Banyan Gold (TSXV:BYN) - Advancing 6.2Moz Yukon Gold Project to Production

[Music] ter Christi president and CEO of banion gold banon gold is a Yukon Explorer with a 6.2 million ounce inferred gold resource right on Surface with existing roads existing power lines on the property telecommunications we're in a really exciting jurisdiction in this Tombstone or Tina gold belt where we've got producers like Victoria gold and exploration projects like Snow Line it's a very exciting jurisdiction and we're adding value for our shareholders with what we've done in 2023 and what we planed for 2024 well I I want to hear about all of the above um Stock's taking a real Run for the last um sort of couple of months actually um it seems Orly six six weeks um exciting times are there in terms of gold price but let's talk about the stuff that you're in control of um uh which is what have you been doing since we saw you last back in March so first we put out that resource in uh May and then the technical report in June uh 6.2 million ounces at 61 you know we had 4 million ounces a year ago at that time uh we drilled 50,000 meters through 2022 and into 2023 to come out with that 6.2 million ounce which is what we said we were going to do we wanted to deliver a resource that was over that important 5 million else threshold and then at the same time we started drilling early in the spring so this year again we drilled another 25,000 meters um when the when the fall started to come and we saw that the market wasn't really appreciating drill results even when you're adding ounces like we know we've done with what we've drilled uh we decided to stop Drilling and make sure we maintained our treasury uh so we drilled 25,000 meters you know impressive program we put out results showing that we've connected our two primary deposits which is our power line which is the biggest one and the one we discovered in 2019 it's now almost 4 million ounces and we've connected it with orexo with the drilling that we did this year um we still have more results to to put out for that into the new year uh we've been really really focused on some of the technical work the metallurgical work that we're doing digging deep into that making sure that we're doing full range of tests to show the optionality of this project we know that you know bottle rolls on pulps came back with 90% uh but we want to do the full testing from Heap Leach through you know flotation uh to to CIP Cil because you know the economics are going to drive what this project is and who builds it so um stay tuned for that and we're doing a a big program uh and we're planning another program on that to 2024 um you know again we let when we stopped drilling that left us with a strong treasury to go into 2024 which is partly why you've seen our share price you know really recover as people can see we've added value we're adding value we're going to have strong news flow into 2024 great and let me sh I'm sad as well if you don't mind so some some aggressive drilling this year and you know joining up power line with RX Hill is is good um 6.2 million aners like the beginning of this year well can only be bigger after that that that TR program that you've done when you're talking about drill program for 2024 what type of drilling and for what purpose is that drilling being done well that's a good question and you know we haven't announced what we're going to do with the money we have in the bank quite yet uh because it'll depend a little bit on the market you know we've seen you know if it was last fall drilling nobody cared about drilling why would you drill another Hole uh I think the market in 2024 is going to be different and we've got to make some of the choices do we to continue to grow this we can see the potential for 8 million ounces but do you need it to be that big um we can start to infill we can drill for the intrusive remember we're still in the metasediments that are around this intrusive uh all the work we did this year and some of the technical work has given us some Clues to where to look for that so we're really digging in through this winter and our technical team is working hard on all the range of options that we have um so that when we go into 2024 and we'll probably announce you know February March we'll tell that's what we're going to do but it's going to be based on having dug deep into what we have and really making a decision on how we're going to add the most value for our shareholders because you know simply drilling to add ounces might not be the right answer so stay tuned on that uh but I'm a big shareholder remember I'm a 4% shareholder and I purchased that in the market I've never sold a share from an option I've exercised um so I care about our share price and really adding value for shareholders so um well I don't have that all now the work that we're doing is really going to make sure that we add a lot of value okay okay so appreciate that and I think people should pay attention to what you've just said about buying shares on the open market that's that's unusual okay um in a good way um we looking just looking at you know the kind of conversation we had back in March you we were talking about sort of 6 grade and obviously you scale as one thing grade obviously makes such a difference in terms of the the economics here and I saw some headlines out September where you were you know the headline was like 1.66 um gold over 16 M but what are you what are you seeing or what are you what are you trying to do in terms of improving the the grade was that not really a kind of driver for you know you want to actually understand or we're trying to understand where the high grade is the distribution of higher grade and we can see a rough you know Southern and Northern East West Trends through there um and you can see it in the sections if you look on our corporate presentation we know that there's some high grade areas some of marate near surface so a lot of the work that we've been doing is focused on understanding that and drilling it off um you know one of the areas that we drilled off where we deepen power line was an area