Banyan Gold Corp. [BYN-TSXV; BYAGF-OTCQB] reported results from 25 diamond drill holes from the continuing 2023 exploration campaign. These drill holes establish that the gold mineralization is continuous between Powerline and Aurex Hill deposits located on the company’s AurMac property, Yukon Territory.
Assay highlights include drill hole AX-23-415 that returned 37.4 metres of 0.82 g/t gold from 103.4 metres. AX-23-429 returned 28.0 metres of 0.81 g/t gold from 80.5 metres. AX-23-429 returned 18.5 metres of 2.22 g/t gold from 182.0 metres. AX-23-436 returned 53.8 metres of 0.81 g/t gold from 194.5 metres. AX-23-451 returned 17.7 metres of 1.44 g/t gold from 141.1 metres.
“Confirmation that AurMac gold mineralization is continuous between Powerline and Aurex Hill was an important goal of our Phase 1 drill program,” stated Tara Christie, president and CEO, “All these reported drill holes are post the 2023 6.2 million ounce gold resource update and are additive to the overall mineral resource of the property validating management’s position there remains room to grow this on and near surface deposit. The areal extent of AurMac’s interpreted gold mineralization continues to be expanded with each batch of assay results received.”
The Powerline and Aurex Hill gold deposits are contained within a metasedimentary package consisting of predominately schists, quartzites and limestones of the Late Proterozoic to Cambrian Hyland Group. Gold mineralization here is chiefly associated with low angle quartz-sulfosalt-arsenopyrite veins seen crosscutting all lithologies and is interpreted to be associated with a large intrusion related gold system typical of the Tombstone Gold Belt and Selwyn Basin gold deposits. A strong bismuth-gold association has been identified at AurMac and is being utilized to establish exploration vectors over the property.
Banyan initiated its 2023 exploration program on March 1, 2023. One hundred drill holes and over 23,400 metres of drilling has been completed to date which together closed the gap between the Powerline Zone and Aurex Hill Zone and extended the Aurex Hill Zone further to the east. The 2023 program will include approximately 80% of exploration drilling focused on Powerline and Aurex Hill deposits, as well as expanding the mineralization at Aurex Hill Zone to the east, and a commiserate ~20% on new targets. The company is currently planning the Phase II exploration program for 2023.
Banyan’s primary asset, the AurMac Property is comprised of the Aurex and McQuesten properties, as well as claims staked and owned 100% by Banyan, and adjacent to Victoria Gold’s Eagle Gold Mine. The updated resource for the AurMac Property of 6.2 million ounces has an effective date of May 18, 2023.
The 173 km2 AurMac Property lies 30 km from Victoria Gold’s Eagle Project and adjacent to Hecla Mining’s high grade Keno Hill Silver mine. The property is transected by the main Yukon highway and access road to the Victoria Gold open-pit, heap leach Eagle Gold mine. The AurMac Property benefits from a 3-phase powerline, existing power station and cell phone coverage. Banyan has a right to earn up to a 100% interest, in both the Aurex and McQuesten properties, subject to certain royalties.