Banyan Gold Corp. Celebrates Federal Funding for Yukon Grid Connectivity

Banyan Gold Corp. has expressed its enthusiasm following the recent announcement of federal funding aimed at enhancing electrical grid connectivity between Yukon and British Columbia. This initiative is expected to bolster green energy capacity and support the mining sector in the region.

Key Takeaways

• Funding Amount: $40 million allocated for pre-feasibility studies.
• Project Scope: High-voltage transmission line to connect Yukon to the North American grid.
• Company Impact: Potential benefits for Banyan's AurMac Project.
• Stock Options: Issuance of 400,000 stock options to company personnel.

Yukon Grid Connectivity Funding

On September 20, 2024, Natural Resources Canada announced conditional approval for a significant investment of $40 million. This funding is designated for pre-feasibility activities to develop a high-voltage transmission line network that will connect the Yukon electrical grid to the North American grid in British Columbia. The announcement was made by key government officials, including the Honourable Jonathan Wilkinson, Minister of Energy and Natural Resources, and the Honourable Josie Osborne, British Columbia's Minister of Energy, Mines and Low Carbon Innovation.

The funding is part of the Critical Minerals Infrastructure Fund, which aims to enhance Yukon’s green energy capacity, thereby supporting future developments in exploration and mining sectors. A three-phased 138 Kilovolt-amps (KVa) powerline currently runs through the AurMac project, positioning Banyan to directly benefit from this potential grid connection.

Tara Christie, President & CEO of Banyan, emphasized the importance of this funding, stating, "The allocation of funding to plan for a potential connection between the Yukon and British Columbia electrical grids is important as it could bring additional green energy to benefit all Yukoners and potentially support Banyan's AurMac Project."

Stock Options Grant

In conjunction with the funding announcement, Banyan's Board of Directors has granted 400,000 stock options to purchase shares at an exercise price of $0.22 per share. These options come with a vesting period of up to 18 months and a five-year term. The options are intended for directors, officers, consultants, advisors, and exploration staff, aligning with the company's stock option plan.

Upcoming Events

Banyan Gold Corp. has several upcoming events that stakeholders may find interesting:

• Yukon Geoscience Forum: November 17 to 20
• New Orleans Investment Conference: November 20 to 23
• Corporate Update and Breakfast: November 21, 7:15 AM CST

About Banyan Gold Corp.

Banyan Gold Corp. is primarily focused on its AurMac Project, located in Canada’s Yukon Territory. The current inferred Mineral Resource Estimate (MRE) for the AurMac Project stands at 7.0 million ounces, effective as of February 6, 2024. The project spans 173 square kilometers and is strategically located 40 km from Mayo, Yukon, benefiting from existing infrastructure such as a three-phase powerline and cell phone coverage.

The AurMac Project includes two near-surface deposits: the Airstrip and Powerline Deposits, which are accessible and road-connected. The inferred MRE is detailed as follows:

Banyan also holds the Hyland Gold Project, located 70 km northeast of Watson Lake, Yukon, further diversifying its portfolio in the mineral exploration sector.

Sources

• Banyan Welcomes Federal Funding Announcement on Yukon Grid Connectivity and Issues Incentive Options, by @accesswire, CEO.CA.