Banyan Gold Co. [BYN-TSXV; BYAGF-OTC] on Monday June 7 released results from five diamond drill holes received from the continuing 2021 exploration program on its AurMac property in the Canadian Yukon.
The company said it has now released assays from 16 of the 46 holes drilled so far. This season’s drilling efforts have thus far resulted in over 10,000 metres from a systematic, 100-metre centred, drill grid designed to test the expansion potential of the Powerline Deposit.
Highlights from the latest five holes include 1.03 g/t gold over 81.4 metres from 32 metres in AX-21-88, and 0.50 g/t gold over 76.2 metres from surface in AX-21-79.
On Monday, Banyan shares eased 3.4% or $0.01 to 28 cents on volume of 360,310, and now trade in a 52-week range of 39 cents and $0.11.
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.
The company said 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 Eagle Mine is connected to the Yukon power grid and a commercial airstrip used to transport personnel is located 80 kilometres to the south near the village of Mayo.
The 173 km2 AurMac property is also adjacent to Alexco Resources Corp.’s [AXR-TSX; AXU-NYSE] Keno Silver District and is highly prospective for structurally controlled-intrusive related gold-silver mineralization.
“The Powerline Deposit mineralization continues to expand, with the consistency and persistence being impressive,” said Banyan President and CEO Tara Christie. “With these latest results, we have more than tripled the area tested from the maiden 2020 Powerline Deposit Resource, and with 10,000 metres of diamond drilling in 46 holes having been completed, assay results are showing a continuation of this trend.’’
Banyan’s strategic shareholders include Alexco Resources, Victoria Gold and Osisko Development Corp. [ODV-TSXV].