Banyan Gold Corp. (the 'Company' or 'Banyan') (TSX-V: BYN) (OTCQB: BYAGF) is pleased to announce an updated Mineral Resource Estimate (the 'MRE' or the 'Mineral Resource') prepared in accordance with National Instrument 43-101, Standards for Disclosure for Mineral Projects ('NI 43-101') for the Aurex and McQuesten properties (together, the 'AurMac Property')1 located in the Mayo Mining District, approximately 56 kilometres ('km') northeast from the village of Mayo, Yukon, and 356 km north of Whitehorse, Yukon.
The updated MRE comprises a total Inferred Mineral Resource (as defined in the Canadian Institute of Mining, Metallurgy and Petroleum ('CIM') Definition Standards for Mineral Resources & Mineral Reserves incorporated by reference into NI 43-101) of 6.2 million ounces of gold on the near-surface, road accessible AurMac Property.
The pit constrained Mineral Resource Estimate is contained in three near/on-surface deposits: The Airstrip, Powerline and Aurex Hill. The MRE is summarized below. 'This Mineral Resource update is an increase of over 2 million ounces or over 50% from the 2022 MRE,' stated Tara Christie, President and CEO, 'This was accomplished with 50,000 metres of drilling completed in a single season. With all three deposits remaining open, Banyan continues to focus on growth and has already drilled 15,000 metres subsequent to this Mineral Resource Update in our ongoing 2023 exploration program.'
About the AurMac Property
The AurMac Property is held by the Company under earn-in/option agreements (the 'Option Agreements') with StrataGold Corporation, a 100% owned subsidiary of Victoria Gold Corp. (TSE: VGCX) ('Victoria Gold'). The Company has the right to earn up to a 100% interest in the AurMac Property, subject to royalties, pursuant to the terms and conditions of the Option Agreements.3 The Airstrip, Powerline and Aurex Hill deposits contained within the AurMac Property are all on and near-surface deposits and potentially open pit mineable, with low expected strip ratios. The AurMac Property is located just 40 km from Victoria Gold's open pit, heap leach mine and 10 km from Alexco's mill facility at the High-Grade silver deposits of the Keno Hills District. The AurMac Property lies on existing transportation infrastructure (Main Yukon Government Highway System) and the all-season road to Victoria Gold's Eagle Mine. The Aurex Hill, Airstrip and Powerline deposits are within 1 km of each other and within 50 metres ('m') of year-round access roads, have 3-phase powerlines and benefit from cellular communications.
About Banyan
Banyan's primary asset, the AurMac Property is comprised of the Aurex and McQuesten properties, as well as claims staked and owned 100% by Banyan, and adjacent to Victoria Gold's Eagle Gold Mine, in Canada's Yukon Territory. The updated resource for the AurMac Property of 6.2 million ounces has an effective date of May 18, 2023. The 173 square kilometres ('sq km') AurMac Property lies 30 km from Victoria Gold's Eagle Project and adjacent to Hecla Mining's high grade Keno Hill Silver mine. The property is transected by the main Yukon highway and access road to the Victoria Gold open-pit, heap leach Eagle Gold mine. The AurMac Property benefits from a 3-phase powerline, existing power station and cell phone coverage. Banyan has a right to earn up to a 100% interest, in both the Aurex and McQuesten Properties, subject to certain royalties. In addition to the AurMac Property, the Company holds the Hyland Gold Project, located 70 km Northeast of Watson Lake, Yukon, along the Southeast end of the Tintina Gold Belt (the 'Hyland Project'). The Hyland Project represents a sediment hosted, structurally controlled, intrusion related gold deposit, within a large land package (over 125 sq km), accessible by a network of existing gravel access roads. Banyan trades on the TSX-Venture Exchange under the symbol 'BYN' and is quoted on the OTCQB Venture Market under the symbol 'BYAGF'. For more information, please visit the corporate website at www.BanyanGold.com or contact the Company.
Contact:
Tel: 778 928 0556
FORWARD LOOKING INFORMATION
This news release contains forward-looking information, which is not comprised of historical facts and is based upon the Company's current internal expectations, estimates, projections, assumptions and beliefs. Such information can generally be identified by the use of forwarding-looking wording such as 'may', 'will', 'expect', 'estimate', 'anticipate', 'intend(s)', 'believe', 'potential' and 'continue' or the negative thereof or similar variations. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company's plans for exploration and statements regarding exploration expectations, exploration or development plans and timelines; mineral resource estimates; mineral recoveries and anticipated mining costs. Factors that could cause actual results to differ materially from such forward-looking information include uncertainties inherent in resource estimates, continuity and extent of mineralization, capital and operating costs varying significantly from estimates, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, and the other risks involved in the mineral exploration and development industry, enhanced risks inherent to conducting business in any jurisdiction, and those risks set out in Banyan's public documents filed on SEDAR. Although Banyan believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Banyan disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
BANYAN GOLD CORP. 
