VANCOUVER - Banyan Gold Corp. (the 'Company' or 'Banyan Gold') (TSXV: BYN) (OTCQB: BYAGF) is pleased to announce the completion of the Royalty Purchase Agreement from the Estate of Jim McFaull, whereby Banyan Gold has purchased 100% of the Vendor's royalty interest on 97 claims, known as the McFaull Claims, within the Aurex Claim Block of the AurMac Property.
The Vendor had been granted Royalty Interests under a Net Smelter Royalty Agreement dated November 23, 1992. The McFaull Claims cover key target areas on the AurMac Property and include portions of the Company's Powerline and Aurex Hill deposits.
Under the terms of the Royalty Purchase Agreements, Banyan Gold will jointly establish a scholarship in partnership with Jim McFaull's brothers, Gordon and William McFaull, in the name of Jim McFaull and Banyan Gold, at the Yukon Foundation, for students studying in fields related to geology and mining. The scholarship plans to award $5,000 annually to a successful candidate.
'By removing one Royalty Interest on the Aurex Claim Block, Banyan is continuing to advance and de-risk the AurMac project,' stated Banyan Gold CEO, Tara Christie. 'I am honored that we are able to establish this scholarship in the name of Jim McFaull, whom I worked with briefly in the Keno area early in my career and I admired his hand drawn maps. This will enable more Yukoners to pursue careers in geology and mining'.
The scholarship is dedicated to the late geologist, Jim McFaull ('McFaull'). McFaull was born in Regina in 1952 and completed a degree in geology at the University of British Columbia. He began working with United Keno Hill Mines Ltd. in the seventies and was a key member of a team of geologists who discovered millions of ounces of silver. From 1990 until his death in 2012, he served on the boards of the Yukon Chamber of Mines and the Yukon Prospectors Association.
Jim McFaull staked the first claims of what is known as Aurex Hill in 1992. Prospecting carried out in 1992 identified widespread gold mineralization associated with carbonate replacement alteration and within sheeted veins. Banyan Gold published a maiden resource for Aurex Hill in 2022, and the property was staked into a larger claim block by subsequent operators to become the Aurex Claim Block which also hosts the Powerline Deposit.
Additional details on Jim McFaull and the scholarship will be made available on the Yukon Foundation website and scholarship applications will be accepted for the fall 2023 school year.
About Banyan Gold
Banyan Gold'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 updated resource for the AurMac Property of 3,990,000 ounces was announced on May 17 2022.
The 173 sq km AurMac Property lies 30 kilometres from Victoria Gold's Eagle Project and adjacent to the Keno Hill Silver District operated by Alexco Resource Corp. and is highly prospective for structurally controlled, intrusion related gold-silver mineralization. The property is transected by the main Yukon highway and access road to the Victoria Gold open-pit, heap leach Eagle Gold mine. The AurMac Property benefits from a 3-phase powerline, existing power station and cell phone coverage. Banyan has a right to earn up to a 100% interest, in both the Aurex and McQuesten Properties, subject to certain royalties.
The Updated Mineral Resource Estimate for the AurMac Property was prepared May 13, 2022and consisted of 3,990,000 ounces of gold hosted within near surface, road accessible pit constrained Mineral Resources contained in three near/on-surface deposits: the Airstrip, Aurex Hill and Powerline Deposits.
Contact:
Tara Christie
Tel: 778 928 0556
Email: tchristie@banyangold.com
FORWARD LOOKING INFORMATION
This news release contains forward-looking information, which is not comprised of historical facts. Such information can generally be identified by the use of forwarding-looking wording such as 'may', 'will', 'expect', 'estimate', 'anticipate', 'intend', '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 news release includes, but is not limited to, the Company's plans for drilling this year and 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, 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, 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.
BANYAN GOLD CORP. 
