BANYAN GOLD CORP. (“Banyan Gold”) is pleased to announce the expansion of the Montrose Ridge Zone on the Hyland Gold Property, Yukon, Canada through 2014 exploration program results which continue to demonstrate strong Au +/- As soil anomalies. The Montrose Ridge Zone was discovered in 2013 through a targeted soil and 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) and coincident with the identified >16 km long Quartz Lake Corridor which is interpreted to control gold and silver mineralization identified on the Hyland Project.
Additionally, Banyan announces successful completion of the 2014 Yukon Mineral Exploration Program (“YMEP”) reporting and has now received payment in the amount of $49,650.00 from the Yukon Government, representing 50% of the 2014 exploration expenditures at Hyland. YMEP funding has supported Banyan over the last two exploration seasons to explore and expand the Hyland Gold Project for $0.50 on the dollar.
For 2015, Banyan has recently completed prepositioning fuel, supplies, and exploration equipment including a D-6 Cat, PCS2000LC-8 Excavator and a KD1000 Diamond Drill. Banyan has signed a contract with Kluane Drilling of Whitehorse, YT to drill a minimum of 1,200m HQ core on the Hyland Gold Project and has mobilized all required equipment and materials to site to support this program. The addition of this heavy equipment will allow for access construction to the rapidly developing Montrose Ridge Zone and surface trenching of that same zone. The heavy equipment will also be utilized for drill site preparation as well as trenching of additional high priority targets on the Hyland Gold Property including; CUZ, CUZ Sur, THAS and Camp Zones, without the need for costly helicopter support.
“Banyan continues to define quality exploration targets at our Hyland Gold Project with each successive season. The Company will maintain its current focus to qualify the large scale, regional potential of gold and silver mineralization beyond the Main Zone Resource.” said Mark Ayranto, Chairman.
Systematic targeting of first order Arseinc+Gold-in-soils anomalies, is being used to identify additional high-priority targets for drill testing in 2015. The excavator will afford targeted trench testing of the prioritized geochemical anomalies discovered to date as well as construct access to the more southerly, regional targets on the Property.
Results of 2014 Program
During the late summer and early fall of 2014, Banyan completed a soil/rock sampling and geologic mapping program at the Hyland Gold Property. The program was focused on the follow-up of the encouraging results received from the 2013 Hyland South and Regional Exploration Programs, and included focused soils/rock sampling with coincident geological mapping over 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, Banyan collected and shipped 491 samples (452 soils and 39 rocks) from the 2014 Hyland South geochemical soils grid program. Results from the program are summarized below.
- Au soils results ranged from trace to 0.120 g/t Au (120ppb Au) with a mean of 0.007 g/t Au (7ppb Au)
- As soils results ranged from trace to 561 ppm As with a mean of 54 ppm As
These results indicate a broad (500m by 1000m) east-west trending gold-in-soils anomaly (>20ppb Au) focused around the Montrose Ridge Zone. Additionally, a parallel soils anomaly (As +/- Au) is located near the CUZ South anomaly, and together these 2 anomalies define a >2km long cohesive arsenic-in-soils NE trending anomaly. The Montrose Ridge and CUZ Extension grid anomalies remain open, particularly to the east and north.
The 2014 rock sampling program was designed to complement the soil sampling program by collecting type rock samples from the soil grid and returned subtle Au and Ag results to significant As results (one sample returned 3,048ppm As).
The regional potential of the Hyland Project has only just been identified during the past 2 season’s soil sampling programs. Arsenic (+/- Au) in soils have proven to be reliable indictors of potentially mineralized corridors and establishing vectors thereon. Results to date warrant detailed follow-up exploration including access construction and targeted trenching and possible drilling of the CUZ South and Montrose Ridge Zones.
All 2014 samples were sent to the AGAT Labs preparation facility in Whitehorse samples were sorted and crushed to appropriate particle size (pulp) and representatively split to a smaller size and shipped to AGAT’s Burnaby analysis facility. Assays were performed at the Vancouver, British Columbia facility of AGAT, an ISO 9001:2008 certified, independent laboratory, utilizing a 201-272 50 element ICP/MS Finish analytical package with 30 g Fire Assay for gold on all samples
This News Release has been reviewed and approved by Paul D. Gray, B.Sc., P.Geo., Vice President Exploration for Banyan Gold, is the 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 70km 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]
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