where we knew we hadn't captured some of that southern lower deeper higher grade Trend so all of that work has really given us more information on that and if you looked at the sensitivity chart in the resource in the 4311 you know we picked 0.25 and3 you know so we kind of look like Victoria golden the scale and the grade of the resource but if if we have picked 0.5 we would have had 4 and a half million ounces at 0.95 you know closer to a gram so where is the distribution of that one gram material does it hang together that's all some of the work that we're doing internally you know taking a look from a mining perspective because this is an inferred resource so that's a geological pit um taking a look from a mining perspective where would you mine first where's your phase one mining um you know that's going to go into some of our considerations for what we might drill next year you know do you drill off your phase one mining pit because that really gives people more confidence that's your higher grade that's where you get your faster payback um and you know eventually what we'll work towards a PA we're not in a rush to put out a PA the market hasn't appreciated them it's really doing all that technical work and groundwork to figure out how you add the most value and where that high grade occurs so um I think that you know I'm pretty excited about the work that our technical team's doing and uh it'll really let us be well set up for 2024 right and and it kind of forms your decision- making I I I totally understand that and I guess the you mention you mentioned a couple of comps obviously Victoria go being one of them I spoke spoke with John um I think back in November you know and there's a lot a lot of Parallels for sure um but there's also a lot of lessons to be learned in terms of you know not just what the market is appreciating in a in a difficult Market but what it could appreciate in a in a in a stronger Market which we which we all believe I think General consensus 20 24 should be a good year for for a goal um but in terms of the way that they have approached their projects and maybe some some of the um it's mining is tough but you know some some of the difficulties that that they they've had along the way does that help kind of shape the way that you allocate your Capital better you know do you feel that you're going to be more more efficient as a result of looking around at what others have done oh absolutely um you know don't go through life with blinders take a look at at where you can do better than somebody that's gone before and you know pioneers and the first first major Heap Leach mind yeah there was the Brewer Creek mine which Victoria G just purchased which is super interesting as well um we can learn a lot from what and and we have a lot to be thankful for you know the substation that's on our property is there because of Victoria gold the new power line that goes across our property that has capacity is because of the development that's gone before us in this area in fact there's fiber optic on our property so you know there's there's both stuff that we have to say thank you for making our Capital cost less and uh and Lessons Learned is our project a heap Leaf project we're not sure we've got to wait and actually do the technical work and the economics are going to drive what the project is and quite frankly there's going to be a mill somewhere in this District uh I look across the valley and I watch those drills the lights of the drills at Raven which is Victoria Gold's new exciting prospect there um and you know some those higher grades is that a three gram deposit that's not going to go to a he Bach pod um boy we can see it we've got great infrastructure I I think that gives us optionality and you look at what they Victor has got with gold Dome and Brewery Creek you look at what snow Line's got there's going to be more discoveries um so yeah we've got one existing Heap Leach facility in the area uh I think eventually somebody's going to put a Mel in where that goes and and so I think it really is important for us to understand all of the processing options and uh it's just such an exciting District where do you have new discoveries that are being made in a tier one jurisdiction a safe jurisdiction like Yukon we made our power line Discovery in 2019 look at that Raven discovery that highgrade right there it's less than four and a half kilometers from us um so I I think this belt is just starting to warm up and in the right gold market um I think the yukon's going to get attention again and just and talk about discoveries you is and you got to be efficient with all of the dollars that you spend but what's the kind of costing you in terms of the the oun discovery um so we're still at about under $750 cents an ounce in that we ounce and we actually did some Regional exploration in that so our first resource was $2 per ounce so there was no money to spare um but uh you know and as you grow your your your cost per ounce probably comes goes up a bit because you're you're going further out and you know kind of the low hanging fruit maybe you you've got um but I I still think we have the potential for discovery on our Nitra and even our orac property for um new areas so yeah we're taking a look at that as well because you know there's a there's a lot of historic aluvial mining on our Nitro property there off to the West uh gold dome which Victoria will just purchased is a know intrusive uh that's gold bearing so uh interesting times I think we're learning so much about the geology in this district from the discoveries that we've made that that's going to help all of us yeah for for sure and um I mean keep coming back to this you know and I know you'll inform Us in terms of what you're going to be doing next year soon you'll give guidance but 6.2 million hour is probably going to be bigger than that um by the time you you next talk to us um it it for the market and for your your shareholder base I mean you I think you talked last time out that you know your shareholder base was was changing significantly into more of an Institutional um you know you know