As of 11:45 a.m. ET Wednesday, Banyan’s inventory was buying and selling at C$0.42 on the TSX Enterprise Change, down 2.4% from the earlier session, with a market capitalization of C$106.3 million ($77.9m).
This financing follows up on a C$17 million personal placement introduced earlier in June that totally funded Banyan’s development and growth plans for the AurMac gold venture heading into 2023. The corporate now has a 60,000-metre drilling marketing campaign underway, with outcomes persevering with to increase the gold-mineralized footprint.
The AurMac venture represents an amalgamation of the Aurex and McQuesten properties, in addition to claims staked and owned 100% by Banyan, overlaying 173 sq. kilometres of Yukon’s Mayo mining district.
The mixed property lies roughly 25 km away from Victoria Gold’s Eagle gold mine and adjoining to the Keno Hill silver district operated by Hecla Mining. The Aurex and McQuesten declare blocks had been beforehand held by Victoria and Hecla, respectively.
AurMac at the moment hosts a complete inferred gold useful resource of 3,990,000 ounces (contained in 207 million tonnes grading 0.60 g/t gold). This useful resource, up to date in Could 2022, is predicated on 40,000 metres of drilling on the three close to/on-surface deposits (Airstrip, Powerline and Aurex Hill deposits) inside the property.
Along with AurMac, Banyan additionally holds the Hyland gold venture within the Watson Lake mining district of southeast Yukon. The venture has an NI 43-101 indicated mineral useful resource of 236,000 gold-equivalent (AuEq) ounces (8.6 million tonnes grading 0.85 g/t AuEq) plus an inferred mineral useful resource of 288,000 AuEq ounces (10.8 million tonnes grading 0.83 g/t AuEq).