Funds To Be Used To Progress Yukon Exploration And Development Projects
Banyan Gold Corp. (TSXV: BYN) has closed the first tranche of $11,928,571 of a total $16 million private placement.
The company intends to use the net proceeds from the Private Placement to advance its mineral exploration and development projects and for general corporate purposes. The 2021-22 Exploration Programsme at AurMac are intended to include additional diamond drilling, geotechnical drilling, metallurgical test work, resource update, environmental baseline data collection and the commencement of a Preliminary Economic Assessment (PEA) Study.
The first tranche includes 19,642,858 Charity Flow Through Shares priced at $0.38, 6,326,530 Regular Flow Through Shares priced at $0.35 and 8,035,715 regular shares prices at $0.28. A
Banyan’s primary asset AurMac is adjacent to Victoria Gold’s Eagle Gold Mine, in Canada’s Yukon Territory, which announced commercial production on July 1, 2020.
The AurMac initial resource of 903,945 oz Au (see Table 1 below) was announced in May 2020. Our major strategic shareholders include Alexco Resource Corp, Victoria Gold Corporation and Osisko Development.
Banyan is focused on gold exploration projects that have the geological potential, size of land package and proximity to infrastructure that is advantageous for a mineral project to have potential to become a mine.
The 173 sq km AurMac Property lies 30 km from Victoria Gold’s Eagle Project and adjacent to Alexco’s Keno Hill Silver District and is highly prospective for structurally controlled, intrusion related gold-silver mineralization. The property is located adjacent to the main Yukon highway and just off the main access road to the Victoria Gold open-pit, heap leach Eagle Gold mine.
The AurMac Property benefits from a 3-phase powerline, existing Yukon Energy Corp. switching power station and cell phone coverage. Banyan has optioned the properties from Victoria Gold and Alexco respectively with a right to earn up to a 100% subject to royalties.
For further information please visit: https://www.banyangold.com/