Banyan outlines 7.0-million-ounce gold resource
Banyan Gold Co. (BYN-TSXV) has announced an updated mineral resource estimate for its AurMac property in the Yukon. 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.
“Metallurgical studies to date have demonstrated that Powerline mineralization is amenable to conventional mining processes, including Carbon in Pulp (CIP) and Carbon in Leach (CIL), flotation and heap leaching,” she said.
“Looking at the grade sensitivities, at a 0.60 g/t cut-off there are potentially 4.0 million ounces at a grade of 1.0 g/t across AurMac, which highlights both the robust nature of the deposit as the cut-off grade is increased along with the potential for higher grade zones.’’
Banyan shares were unchanged at 32 cents and trade in a 52-week range of 46 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.
The drill data from the Powerline deposit consists of 954 drill holes, representing an increase of 107 holes from the May 18, 2023 mineral resource estimate.
At a 0.30 g/t cut-off, the pit constrained, inferred mineral resource for Powerline stands at 312.2 million tonnes at an average grade of 0.61 g/t for a total of 6.16 million ounces of gold. The bulk of the gold resources within the updated MRE are hosted within quartz veins that dep 13-17 degrees toward an azimuth of 329-335 degrees.
The Airstrip deposit is delineated by 139 drill holes, representing no increase of drill holes from the May 13, 2023 mineral resource estimate.
At a 0.30 g/t gold cut-off, the pit-constrained inferred mineral resource for the Airstrip deposit stands at 35.2 million tonnes at an average grade of 0.75 g/t for a total of 845,000 ounces of gold.
In addition to AurMac, the company holds the Hyland Gold Project, located 70 kilometres northeast of Watson Lake, along the Southeast end of the Tintina Gold Belt. The Hyland project represents a sediment hosted, structurally controlled, intrusion-related gold deposit, within a large land package covering 125 square kilometres and accessible by a network of gravel access roads.