Banyan Provides Operational Update Related to Yukon Wildfires

VANCOUVER, BC / ACCESSWIRE / July 31, 2023 / Banyan Gold Corp. (the "Company" or "Banyan") (TSX-V:BYN)OTCQB:BYAGF) is providing an update on operations at the Company's AurMac Property (the "Property"), Yukon Territory amid wildfire alerts and evacuations.

Due to the proximity of wildfires, the Yukon Government recommended evacuation of Victoria Gold's Eagle Gold Mine and nearby placer operations. Banyan's camps are not in the alert zone and were not evacuated. The access roads to our Nitra property are included in the alert zone.

Out of caution, and for the health and safety of our personnel, we have suspended prospecting and soil sampling activities on our Nitra property and have decided to wrap up our Phase I program drilling program at AurMac with 24,556 metres drilled. Core logging and cutting, regional exploration in areas currently not proximal to wildfires and the onsite prep lab continue to be operational.

Banyan has opened its excess space in camp to evacuated workers from the Victoria Gold Eagle Mine. The Company continues to monitor the situation with several fires in the Mayo area, all of which are currently located over 25 kilometres from the AurMac operational area.

The Company is well financed with over $9.5 million in cash on hand and is in the planning stages for a Phase II program.

"The safety of our employees, contractors, our neighbours and the community is our top priority. All our employees and infrastructure are currently safe. With the infrastructure at Banyan, we have the ability to execute drill programs through December so we can constructively use this time to continue to plan our Phase II drill and exploration programs with the benefit of additional results from our Phase I program," said Tara Christie, President and CEO. "We will continue to actively monitor the situation and adapt our plans."

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About Banyan

Banyan's primary asset, the AurMac Property is comprised of the Aurex and McQuesten properties, as well as claims staked and owned 100% by Banyan, and adjacent to Victoria Gold's Eagle Gold Mine, in Canada's Yukon Territory. The updated resource for the AurMac Property of 6.2 million ounces has an effective date of May 18, 2023.

The 173 square kilometres ("sq km") AurMac Property lies 30 kilometres ("km") from Victoria Gold's Eagle Project and adjacent to Hecla Mining's high grade Keno Hill Silver mine. The property is transected by the main Yukon highway and access road to the Victoria Gold open-pit, heap leach Eagle Gold mine. The AurMac Property benefits from a 3-phase powerline, existing power station and cell phone coverage. Banyan has a right to earn up to a 100% interest, in both the Aurex and McQuesten Properties, subject to certain royalties.