BANYAN GOLD CORP. (“Banyan Gold”) is pleased to announce that a first phase 2015 exploration program has commenced on its Hyland Gold Property, Yukon, Canada.
The Hyland Project is dominated by the 16 km long north south Quartz Lake Corridor (“QLC”) and is interpreted to be the dominant control for gold mineralization at Hyland. Previously identified secondary cross faults that intersect the Quartz Lake Corridor have demonstrated a strong correlation with gold and silver mineralization. To date, Banyan has identified five cross fault targets with only one, the Main Zone, having been definition drilled to date. Of the 16 km long Quartz Lake Corridor less than 4 km has been systematically explored.
The phase 1 2015 Hyland mineral exploration program contemplates up to 800m of drilling at the Camp Zone (an under-tested mineralized target within the QLC) , trenching and access development at Montrose Ridge and systematic targeting of first order Arseinc+Gold-in-soils anomalies further south along the Quartz Lake Lineament to identify additional high-priority targets for drill testing.
Importantly, as previously announced (see News Release April 16, 2015) Banyan has completed pre- positioning fuel, supplies, and exploration equipment including a D-6 Cat, PCS200 Excavator and a KD1000 Diamond Drill. The Heavy equipment will also be utilized for drill site preparation as well as trenching of additional target areas without the need for costly helicopter support. A phase 2 exploration program will be contingent on results and improved market conditions.
Banyan is further pleased to announce the 2015 Hyland exploration program was approved for funding under the Yukon Mineral Exploration Program ("YMEP"). Through YMEP, the Yukon Government will fund up to approximately $40,000 of the planned phase 1 exploration program on the Hyland Gold Project.
“The rethink of Hyland's regional setting and mineralization style and subsequent realization that Hyland is of similar tenor and style to certain Carlin type deposits (like Silver Standard's Marigol Gold Mine) coupled with the success Banyan has had in testing this thesis during the 2013/14 exploration seasons greatly increases management's confidence that a regionally significant mineralized system structurally controlled along the Quartz Lake Corridor exists and warrants detailed attention” stated Mark Ayranto, Chairman.
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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Statements in this news release regarding Banyan Gold 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.