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Banyan Gold Corp. reports developments tied to its AurMac Project in Canada's Yukon Territory, where the company advances gold exploration and resource definition across deposits including Powerline and Airstrip. Recurring updates include drill results for gold and silver mineralization, mineral resource and technical-study work, and project infrastructure context for the 303-square-kilometre property near Mayo.
Company news also covers capital actions such as private placements and flow-through share financings, management and corporate-development appointments, shareholder voting matters, and other capital-structure disclosures for the TSX Venture- and OTCQB-quoted issuer.
Banyan Gold Corp. (TSXV:BYN, OTCQB:BYAGF) has announced an increase in its non-brokered private placement to raise $12,180,391. This includes issuing up to 12,978,520 premium flow-through shares at $0.568 each and 12,021,480 common shares at $0.40 each, which are fully subscribed. Funds will be used for advancing the AurMac Property and general corporate purposes. Closing is expected around December 22, 2022, pending necessary approvals.
Banyan Gold Corp (OTCQB: BYAGF) plans to raise up to $11.5 million through a private placement of Premium Flow-Through shares priced at $0.568 and Hard Shares priced at $0.40. The offering aims to fund exploration at the AurMac Property and general corporate purposes. The proceeds from Premium FT Shares will be dedicated to Canadian exploration expenses and are expected to be completed by December 22, 2022. The AurMac Property has an updated resource of 3,990,000 ounces of gold.
Banyan Gold Corp. announced promising results from 36 diamond drill holes from its 2022 exploration program at the Powerline and Aurex Hill deposits in Yukon. Key highlights include:
- 56.6 m of 0.46 g/t Au in DDH AX-22-283
- 34.5 m of 1.00 g/t Au in DDH AX-22-284
- 19.2 m of 1.24 g/t Au in DDH AX-22-2844
- 70.6 m of 0.49 g/t Au in DDH AX-22-337
The drilling program totaled over 50,000 m, confirming and expanding gold mineralization. The findings support a strong understanding of the deposits’ potential, with ongoing exploration to enhance resource estimates.
Banyan Gold Corp. announced promising results from its 2022 diamond drilling program at the Powerline Deposit on the AurMac Property, with highlights including:
- 177.9 m of 0.47 g/t Au in DDH AX-22-251
- 114.1 m of 0.52 g/t Au in DDH AX-22-252
- 40.5 m of 0.86 g/t Au in DDH AX-22-257
These results indicate a consistent expansion of the mineralized footprint. The company, operating with four drills, aims to provide a resource update in 2023 after incorporating these assays into their geological model.
Banyan Gold Corp has appointed Jason Neal as an advisor, bringing his extensive experience in mining and investment banking. Neal's background includes leadership roles at G Mining Ventures and Kirkland Lake Gold. The company plans to enhance exploration efforts at its AurMac Property, which boasts an updated resource estimate of 3,990,000 ounces of gold. Additionally, Banyan has granted 425,000 stock options with an exercise price of $0.45 per share. The company remains focused on advancing its projects in the Yukon region.
Banyan Gold Corp (OTCQB: BYAGF) filed a Technical Report supporting its Updated Mineral Resource Estimate for the AurMac Property on June 29, 2022. This report, prepared by qualified professionals, reveals an inferred mineral resource of 3,990,000 ounces of gold, located in three deposits: Airstrip, Powerline, and Aurex Hill. The report is accessible on SEDAR. Additionally, exploration drilling has progressed, with over 26,000 meters completed out of a planned 60,000 meters for 2022.
Banyan Gold Corp has completed a Royalty Purchase Agreement from the Estate of Jim McFaull, acquiring 100% royalty interest on 97 claims in the Aurex Claim Block of the AurMac Property. This agreement removes a royalty burden, facilitating advancement of the AurMac project, which hosts significant mineral resources totaling 3,990,000 ounces of gold. Additionally, a scholarship dedicated to the late Jim McFaull will be established, providing $5,000 annually for students in geology and mining.
Banyan Gold Corp has announced a successful $17 million private placement, increasing from a previously announced $16.5 million. The funding, which is pending TSX-V approval, will support ongoing development at the AurMac Property, including drilling and exploration. The financing comprises 16,210,500 Charity Flow Through Shares at $0.63, 5,334,000 Flow Through Shares at $0.55, and 8,662,321 Shares at $0.45. The funds will primarily be used for mineral exploration, which includes over 60,000 metres of diamond drilling planned for 2022-23.
Banyan Gold Corp has announced a fully subscribed non-brokered private placement, aiming to raise up to $16.5 million in gross proceeds. The placement includes 16,210,500 Charity Flow Through Shares priced at $0.63 each, 4,974,000 Flow Through Shares at $0.55, and 7,887,744 Shares at $0.45. Funds will support the company’s exploration and development at the AurMac Property, targeting over 60,000 metres of drilling. The transaction requires TSX Venture Exchange approval and is expected to close within 30 days.
Banyan Gold Corp. announced an updated mineral resource estimate for its AurMac Property, revealing a total inferred resource of 3,990,000 ounces of gold. The estimate highlights three deposits: Airstrip, Powerline, and Aurex Hill, all accessible by road. The company increased the inferred resources by over 3 million ounces through 40,000 metres of drilling. Future drilling plans include 30,000 metres in 2022 to further enhance the resource estimate. The effective date for this resource estimate is May 13, 2022.