Banyan Gold launches Yukon drilling, shares rally

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Banyan Gold Co. (BYN-TSXV) shares rallied Tuesday after the company said it has launched the 2024 exploration program at its AurMac Project in the Mayo Mining District, Yukon. The company also said it has retained Henry Marsden as a Technical Advisor

Marsden is an exploration geologist with more than 40 years of experience, including executive exploration roles, including Senior Vice-President of Exploration of Yamana Gold until it was acquired last year by Pan American Silver Corp. [PAAS-TSX, NASDAQ] and Agnico-Eagle Mines Ltd. (AEM-TSX, AEM-NYSE). He played a key role in the discovery and advancement of several deposits, including Rio Blanco and Pico Machay in Peru, and the Timmins West gold deposit in Timmins, Ontario.

He is joining Banyan just months after the company announced an updated mineral resource estimate for its AurMac property. The updated estimate consists of an inferred resource of 7.0 million ounces of gold contained in two near/on-surface deposits known as Airstrip and Powerline.

“With the AurMac resource now at 7.0 million ounces of gold; 6.2 million ounces in the Powerline Deposit alone, we can focus on delineating higher-grade zones, increase the confidence in the resource and further de-risk the project,’’ said Banyan President and CEO Tara Christie.

“Drilling underway is focused on demonstrating the economic potential of the project, in part, the resource’s potential to grow in grade and scale – with all deposits open,’’ Christie said. “Drilling is guided by our internal scoping work with mining development experts and updated geological and structural models,’’ she said. “The strategic advice we have received from the expertise of our mining development shareholders and advisors such as Henry Marsden, has positioned us for our most focused drill program to date. We are excited for how transformational this year will be for Banyan.’’

Drilling at AurMac has commenced with immediate targets on the Powerline Deposit, as part of the currently planned 5,000 metre drill program, which will guide potential additional drilling this year, the company said in a press release.

In conjunction with the planned drilling, Banyan continues to progress metallurgy, engineering, community engagement and environmental baseline programs at AurMac. The company indicated that it has received advice from Marsen on the strategically planned drill program for 2024.

Banyan shares rose 4.9% or $0.015 to 32 cents. The shares trade in a 52-week range of 38.5 cents and 26 cents.

The AurMac gold project is located in the Mayo Mining district, 356 kilometres north of Whitehorse. It lies 30 kilometres from Victoria Gold Corp.’s [VGCX-TSX] Eagle project and adjacent to Hecla Mining’s [HL-NYSE] high grade Keno Hill Silver mine. The AurMac project is transected by the main Yukon highway and access road to the Victoria Gold open-pit, heap leach Eagle Gold mine

AurMac consists of the Aurex and McQuesten projects optioned from Victoria Gold. Banyan can earn a 100% interest in both properties, subject to royalties.

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