Banyan Extends Main Zone Mineralization by 1.25 Km at Hyland Gold Project, Yukon
Calgary, Alberta (FSCwire) – BANYAN GOLD CORP. (“Banyan” or “The Company”), is pleased to announce the results from the 2018 eleven (11) diamond drill hole program at its 100% owned Hyland Gold Project (the “Property”) in the Yukon’s emerging Selwyn Basin District.
Highlighted results from, HY18-076 to HY18-077, both located approximately 50 metres from the northern limit of the Hyland Main Zone Resource include:
- 27.5 metres of 0.45 g/t Au and 1.98 g/t Ag from surface in HY18-076
- 85.0 metres of 0.73 g/t Au and 5.61 g/t Ag from surface in HY18-077
- Including 1.52 metres of 14.5 g/t Au and 51.8 g/t Au from 61m
In total, 1.25 km of previously untested, strike extent of the Main Zone was the target of the diamond drill hole program. The exploration campaign consisted of 1,360 metres of HQTW sized diamond drilling completed from 10 drill pads. The diamond drilling was conducted in unison with a surface trench program (results announced in a News Release dated September 17, 2018) and together targeted the projected near surface extension of the shallowly dipping upper limb of the Main Zone Resource* towards delineation of the hinge location for targeting resource expansion in future drilling programs.
“The 2018 Hyland Gold exploration program successfully demonstrated continuity of gold-silver mineralization between the existing Main Zone Resource and Banyan’s Camp Zone discovery”, stated Tara Christie, President and CEO. “The program resulted in the highest grade gold intersection discovered to date from the Property (14.5 g/t over 1.52 m, only 50 metres from the limit of the 2017 Main Zone Resource), and the results demonstrate the Quartz Lake Corridor is consistently mineralized and validate the near surface strike extent model the program was designed to test.”
The 2018 Hyland program ran from June 18 through July 17, 2018 and was focused on the establishment of mineralization continuity between the current N.I. 43-101 resource* at the Main Zone and the recently discovered Camp Zone. The drill results have served to confirm the extension of mineralization for a full 1,250 m north of the current resource at the Main Zone along the Quartz Lake Corridor. The style of gold-silver mineralization encountered in this campaign has been noted within the Main Zone and furthermore exhibits a similar ~1:4 Au:Ag ratio; indicating persistent Main Zone style mineralization towards the Camp Zone.
Moreover, the program identified significant gold mineralization within the Camp Zone an area that previously lacked detailed diamond drilling. On the strength of this season’s exploration program, the Camp Zone has now been elevated to a top priority target on the Property and the gold-silver mineralization identified here is interpreted to represent an extension to the Hyland Main Zone. Management believes that a systematic drill program with a suite of drill fences will confirm the Main Zone and Camp Zone are connected, and this largely untested area would have the potential to more than double the size of the current Main Zone footprint.
As is typical in the higher-grade intervals of Hyland Main Zone, core recovery was an issue in HY18-077 and the 85.0 metres of 0.729 g/t Au includes 7.62 metres of 0% recovery. Averages were calculated with the lengths of ‘no recovery’ containing 0.0 g/t Au, which management believes is a conservative estimation of the gold-silver grades from these poorly recovered intervals.
The results from all 2018 drill holes, HY18-079 through HY18-086 have established gold-silver mineralization continuity along the projected shallow dipping upper limb of the Main Zone over 1.25km of strike length. From holes HY18-079 to HY18-082 the degree of gold-silver mineralization deceases until it abruptly increases in holes HY18-083 to HY18-086 within the Camp Zone. It is interpreted that the eastward inflection north of the Main Zone, in the Quartz Lake Corridor, is sharper than previously assumed, and has therefore opened up a new area for exploration potential.
Results from holes, HY18-083 to HY18-086 successfully encountered anomalous gold-silver mineralization within the Camp Zone. Highlighted drill results from these drill holes include:
- 102.4 metres of 0.32 g/t Au and 0.50 g/t Ag from 32.8 metres in HY18-083
- 75.7 metres of 0.26 g/t Au and 0.17 g/t Ag from 9.1 metres in HY18-084
- 47.2 metres of 0.15 g/t Au and 1.47 g/t Ag from 83.8 metres in HY18-085
- 18.5 metres of 0.23 g/t Au and 0.51 g/t Ag from 126.3 metres in HY18-086
A summary of assay results for the 2018 drill holes are provided in the following table and a plan map with drill hole locations will be made available on the Company’s website.
|Hole||Comment||From (m)||To (m)||Width* (m)||Au (ppm)||Ag (ppm)|
*NB True widths have yet to be determined but are estimated to be approximately two thirds of the drilled interval, with the exception of hole HY-18-76 estimated to be 100% true width.
In addition to diamond drilling, eight trenches (1,194 metres) were completed in the same target area and assisted with the definition of surface expressions of gold mineralization between the Main Zone and Camp Zone. Trench assays were detailed in Company News Release dated September 17, 2018.
Additionally, prospecting in another of the known mineralized zones on the Hyland Gold Project, the CUZ Zone, located 4km south of the Main Zone, resulted in the collection of 25 select rocks samples. Seven samples returned Au assays greater than 0.10 g/t Au with a maximum of 2.50 g/t Au. These samples are of similar tenor to Au-grades from near surface historic drilling from HY-11-36, HY-11-37, and HY-11-38 which had no silver association and were interpreted to be associated with two stacked east-west striking mineralized veins. Management believes Cuz Zone mineralization is associated with secondary gold mineralized structures, and prospecting on this zone s focused on locating the structural intersections of these secondary structures with the main Quartz Lake Corridor.
All drill core samples collected from the Hyland Gold program were analyzed at Bureau Veritas Minerals of Vancouver, 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. All core samples were split on-site at Banyan’s core processing facilities at the Hyland Gold Project. Once split, half samples were placed back in the core boxes with the other half of split samples 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, ¼ core duplicates and blanks was implemented in the 2018 exploration drilling program and was monitored as chemical assay data become available.
The technical information in this news release has been reviewed and approved by Paul D. Gray, P.Geo., the Company’s V.P. 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.
|Grade (g/t)||Ozs||Grade (g/t)||Ozs||Grade (g/t)||Ozs|
(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”
President & CEO
For more information, please contact:
Tara Christie David Rutt
Tel: (888) 629-0444 Tel: (888) 629-0444
Email: firstname.lastname@example.org Email: email@example.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.
*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.
Source: Banyan Gold Corp. (TSX Venture:BYN)
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