BANYAN GOLD CORP. (“Banyan” or the “Company”), is pleased to announce analytical results from three additional diamond drill holes from the recently completed twelve-hole, 2018 exploration campaign on the Aurex-McQuesten Property, Central Yukon, which is located where two highly mineralized belts conjoin: Alexco Resource Corp’s High grade silver deposits and Victoria Gold Eagle project, which is currently being constructed and scheduled to produce over 200,000 ounces of gold starting in second half of 2019.
“The results from these three additional infill drill holes from the McQuesten Zone of the Aurex-McQuesten Gold Project continue to demonstrate the potential for a recently recognized near-surface gold mineralized target with economic potential” stated Tara Christie, President and CEO. “It was postulated, before this season’s drill program began, that the target area contained near surface gold mineralization. Thus far, the broad zones of mineralization intersected with Banyan’s drilling have averaged 0.57 g/t Au; validating the newly developed geologic model. The McQuesten Zone has existing infrastructure located just 100 m West of the main Yukon Government highway between Mayo and Keno and just 50m north of the all season road to Victoria Gold. This access combined with adjacent existing power lines, and the Victoria Gold heap leach mine being constructed less than 40 km away, gives this property significant advantages in economics. The average grade of the mineral reserve at Victoria Gold’s eagle project is 0.67 g/t, full information on the Victoria gold reserve can be found in this release”1
Assays from the three additional holes received are presented in the summary table below, with highlights including:
- 113.0 metres of 0.74 g/t Au from 63.5 metres in DDH MQ-18-34
- Including 7.1 metres of 1.28 g/t Au from 75.5 metres
- 94.9 metres of 0.64 g/t Au from 8.9 metres in DDH MQ-18-37
- Including 10.5 metres of 1.09 g/t Au from 23.0 metres
- And including 3.6 metres of 5.40 g/ Au from 100.2 metres
These three holes along with the four holes released (see News Release dated October 24th 2018) and hole MQ-18-36 (assays for which remain pending), were designed to test and infill a 500 metre wide zone of the down dip projection of the McQuesten Gold Zone. The McQuesten Gold Zone represents the surface expression of an approximately 90 metre thick, continuous calcareous package that transects the area and is interpreted to host to gold mineralization preferentially within retrograde skarn-related altered horizons.
Table 1: Highlighted Results from McQuesten Gold Zone Drilling Program
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 conjunction with the diamond drilling program, one trench (108 meters) was completed in the McQuesten Gold Zone to further support the newly generated geologic model.
Additionally, a property wide soil survey was carried out covering approximately 12 km2 with line and station spacing of 100m and 25m respectively. These samples are currently being assessed by XRF techniques and these results will serve to guide next season’s planned definition drilling program.
Detailed plan maps and drill hole sections in support of these released analytical drill hole results will be made available on the Company’s website.
Information on Victoria Gold’s Eagle Project
Victoria Gold is currently constructing the Eagle Gold Project, just 40 km to the northwest of the Aurex-McQuesten. Full information on this project and its feasibility can be found on their website and the details on the Reserve, dated September 12, 2016, mentioned in this release are below.
Eagle and Olive Mineral Reserve
Eagle Crushed Ore
Olive Crushed Ore
Total Crushed Ore
Eagle Run of Mine Ore
All drill core samples collected from the 2018 McQuesten program were analyzed at Bureau Veritas Minerals of Vancouver, B.C. utilizing the aqua regia digestion ICP-MS 36-element AQ200 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 in Elsa, Yukon. 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. 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 Vancouver, B.C. for pulverization and final chemical analysis. A robust system of standards, ¼ core duplicates and blanks was implemented in the 2018 exploration drilling program and was monitored as chemical assay data became available.
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.
Tuesday, November 20, 2018 at 3:10-3:30PM, Coast High Country Inn, Whitehorse, YT, Ballroom A
Speaker: James Thom, Senior Geologist & Field Manager will present a talk on “Intrusion Related Sediment Hosted Gold Mineralization: Perspectives from Hyland & Aurex- McQuesten, Yukon”
Banyan Gold has also launched information on the Hyland Gold project on the Vrify website, including the 3D model on the Hyland Gold Resource.
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
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.