Banyan Gold Makes New Discovery at Hyland Gold Property Yukonadmin
Banyan Gold Makes New Discovery at Hyland Gold Property Yukon
Vancouver, British Columbia CANADA, November 18, 2013 /FSC/ – Banyan Gold Corp. (BYN – TSX Venture), (“Banyan Gold”) is pleased to announce the discovery of the Montrose Ridge Zone on the Hyland Gold Property, Yukon, Canada. The Montrose Ridge Zone was discovered through a targeted soil and rock sampling program on the South Hyland Property, 6.5km south of the Hyland Main Zone (which hosts a NI 43-101 Inferred Resource of 396,000 gold equivalent ounces) and coincident with the identified >12 km long Quartz Lake Structure which is interpreted to control significant mineralization identified on the Hyland Project. The Montrose Ridge Zone boasts the largest gold-in-soils anomaly ever uncovered on the South Hyland Property.
The 2011 Cuz Zone discovery highlighted structurally continuous quartz-stockwork style gold mineralization within the Hyland Claim Group, distal to the Main Zone and it was these largely unexplored areas identified through regional geochemical sampling programs by previous operators that were targeted for the 2013 exploration campaign. The 2013 geochemical exploration program was successful in delineating and expanding these historic gold-in-soils anomalies and has resulted in the discovery of an open and coincident gold/arsenic-in-soils anomaly designated as the Montrose Ridge Zone.
The 2013 Hyland program culminated in the collection and analyses of 419 total samples (376 soils and 43 rocks). This geochemical sampling program targeted 6 distinct targets. The soil results returned:
* Gold (Au)-in-soils results ranged from trace to 0.191 g/t Au with a mean of 0.016 g/t Au.
* Arsenic (As)-in-soils results ranged from trace to 597.3g/t As with a mean of 33.65 g/t As.
* Silver (Ag)-in-soils results ranged from trace to 2.9g/t Ag with a mean of 0.16 g/t Ag.
*Anomalous gold-in-soils samples are considered >0.025 g/t Au in the Hyland Project area as determined through statistical analyses of the >10,000 historic soils from the property database.
As previously demonstrated at the Hyland Project, soils continue to be highly successful in delineating areas of potential gold mineralization. The Montrose Ridge Zone appears to have a genetic relationship with the Cuz discovery. This area (located 6.5km south of the Main Zone and over 2.5km southeast of the Cuz Zone Discovery) represents a high priority target for follow-up exploration.
The 2013 rock sampling program was designed to complement the soil sampling program by collecting type lithological samples from the soil grids and returned subtle Au and Ag results to significant As results (one sample from Montrose Ridge returned overlimits (>10,000ppm As). All soils and rock samples from the Hyland Gold 2013 geochemical sampling program were analyzed at Acme Analytical Labs of Vancouver, B.C. utilizing a 1EX ICP 30-element analytical package with G6 Fire Assay finish for gold on all samples.
“Within six months of listing on the Venture Exchange Banyan Gold has acquired the Hyland Gold Project for approximately $1/oz and demonstrated significant geological upside providing great leverage to our shareholders as market conditions rebound,” stated Richmond Graham, President & CEO. “The high-priority targets identified this fall at Hyland provide additional first-order geochemical anomalies to complement step-out resource drilling planned for the Main Zone next year.”
Banyan Gold would like to thank the Yukon Government Mining Incentive Program (“YMIP”) which generously provided a bursary of $35,000 in support of the Hyland geochemical sampling program which has led to the discovery of the Montrose Ridge Zone.
This News Release has been reviewed and approved by Paul D. Gray, B.Sc., P.Geo., Vice President Exploration for Banyan Gold, is the Qualified Person as defined by NI 43-101.
About Banyan Gold
Banyan Gold is a gold exploration and development company whose flagship property, the Hyland Gold Project (“Hyland”), is approximately 70 km NE of Watson Lake, Yukon, along the southeast end of the Tintina Gold Belt. The Main Zone gold Inferred Resource, at a 0.6 g/t gold equivalent (“AuEq”) cutoff, hosts a NI 43-101 compliant Resource of 12,503,994 tonnes containing 361,692 ounces gold at 0.9 g/t and 2,248,948 ounces silver at 5.59 g/t for a combined gold and silver 396,468 ounces gold equivalent. Based on the success of previous exploration and numerous untested drill ready targets Banyan Gold management foresees potential for a significant regional exploration at Hyland.
Banyan Gold trades on the TSX-Venture Exchange under the symbol “BYN”. For more information please visit the corporate website at www.banyangold.com or contact Banyan Gold.
ON BEHALF OF THE BANYAN GOLD BOARD OF DIRECTORS
(signed) “Richmond Graham”
President and Chief Executive Officer
For more information, please contact:
Tel: (604) 648-8450
The TSX Venture Exchange (the “Exchange) has neither approved nor disapproved the contents of this press release. Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
Disclaimer for Forward-Looking Information
Statements in this news release regarding Banyan Gold which are not historical facts are “forward-looking statements” that involve risks and uncertainties. Such information can generally be identified by the use of forwarding-looking wording such as “may”, “will”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations.
To view this press release as a PDF file, click onto the following link:
Banyan Coast Capital Corp. (BYN: TSX-V)
Maximum News Dissemination by FSCwire. http://www.fscwire.com
Posted: November 18th, 2013 under FSCWIRE.