Banyan Extends Gold Mineralization 450 Metres At Hyland Gold Project, Yukon
Calgary, Alberta (FSCwire) – BANYAN GOLD CORP. (“Banyan” or “the Company”), is pleased to announce analytical results from the surface trench program conducted in conjunction with the 2018 diamond drilling focused on the area north of the Main Zone of the 100% owned Hyland Gold Project (the “Property”) in the Yukon’s emerging Selwyn Basin District.
The 2018 exploration program at Hyland was focused on the establishment of mineralization continuity between the current NI 43-101 resource* at the Hyland Gold Project Main Zone and the recently discovered Camp Zone to the North. To this end, eight (8) trenches totaling 1,184 metres and eleven (11) diamond drill holes totaling 1,294 metres were completed. These collective exploration initiatives combined to successfully extend gold mineralization signatures between the Main and Camp Zones and emphasized the importance of brittle deformation to tenor and extent of gold mineralization.
*The Hyland Main Zone Indicated Gold Resource Estimate, prepared in accordance with NI 43-101, at a 0.3 g/t gold equivalent cutoff, contains 8.6 million tonnes grading 0.85 g/t AuEq for 236,000 AuEq ounces with an Inferred Mineral Resource of 10.8 million tonnes grading 0.83 g/t AuEq for 288,000 AuEq ounces.
“Surface trenches are an important tool to establish gold mineralization at the Hyland Project, and the 2018 Hyland Exploration project focused on trenches to demonstrate continuity of mineralization between the existing Main Zone Resource and Banyan’s Camp Zone discovery”, stated Tara Christie, President and CEO. “The eight trenches constructed and sampled this season have added over 450 metres of prospective ground to the existing Main Zone Resource, and have clearly demonstrated the Quartz Lake Corridor persists in this area. Banyan is confident the forthcoming results from the diamond drill holes that were collared based on the strength of these trenched exposures of anomalous mineralization will underpin the strength of these trench assays.”
Of particular note from this season’s trenches are TR-18-03 and TR-18-08, which together have added over 150 metres of Hyland Main Zone tenor surface gold mineralization immediately north of the current NI 43-101 resource* at the Main Zone. Highlighted results from these two trenches include:
- 152 metres of 0.64 g/t Au and 4.93 g/t Ag in TR-18-03
- 42 metres of 0.90 g/t Au and 6.31 g/t Ag in TR-18-08
These trenches are punctuated by multiple two-metre channel samples ranging in grade from 1.0 g/t to 4.0 g/t, and it was noted from trench mapping and sampling that this higher-grade gold mineralization increases with the intensity and widths of fault breccias and gouge zones. This gold-silver mineralization association has been noted within Main Zone and furthermore exhibit a similar ~1:4 Au:Ag ratio; indicating persistent Main Zone style mineralization towards the Camp Zone.
Assays from TR-18-01, TR-18-02 and TR-18-07 have extended anomalous surface gold mineralization an additional 300 metres north of trenches TR-18-03 and TR-18-08 to correspond with the overall gold-silver grades of historic (more easily accessible) trench results from 1987 and 1988 in the vicinity. This season’s efforts were focused on areas previously inaccessible by historic operators due to challenging topography.
Additional highlighted results from this season’s trenches include:
- 76.0 metres of 0.32 g/t Au and 0.18 g/t Ag in TR-18-01
- 58.0 metres of 0.15 g/t Au and 0.19 g/t Ag in TR-18-02
- 18.0 metres of 0.65 g/t Au and 0.27 g/t Ag in TR-18-07
- 10.0 metres of 0.48 g/t Au and 1.22 g/t Ag in TR-18-07
- 20.0 metres of 0.21 g/t Au and 1.02 g/t Ag in TR-18-07
The full results from the 2018 trenching are provided in the following table and a map with trench locations and assays will be made available on the Company’s Website:
| Trench | Comment | From (m) | To (m) | Width (m) | Au (ppm) | Ag (ppm) |
| TR-18-01 | 2.0 | 78.0 | 76.0 | 0.32 | 0.18 | |
| Incl. | 24.0 | 32.0 | 8.0 | 0.88 | 0.18 | |
| TR-18-02 | 54.0 | 112.0 | 58.0 | 0.15 | 0.19 | |
| TR-18-03 | 0.0 | 152.0 | 152.0 | 0.64 | 4.93 | |
| Incl. | 0.0 | 8.0 | 8.0 | 1.14 | 2.78 | |
| Incl. | 26.0 | 34.0 | 8.0 | 1.06 | 2.60 | |
| Incl. | 46.0 | 80.0 | 34.0 | 1.01 | 14.51 | |
| Incl. | 86.0 | 110.0 | 24.0 | 1.04 | 2.25 | |
| TR-18-04 | Overburden – Failed to Reach Bedrock** | |||||
| TR-18-05 | Overburden – Failed to Reach Bedrock** | |||||
| TR-18-06 | Overburden – Failed to Reach Bedrock** | |||||
| TR-18-07 | 102.0 | 120.0 | 18.0 | 0.65 | 0.27 | |
| and | 156.0 | 166.0 | 10.0 | 0.48 | 1.22 | |
| and | 184.0 | 204.0 | 20.0 | 0.21 | 1.02 | |
| TR-18-08 | 92.0 | 142.0 | 42.0 | 0.90 | 6.31 | |
**NB: Trenches TR-18-04, TR-18-05, and TR-18-06 were not sampled as the depth of overburden exceeds the excavator capacity and bedrock was not reached.
