Banyan Gold (TSXV: BYN; US-OTC: BYAGF) has updated resources at its Aurex and McQuesten projects, together known as the AurMac property, located in the Yukon. The new resource outlines a total of 6.2 million inferred oz. gold, contained in three near-surface deposits: The Airstrip, Powerline and Aurex Hill. Over 60% of the resource (3.8 million oz.) comes from the Powerline deposit.
Tara Christie, CEO of Banyan Gold, noted the new resource adds over 2 million ounces or over 50% compared to the 2022 estimate. The resource update was accomplished with 50,000 metres of drilling completed in a single season.
With all three deposits remaining open, Banyan said it will continue to focus on growth and has already drilled 15,000 metres subsequent to the resource update in the ongoing 2023 exploration program.
The AurMac property, located in the Mayo mining district, is currently held under earn-in agreements with Victoria Gold (TSX: VGCX). It is located 40 km from Victoria Gold’s Eagle mine and 10 km from Hecla Mining‘s (NYSE: HL) mill facility in the Keno Hill silver district. Banyan has so far earned a 51% interest and holds the right to earn up to 100%, subject to royalties.
Since consolidating the 173-sq.-km property in 2017, Banyan has expanded on the initial targeting of the Airstrip zone, identified and expanded the over 2.5 km wide by 1 km Powerline zone, and completed further exploration and expansion of Aurex Hill.
Shares of Banyan Gold gained 5.2% by 11:30 a.m. in Toronto following the latest resource update. The company has a market capitalization of $112.3 million.
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