Banyan Gold Corp. has satisfied its first year earn-in exploration expenditure commitment on the Aurex and McQuesten properties optioned from Victoria Gold Corp. and Alexco Resource Corp. respectively. In order to complete the first year commitments, Banyan will issue 750 000 shares to Victoria Gold and 400 000 shares to Alexco on or before 31 December 2017.
Under the definitive agreements, Banyan can earn a 51% interest in both properties with staged expenditures and share payments over 4 years. The company also has the right to earn a 100% interest in the properties additional expenditures and share payments.
Tara Christie, President & CEO commented: “The 2017 exploration and data compilation programme has positioned Banyan to begin to unlock the value of the large Aurex-McQuesten land package. Drilling results at the two target areas, the McQuesten and Aurex Hill Zones, chosen for drilling in 2017 confirmed and extended the known near-surface gold mineralisation in these two areas.”
“The Aurex and McQuesten properties are contiguous properties that comprise approximately 8230 ha and 1000 ha respectively, and together represent a large property that is highly prospective for intrusive-related gold mineralisation which includes zones of historic gold production (lode and placer), in the prolific Mayo Mining District, Yukon Territory.
Banyan’s inaugural exploration programme at the Aurex-McQuesten Project consisted of a property wide geochemical soil survey (1114 soil samples), 464 m of trench sampling, inclusive of the reopening/remapping of historic trenches (235 trench samples) along with a 1422 m diamond drill programme from 10 holes.
The exploration target at the Aurex-McQuesten Project is near surface gold mineralisation in meta-sedimentary host rocks related to an interpreted buried intrusive stocks. Structural traps are known to control intrusion-related gold-silver mineralisation in this area and defined gold mineralisation on the property occurs in sheeted quartz veins, silicified skarn horizons, and quartz-monzonite dykes similar to mineralisation at Victoria Gold’s nearby Eagle Gold Project, as well as silver mineralisation related to faults similar to those found at Alexco’s Keno Hill Silver District.
Read the article online at: https://www.globalminingreview.com/finance-business/18122017/banyan-gold-satisfies-first-year-earn-in-commitments-on-aurex-mcquesten-properties/