan has developed a mineralization model at the McQuesten 'Airstrip' and 'Powerline' Gold deposits, 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 Hyland Gold Project, located 70km 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 Mineral Resource contained in the Main Zone area (900x600m) 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.

The Hyland Main Zone Indicated Mineral Resource Estimate, prepared in accordance with NI 43-101, at a 0.3 g/t gold equivalent cut-off, 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.

Banyan trades on the TSX-Venture Exchange under the symbol 'BYN'.

Contact:

Tara Christie

Tel: (888) 629-0444

Email: tchristie@banyangold.com

CAUTIONARY STATEMENT

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, fluctuations 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 information, 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.

(C) 2020 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
ChangeLast1st jan.
BANYAN GOLD CORP. -11.48% 0.27 Delayed Quote.237.50%
VICTORIA GOLD CORP. -0.50% 13.98 Delayed Quote.0.00%
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Financials
Sales 2019 - - -
Net income 2019 -0,32 M -0,24 M -0,24 M
Net cash 2019 0,34 M 0,25 M 0,25 M
P/E ratio 2019 -14,7x
Yield 2019 -
Capitalization 36,2 M 26,7 M 26,7 M
EV / Sales 2018 -
EV / Sales 2019 -
Nbr of Employees -
Free-Float 90,7%
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Managers
NameTitle
Tara M. Christie President, CEO & Non-Independent Director
Mark Ayranto Chairman
David M. Rutt Chief Financial Officer & Secretary
Steve Burleton Independent Director
David Robert Reid Independent Director
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