BANYAN GOLD CORP. (“Banyan” or the “Company”) is pleased to announce results from the initial surface trench construction and sampling campaign conducted in advance on the 2017 drilling on the Main Zone of the 100% owned, the Hyland Gold Project (the “Property”) in the Yukon’s emerging Selwyn Basin District.
The 2017 Main Zone trench program consisted of 6 newly excavated and sampled trenches (TR17-03, 04, 06A, 06B, 06C and 07) in conjunction with the re-opening, extending and sampling of 3 historic Main Zone trenches (TR17-01, 02, 05). The assay results from these trenches establish mineralization extending over 150 metres beyond the currently defined resource*, with multi-gram gold and silver values over intervals of up to 116 metres. Highlighted results from the trenches include:
- 116 metres of 1.19 g/t Au and 13.16g/t Ag from 6.0 to 122.0 metres in TR17-04
- 56 metres of 1.42 g/t Au and 3.94g/t Ag from 14.0 to 70.0 metres in TR17-02
- 22 metres of 1.47gt/ Au and 49.98g/t Ag from 0 to 22 meters in TR17-07
- 6 metres of 1.15 gt/ Au and 16.23g/t Ag from 18 to 24 meters in TR17-06B
These long, continuously mineralized intersections of gold and silver mineralization were punctuated by high-grade intervals such as12 metres of 5.53g/t Au and64.65g/t Ag and 4 metres of 11.88g/t Au and 54.65g/t Ag in TR17-04.
Tara Christie, President & CEO, stated “ This season’s trench program targeted the on-surface portion of the Main Zone and was successful in extending the known mineralization to the north. These trenches were established early in the 2017 program and played an important role in the guidance of the 2017 Main Zone drill program. Not only are these analytical results significant in proving the grade and continuity of near-surface mineralization, but underpin management’s conviction that this daylighting gold-silver deposit is consistently enriched in >1g/t gold material. ”
Trenches TR17-01, 02 and 05 were re-opened and sampled to verify historically reported results, map structure and to gain a better understanding of the grade in that part of the zone where recovery of drill-core proved challenging during the drilling due to the nature of the rock. In all these aspects the 2017 Main Zone trench program was exceedingly effective.
The Hyland Main Zone Inferred Gold Resource, prepared in accordance with NI 43-101, at a 0.6g/t gold equivalent ("AuEq") 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 of 396,468 ounces gold equivalent at 0.99g/t.
The full results from the 2017 trenching program are provided in the following table and a map with trench locations, intersections and grade can be found on the company website ( http://www.banyangold.com/projects/hyland/ ).
The technical information in this news release has been reviewed and approved by Paul D. Gray, P. Geo., Banyan Gold’s V.P. Exploration and a Qualified Person as defined by NI 43-101.
Trench lines were flagged in the field, then initially cleared with a Cat D6 dozer and then dug to an average depth of 1.5m with a Komatsu 200 excavator, in some cases there was thick overburden and bedrock was not reached. Trenches were sampled continuously along their lengths using a standard 2m sample interval except in areas of deep overburden. Sample intervals were marked in the field with spray paint to indicate beginning-end of sample intervals and the meter mark to indicate the location along the trench line. Samples were collect by chipping and chiseling exposed bedrock into poly ore bags, a sample tag was inserted for identification and then then the sample bag was sealed in preparation for shipment to the assay lab. For QA/QC a system of blanks and standards were inserted into the sample sequence every 20th sample and checked for accuracy upon receipt of assay results. Trenches were mapped and photographed and the locations of the trenches were recorded utilizing a handheld GPS.
All trench samples collected from the 2017 Hyland Exploration 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 samples were collected and channel samples from within the constructed trenches and placed into numbered and marked sample bags with appropriate sample tags inserted. All these samples were delivered by Banyan personnel or a dedicated expediter to the Bureau Veritas, Whitehorse preparatory laboratory where samples were crushed and 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 trench 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, 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 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]
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.