BANYAN GOLD CORP. (“Banyan” or “The Company”), is pleased to announce analytical results from the first four holes of the recently completed twelve-hole diamond drill campaign on the Aurex-McQuesten Property, Central Yukon.
Assays from the first four of twelve diamond drill holes, all of which targeted the down dip extension of the McQuesten Gold Zone on the Aurex-McQuesten Property are presented in the summary table below. The McQuesten Gold Zone represents the surface expression of an approximately 90 metre thick calcareous package that transects the area and is interpreted to host to gold mineralization preferentially within retrograde skarn altered horizons.
“The primary goal of the 2018 Aurex-McQuesten Exploration program was to drill test the newly developed geologic model created from detailed review of all historic Aurex-McQuesten drill data combined with results from last season’s inaugural Banyan drill holes on the Property”, stated Tara Christie, President and CEO. “Banyan’s geological model interpreted a 900 metre long by 100 metre calcareous package with the potential to host gold mineralization averaging close to 0.5 g/t Au and the 2018 drill program was designed to test this theory. The results from the first four drill holes from this program achieved this goal and have demonstrated the potential for a near-surface gold mineralized target with economic potential.”
Completion of 2018 Exploration Program – Aurex-McQuesten Gold Project
The 2018 drill program at Aurex-McQuesten consisted of twelve diamond drill holes totaling 1,414 metres of NTW sized core completed from 11 drill pads. The 2018 drill program targeted a 500 metre wide section of the McQuesten Gold Zone, testing its on-strike extension potential following upon a gold-in-soil anomaly first identified in a 2017 Banyan soil survey north of the McQuesten Gold Zone. The first eight holes (MQ-18-30 to MQ-18-37) were designed to infill a 500 metre wide section of the down dip projection of the McQuesten Gold Zone. These holes were on section with historic holes and together tested a volume of ~12 million metre3 of the interpreted mineralized block with a nominal drill-section spacing of 100m and nominal in section drill spacing of 50 metres.
The final four holes of the Aurex-McQuesten 2018 program were designed to test:
1) A gold-in-soil anomaly identified in the 2017 soil survey north of the McQuesten Gold Zone (MQ-18-38) and;
2) The on strike extension of the McQuesten Gold Zone east of the main 500 metre wide calacerous block tested by the first eight holes (MQ-18-39 to MQ-18-41).
In addition to the diamond drilling, one trench (108 meters) was completed in the McQuesten Gold Zone.
Additionally, a property wide soil survey was carried out covering approximately 12 km2 with line and station spacing of 100m and 25m respectively.
Detailed plan maps and drillhole sections will be made available on the Company’s website.
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.
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 Indicated Gold Resource Estimate, prepared in accordance with NI 43-101, at a 0.3 g/t gold equivalent cutoff, contains 8.6 million tonnes grading 0.85 g/t AuEq for 236,000 AuEq ounces with an Inferred Mineral Resource of 10.8 million tonnes grading 0.83 g/t AuEq for 288,000 AuEq ounces.
In situ Tonnes
(1) Mineral resources which are not mineral reserves do not have demonstrated economic viability. All figures are rounded to reflect the relative accuracy of the estimate.
(2) Mineral resources are reported at a cut-off grade of 0.3 g/t AuEq. AuEq grade is based on $1,350.00/oz Au, $17.00/oz Ag and assumes a 100% recovery. The AuEq calculation does not apply any adjustment factors for difference in metallurgical recoveries of gold and silver. This information can only be derived from definitive metallurgical testing which has yet to be completed.
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 prospective 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 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: Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts 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 mineral resource estimates. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, uncertainties inherent in resource estimates , 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.
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.