Banyan Welcomes Federal Funding Announcement on Yukon Grid Connectivity and Issues Incentive Options
Banyan Gold Corp. (TSXV:BYN)(OTCQB:BYAGF) welcomes the $40 million federal funding announcement for studying the connection of British Columbia and Yukon electrical grids. This initiative, supported by the Critical Minerals Infrastructure Fund, could benefit Banyan's AurMac Project, which is already positioned near an existing powerline.
The company also announced granting 400,000 stock options at $0.22 per share with a five-year term and up to 18-month vesting period to directors, officers, consultants, advisors, and exploration staff.
Banyan's primary asset, the AurMac Project, has a current inferred Mineral Resource Estimate of 7.0 million ounces of gold, effective February 6, 2024. The project, located 40 km from Mayo, Yukon, covers 173 square kilometers and benefits from existing infrastructure.
Banyan Gold Corp. (TSXV:BYN)(OTCQB:BYAGF) accoglie con favore l'annuncio di un finanziamento federale di 40 milioni di dollari per studiare la connessione delle reti elettriche della Columbia Britannica e dello Yukon. Questa iniziativa, supportata dal Critical Minerals Infrastructure Fund, potrebbe avvantaggiare il Progetto AurMac di Banyan, già posizionato vicino a una linea elettrica esistente.
La compagnia ha inoltre annunciato la concessione di 400.000 opzioni su azioni a 0,22 dollari per azione, con un termine di cinque anni e un periodo di vesting fino a 18 mesi per direttori, funzionari, consulenti, advisor e personale di esplorazione.
Il principale attivo di Banyan, il Progetto AurMac, ha attualmente un Stimato di Risorse Minerarie Indotte di 7,0 milioni di once d'oro, valido dal 6 febbraio 2024. Il progetto, situato a 40 km da Mayo, Yukon, copre 173 chilometri quadrati e beneficia di infrastrutture esistenti.
Banyan Gold Corp. (TSXV:BYN)(OTCQB:BYAGF) da la bienvenida al anuncio de un financiamiento federal de 40 millones de dólares para estudiar la conexión de las redes eléctricas de Columbia Británica y Yukon. Esta iniciativa, respaldada por el Critical Minerals Infrastructure Fund, podría beneficiar el Proyecto AurMac de Banyan, que ya está ubicado cerca de una línea de alta tensión existente.
La empresa también anunció la concesión de 400,000 opciones de acciones a 0,22 dólares por acción, con un plazo de cinco años y un periodo de adquisición de hasta 18 meses para directores, funcionarios, consultores, asesores y personal de exploración.
El principal activo de Banyan, el Proyecto AurMac, tiene actualmente un Estimado de Recursos Minerales Inferidos de 7.0 millones de onzas de oro, vigente desde el 6 de febrero de 2024. El proyecto, ubicado a 40 km de Mayo, Yukon, abarca 173 kilómetros cuadrados y se beneficia de la infraestructura existente.
Banyan Gold Corp. (TSXV:BYN)(OTCQB:BYAGF)는 브리티시컬럼비아와 유콘의 전력망 연결에 대한 4천만 달러의 연방 자금 지원 발표를 환영합니다. Critical Minerals Infrastructure Fund의 지원으로 이루어지는 이 이니셔티브는 이미 기존 전력선 근처에 위치한 Banyan의 AurMac 프로젝트에 혜택을 줄 수 있습니다.
회사는 또한 이사, 임원, 컨설턴트, 자문가 및 탐사 직원에게 0.22 달러의 가격으로 40만 주식 옵션을 부여했다고 발표했습니다. 옵션의 유효 기간은 5년이며, 최대 18개월의 베스팅 기간이 있습니다.
Banyan의 주요 자산인 AurMac 프로젝트는 현재 700만 온스의 추정 광물 자원이 있습니다. 이는 2024년 2월 6일부터 유효합니다. 이 프로젝트는 유콘의 메이오에서 40km 떨어져 있으며 173평방킬로미터의 면적을 차지하고 기존 인프라의 이점을 누리고 있습니다.
