The territory's gold potential has also caught the attention of five majors in the past 18 months: Kinross Gold (CN:K), Goldcorp (CN:GG), Barrick Gold (CN:ABX), Newmont Mining (US:NEM) and Agnico Eagle Mines (CN:AEM).

Banyan is earning into the Aurex and McQuesten properties from Alexco Resource Corp (CN:AXR) and Victoria Gold (CN:VIT) respectively under a deal struck earlier this year, the first time the 506-claim property - which has seen C$7 million (US$5.4 million) spent on historic exploration - has been consolidated.

 

Alexco and Victoria Gold have both provided camp, geological and financial support under the strategic partnership with Banyan.

 

"The 2017 exploration and data compilation program has positioned Banyan to begin to unlock the value of the large Aurex-McQuesten land package," Banyan president and CEO Tara Christie said.

 

Results earlier this year from a 10-hole programme included 157m grading 0.6g/t from surface, with higher-grade intercepts including 22.1m at 1.4g/t gold from 56.4m.

 

The company had C$2.4 million (US$1.9 million) in working capital at June 30 and said it was sufficient to fund the current fiscal year's general corporate expenses and planned exploration at both Aurex-McQuesten and its flagship Hyland project.

Banyan shares were unchanged on Friday at 8.5c, representing almost a 55% gain for the year.