BANYAN GOLD CORP. The Initial Mineral Resource Estimate comprises a total Inferred Mineral Resource of 903,945 ounces of gold on the near surface, road accessible AurMac Property.
About the AurMac Property
The AurMac Property is held by the Company under earn-in option agreements (the 'Option Agreements') with
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
Airstrip Deposit
The Airstrip deposit is delineated by 102 drill holes. Topographic control was from a detailed LiDAR survey dataset.
There are several geologic controls on gold mineralization as per the current geologic understanding of the Airstrip deposit. The Airstrip lithological model is made of seven units mainly oriented east-west, with six of the units dipping at approximately 40-degree. The bulk of the Inferred Mineral Resources are hosted within the calcareous package, a roughly 90-metre-thick zone that strike east west and dips approximately 35-degree to the south.
The most common sampling length of the Airstrip deposit is 1.5m, with approximately 40% of the sample data and composites were constructed at this interval. Capping of high-grade outliers was based on lithological domains and varied from 0.4 g/t Au to 9.0 g/t Au.
The estimation of gold grades into a block model was carried out with the Ordinary Kriging (OK) technique on capped composites and the resultant block model contains a block size of 5m (easting) x 5m (northing) x 5m (elevation). Density was calculated from a total of 418 measurements from the drill core. The average density per lithology type was assigned to the corresponding blocks.
At a 0.20 g/t Au cut-off, the pit-constrained, inferred Mineral Resources are of 46.0 million tonnes at an average gold grade of 0.524 g/t for a total of 774,926 ounces of gold.
Powerline Deposit
The drill data for the Powerline deposit is comprised of 15 drill holes. The most common sampling length of the Powerline deposit is 1.5m, with approximately 35% of the sample data. 1.5m was selected as the composite length and is based on the most common sampling length as well as on the envisioned block height of 5m. Capping of high-grade outliers was based on grade distribution domains and ranged from 4.0 g/t Au to 6.0 g/t Au.
The estimation of gold grades into a block model was carried out with the inverse distance squared (ID2) technique on capped composites with the resultant block model containing a block size of 5m (easting) x 5m (northing) x 5m (elevation).
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
The 9,230 ha AurMac Property lies in close proximity to both Victoria
Contact:
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.
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