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Drilling activity: 1981 - 2018
Prior to exploration activities in 2018, Banyan completed a geological compilation of all drilling campaigns from previous operators who had optioned portions of the property from 1981, 1983, 1997, 2000, 2003, 2010 and 2012 and Banyan's own drilling in 2017 and outlined a 500 m block of calcareous clastic sediments approximately 90m thick dipping about 30 degrees to the south that host gold mineralization within stratabound retrograde skarn-altered horizons. With the addition of this year's approximately 1,414m of diamond drilling, a volume of about 12 million cubic metres of this interpreted mineralized block was tested with nominal drill-section spacing of 100m and nominal in section drill spacing of 50 metres. Banyan's interpretations and 2018 drill results confirmed potential extensions to the east, west and downdip to the south, all of which remain open to further delineation.
Drillhole MQ-17-26 along with the additional thirteen (13) drillholes released in News Releases dated November 19th, 2018, October 24th 2018, September 13th 2017, September 11th 2017, and August 28th 2017, respectively have demonstrated that an ~500 m wide zone of the interpreted down dip extension of the stratabound McQuesten Gold Zone persists and is preferentially gold mineralized. The McQuesten Gold Zone represents the surface expression of an approximately 90m thick, calcareous package interpreted to host gold mineralization preferentially within retrograde skarn-related altered horizons.
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These broad zones of gold mineralization intersected with Banyan’s 2017 and 2018 drilling campaigns have averaged 0.51 g/t Au, confirming the geologic model developed by Banyan for the McQuesten Gold Zone to contain near surface gold mineralization of this tenor over predictable widths.
The 9,230 ha Aurex-McQuesten Property, in close proximity to Victoria Gold's Eagle Project and Alexco Resource's Keno Hill Silver District, is highly prospective for structurally controlled, intrusion related goldsilver mineralization in relation to quartz monzonite dykes of the Tombstone intrusive suite.
The project is located approximately 40km from Victoria Gold's open pit, heap leach gold mine which will go into full production in the second half of 2019.
Banyan has completed four drill holes at Aurex-McQuesten in 2019 with results pending.
Banyan’s 2019 exploration plans at Aurex-McQuesten include over 1,000m of diamond drilling in and around the McQuesten Gold Zone starting in June, from a program partly funded with support from the Yukon Government, through a YMEP grant.2019 is a difficult year for junior exploration companies to raise capital and Banyan has taken additional measures to reduce costs and preserve capital, respecting shareholders’ investments.
This year’s program at Aurex-McQuesten has been strategically designed to yield information that will position Banyan well for the success of future drill programs as well as to complete the earn in on our option agreements with Victoria Gold Corp and Alexco Resource Corp., respectively for 2019.Approximately 400m of diamond drilling will be dedicated to infill drilling (increased drill density) within an interpreted higher-grade mineralized zone around holes.
