Drilling by Banyan Gold (TSXV: BYN; US-OTC: BYAGF) has returned results bearing gold specks in sheeted veins, with intersections as high as 26.9 metres grading 1.85 grams gold in the Powerline deposit at its AurMac project in Yukon.
That highlight, from 163.6 metres depth in hole AX-25-660, included 62 metres at 0.93 gram gold per tonne, Banyan reported Monday. Another highlight, in hole AX-25-664, cut 19.5 metres at 1.12 grams gold from 19.5 metres depth, including 5 metres at 3.36 grams gold and 27 metres grading 1.35 grams gold.
“These results advance our target of defining 5 million oz. of plus 1 [grams] gold per tonne,” Banyan President and CEO Tara Christie said in a release. “Specifically, these holes from the Powerline deposit are focused on converting waste blocks that fall within the footprint of the conceptual pit where the mineralized domains are only truncated based on a lack of drilling,”
Summer momentum
The latest results at Powerline come amid a productive summer for the company after it posted strong assays at Powerline just over a month ago and a resource update for AurMac in July that made it the second largest resource on the Tombstone gold belt. The report showed it holds the most contained ounces behind Snowline Gold’s (TSXV: SGD; US-OTC: SNWGF) Valley deposit.
AurMac, located 270 km northeast of Dawson City, hosts 112.5 million indicated tonnes grading 0.63 gram gold for 2.27 million oz.; and 280.6 million inferred tonnes at 0.6 gram gold for 5.45 million contained ounces.
Other drill hole highlights on Monday include AX-25-667, which cut 17.9 metres grading 1.34 grams gold from 64.5 metres depth, including 5.3 metres at 0.73 gram gold; and hole AX-25-653 that returned 31.2 metres at 0.65 gram gold from 104.3 metres depth.
Continuity of mineralization
The results confirm new 3-D modelling mineralized domains at Powerline and highlight the improved continuity of high-grade mineralized areas extending outside the current resource estimate, Banyan said.
More than 29,000 metres across 127 holes have been drilled so far this year at AurMac, which also includes the Airstrip deposit. The company expects to complete a preliminary economic assessment for the project in the fourth quarter.
Banyan shares were down 1.3% to 74¢ apiece on Monday morning in Toronto, for a market capitalization near $279 million. The stock has traded in a 12-month period of 17¢ to 83¢.
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