um profile as it were which which is which is great in terms of people who hold for longer but what are they looking for you to do what what what what is their understanding you know what their read of the market and and you know is there any sort of pressure from them for you to do things a certain way to to As you move forward well I think all of them want you to spend your money well and add value you know the focus now is going to be been on drisking this and really showing that it's an economic project and can move from exploration into that pre-development and development phase are we going to do that I don't know I think if the market heats up we probably won't but we're going to Tee It Up in all the areas and you'll notice in our new slide deck we talk about permitting and the fact that we already have all the Baseline data we started our Baseline data in 2021 we have all of the data from hecka right beside us as well as Victoria gold we're doing that work so that somebody comes along and knocks on the door and says hey I want to look at your project um we've got all the pieces we want the geology and the exploration potential to have the scale that companies need if you're going to develop a project and you don't have you know projects under 5 million ounces probably aren't going to move forward there's just people aren't willing to invest the capital or the risk then we're going to have the technical work the metalurgy um understand you know the geotechnical um and have that ready um you know understand the the Baseline environmental where the infrastructure can go that's important as well and you'll notice some of our drilling this year we took some big step outs because we do need to find some edges to start to think about where you'd put infrastructure so we can show that we've got enough room for this project to be developed here and then you know so you have all that and then meanwhile we go down the track you know advancing it drisking it ourselves growing it and it's a balance between the drisking part the getting it ready for permitting and the growing the ounces um versus you know moving them to indicated ounces so all of that stuff that we are weighing very carefully and we also have our our other project I I haven't talked to you about our Highland project in a long time but you know we kind of looked at it went wow this is actually some pretty good grade 086 it's 86% recoveries from column leech tests um you know we were thinking where can we find the next 2 million ounces that's a this we thought well is it on that project so you know we've done that back out and and take a look at it because you know sometimes you and we've learned a lot from the geology at orac that's that's applicable to that so um I think 2024 is going to be very interesting on numerous PRS right and and what what do you think are the key things that you you there's a lot you're doing and there's you're doing things the right way okay you you guys are buil making this easy for someone to come in with a balance sheet and and build this like I totally get that and you know it's it's rare to hear people talk about doing things the the the right way most companies don't actually really have a clue it's just drill drill drill and hopefully someone takes the the problem away but you what do you think the most important things are obviously you're sitting with you know 6.2 million in in furred I suspect that's going to be one of the kind of key drivers in terms of really delivering against that Valley because you like you like here and I think you'd argue correctly that you're undervalued at the moment at this s $100 million company doesn't feel like a $100 million but what what are were your top three things that you need to deliver next year to move that valuation along well we need to deliver on showing the what the economic flow sheet or flow sheets are from the Metallurgy that's that's important um and that is something we'll deliver on we need to show that there's continued exploration potential and where the H how the high grade can be optimized or what we understand about it because I think that will be important ensure of a value driver and then just the the the district the fact that it is such an exciting District it's a district where you can permit uh we have one settled first nation and that's another key part that you know making sure you keep the community on site the First Nation on site that that we intend to make sure we do right as well and uh and all of that really is what's going to position this project and it's if you look at our our slide deck it's always been about strategically positioning this project and you know should we see gold really take a run there's going to be a lot of m&a uh in all over uh and which projects are going to be the most interested well you got to do the work to make sure that yours is in that top five or top 10 that people are looking at and actually if you look on the scale of resource with our 6.2 million outs we are the top five or the fifth largest undeveloped resource in North America so we're in kind of rare territory already and everything we can do to make us stand out even more is uh is on our sheet for next year okay and you rais some money back in May but just up six million bucks from um no we last raised last December we raised 12.2 in dece this time last year so that and sitting $7 million in the bank now so we were very very prudent with our dollars and we can do a lot with what we've got in the bank conflating my numbers apologies okay so good good for cash um is is is the thing that you're going the thought you're leaving me with look um look T thanks very much for giv us that end of you kind of Round Up of where you're at say one of the one of the better ones we both Mar and I like this immensely um so um stay in touch let's know how you get on sounds like you're going to be quite busy next year I'll stay in touch because um I think we're gonna have lots of exciting news flow in 2024

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Id: cDSZrt3YS2s

Length: 16min 52sec (1012 seconds)

Published: Tue Dec 26 2023