Banyan Gold tables Yukon drill results, shares up

Banyan Gold Co. (BYN-TSXV) shares rallied Monday after the company released results from five holes, which targeted the Powerline Deposit at its AurMac Property in the Canadian Yukon.

Highlights included 110.7 metres of 0.62 g/t gold from 96.6 metres in hole DDH AX-21-99. Hole DDH AX-21-100 returned 195.9 metres of 0.54 g/t gold from surface.

Banyan shares advanced on the news, rising 12.2% or $0.03 to 27.5 cents on volume of 124,890. The shares are currently trading in a 52-week range of 39 cents and 16.5 cents.

Banyan has been engaged in diamond drilling at its AurMac property. The aim is to test the expansion potential of the Powerline Deposit.

AurMac 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 [VIT-TSXV] adjacent Eagle mine, which went into commercial production in July, 2020.

The AurMac Project has a NI 43-101-compliant indicated inferred resource of 52.6 million tonnes of 0.535 grams per tonne gold at a 0.2 g/t gold cut-off, or 903,945 ounces of gold. This resource is located in two zones, the Airstrip and Powerline zones.

This resource is open in all directions and at depth, and has 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. It is open to resource expansion to the east, west and downdip.

Powerline hosts an inferred resource of 6.6 million tonnes of grade 0.610 g/t gold or 129,019 ounces.

Banyan is currently engaged in a Phase 2 drilling program which began in late July, 2021. The program is designed to expand the limits of the Powerline Deposit. Drilling is expected to continue until December, 2021, before resuming in February, 2022.

The company said step-out grid-based drilling continues to identify significant intervals of consistent gold mineralization further expanding the mineralization footprint of this impressive and growing near-surface gold deposit.

Gold mineralization remains open in all directions and current drilling activities are now focused on resource expansion to the east and west of Powerline Phase 1 drilling, which was completed in July, 2021, the company said.

Phase 1 drilling included drilling at both the Powerline and Aurex Hill target areas. At Powerline, 10,476 metres (50) holes were drilled in a systematic, 100 metre centred, drill grid designed to test the expansion potential of the Powerline Deposit.

Drilling at Aurex Hill included 18 diamond drill holes, totaling 4,386 metres. Assay results from 35 of the 59 Powerline holes have been received and reported, with 12 holes from Powerline and the entirety of the 18 holes from Aurex Hill still pending.