BANYAN GOLD CORP. 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
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
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
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
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
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
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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