Banyan Gold (TSX.V: BYN) Continues Work on Hyland Gold Project, Yukon
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By Allen Alper.
on 4/15/2014
Richmond Graham, Founder, Director, President and CEO of Banyan Gold (TSX.V: BYN) is enthusiastic about the progress that his company has made over the last year since they purchased the Hyland Gold project in the Yukon.
Said Graham, “Having been in the resource industry for many years I’ve seen many ups and downs. I believe the key to success is to turn the best of times into operational excellence and the difficult times into opportunities. During the best of times run hard, run well, execute on plans, and regardless where in the cycle be sure always to manage costs with perfection. During the difficult times acquire the best properties one can rustle up. That is just what Banyan Gold has done. Founders put together a mineral exploration company during challenging times and seeded it with a NI43101-compliant resource property in an excellent jurisdiction.”
Graham sees starting the company during a difficult time as an asset to their overall vision for the company. He said, “Because we started in what many would say is the worst of times, we had the opportunity to build a really lean organization that has a very low burn rate and a focus on sustainably delivering shareholder value. We had the pick of the crop in terms of distressed assets and we chose the Hyland Gold project in the southeast Yukon near Watson Lake in the Selwyn Basin on the SE corner of the Tintina Gold belt. Banyan Gold closed on the purchase and financing in February of 2013. Shortly after that we were in the field. By late summer 2013 we had identified a third discovery on the Hyland Gold Project.”
There are many aspects of the project that Graham and his team appreciate. He said, “The Hyland Gold project came with a November 2012 NI43-101 reporting 400,000 AuEq ounces at 0.99g/t using a 0.6g/t cut-off grade with much of it in oxide and open pit accessible. The project also came with a 2011 CUZ Zone discovery 4km south of the Main Zone in the claim block. At the time of acquisition we knew that several Carlin-style targets exist along the 12km Quartz Lake Structure. The Main Zone potential and additional higher grade discoveries potential were very appealing to Banyan Gold’s founders. ”
In fact, within a year of the acquisition the company is ready to move forward with additional exploration. Said Graham, “The management team has developed plans to further explore the new discovery zones. Both discoveries appear to be higher grade than the Main Zone and easily accessed. Attention has now turned to a summer 2014 drilling program to confirm grade and continuity. Our two recent discoveries (CUZ Zone and Montrose Ridge) need to see the drill bit.”
Banyan Gold is ready, says Graham, “We came in when the market was at its worst and made sure we found the best property at the best price in a great jurisdiction. We have a strong team in place to explore the full potential of the Hyland Gold project and to look for similar projects. Our share structure is tight, our burn rate is very low and our focus is clear – to develop Hyland to its full potential and seek out new accretive acquisitions. It’s an exciting time!”
Above:
Picture of Hyland Main Zone
www.banyangold.com
Vancouver,
Whitehorse, Calgary
Canada
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