BANYAN GOLD CORP. (“Banyan Gold”) is pleased to announce that it has completed the previously announced exploration program on its Hyland Gold Property, Yukon, Canada.
The program was focused on following up on the encouraging results received from the 2013 Hyland South and Regional exploration Program, and included focused soils/rock sampling with coincident geological mapping targeted upon the highly prospective CUZ South and Montrose Ridge Zones. The Montrose Ridge Zone boasts the largest gold-in-soils anomaly ever uncovered on the South Hyland Property, and the CUZ South Zone continues to define and expand gold/arsenic-in-soils anomalies related to the 2011 Cuz Zone Gold Discovery.
The 2014 Hyland exploration program has now filled in soils coverage to link the Cuz South and Montrose Ridge Zones.
In total, 496 soils and rocks were collected from over 2.2 km2 of highly prospective ground between and flanking upon the Cuz South and Montrose Ridge zones. Soils were sampled at 50 metre centres on grid lines of 100m spacing over the entirety of the area of coverage.
The Montrose Ridge Zone was discovered in 2013 through a detailed soils/rock sampling program on the South Hyland Property, 6.5km south of the Hyland Main Zone (which hosts a NI 43-101 Inferred Resource of 396,000 gold equivalent ounces). Importantly, the Montrose Ridge Zone lies along the identified >12 km long Quartz Lake Lineament which is interpreted to control significant mineralization identified on the Hyland Project, and fits with the Company’s regional structurally controlled mineralization model for the Hyland Project and Hyland District.
Banyan is further pleased to announce the 2014 Hyland exploration program was approved for funding under the Yukon Mineral Exploration Program ("YMEP"). Through YMEP, the Yukon Government will fund up to 50% of the planned mineral exploration program on the Hyland Gold Project.
“Despite relatively limited exploration expenditures at Hyland over the past year, Banyan has managed to prove up two additional drill ready targets. This success has greatly increased our confidence that Hyland hosts a regionally significant mineralized system structurally controlled along the Quartz Lake Lineament” stated Mark Ayranto, Chairman. “We are also pleased to receive YMEP funding support through the Yukon government.”
Results of the 2014 exploration program will be released once they have been received and reviewed by the company.
This News Release has been reviewed and approved by Paul D. Gray, P.Geo., a Qualified Person as defined by NI 43-101.
About Banyan Gold
Banyan Gold is a gold exploration and development company whose flagship property, the Hyland Gold Project (“Hyland”), is approximately 70 km NE of Watson Lake, Yukon, along the southeast end of the Tintina Gold
Belt. The Main Zone gold Inferred Resource, at a 0.6 g/t gold equivalent ("AuEq") cutoff, hosts a NI 43-101 compliant Resource of 12,503,994 tonnes containing 361,692 ounces gold at 0.9 g/t and 2,248,948 ounces silver at 5.59 g/t for a combined gold and silver 396,468 ounces gold equivalent. Based on the success of previous exploration and numerous untested drill ready targets Banyan Gold management foresees potential for a significant regional exploration at Hyland.
Banyan Gold trades on the TSX-Venture Exchange under the symbol “BYN”. For more information please visit the corporate website at www.banyangold.com or contact Banyan Gold.
ON BEHALF OF THE BANYAN GOLD BOARD OF DIRECTORS
(signed) "Mark Ayranto"
For more information, please contact:
Tel: (604) 648-8450
Email: [email protected]
The TSX Venture Exchange (the “Exchange) has neither approved nor disapproved the contents of this press release. Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
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