Banyan Reports Final Assays from 2022 Program; Including 1.48 g/t Gold over 30.5 Metres at Aurex Hill Deposit, AurMac Property, Yukon

VANCOUVER, BC / ACCESSWIRE / February 27, 2023 / Banyan Gold Corp. (the "Company" or "Banyan") (TSXV:BYN)(OTCQB:BYAGF) is pleased to announce the analytical results from the final fifty-seven (57) diamond drill holes from the Company's 2022 exploration program at the Powerline and Aurex Hill deposits located on the Company's AurMac Property, Yukon Territory.

Assay highlights from this most recent batch of assays received include:

• 31.2 metres ("m") of 0.84 g/t Au from 293.4 m in DDH-22-350
• 30.5 m of 1.48 g/t Au from 28.3 m in DDH-22-364
• 78.3 m of 0.48 g/t Au from 73.9 m in DDH-22-371
• 105.9 m of 0.41 g/t Au from 10.7 m in DDH-22-376
• 43.7 m of 0.60 g/t Au from 72.7 m in DDH-22-380
• 63.2 m of 0.45 g/t Au from 41.7 m in DDH-22-382
• 54.1 m of 0.43 g/t Au from 128.7 m in DDH-22-384
• 90.0 m of 0.46 g/t Au from 21.3 m in DDH-22-386
• 64.3 m of 0.42 g/t Au from 54.6 m in DDH-22-387

"With all 2022 data now in hand, Banyan is positioned to further advance the AurMac deposit," stated Tara Christie, President & CEO of Banyan. "The 2022 exploration program was successful in demonstrating that the AurMac deposit has the potential to be district scale, with the near/on-surface gold mineralization of the Powerline and Aurex Hill deposits continuing to be open and with step-out drilling demonstrating that Banyan can continue to add ounces beyond what will be in our mid-year Resource update. Banyan looks forward to another aggressive exploration season designed to build upon and expand the AurMac Property's expansive gold endowment towards building an economic gold resource."

Tables 1 and 2 include the significant analytical results for gold from holes in this release and hole locations are shown in Figures 1 to 3.

The Powerline and Aurex Hill gold deposits are contained within a metasedimentary package consisting of predominately schists, quartzites and limestones of the Late Proterozoic to Cambrian Hyland Group. Gold mineralization here is chiefly associated with low angle quartz-sulfosalt-arsenopyrite veins seen crosscutting all lithologies and is interpreted to be associated with a large intrusion related gold system typical of the Tombstone Gold Belt and Selwyn Basin gold deposits. A strong bismuth-gold association has been identified at AurMac and is currently being utilized to establish exploration vectors over the property.

Highlighted instances of visible gold identified from these holes is shown in Image 1.

Image 1: Photographs of visible gold from:

Figure 1: Aurex Hill drill hole locations showing historic and Banyan completed diamond drill holes with holes with assay information in this release labelled with hole identification.

Figure 2: Powerline drill hole locations showing historic and Banyan completed diamond drill holes with holes with assay information in this release labelled with hole identification.

Figure 3: Powerline East drill hole locations showing historic and Banyan completed diamond drill holes with holes with assay information in this release labelled with hole identification.

The Powerline and Aurex Hill gold deposits are contained within a metasedimentary package consisting of predominately schists, quartzites and limestones of the Late Proterozoic to Cambrian Hyland Group. Gold mineralization here is chiefly associated with low angle quartz-sulfosalt-arsenopyrite veins seen crosscutting all lithologies and is interpreted to be associated with a large intrusion related gold system typical of the Tombstone Gold Belt and Selwyn Basin gold deposits. A strong bismuth-gold association has been identified at AurMac and is currently being utilized to establish exploration vectors over the Property.

Table 1: Aurex Hill and Powerline Diamond Drill Significant Analytical Results (maps and sections will be made available on Banyan's website).