08:43 AM EDT, 06/03/2024 (MT Newswires) -- Banyan Gold ( BYAGF ) said Monday that it is launching a 2024 exploration program at its AurMac project in Canada's Yukon.

The currently planned 5,000-meter drill program started with the immediate targets on the Powerline deposit. This will guide additional drilling this year, the company said.

Banyan said the first drill hole yielded "significant" visible gold. "Drilling underway is focused on demonstrating the economic potential of the project and, in part, the resource's potential to grow in grade and scale -- with all deposits open," President and CEO Tara Christie said.

"The strategic advice we have received from the expertise of our mining development shareholders and advisors such as Henry Marsden, has positioned us for our most focused drill program to date. We are excited for how transformational this year will be for Banyan," she added.

Banyan said it is also advancing metallurgy, engineering, community engagement and environmental baseline programs at AurMac. Meanwhile, the company appointed Henry Marsden, an exploration geologist, as technical advisor. Marsden previously served as chief geologist for Yamana Gold before it was acquired by Pan American Silver ( PAAS ) and Agnico Eagle Mines ( AEM ) in March 2023.

Banyan's share price edged up 1.6% to $0.31 last Friday.