Banyan Gold Corp. [BYN-TSXV; BYAGF-OTC] reported assay results from the final 15 drill holes of the phase 1 program at the Powerline deposit on the 100%-optioned AurMac property, located 56 km northeast of Mayo, Yukon. Fifty holes, totalling 10,476 metres, were drilled in a systematic 100-metre centred grid completed in July, 2021. Banyan is pleased that the results have increased the area of known gold mineralization by more than 650 per cent (from 160 metres2 to 1.22 km2) and demonstrated potential for additional growth of the deposit in all directions. Phase 2 drilling at Powerline is continuing.
Assay highlights from this series of drill results include 144.8 metres of 0.74 g/t gold from 7.6 metres in DDH AX-21-101, including 47.5 metres of 1.43 g/t gold from 7.6 metres. DDH AX-21-103 returned 60.9 metres of 0.41 g/t gold from 10.7 metres. DDH AX-21-111 returned 89.6 metres of 0.50 g/t gold from 6.4 metres. DDH-21-112 returned 78.1 metres of 0.43 g/t gold from 129.5 metres. DDH-21-113 returned 28.2 metres of 1.28 g/t gold from 8.8 metres.
“Results continue to demonstrate growth potential of the Powerline deposit, with continuity of near-surface gold distributed in mineralized horizons concordant with the subhorizontal mineralization model,” stated Tara Christie, president and CEO. “Banyan is well positioned to continue to rapidly advance our AurMac project with our recent financing, which will enable us to ramp up to three drills and plan to complete a total of 30,000 metres of drilling in 2021. Projects with the potential to host three [million] to five million ounces that are near surface [and] adjacent to an existing highway, communications and power infrastructure are extremely rare and will be in demand.”
Banyan’s primary asset AurMac is adjacent to Victoria Gold’s Eagle gold mine which announced commercial production on July 1, 2020. The AurMac initial resource of 903,945 ounces gold was announced in May, 2020. The company’s major strategic shareholders include Alexco Resource Corp. [AXU-TSX, NYSE American], Franklin Gold and Precious Metals Fund, Osisko Development, and Victoria Gold Corp. [VGCX-TSX; VITFF-OTC].