Good News From Banyan And Endurance

Good news has been hard to come by in recent weeks. On some recent mornings I found myself wondering if most junior mining investors would be better served by cashing out what’s left and taking their chances at the dice tables in Las Vegas. At least there they have pretty girls, ‘free’ drinks, and if you lose enough they’ll put you up in a hotel room for the night. But I digress, this morning two of my top picks have brought me back from the edge of the abyss with two excellent updates.

Banyan Gold (TSX-V:BYN) released an updated resource estimate for the AurMac Project in the Yukon. This snapshot in time that does NOT include any drilling in 2022 shows a 3.99 million ounce resource with an average grade of .60 grams/tonne gold.

It’s important to note that if Banyan were to increase the cut-off grade to .5 g/t gold AurMac would still total 2.5 million ounces at an average grade of 1.0 g/t gold. Banyan accomplished today’s resource with 40,000 meters of drilling, an extremely impressive accomplishment by any measure. I still expect that AurMac will at least double in size from today’s four million ounce estimate. 

Recent drill results have demonstrated three important aspects of the Powerline deposit: 

1. Excellent continuity 

2. A deposit that remains open in all directions 

3. Higher grade zones beginning to take shape.

At today’s C$100 million market cap Banyan is being valued at slightly more than C$25 per ounce for its four million ounces at AurMac (assuming zero value for 500k ounces at Hyland). Not only is the valuation per ounce likely to increase from today’s low valuation, but the number of ounces is also sure to increase (we know that based upon drill results published so far in 2022).  

Next up is BC gold explorer Endurance Gold (TSX-V:EDG), a company that has been relatively quiet since closing a financing in February. Endurance has been quietly carrying out an RC drilling program at its Reliance Project, and this morning’s update is encouraging to say the least. The company points out some potentially wide mineralized intersections indicated based on the pXRF scanning of the RC bags (arsenic mineralization has a strong positive correlation with gold mineralization). Five of the 18 holes have intersections over 10 meters.

Of particular note is RC intersection 22-062 which the company described as follows:

“RC22-062 intersected 2,039 ppm pXRF As over 38.1 m, confirming a potential encouraging width to the Eagle South Zone (“020 Target”). To assist in determining the true width of the 020 Target, hole RC22-062 was targeted at the same intersection but drilled at an oblique azimuth to hole DDH21-020, which previously returned 15.7 grams per tonne gold over 24.8 m, (see News Release January 12, 2022). The difference in azimuth between DDH21-020 and RC22-062 is 30 degrees.”

This means that the ‘020 target’ appears to be wider than previously interpreted by hole DDH21-020 that returned 15.7 grams/ tonne gold over 24.8 meters. For the remainder of the RC program, the RC drill will be moving up those switch backs southeast from the current intersections to open the system to the southeast with a few more RC holes around DDH21-020 to increase confidence in strike, dip and plunge on the 020 Target.

Endurance will then transition to a diamond drill program beginning in early June at the latest, following this zone at depth and along strike. Lab turnaround will likely be better right now for the RC results and lab turn-around will slow down as the summer progresses and everyone else starts drilling.

Banyan and Endurance are both junior gold exploration companies of the highest quality and continue to be on my buy list on any gold sector related weakness. 

Disclosure: Author owns BYN.V and  EDG.V shares at the time of publishing and may choose to buy or sell at any time without notice.

___________________________________________________________________________________________________

Disclaimer

The article is for informational purposes only and is neither a solicitation for the purchase of securities nor an offer of securities. Readers of the article are expressly cautioned to seek the advice of a registered investment advisor and other professional advisors, as applicable, regarding the appropriateness of investing in any securities or any investment strategies, including those discussed above. Banyan Gold Corp. is a high-risk venture stock and not suitable for most investors. Consult Banyan Gold Corp’s SEDAR profiles for important risk disclosures.

EnergyandGold has been compensated to cover Banyan Gold Corp. and so some information may be biased. EnergyandGold.com, EnergyandGold Publishing LTD, its writers and principals are not registered investment advisors and advice you to do your own due diligence with a licensed investment advisor prior to making any investment decisions.

This article contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively “forward-looking statements”). Certain information contained herein constitutes “forward-looking information” under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “expects”, “believes”, “aims to”, “plans to” or “intends to” or variations of such words and phrases or statements that certain actions, events or results “will” occur. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed by such forward-looking statements or forward-looking information, standard transaction risks; impact of the transaction on the parties; and risks relating to financings; regulatory approvals; foreign country operations and volatile share prices. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Actual results may differ materially from those currently anticipated in such statements. The views expressed in this publication and on the EnergyandGold website do not necessarily reflect the views of Energy and Gold Publishing LTD, publisher of EnergyandGold.com. Accordingly, readers should not place undue reliance on forward-looking statements and forward looking information. The Company does not undertake to update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws. Always thoroughly do your own due diligence and talk to a licensed investment adviser prior to making any investment decisions. Junior resource companies can easily lose 100% of their value so read company profiles on www.SEDAR.com for important risk disclosures. It’s your money and your responsibility.