The results released Thursday August 20 are from drilling on the Airstrip Zone, a near-surface gold deposit that is open to resource expansion to the east, west and downdip.
The company said it represents an open-pit mineable bulk tonnage target that is advantaged by existing transportation infrastructure, including the main Yukon government highway system and an all-season road to Victoria Gold Corp.’s [VGCX-TSX] adjacent Eagle mine, which went into commercial production in July, 2020.
The Eagle Mine is connected to the Yukon power grid and a commercial airstrip used to transport personnel is located 80 km to the south near the village of Mayo.
The AurMac Project has resources are open in all directions and at depth, and have the potential to host a multi-million-ounce deposit, the company has said.
The Airstrip Zone contains an Inferred Mineral Resource of 46 million tonnes at an average gold grade of 0.524 g/t for a total of 774,926 ounces of gold.
Thursday’s drilling highlights form the Airstrip Zone include 0.75 g/t gold over 116.4 metres, 0.52 g/t gold over 38.7 metres, 0.75 g/t gold over 32.5 metres from 32.5 metres, 0.82 g/t gold over 20.5 metres, and 8.33 g/t gold over 1.4 metre.
“These results not only demonstrate the continuity of the AurMac gold deposit, but the long intervals will add meaningfully to the resource. Grades of up to 19.50 g/t gold have been reported to date as well as multiple intercepts over 3.00 g/t gold,’’ said Banyan Gold President and CEO Tara Christie in an August 17, 2020 press release.
“We continue to methodically execute the AurMac exploration program based on the application of our geological and resource models. We plan to drill late in the fall,” she said.
On Thursday, Banyan shares rose 7.5% or $0.03 to 36 cents on volume of 880,466, and now trade in a 52-week range of 35 cents and $0.03.