Banyan Gold Corp. (TSXV:BYN)(OTCQB:BYAGF) se réjouit de l'annonce d'un financement fédéral de 40 millions de dollars pour étudier la connexion des réseaux électriques de la Colombie-Britannique et du Yukon. Cette initiative, soutenue par le Critical Minerals Infrastructure Fund, pourrait bénéficier au Projet AurMac de Banyan, qui est déjà situé près d'une ligne électrique existante.
La société a également annoncé l'octroi de 400 000 options d'actions à 0,22 dollar par action, avec un terme de cinq ans et une période d'acquisition pouvant aller jusqu'à 18 mois pour les directeurs, les dirigeants, les consultants, les conseillers et le personnel d'exploration.
Le principal actif de Banyan, le Projet AurMac, possède actuellement une estimation de ressources minérales inférées de 7,0 millions d'onces d'or, valable à partir du 6 février 2024. Le projet, situé à 40 km de Mayo, Yukon, couvre 173 kilomètres carrés et bénéficie d'infrastructures existantes.
Banyan Gold Corp. (TSXV:BYN)(OTCQB:BYAGF) begrüßt die Ankündigung der staatlichen Förderung in Höhe von 40 Millionen Dollar zur Untersuchung der Verbindung der Stromnetze von British Columbia und Yukon. Diese Initiative, die vom Critical Minerals Infrastructure Fund unterstützt wird, könnte dem AurMac-Projekt von Banyan zugutekommen, das bereits in der Nähe einer bestehenden Stromleitung positioniert ist.
Das Unternehmen gab außerdem bekannt, 400.000 Aktienoptionen zu einem Preis von 0,22 Dollar pro Aktie mit einer Laufzeit von fünf Jahren und einer bis zu 18-monatigen Vesting-Periode an Direktoren, Mitarbeiter, Berater und Erkundungsteams zu vergeben.
Banyans wichtigstes Vermögen, das AurMac-Projekt, hat derzeit eine geschätzte abgeleitete Mineralressource von 7,0 Millionen Unzen Gold, gültig ab dem 6. Februar 2024. Das Projekt, das 40 km von Mayo, Yukon, entfernt ist, umfasst 173 Quadratkilometer und profitiert von bestehender Infrastruktur.
- Federal funding of $40 million announced for Yukon-BC grid connection study, potentially benefiting Banyan's AurMac Project
- AurMac Project's inferred Mineral Resource Estimate increased to 7.0 million ounces of gold
- AurMac Project benefits from existing infrastructure, including highway access and 3-phase powerline
- Stock option grant of 400,000 shares at $0.22 may lead to potential dilution for existing shareholders
VANCOUVER, BC / ACCESSWIRE / September 25, 2024 / Banyan Gold Corp. (the "Company" or "Banyan") (TSXV:BYN)(OTCQB:BYAGF) welcomes the announcement of federal Government Funding to study the connection of the British Columbia and Yukon Electrical Grids and also announces issuing incentive stock options.
Yukon Grid Connect Funding
On September 20, 2024, Natural Resources Canada announced conditional approval for
The funding is being provided through the Critical Minerals Infrastructure Fund, which will advance the Yukon in expanding its green energy capacity to support future development for the exploration and mining sectors. A three-phased 138 Kilovolt-amps ("KVa") powerline (energized to 69Kva) currently transects the AurMac project positioning Banyan to directly benefit from a potential Yukon to British Columbia grid connection.
"The allocation of funding to plan for a potential connection between the Yukon and British Columbia electrical grids is important as it could bring additional green energy to benefit all Yukoners and potentially support Banyan's AurMac Project," Tara Christie, President & CEO, stated.
Stock Options Grant
The Board of Directors of the Company have granted 400,000 stock options to purchase 400,000 shares at an exercise price of
The stock options are being issued to directors, officers, consultants, advisors and exploration staff of the Company. The options were granted under and are subject to the terms and conditions of the Company's stock option plan.
Upcoming Events
Yukon Geoscience Forum - November 17 to 20
New Orleans Investment Conference - November 20 to 23
Corporate Update and Breakfast - November 21, 7:15 AM CST
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.
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
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:
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 NI 43-101. 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.
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.
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.
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.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.
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FAQ
What is the current inferred Mineral Resource Estimate for Banyan Gold's AurMac Project?
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What stock options did Banyan Gold (BYAGF) recently grant?
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