'With the AurMac Mineral Resource Estimate now at 6.2 million ounces of gold,
2023 Exploration Program Update
Banyan's planned
In addition, the 2023 exploration program included property-wide exploration on both the AurMac and Nitra properties. Prospecting, geochemical soil surveys, geological mapping and rock sample collection work remains underway in both areas. Exploration areas were prioritized by utilizing structural and geochemical/geophysical anomalies, areas of historical/current placer operations, as well as areas with known surface expressions of Cretaceous aged intrusions. This work highlights the potential for discovery of additional deposits across the large AurMac and Nitra land packages. Over 3,000 soil geochemical samples have been collected on AurMac and over 4,000 on Nitra to date this season.
Through the remainder of 2023, Banyan will utilize all data available to model and define targets that host potential higher-grade zones; continue the robust metallurgical program investigating potential mineral processing flowsheets and interpret and incorporate the 2023 drill data as it is received. Additional studies on structural controls on grade distribution and heat flow directions during mineral deposit formation from crystallinity and minerology is also underway. This work will improve targeting and maximizing the value of future drilling.
Ongoing work includes detailed compilation and gap analysis of the extensive background environmental data available to us from neighbouring operators (
Stock Options Grant
The Board of Directors of the Company have granted 500,000 stock options to purchase 500,000 shares at an exercise price of
The stock options are being issued to officers, consultants, advisors and exploration staff of the Company. The options were granted under and are subject to the terms and conditions of the Company's stock option plan.
Upcoming Events
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About Banyan
Banyan's primary asset, the
The 173 square kilometres ('sq km')
The Updated MRE for the
The effective date for the Mineral Resource is
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.
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.
Mineral Resources are reported at a cut-off grade of 0.25 g/t gold for the Airstrip and Powerline and 0.3 g/t gold for the Aurex Hill 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
The number of tonnes was rounded to the nearest hundred thousand. The number of 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.
In addition to the
Contact:
Tel: 778 928 0556
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, confidence in exploration potential and adding ounces, exploration or development plans and timelines; mineral resource estimates; mineral recoveries and anticipated exploration and development 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 availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, availability of personnel, seasonal considerations 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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