In addition to trenching, 11 diamond drill holes (totaling 1,294 metres) were completed in the same target area and, in conjunction with these important surface trench samples, were located so as to establish gold-silver mineralization continuity along the projected shallow dipping upper limb of the Main Zone over the target 1.25km of previously limited tested strike length between the Main and Camp Zones. Diamond drill assay results are expected shortly and will be released when they become available.
Analytical Method
All trench channel samples collected from the Hyland Gold program were analyzed at Bureau Veritas Minerals of Burnaby, B.C. utilizing the aqua regia digestion ICP-MS 36-element AQ200 analytical package with FA450 50-gram Fire Assay with AAS finish for gold on all samples. Samples were sealed in poly bags with one part of a three-part sample tag inserted within. Samples were delivered by Banyan personnel or a dedicated expediter to the Bureau Veritas, Whitehorse preparatory laboratory where samples are prepared and then shipped to Bureau Veritas’s Analytical laboratory in Burnaby, B.C. for pulverization and final chemical analysis. A robust system of standards, field duplicates and blanks was implemented in the 2018 exploration trenching program and was monitored as chemical assay data became available.
Technical Information
The technical information in this news release has been reviewed and approved by Paul D. Gray, P.Geo., the Company’s Vice President, Exploration and a Qualified Person as defined by NI 43-101.
About Banyan Gold
Banyan is a growth stage gold exploration company whose flagship property, the Hyland Gold Project, is approximately 70km NE of Watson Lake, Yukon, along the southeast end of the Tintina Gold Belt.
*The Hyland Main Zone Indicated Gold Resource Estimate, prepared in accordance with NI 43-101, at a 0.3 g/t gold equivalent cutoff, contains 8.6 million tonnes grading 0.85 g/t AuEq for 236,000 AuEq ounces with an Inferred Mineral Resource of 10.8 million tonnes grading 0.83 g/t AuEq for 288,000 AuEq ounces.
| Cut-off Grade
(AuEq g/t) |
In situTonnes | Au | Ag | AuEq | |||
| Grade (g/t) | Ozs | Grade (g/t) | Ozs | Grade (g/t) | Ozs | ||
| Indicated | |||||||
| 0.3 | 8,637,000 | 0.78 | 216,000 | 7.04 | 1,954,000 | 0.85 | 236,000 |
| Inferred | |||||||
| 0.3 | 10,784,000 | 0.77 | 266,000 | 5.32 | 1,845,000 | 0.83 | 288,000 |
(1) Mineral resources which are not mineral reserves do not have demonstrated economic viability. All figures are rounded to reflect the relative accuracy of the estimate.
(2) Mineral resources are reported at a cut-off grade of 0.3 g/t AuEq. AuEq grade is based on $1,350.00/oz Au, $17.00/oz Ag and assumes a 100% recovery. The AuEq calculation does not apply any adjustment factors for difference in metallurgical recoveries of gold and silver. This information can only be derived from definitive metallurgical testing which has yet to be completed.
The 9,230 ha Aurex-McQuesten Property, in close proximity to Victoria Gold’s Eagle Project and Alexco Resource’s Keno Hill Silver District, is highly prospective for structurally controlled, intrusion related gold-silver mineralization in relation to quartz monzonite dykes of the Tombstone intrusive suite.
Banyan trades on the TSX Venture Exchange under the symbol “BYN”. For more information, please visit the corporate website at www.BanyanGold.com or contact the Company.
ON BEHALF OF BANYAN GOLD CORPORATION
(signed) “Tara Christie”
Tara Christie
President & CEO
For more information, please contact:
Tara Christie David Rutt
Tel: (888) 629-0444 Tel: (888) 629-0444
Email: tchristie@banyangold.com Email: drutt@banyangold.com
CAUTIONARY STATEMENT: Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This news release contains forward-looking information, which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, Banyan’s objectives, goals or future plans, statements regarding exploration expectations, exploration or development plans and mineral resource estimates. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, uncertainties inherent in resource estimates , capital and operating costs varying significantly from estimates, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and the other risks involved in the mineral exploration and development industry, enhanced risks inherent to conducting business in any jurisdiction, and those risks set out in Banyan’s public documents filed on SEDAR. Although Banyan believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Banyan disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
Statements in this news release regarding Banyan Gold which are not historical facts are “forward-looking statements” that involve risks and uncertainties. Such information can generally be identified by the use of forwarding-looking wording such as “may”, “will”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations.
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Source: Banyan Gold Corp. (TSX Venture:BYN)
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