Results Reported for Definition Drilling at AurMac Gold Project, Yukon
CRANBROOK, BC / ACCESSWIRE / November 6, 2024 / Eagle Royalties Ltd. (CSE:ER.CN), or "Eagle Royalties") has learned of encouraging drill hole intercepts, including visible gold, at the AurMac project in central Yukon in a recent public announcement made by Banyan Gold Corp. on November 4th, 2024 (see Nov 4th BYN news release here). Banyan earlier announced results for AurMac in a news release issued September 5th 2024 (see Sept 5th BYN news release here). Eagle Royalties holds royalty interests ranging from 0.5% to 2.0% on certain claims which comprise a portion of the AurMac project. See additional AurMac royalty information here
According to the announcements, Banyan has reported results for 13 holes which appear to be drilled in the Powerline resource area on mineral claims subject to a 1% net smelter return royalty held by Eagle Royalties. The reported results for the 13 holes are as follows:
Highlight AurMac Assay Results Relating to Eagle Royalties*:
AX-24-519: 138.7m grading 0.52 g/t gold ("Au") from 6.1m-visible gold reported
AX-24-520: 98.1m grading 0.72 g/t Au from 33.7m-visible gold reported
AX-24-521: 111.4m grading 0.52 g/t Au from 45.5m
AX-24-522: 184.3m grading 0.60 g/t Au from 24.9m-visible gold reported
AX-24-523: 62.0m grading 0.35 g/t Au from 21.3m
AX-24-524: 197.0m grading 0.72 g/t Au from 10.5m
AX-24-534: 48.0m grading 0.53 g/t gold from 75.1m-visible gold reported
AX-24-537: 37.4m grading 0.33 g/t gold from 85.1m
AX-24-540: 0.2m grading 539.30 g/t from 166.1m
and 56.7m grading 0.36 g/t gold from 166.3m-visible gold reported
AX-24-542: 154.1m grading 0.58 g/t gold from 18.3m-visible gold reported
AX-24-544: 0.3m grading 290.10 g/t gold from 37.1m
and 30.3m grading 0.37 g/t gold from 146.2m-visible gold reported
AX-24-545: 78.6m grading 0.41 g/t gold from 74.9m
AX-24-548: 79.6m grading 0.56 g/t gold from 26.5m
*true widths are estimated to be approximately 90% of drilled intervals
The above technical information relating to drill collar location and analytical results has been taken directly from the Banyan Gold news releases dated September 5th 2024 and November 4th 2024. More detailed drilling information, analytical procedures and results are available in the full news releases issued by Banyan. Eagle Royalties management believes that although the reported true thickness estimates and drill collar location coordinates are accurate, it cautions that ER does not have detailed geological data or final surveyed locations of the drill hole traces in relation to the claims that are underlain by the ER royalty interests.
As reported by Banyan, the company initiated its 2024 exploration program on June 1 2024, and has completed 118 drill-holes and over 21,000 m of drilling within the Powerline and Airstrip deposit areas. Drilling was completed in mid-October and core continues to be logged and processed.
On September 16th, Banyan reported test recoveries of 93% in samples at Powerline and 90% at Airstrip using multiple conventional mill processing options including gravity recovery in combination with Carbon in Leach ("CIL")/Carbon in Pulp ("CIP") processes, and that work is ongoing for flotation-leach (see complete BYN news release here).
Banyan further reported on October 1, 2024 that it had contracted Geotech Ltd. to conduct a helicopter-supported Z-axis Tipper Electromagnetic ("ZTEM") geophysical survey over a 234 square kilometer area on the AurMac project, which was to include the Powerline and Airstrip deposit areas. Results from this survey have not been publicly released (see complete BYN news release here ).
As a royalty holder, Eagle Royalties has limited, if any, access to the properties subject to its interests. The company generally relies on publicly available information regarding these properties and related operations and often has no ability to independently verify such information. In addition, such publicly available information may relate to a larger property area than that covered by the company's interests.
Qualified Persons
Technical information in this News Release has been reviewed and approved by C.C. Downie, P.Geo., a director and officer of Eagle Royalties, hereby identified as the "Qualified Person" under N.I. 43-101.
About Eagle Royalties Ltd.
Eagle Royalties benefits from maintaining a strong treasury (currently in excess of CDN $3.5M) and holds a diverse portfolio of 38 royalty interests in western Canada. Target commodities subject to royalties include a broad spectrum including critical metals, precious metals, industrial minerals and diamonds. Its flagship royalty is associated with the AurMac Project located in Yukon, operated by Banyan Gold Corp. ER holds royalty interests ranging from 0.5% to 2% on claims that contain a significant portion of AurMac's inferred gold resource located at the Powerline and Airstrip deposit areas. Eagle Royalties also holds royalty interests on a number of historical base metal deposits located in Western Canada.
Eagle Royalties was previously a wholly-owned subsidiary of Eagle Plains Resources Ltd. (TSXV:EPL), incorporated in late 2022 to manage the diverse royalty holdings of EPL. In May 2023, ER listed on the CSE after being spun out to Eagle Plains' shareholders on a 1:3 basis by means of a plan of arrangement.
On behalf of the Board of Directors
"Tim J. Termuende"
President and CEO
For further information regarding ER, please contact Mike Labach, Business Development Officer, at
1 866 HUNT ORE (486 8673)
Email: info@eagleroyalties.com or visit our website at https://www.eagleroyalties.com/
Cautionary Note Regarding Forward-Looking Statements
Neither the CSE nor any other regulatory body has reviewed or approved the contents of this news release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming financings, work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
SOURCE: Eagle Royalties Ltd.
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