Banyan Completes 75% Earn-In on the Aurex Property, Yukon

Rhea-AI Summary

Banyan Gold Corp. (TSXV:BYN) has completed the 75% earn-in on the Aurex Property, which contains the majority of the Powerline Deposit at the AurMac Project in Yukon. The company has fulfilled all exploration expenditure requirements to earn 100%. Banyan also completed 75% ownership of the McQuesten Property in December 2023 and has until December 2025 to complete a PEA for 100% ownership. The AurMac Resource was recently increased to 7.0 million gold ounces, following positive metallurgical test results. Banyan is currently conducting 20,000 metres of targeted drilling and ongoing technical work to support the PEA completion by December 2025.

Positive

• Completed 75% earn-in on Aurex Property, containing majority of Powerline Deposit
• AurMac Resource increased to 7.0 million gold ounces
• Ongoing 20,000 metres of targeted drilling
• Healthy treasury funding current operations
• PEA completion targeted for December 2025

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / September 11, 2024 / Banyan Gold Corp . (the "Company" or "Banyan") (TSXV:BYN) is pleased to announce that it has completed the 75% earn in on the Aurex Property, comprised of 433 claims, which contains the majority of the Powerline Deposit at the AurMac Project (total 907 claims). Banyan has completed all the exploration expenditure requirements to earn 100%.

The Company completed the 75% ownership of the McQuesten Property which contains the Airstrip Deposit (73 claims) in December 2023, and has until December 2025 to complete a PEA and finalize the 100% ownership. The remaining 401 claims of the AurMac Project are 100% owned by Banyan.

"Formalizing our 75% ownership of the Aurex Property is an important milestone," stated Tara Christie, President and CEO, "On Feb 6, 2024 the AurMac Resource was increased to 7.0 million gold ounces (see Table 1 below) which followed up on positive Metallurgical Test results announced February 6, 2024. The Company has a healthy treasury which is helping fund the ongoing 20,000 metres of targeted drilling and has ongoing technical work and metallurgy to support the PEA being completed by December 2025."

Qualified Persons
Paul D. Gray, P.Geo., is a "Qualified Person" as ‎defined under NI 43-101 and has reviewed and approved the content of this news release. Mr. Gray is a consultant to Banyan and has verified the data disclosed in this news release, including the sampling, ‎‎analytical and test data underlying the information.

Upcoming Events

• Precious Metals Summit Beaver Creek - September 10 - 13

• Corporate Presentation: September 11 3:45 PM MDT

• Denver Gold Forum Americas - September 15 - 18

• Corporate Presentation: September 17 4:50 PM MDT

• Metals Investor Forum Vancouver - September 20 - 21

• Corporate Presentation: September 20 1:30 PM PDT

• GCFF Conference (Vancouver) - September 21

• Corporate Presentation: September 21 10:30 AM PDT

About Banyan
Banyan's primary asset, the AurMac Project is located in Canada's Yukon Territory. The current inferred Mineral Resource Estimate ("MRE") for the AurMac Project of 7.0 million ounces has an effective date of February 6, 2024.

The 173 square kilometres ("sq km") AurMac Project lies 40 km from Mayo, Yukon. The AurMac Project is transected by the main Yukon highway and benefits from a 3-phase powerline, existing power station and cell phone coverage. Banyan has the right to earn up to a 100% interest, in both the Aurex and McQuesten Properties respectively, subject to certain royalties.

The inferred MRE for the AurMac Project was prepared on February 6, 2024, and consisted of 7,003,000 ounces of gold (see Table 1) hosted within near surface, road accessible pit constrained Mineral Resources contained in two near/on-surface deposits: the Airstrip, and Powerline Deposits.

Table 1: Pit-Constrained Inferred Mineral Resources - AurMac Project ^{(1)(2)(3)(4)(5)}

Deposit	Gold Cut-Off g/t	Tonnage Tonnes	Average Gold Grade g/t	Gold Content oz.
Inferred
Airstrip	0.30	35,243,000	0.75	845,000
Powerline	0.30	312,243,000	0.61	6,158,000
Combined Inferred	0.30	347,486,000	0.63	7,003,000

Notes to Table 1 :

1. The effective date for the MRE is February 6, 2024 and was prepared by Marc Jutras, P.Eng., M.A.Sc., Principal, Ginto Consulting Inc., an independent Qualified Person in accordance with the requirements of NI43-101. The technical report supporting the Resource Estimate entitled "AurMac Property, Mayo Mining District, Yukon Territory, Canada" (the "Technical Report") has been filed on SEDAR at www.sedarplus.ca on March 18, 2024.

2. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing,changes in global gold markets or other relevant issues.

3. The CIM Definition Standards were followed for classification of Mineral Resources. The quantity and grade of reported Inferred Mineral Resources in this estimation are uncertain in nature ‎and there has been insufficient exploration to define these Inferred Mineral Resources as an ‎Indicated Mineral Resource and it is uncertain if further exploration will result in upgrading them to an ‎Indicated or Measured Mineral Resource category.

4. Mineral Resources are reported at a cut-off grade of 0.30 g/t gold for all deposits, using a US$/CAN$ exchange rate of 0.75 and constrained within an open pit shell optimized with the Lerchs-Grossman algorithm to constrain the Mineral Resources with the following estimated parameters: gold price of US$1,800/ounce, US$2.50/t mining cost, US$5.50/t processing cost, US$2.00/t G+A, 80% gold recoveries, and 45° pit slopes.

5. The number of tonnes and ounces was rounded to the nearest thousand. Any discrepancies in the totals are due to rounding effects; rounding followed the recommendations as per NI 43-101.

Detailed images of the Mineral Resource model, including an interactive 3D model and additional information can be found at: https://www.banyangold.com/projects/aurmac/

In addition to the AurMac Project, the Company holds the Hyland Gold Project, located 70 km Northeast of Watson Lake, Yukon, along the Southeast end of the Tintina Gold Belt (the "Hyland Project"). The Hyland Project represents a sediment hosted, structurally controlled, intrusion related gold deposit, within a large land package (over 125 sq km), accessible by a network of existing gravel access roads.

Banyan trades on the TSX-Venture Exchange under the symbol "BYN" and is quoted on the OTCQB Venture Market under the symbol "BYAGF". 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 • 778 928 0556 • tchristie@banyangold.com
Jasmine Sangria • 604 312 5610 • jsangria@banyangold.com

CAUTIONARY STATEMENT: Neither the TSX Venture Exchange, its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) nor OTCQB Venture Market 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.

FORWARD-LOOKING INFORMATION: This news release contains forward-looking information, which is not comprised of historical facts and is based upon the Company's current internal expectations, estimates, projections, assumptions and beliefs. Such information can generally be identified by the use of forwarding-looking wording such as "may", "will", "expect", "estimate", "anticipate", "intend(s)", "believe", "potential" and "continue" or the negative thereof or similar variations. 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, the Company's plans for exploration and future economic studies, and statements regarding exploration expectations, prospectivity of the Company's property interests, potential mining processes, pricing assumptions and costs ease and confidence in increasing ounces, exploration or development plans and timelines; mineral resource estimates; mineral recoveries and anticipated mining costs. Factors that could cause actual results to differ materially from such forward-looking information include uncertainties inherent in resource estimates, continuity and extent of mineralization, 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 estimation of mineral resources and the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, 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.

SOURCE: Banyan Gold Corp.

View the original press release on accesswire.com

FAQ

What is the current inferred Mineral Resource Estimate for Banyan Gold's AurMac Project?

The current inferred Mineral Resource Estimate (MRE) for Banyan Gold's AurMac Project is 7.0 million ounces of gold, with an effective date of February 6, 2024.

When did Banyan Gold (BYAGF) complete the 75% earn-in on the Aurex Property?

Banyan Gold completed the 75% earn-in on the Aurex Property as of September 11, 2024, according to the press release.

What is the deadline for Banyan Gold to complete the PEA for 100% ownership of the McQuesten Property?

Banyan Gold has until December 2025 to complete a PEA and finalize 100% ownership of the McQuesten Property.

How many meters of targeted drilling is Banyan Gold currently conducting at the AurMac Project?

Banyan Gold is currently conducting 20,000 metres of targeted drilling at the AurMac Project.