BANYAN GOLD CORP. (“Banyan” or the “Company”) is pleased to release additional results from the next two holes on the recently completed Phase I ten-hole diamond drill campaign on the Aurex-McQuesten Property.
Of particular note was drillhole MQ17-026 which returned 157 m of 0.6 g/t gold over the entire length of the hole, from zero to 157 metres, confirming that broad gold mineralization with a surface expression exists at the McQuesten Zone. Within that hole an intercept of 22.1 metres of 1.4 g/t gold was returned from 56.4 to 78.5 metres. Additional notable intervals from hole MQ17-026 include 1.3 meters of 6.8 g/t gold from 26.9 to 28.2 metres and 1.9 metres of 5.1 g/t gold from 126.2 to 128.1 metres. Results from these two additional diamond drill holes that targeted the main McQuesten showing area are presented in the summary table below.
“We are extremely pleased with these initial results returning anomalous, near-surface gold values in every hole on the first ever mineral exploration project on the combined Aurex-McQuesten Property. Now that we are armed with more geological information on the structural and lithological controls we look forward to planning and executing the next exploration programs for these properties which will focus on expansion of the mineralized zone.” stated Tara Christie, President and CEO.
The McQuesten showing area is an approximately 1,000 metre x 400 metre wide zone of known near-surface gold and silver mineralization, where previous exploration results include drill intercepts of up to 120 m grading 1.36 g/t Au with intervals of up to 1.5 m grading 8.89 g/t Au (see Company news release dated May 25, 2017) and also more recent results of 2.62 g/t Gold over 3.1 metres, including 9.98 g/t Gold over 0.6 m from hole MQ17-024 (see Company press release dated August 28, 2017).
These two holes from the McQuesten 2017 program stepped out 50 meters and 100 m, respectively, to the west along strike from historic drill-holes and were designed to extend known mineralized zones as well as test the interpreted down-dip mineralization extent from previously defined surface (trench) targets. Moreover, these drill-holes provided valuable structural and geological data on mineralization hosts and controls, never before available to Banyan. All holes into the McQuesten showing intercepted gold mineralization, establishing the McQuesten showing as an anomalous gold target prospective for the definition of additional gold mineralization. Maps can be located on the Company’s website http: http://www.banyangold.com/projects/aurex-mcquesten/
Banyan acquired the Aurex property, from Victoria Gold Corp, and the McQuesten property, from Alexco Resource Corp in May of 2017 (see Press Release May 25, 2017). The Aurex and McQuesten properties are contiguous properties that comprise approximately 8,230 hectares and 1,000 hectares respectively, and together represent a large property highly prospective for intrusive-related gold mineralization which includes zones of historic gold production (lode and placer), in the prolific Mayo Mining District, Yukon Territory.
The company also drilled diamond drillholes in the East McQuesten target, located 0.3 Km away from the 2017 drilling in main McQuesten Showing and the Aurex Hill target located 2.9 km to the south-east. The results from these holes are pending.
Aurex-McQuesten Gold Project
Banyan’s inaugural exploration program at the Aurex-McQuesten Project consisted of a property wide geochemical soil surveys (1,114 soil samples), 464 metres of trench sampling, inclusive of the reopening/remapping of historic trenches (235 trench samples) along with a 1,421.89 metres diamond drill program from 10 holes (1,007 drill-core samples).
The exploration target at the Aurex-McQuesten Project is near surface gold mineralization in meta-sedimentary host rocks related to interpreted buried intrusive stocks. Structural traps are known to control intrusion-related gold-silver mineralization in this area and defined gold mineralization on the property occurs in sheeted quartz veins, silicified skarn horizons, and quartz-monzonite dykes similar to mineralization at Victoria Gold’s nearby Eagle Gold Project, as well as silver mineralization related to faults similar to those found at Alexco Resource’s Keno Hill Silver District.
The combined Aurex-McQuesten properties consist of approximately 9,230 hectares and boasts exceptional infrastructure including Highway road access, grid powerlines and historic exploration access roads with nearby services out of Mayo, Yukon, 25 km to the South. Additionally, both Victoria Gold Corp. and Alexco Resource Corp. are strategic partners on this project, providing camp, geological and financial support.
The technical information in this news release has been reviewed and approved by Paul D. Gray, P.Geo., a Qualified Person as defined by NI 43-101.
All drill core samples collected from the Aurex McQuesten program were analyzed at Bureau Veritas of Burnaby, B.C. utilizing the four acid digestion ICP-MS 35-element MA300 analytical package with FA450 50-gram Fire Assay with AAS finish for gold on all samples. All core samples were split on-site at Banyan’s core processing facilities at Alexco Resource Corp.’s Elsa processing facility. Once split, half samples were placed back in the core boxes with the other half of split samples sealed in poly bags with one part of a three-part sample tag inserted within. All these samples were shipped to the Bureau Veritas, Whitehorse preparatory laboratory where samples are prepared and then shipped to Bureau Veritas’s Analytical laboratory in Vancouver, B.C. for pulverization and final chemical analysis. A robust system of standards was implemented in the 2017 exploration drilling program and was monitored as chemical assay data became available.
About Banyan Gold
Banyan is a well-financed growth stage gold exploration company whose flagship property, the Hyland Gold Project, is approximately 70km NE of Watson Lake, Yukon, along the southeast end of the Tintina Gold Belt.
The Hyland Main Zone Inferred Gold Resource Estimate, prepared in accordance with NI 43-101, at a 0.6g/t gold equivalent cutoff, containing 12,503,994 tonnes with 361,692 ounces gold at 0.9g/t and 2,248,948 ounces silver at 5.59g/t for a combined gold and silver of 396,468 ounces gold equivalent at 0.99 g/t.
The newly acquired 9,230 ha Aurex-McQuesten Property, in close proximity to Victoria Gold's Eagle Project and Alexco Resource's Keno Hill Silver District, is highly perspective for structurally controlled, intrusion related gold-silver mineralization in relation to quartz monzonite dykes of the Tombstone intrusive suite.
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 BANYAN GOLD CORPORATION
(signed) "Tara Christie"
President & CEO
For more information, please contact:
Tel: (888) 629-0444
Email: [email protected]
Tel: (888) 629-0444
Email: [email protected]
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