Gold Resource Swells Past 8.6 Million Ounces as Yukon Project Advances Toward Maiden PEA
Banyan Gold Corp. (BYN:TSX.V; BYAGF:OTCQB; ) announced an updated Mineral Resource Estimate for its AurMac Project in Yukon Territory, Canada, prepared in accordance with NI 43-101 standards. The updated estimate incorporated an additional 42,000 meters from 178 diamond drill holes completed within the Airstrip and Powerline deposits. According to the company, the updated Mineral Resource Estimate will support an upcoming Preliminary Economic Assessment expected in the second half of 2026.
The updated Mineral Resource Estimate includes an Indicated Mineral Resource of 3.64 million ounces of gold contained within 167.3 million tonnes grading 0.68 g/t gold, along with an Inferred Mineral Resource of 4.98 million ounces of gold contained within 267.2 million tonnes grading 0.58 g/t gold. Banyan also highlighted a higher-grade portion of the deposit at a 0.55 g/t gold cut-off grade, which contains an Indicated Mineral Resource of 2.45 million ounces grading 1.00 g/t gold and an Inferred Mineral Resource of 2.72 million ounces grading 0.96 g/t gold.
The company reported that the Indicated Mineral Resource increased 60% in contained ounces compared to the 2025 Mineral Resource Estimate, while the overall indicated grade increased 8%. At the Airstrip deposit, the Indicated Mineral Resource increased 38% in contained ounces, and the Inferred Mineral Resource increased 65% in contained ounces with an 11% grade increase. Banyan also stated that the Powerline deposit now contains an Indicated Mineral Resource of 2.80 million ounces grading 0.67 g/t gold, representing a 68% increase with a 10% grade increase.
At a 0.25 g/t gold cut-off grade, Banyan reported a combined Indicated Mineral Resource of 3.93 million ounces grading 0.61 g/t gold and an Inferred Mineral Resource of 5.72 million ounces grading 0.51 g/t gold. The company stated that the deposits remain open in all directions and at depth.
“This is an important achievement for Banyan and our shareholders. More ounces, more indicated ounces, and a higher overall grade, demonstrating consistent performance across all metrics,” stated Tara Christie, President and CEO, in the company news release. Christie added that, “With the updated Mineral Resource report completed, the focus now shifts to the forthcoming maiden PEA, which will showcase the economic potential of AurMac.”
According to the company, the effective date of the Mineral Resource Estimate is May 15, 2026. The estimate was prepared by Marc Jutras, P.Eng., M.A.Sc., Principal of Ginto Consulting Inc., who is identified as an independent Qualified Person under NI 43-101. Banyan stated that a supporting technical report will be filed on SEDAR within 45 days of the release.
The company also reported that the Airstrip deposit is delineated by 243 drill holes, representing an increase of 92 holes from the June 2025 Mineral Resource Estimate, while the Powerline deposit is based on 680 diamond drill holes, representing an increase of 80 holes from the prior estimate. Banyan stated that mineralization at Airstrip is predominantly hosted in calcareous metasedimentary packages, while mineralization at Powerline is predominantly hosted in quartz veins cross-cutting lithology.
Banyan stated that gold grade estimation at Airstrip and Powerline used the Ordinary Kriging method with block dimensions of 10 meters by 10 meters by 5 meters. The company reported that quality assurance and quality control procedures included the insertion of certified reference materials, field duplicates, and coarse blanks into the sample stream, with analytical work completed by Bureau Veritas laboratories.
The company stated that all control samples were within accuracy and precision thresholds required to meet data quality standards and that no significant QA/QC issues were identified during review of the data.
Central Banks, Inflation, and Technical Signals Support Gold Narrative
According to Stewart Thomson’s May 19 commentary, the gold sector continued to be framed within a broader commodities cycle influenced by supply and demand imbalances, inflationary pressures, and rising global debt levels.
Thomson stated that “this cycle is all about a major mismatch of demand and supply,” while also attributing the long-term trend to “outrageous global government debt” and increasing wealth across Asia and Africa. He further wrote that “a daily focus on the big picture is critical for investors as inflation, a wildly overvalued stock market, debt ceiling horror, and empire transition dominate the investing landscape.”
In a May 20 commentary from the What’s Chen Buying? What’s Chen Selling? newsletter, Chen Lin discussed recent trading activity in the precious metals market and characterized recent price movements as constructive from a technical standpoint. Lin wrote that silver had “tested the support line and we had a bounce,” while describing a rapid move in gold prices on the Shanghai Futures Exchange as “basically taking out all the stop orders.” He added, “These are good signs of bottoming.”
A May 21 report from deVere Group stated that the outlook for gold prices remained “constructive” despite short-term pressures in the market. The report referenced ING commodities strategist Ewa Manthey, who said that long-term structural support factors for gold continued to remain intact. According to the report, central bank gold demand increased 17% during the first quarter, while the People’s Bank of China added eight tonnes of gold reserves in April. The report also stated that flows into gold-backed exchange-traded funds turned positive in April following outflows recorded in March.
The deVere Group report additionally cited independent analyst Ross Norman, who stated, “The motivation for central banks to acquire gold is arguably stronger than ever, and events in the Middle East will only have amplified a sense of vulnerability to dollar assets. In short, gold looks positive but in a more measured way.” The report further stated that gold-backed ETFs added US$6.6 billion during April, with holdings increasing by 45 tonnes, which the report said reflected renewed institutional exposure following the March sell-off.
Upcoming Work Programs and Project Developments
Banyan stated that a 70,000-meter drill program is ongoing at AurMac during 2026, with up to six drills operating at the project and more than 21,000 meters completed to date. The company noted in its corporate presentation that more than 23,000 meters had been completed as of May 2026.
According to the company, the forthcoming Preliminary Economic Assessment for AurMac remains expected in the second half of 2026. Banyan stated that the updated Mineral Resource Estimate is intended to support the study and that the deposits remain open for potential expansion along the edges of the deposit and below the conceptual pit.
The company’s corporate presentation stated that the AurMac Project benefits from existing roads and hydroelectric power infrastructure, existing baseline environmental data, and settled First Nation agreements. Banyan also reported average gold recoveries of 93% using gravity and leach processing methods and 84% recovery at 100 micron grind size using gravity and flotation methods.
Banyan additionally highlighted ongoing exploration activities at its Nitra Gold Project, located approximately 10 kilometers west of the AurMac property. The company stated in the corporate presentation that the Nitra property covers 423 square kilometers, is road accessible, contains known intrusions at surface, and includes more than six active placer mines.
The company also referenced its Hyland Gold Project in Yukon, which has an updated 2025 Mineral Resource Estimate containing an Indicated Mineral Resource of 337,000 ounces of gold and 2.63 million ounces of silver, along with an Inferred Mineral Resource of 118,000 ounces of gold and 863,000 ounces of silver.
Ownership and Share Structure1
5.92% of Banyan Gold is held by Institutions. Management and Insiders own 5.47%. The rest is retail.
The company has a market cap of CA$432.39, 428.56 million outstanding shares, and a 52-week range of CA$0.21 – CA$1.64.
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