The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
Banyan moves forward steadily, includes help from Victoria North of 60 Mining News – May 6, 2022
Banyan Gold has completed 15,700 meters of the 30,000 meters of drilling it plans to carry out at AurMac this year.
Banyan Gold Corp. May 3 reported the final assay results from the diamond drill holes completed during the 2021 exploration program at the Powerline deposit on the company's AurMac property in the Yukon.
"The 2021 drill program has demonstrated the extensive nature of gold mineralization around the Powerline deposit on the AurMac property and importantly, defined zones of higher grade near surface gold mineralization," said Banyan Gold President and CEO Tara Christie. "The 2021 results have guided the initial drill program of 2022 allowing us to take large step outs to showcase the regional potential of the mineralization on the AurMac property."
Last year, step-out drilling to the east and west of Powerline outlined a near- and on-surface zone of gold trend that is interpreted to have grade continuity over 1,200 meters of strike length.
With a section of this zone having been drilled at 25-meter centers in a 200- by 200-meter area to test the continuity along strike and down dip, the recent returned results confirm the company's predictions have so far been correct.
Highlights from the final 16 drill holes include: 15.5 meters averaging 1.31 grams per metric ton gold from 186.9 meters in hole DDH AX-21-181; 34.5 meters averaging 1.29 g/t gold from 133.1 meters in DDH AX-21-186; 53.3 meters averaging 0.76 g/t gold from 61 meters in DDH AX-21-188; 36.5 meters averaging 0.56 g/t gold from 169.2 meters in DDH AX-21-188; 15.5 meters averaging 2.18 g/t gold from 35 meters in DDH AX-21-189; 38.2 meters averaging 0.6 g/t gold from 76.1 meters in DDH AX-21-190; 50.3 meters averaging 0.46 g/t gold from 50.3 meters in DDH AX-21-192; 100.8 meters averaging 0.37 g/t gold from 47 meters in DDH AX-21-196; 48.9 meters averaging 0.53 g/t gold from 62.4 meters in DDH AX-21-203; and 21.2 meters averaging 3.02 g/t gold from surface in DDH AX-21-198.
As for the company's 2022 program, Banyan began in January and has had three drills operating; with 71 drill holes and over 15,700 meters of the 30,000-meter program completed to expand the mineralization around the Powerline zone by 600 meters to the east and 1,000 meters to the west.
At least 80% of the 2022 drilling will focus on expansion of the mineralization at Powerline and the connecting Aurex Hill deposit, with the remaining 20% testing high priority regional targets on the AurMac and adjacent Nitra property.
In addition to its field operations, Banyan reported in April that Victoria Gold Corp. purchased the underlying interest on the McQuesten property from Alexco Resource Corp. which entitles Victoria Gold to receive payments from Banyan of C$600,000 in cash or shares by December 2023 and C$2 million cash or shares by December 2025, as well as acquiring the underlying net smelter return royalty interest from the original agreement with Alexco.
"We are also pleased that the purchase of Alexco's underlying interest in the McQuesten option agreement by Victoria Gold, has allowed Banyan to secure amendments providing additional flexibility in timing for the preliminary economic assessment and removes the hard deadline for the pre-feasibility study," added Christie. "This provides us the optionality to design the optimal project plan for our economic studies as we continue to grow our resource base."
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