Banyan Gold (BYN.V) has released an updated resource calculation for its flagship AurMac project in Canada’s Yukon Territory. The combined resource now stands at approximately 8.6 million ounces of gold of which 3.64 million ounces are in the indicated category (at an average grade of 0.68 g/t gold) with an additional 4.98 million ounces at 0.58 g/t in the inferred resource category. The deposit remains open in all directions, and the ongoing 70,000 meter drill program will provide more data to expand the resource and to upgrade the inferred ounces into a higher category.
The company’s independent consultants also worked on a high-grade scenario. Applying a cutoff grade of 0.55 g/t gold still resulted in 2.45 million ounces at 1 g/t in the indicated resource category and 2.72 million ounces at 0.96 g/t in the inferred resource. Unfortunately there was no indication on how the strip ratio would evolve in the latter scenario.
The updated resource will now be the basis for a Preliminary Economic Assessment, which should be completed in the second semester of this year.
Disclosure: The author has no position in Banyan Gold. This post is for educational purposes only; be mindful investing in junior mining stocks is risky and you may lose your entire investment if things go wrong. Please read the disclaimer.
