Calgary, Alberta (FSCwire) - BANYAN GOLD CORP. (“Banyan” or the “Company”) is pleased to announce that it has satisfied its first year earn-in exploration expenditure commitment on the Aurex and McQuesten Properties optioned from Victoria Gold Corp. (“Victoria Gold”) and Alexco Resource Corp. (“Alexco”) respectively. In order to complete the first year commitments, Banyan will issue 750,000 shares to Victoria Gold and 400,000 shares to Alexco on or before December 31, 2017.
Under the definitive agreements, Banyan can earn a 51% interest in both properties with staged expenditures and share payments over 4 years. The Company also has the right to earn a 100% interest in the properties additional expenditures and share payments (see the Company’s news releases dated May 25, 2017).
Tara Christie, President & CEO commented “The 2017 exploration and data compilation program has positioned Banyan to begin to unlock the value of the large Aurex-McQuesten land package. Drilling results at the two target areas, the McQuesten and Aurex Hill Zones, chosen for drilling in 2017 confirmed and extended the known near-surface gold mineralization in these two areas”.
The Aurex and McQuesten properties are contiguous properties that comprise approximately 8,230 hectares and 1,000 hectares respectively, and together represent a large property that is highly prospective for intrusive-related gold mineralization which includes zones of historic gold production (lode and placer), in the prolific Mayo Mining District, Yukon Territory.
Banyan’s inaugural exploration program at the Aurex-McQuesten Project consisted of a property wide geochemical soil survey (1,114 soil samples), 464 metres of trench sampling, inclusive of the reopening/remapping of historic trenches (235 trench samples) along with a 1,422 metres diamond drill program from 10 holes (see the Company’s news releases dated September 11, September 13 and October 4, 2017).
The exploration target at the Aurex-McQuesten Project is near surface gold mineralization in meta-sedimentary host rocks related to an interpreted buried intrusive stocks. Structural traps are known to control intrusion-related gold-silver mineralization in this area and defined gold mineralization on the property occurs in sheeted quartz veins, silicified skarn horizons, and quartz-monzonite dykes similar to mineralization at Victoria Gold’s nearby Eagle Gold Project, as well as silver mineralization related to faults similar to those found at Alexco’s Keno Hill Silver District.
The Aurex-McQuesten properties boasts exceptional infrastructure including Highway road access, grid powerlines and historic exploration access roads with nearby services out of Mayo, Yukon, 25 km to the South. Additionally, both Victoria Gold and Alexco are strategic partners on this project, providing camp, geological and financial support. The 2017 exploration program was funded by equity contributions from Alexco and Victoria Gold as part of the option agreement.
Technical Information
The technical information in this news release has been reviewed and approved by Paul D. Gray, P. Geo., 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 Inferred Gold Resource Estimate, prepared in accordance with NI 43-101, at a 0.6g/t gold equivalent cutoff, contains 12,503,994 tonnes with 361,692 ounces gold at 0.9g/t and 2,248,948 ounces silver at 5.59g/t for a combined gold and silver 396,468 ounces gold equivalent at 0.99 g/t.
The Aurex-McQuesten Property, in close proximity to Victoria Gold's Eagle Project and Alexco Resource's Keno Hill Silver District, is highly perspective for structurally controlled, intrusion related gold-silver mineralization.
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.
