Nov 5, 2024

Banyan Gold Hits 154.1m @ 0.58g/t Au at Powerline, AurMac Project, Yukon

Introduction:

Banyan Gold Corp. (TSX-V:BYN) has reported drill results from 19 diamond drill holes at its Powerline Deposit, part of the AurMac Project in Yukon Territory, highlighted by 154.1m grading 0.58 g/t Au from surface.

Drill Results:

154.1m @ 0.58 g/t Au from 18.3m (including 21.3m @ 1.31 g/t Au from 18.3m) [AX-24-542]
90.0m @ 0.68 g/t Au from 13.5m (including 19.0m @ 2.20 g/t Au from 84.5m) [AX-24-541]
79.6m @ 0.56 g/t Au from 26.5m [AX-24-548]
78.6m @ 0.41 g/t Au from 74.9m [AX-24-545]
75.1m @ 0.29 g/t Au from 23.9m [AX-24-536]
0.2m @ 539.30 g/t Au from 166.1m [AX-24-540]‍
0.3m @ 290.10 g/t Au from 37.1m [AX-24-544]

Project Overview:

The AurMac Project covers 173 square kilometers and is located 40 km from Mayo, Yukon. It benefits from existing infrastructure including road access, a 3-phase powerline, and cell phone coverage. Banyan has the right to earn up to a 100% interest in the Aurex and McQuesten Properties that make up the project.

The project currently hosts an inferred mineral resource estimate of 7.0 million ounces of gold (347.5 Mt at 0.63 g/t Au) contained within two near-surface deposits - Airstrip and Powerline. The resource is pit-constrained and considered open for expansion.

Program Details:

The reported results are from 19 diamond drill holes completed as part of an ongoing definition drilling program at the Powerline Deposit. Drilling focused on the north-central portion of the deposit to increase confidence in the resource model. The 2024 program has completed 118 drill holes totaling over 21,000 meters within the Powerline and Airstrip deposits.

Understanding These Results:

The drilling has intersected multiple high-grade gold veins exceeding 11 g/t Au, with values up to 539 g/t Au over narrow intervals. These east-west oriented vein sets align with the structural controls of the Powerline gold mineralization. The increased drill density is expected to improve the interpretation of these high-grade veins within the broader mineralized envelope.

The long intercepts of consistent gold mineralization, such as 154.1m at 0.58 g/t Au from surface, demonstrate the bulk tonnage potential of the Powerline Deposit. The presence of very high-grade intervals within broader mineralized zones suggests the potential for grade upside in future resource estimates.

Management Commentary:

Tara Christie, President and CEO:

"The 2024 definition drilling program at AurMac, has intersected multiple instances of high-grade gold veins, exceeding 11.00 g/t Au and up to 539.00 g/t. These East-West oriented vein sets align with the direction of continuity of the structurally controlled Powerline gold mineralization. The increased drill density realized through this year's work will improve the interpretation of the quantity, distribution and thickness, of these high-grade gold veins and their significance within the framework of the Powerline Gold mineralization, which is in turn expected to result in refinements to the primary structural controls of the deposit."

Next Steps & Catalysts:

Banyan is preparing for an updated mineral resource estimate incorporating the 2024 drill results. The company also plans to complete a Preliminary Economic Assessment (PEA) on the project.

The successful 2024 exploration program has provided clear targets for follow-up drilling in 2025. The company will likely focus on further definition and expansion of the Powerline and Airstrip deposits.

Commodity Outlook:

Gold prices are currently at record highs, providing a favorable economic backdrop for advancing gold projects in stable jurisdictions like Yukon. The AurMac Project's large resource base and potential for expansion position it well with strong gold market fundamentals.

Conclusion:

Banyan Gold's latest drill results from the Powerline Deposit continue to demonstrate the nature of gold mineralization at the AurMac Project. The combination of broad zones of consistent mineralization and high-grade vein intercepts underlines its potential . With an updated resource estimate and PEA on the horizon, AurMac is emerging as a notable gold development project in the Yukon.

Sources:

BYN Drill Results Announcement

Additional Figures:

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Gold

Nov 13, 2024