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Banyan Renegotiates Terms on the Aurex-Mcquesten Gold Property Options, Yukon
VANCOUVER, BC / ACCESSWIRE / July 9, 2019 / Banyan Gold Corp. (the " Company " o...
About this update from Banyan Gold Corp.
[{"type":"text","content":"Banyan Renegotiates Terms on the Aurex-Mcquesten Gold Property Options, YukonVANCOUVER, BC / ACCESSWIRE / July 9, 2019 / Banyan Gold Corp. (the \"Company\" or \"Banyan\") (TSX-V: BYN) has re-negotiated, subject to TSX Venture Approval, terms of the Aurex Option Agreement (the \"Aurex Agreement\") which allows the Company to earn up to a 100% interest in the Aurex Property from StrataGold Corporation, a 100% owned subsidiary of Victoria Gold Corp. (TSX-V: VIT), and the McQuesten Option Agreement (the “McQuesten Agreement”) to earn up to a 100% interest in the McQuesten Property from Alexco Resource Corporation (TSX: AXR), originally signed in May 24, 2017 (see news release of May 25th, 2017). The addendum to both agreements allows Banyan the election to extend the timeframe to complete the first earn in (51% total interest) by up to three (3) years. The contiguous Aurex and McQuesten properties are located in the Mayo Mining District, Yukon adjacent to Alexco’s prolific Keno Hill silver district and Victoria Gold’s Eagle heap leach mine which is now built and scheduled to produce gold in September of 2019. Alexco and Victoria Gold are both major shareholders of Banyan at 8.8 and 5.0 percent, respectively.“The time extension on these parallel option agreements provides Banyan with additional flexibility on timing and location of exploration, which positions Banyan well for the forecasted gold market improvement. Post 2019 exploration programs will be driven by geology and value addition for shareholders, and not by claim boundaries” commented Tara Christie, President and CEO. “The compilation of historic work and ground-based exploration has resulted in the definition of a brand new mineralization model at the McQuesten Zone, and these amendments allow for development of a near surface, bulk tonnage resource, in unison with testing other prospective targets on the properties”.With the 2019 exploration drilling program underway, Banyan has incurred the required exploration expenditures to fulfill the earn in requirements for 2019 on both properties. The amended agreements require that Banyan spend minimums of $1,665,000 on the Aurex Property and $1,600,000 on the McQuesten to complete the 51% earn-in to the properties.The amended McQuesten agreement grants Banyan the election ...