Banyan Files Technical Report for AurMac Project, 7 Million Ounce Gold Updated Mineral Resource Estimate, Yukon, Canada

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VANCOUVER, BC / ACCESSWIRE / March 19, 2024 / Banyan Gold Corp. (the "Company" or "Banyan") (TSXV:BYN)(OTCQB:BYAGF) announces the filing of the Technical Report to support the Updated Mineral Resource Estimate ("MRE") in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Definition ?Standards incorporated by reference in National Instrument 43-101 ("NI 43-101") for the AurMac Project. The AurMac Project is ?located in the Mayo Mining ?district, approximately 40 kilometres ("km") northeast from the village of Mayo, Yukon and 356 ?km north of Whitehorse, Yukon (the "AurMac Property or "AurMac"). ?The Technical Report was prepared by Marc Jutras, P.Eng., M.A.Sc., Principal, Ginto Consulting Inc., Tawnya Thornton, P.Eng., of JDS Energy & Mining Inc. and Deepak Malhotra, PhD., of Forte Dynamics. The Technical Report is available for review on SEDAR at www.sedar.com and on the Company's website at www.banyangold.com.

As announced on February 7, 2024, the Updated AurMac Mineral Resource comprises a total inferred mineral resource of 7,003,000 ounces of gold (Table 1) on the road accessible AurMac Project. The updated MRE contains an Inferred Mineral Resource of 7.0 million ("M") ?ounces ("oz") of gold (as defined in the CIM Definition ?Standards for Mineral Resources & Mineral Reserves incorporated by reference into NI 43?101).

The pit constrained MRE is contained in two near/on-surface deposits: The Airstrip and Powerline[1] deposits in the road accessible AurMac Project. The updated MRE is summarized below in Table 1.

"AurMac's 7 million oz gold Resource is one of the largest potentially open-pit mineable resources in North America," said Tara Christie, Banyan President and CEO. "AurMac also benefits from being in a safe jurisdiction with a proven mine permitting process, adjacent to two existing mines and possessing existing all-season roads and hydro power infrastructure on the property."

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

Powerline1

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.

  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.[2]

  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.