BANYAN GOLD CORP. (“Banyan” or the “Company”) is pleased to announce results from the next four holes of its 2017 Exploration Program at its 100% owned Hyland Gold Project (the “Property”) in the Yukon’s preeminent Selwyn Basin District.
The results from holes, HY17-066 to HY17-069 continue on the successful process of building out gold ounces within the Deposit and extending the known Main Zone mineralization north of the existing Resource. Highlighted results from these drill holes include:
- 66.6 metres of 0.73 g/t Au and 6.1 g/t Ag from surface in HY17-068
- 38.8 metres of 1.18 g/t Au and 3.32 g/t Ag in HY17-067
The 2017 Hyland exploration program was completed at the end of September and culminated with a total of 3,847 metres of diamond drilling from 25 drill holes focused on in-fill, step-out exploration and dedicated metallurgical drilling concentrated on the Hyland Gold Main Zone gold-silver deposit. This year’s exploration efforts were focused on increasing confidence in the Main Zone Resource* model as well as targeting resource expansion via testing the northern portion of the Main Zone, a previously under-tested zone prospective for the continuation of the Main Zone gold-silver mineralization.
Tara Christie, President & CEO, stated “HY17-068 is 100 metres north from the last drill section utilized in the 2012 Hyland Main Zone resource model and bolsters the results previously reported on this section from hole HY17-065. More importantly, this year’s results demonstrate continuation of on-surface, oxide mineralization to the north and to depth; both of which correlate well with our understanding of this predicable and continuously mineralized near-surface Main Zone gold-silver deposit.”
These results are from a largely untested drill area to the north of the Main Zone targeting previous trench and soil results and demonstrate the extent of the known mineralization. Interpretation of drill holes assays on sections indicate the continuation of the antiformal control of the mineralization observed in the Main Zone with HY17-069 and HY17-068 intersecting the western limb and hinge zone, respectively.
Importantly HY17-066, located 50 metres farther north from HY17-068, intersected 8.7 metres of 0.69 g/t Au and 10.3 g/t Ag from 46.1 to 54.9 mertres, which supported by the previously announced surface trench results (see Nov 6, 2017 Company News Release) highlight the continuity and extent of mineralization within this Northern Main Zone area. Besides the near surface oxide gold intercepts, wide zones of anomalous gold-silver mineralization were also encountered in sulphide-bearing siliceous altered sedimentary rocks and show the extent of mineralization to depth.
The full results from these four drill holes are provided in the following table. Maps with drill-hole locations and sections can be found on the Company’s website (http://www.banyangold.com/projects/hyland/)
Lengths above are drill intervals. True widths are estimated to be 80-90% of drilled lengths. HY17-068 is interpreted to be a true width across the hinge of an antiform.
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 Hyland Gold program were analyzed at Bureau Veritas Minerals 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 the Hyland Gold Project. 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 delivered by Banyan personnel or a dedicated expediter to the Bureau Veritas, Whitehorse preparatory laboratory where samples are prepared and then shipped to Bureau Veritas’s Analytical laboratory in Burnaby, B.C. for pulverization and final chemical analysis. A robust system of standards was implemented in the 2017 exploration drilling program and are monitored as chemical assay data become available.
About Banyan Gold
Banyan is a 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, contains 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 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:
Tara Christie David Rutt
Tel: (888) 629-0444 Tel: (888) 629-0444
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 expectations, exploration or development plans and the timing of negotiating the definitive agreements. 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, and has verified and supervised the preparation of all of the scientific and technical information contained in this news release.
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.