BANYAN GOLD CORP. (“Banyan”) is pleased to provide an update on its 2016 exploration program on the 100% owned Hyland Gold Property. To date, 475 m of diamond drilling have been completed; three holes proximal to the Main Zone Gold-Silver Deposit with one hole designed to provide material for metallurgical test work. Trenches were completed at the Camp Zone and Montrose Ridge Zone, following up on Arseinc+Gold-in-soils geochemical anomalies.
Banyan identified five targets along the Quartz Lake Lineament in previous year’s work programs, with 14 km of the 18 km long trend yet to be systematically explored. The 2016 soil sampling program was designed to explore a large section of the southern part of the property along the Quartz Lake Lineament. The soil sampling will assist the identification of additional high-priority targets for drill testing in 2017. Initial results from the 2016 Hyland program are expected in late October.
“The rethink of Hyland's regional setting and mineralization style shows similarity with certain Carlin type deposits. This has greatly increased management's confidence that a large structurally controlled mineralized system exists along the Quartz Lake Corridor” stated Tara Christie, President and CEO. “The Company continues to focus on demonstrating the district potential of gold and silver mineralization within the Hyland Gold Property.”
In his conclusion of the Hyland Technical Report released in August 2016, Rob Carne noted, ‘ The major zones of mineralization on the Hyland Gold Property are aligned along the Quartz Lake Lineament, a greater than 18 km long zone of faulting, folding and brecciation that has been the locus of a variety of styles of gold mineralization. The vertically and horizontally extensive areas of known gold mineralization, in conjunction with other less well explored areas of strongly anomalous gold and pathfinder element response, are testament to a strong causative hydrothermal system that gave rise to a district-scale area with high exploration potential for a variety of sediment-hosted gold exploration targets types such as the Marigold Mine in the Battle Mountain-Eureka Trend of north-central Nevada and the Rau Trend of central Yukon. ’
The 2016 exploration program has been assisted by prepositioned fuel, supplies, and exploration equipment including a D-6 Cat, PCS200 Excavator and a KD1000 Diamond Drill. In addition, the 2016 Hyland exploration program was approved for funding by the Yukon Mineral Exploration Program ("YMEP") with up to $40,000 of the program funded by the Yukon Government.
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 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.
Banyan trades on the TSX-Venture Exchange under the symbol “BYN”. For more information please visit the corporate website at www.BanyanGold.com or contact the Company.
ON BEHALF OF THE BANYAN BOARD OF DIRECTORS
(signed) "Tara Christie"
President & CEO
For more information, please contact:
Tel: (888) 629-0444
Email: [email protected]
Tel: (888) 629-0444
Email: [email protected]
CAUTIONARY STATEMENT: The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. 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 results, exploration or development plans and the timing of any additional resource estimates. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, uncertainties inherent to preparing a resource estimate within expected timeline, 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. Paul D.Gray of Banyan Gold Corp. is a “qualified person” within the meaning of such term as set forth in National Instrument 43-101 of the Canadian Securities Administrators, has verified and supervised the preparation of all of the scientific and technical information contained in this news release.