More growth at Powerline for Banyan Gold

Banyan Gold Corp. Aug. 23 reported assay results for the next five drill holes at Powerline, returning more strong results and further demonstrating the size potential of this gold deposit on the company's AurMac property in Yukon, Canada.

Located about 40 kilometers (25 miles) south of Victoria Gold Corp.'s Eagle Gold Mine, AurMac hosts 52.58 million metric tons of inferred resource averaging 0.54 grams per metric ton (903,945 oz) gold in two deposits – Powerline and Airstrip.

Airstrip hosts 46 million metric tons of the inferred resource category averaging 0.52 g/t (774,926 oz) gold and Powerline hosts 6.58 million metric tons of the same category averaging 0.61 g/t (129,019 oz) gold, according to a calculation completed in July of last year.

"The ongoing results are steadily and strongly demonstrating the size potential of the Powerline deposit," said Banyan Gold President and CEO Tara Christie. "It's extremely rare to outline a near-surface deposit of this size and tenor immediately adjacent to an existing highway, communications and power infrastructure."

Step-out grid-based drilling has continued to identify significant intervals of consistent gold mineralization further expanding the mineralization footprint of this impressive and growing on and near-surface gold deposit.

Assay highlights from this series of drill results include:

• 45.7 meters of 0.69 g/t gold from surface in hole DDH AX-21-93.

• 52.3 meters of 0.7 g/t gold from a depth of 119.9 meters in hole DDH AX-21-95.

• 110.7 meters of 0.62 g/t gold from a depth of 96.6 meters in hole DDH AX-21-99.

• 195.9 meters of 0.54 g/t gold from surface in hole DDH AX-21-100, including 24.8 meters of 1.51 g/t gold.

Gold mineralization remains open in all directions and current drilling activities are now focused on resource expansion to the east and west of Powerline phase 1 drilling, completed in July.

"The company is fully funded through 2022 and plans an aggressive drill campaign designed to continue to expand and define resources towards an updated AurMac mineral resource in 2022," added Christie.

Phase 1 drilling at AurMac included drilling at both the Powerline and Aurex Hill targets.

At Powerline, 10,476 meters were drilled in 50 holes in a systematic 100-meter centered drill grid designed to test the expansion potential of the Powerline deposit. Assay results from 35 of the 50 Powerline holes have been received and reported, with 12 holes from Powerline and the entirety of the 18 holes from Aurex Hill still pending.

Phase 2 drilling began in late July and is planned to expand the limits of the Powerline Deposit. Drilling is expected to continue until December this year, then resume in February 2022.