Banyan Gold (TSXV:BYN) (OTCQB:BYAGF) has released an updated mineral resource estimate for the Aurex and McQuesten projects, together known as the "AurMac property", located in the Mayo mining district of Yukon.
The updated MRE comprises a total inferred gold resource, per NI 43‑101 standards, of 6.2 million oz., contained in three near/on-surface deposits: The Airstrip, Powerline and Aurex Hill. Over 60% of the resource (3.8 million oz.) comes from the Powerline deposit.
"This mineral resource update is an increase of over 2 million ounces or over 50% from the 2022 MRE," Tara Christie, CEO of Banyan Gold, noted in a news release, adding that 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 this mineral resource update in the ongoing 2023 exploration program.
The AurMac property is currently held by the company under earn-in/option agreements with Victoria Gold (TSX:VGCX). It is located 40 km from Victoria Gold's Eagle mine and 10 km from Alexco's mill facility within the Keno Hills 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 km2 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.
THIS ARTICLE WAS ORIGINALLY POSTED ON MINING.COM