The updated MRE comprises an Inferred Mineral Resource of 7.0 million ('M') ?ounces ('oz') of gold (as defined in the
The pit constrained MRE is contained in two near/on-surface deposits: The Airstrip and Powerline1 deposits in the road accessible
'With the AurMac Resource now at 7.0 Moz gold; 6.2 Moz in the Powerline Deposit alone, we can focus on delineating higher-grade zones, increase the confidence in the resource and further de-risk the project,' stated
Powerline Deposit
The drill data for the Powerline deposit is comprised of 954 drill holes, representing an increase of 107 holes from the
There are several geologic controls on gold mineralization as per the current geologic understanding of the Powerline deposit. The mineralization model is comprised of eight (8) parallel and undulating mineralized zones. These zones trend east-west with a plunge of 5-degree to the west and dip of 10-degree to the north. The bulk of the gold resources within the updated MRE are hosted within quartz veins that dip 13-degree to 17-degree toward an azimuth of 329-degree to 335-degree.
The most common sampling length of the Powerline deposit is 1.5 metres ('m'), accounting for more than 50% of the sample data and is the composite length. Capping of high-grade outliers was carried out for each mineralized zone and ranged from 4.0 g/t gold to 11.0 g/t gold.
The estimation of gold grades into a block model was carried out with the Ordinary Kriging ('OK') technique on capped composites with the resultant block model comprised of a parent block size of 10m (easting) x 10m (northing) x 5m (elevation) and a sub-block size of 1m (easting) x 1m (northing) x 1m (elevation).
At a 0.30 g/t gold cut-off, the pit-constrained, Inferred Mineral Resources for Powerline are 312.2 million tonnes at an average gold grade of 0.61 g/t for a total of 6,158,000 ounces of gold.
Airstrip Deposit
The Airstrip deposit is delineated by 139 drill holes, representing no increase of drill holes from the
There are several geologic controls on gold mineralization as per the current geologic understanding of the Airstrip deposit. The Airstrip lithological model is comprised of eight (8) east-west oriented units, with six (6) of the units dipping at approximately 40-degree to the south. The bulk of the gold identified within the updated MRE are hosted within a calcareous package; a roughly 90-metre-thick east-west striking zone dipping approximately 40-degree to the south.
The most common sampling length of the Airstrip deposit is 1.5 m accounting for approximately 45% of the sample data; all composites were constructed at this interval. Capping of high-grade outliers was based on lithological domains and varied from 3.0 g/t gold to 9.0 g/t gold.
The estimation of gold grades into a block model was carried out with the OK technique on capped composites and the resultant block model comprised of a block size of 10m (easting) x 10m (northing) x 5m (elevation) and sub-block size of 1m (easting) x 1m (northing) x 1m (elevation). Density was calculated from a total of 418 measurements from the drill core. The average density per lithology type was assigned to the corresponding blocks.
At a 0.30 g/t gold cut-off, the pit-constrained, Inferred Mineral Resources for the Airstrip deposit are 35.2 million tonnes at an average gold grade of 0.75 g/t for a total of 845,000 ounces of gold.
Quality Assurance, Quality Control Measures and Data Verification
The reported work was completed using industry standard procedures, including a quality assurance/quality control ('QA/QC') program consisting of the insertion of certified standards, duplicates and blanks into the sample stream and utilizing certified independent analytical laboratories for all assays. Additionally, historic QA/QC data and methodology on the
A robust system of standards, 1/4 core duplicates and analytical blanks, was implemented in all Banyan drilling programs and was monitored as chemical assay data became available. All control samples were within accuracy and precision thresholds required to meet data quality standards. These control samples amounted to approximately 10% of all samples submitted to analytical laboratories.
All geological data in the MRE was verified by
NI 43-101 Technical Report
Additional discussion and disclosure on the updated MRE, AurMac Mineral Resource Model Data Verification, as well as on property earn-in status, underlying royalties and recently completed metallurgical test work will be included in the forthcoming NI 43-101 Technical Report to be filed on SEDAR within 45 days of this release.
Analytical Method
Drill core from 34 drill holes from the 2023 drill program were analyzed at
All core samples were split on-site at Banyan's core processing facilities. Once split, half samples were placed back in the core boxes with the other half of split samples were sealed in poly bags with one part of a three-part sample tag inserted within. Samples were delivered by Banyan personnel or a dedicated expediter to either the
Risk Factors
Banyan is unaware of any legal, political, environmental, or other risks that could materially affect ?the potential development of the Mineral Resource estimates described in this news ?release.?
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About Banyan
The 173 square kilometres ('sq km')
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Contact:
Tel: 778 928 0556
Email: tchristie@banyangold.com
Jasmine Sangria
Tel: 604 312 5610
Email: jsangria@banyangold.com
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 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.
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