The hit was among the first results from 2020 diamond drilling at the Airstrip zone, which included higher grade intersections such as 0.7m at 19.5g/t gold.

"These results not only demonstrate the continuity of the AurMac gold deposit, but the long intervals will add meaningfully to the resource," president and CEO Tara Christie said.

Banyan expected the average turnaround time of two months to continue for results, due to COVID-19 precautions and a high volume of samples being submitted to the Yukon preparation laboratory and main Vancouver analytical facilities.

The company can earn up to 100% of the project, also referred to as Aurex-McQuesten, from Victoria Gold and Alexco Resources.

The pair are among Banyan's major shareholders and own the nearby new Eagle gold mine and Keno Hill silver project respectively.

The junior recently announced a maiden inferred resource of 52.5 million tonnes grading 0.535g/t for 903,945 ounces for AurMac's combined Airstrip and Powerline deposits.

Banyan had raised C$4.74 million last month, in an upsized placement priced at 20c per share, 25c per flow-through share and 28c per charity flow-through share, to advance phase two exploration at AurMac.

Banyan shares (TSXV: BYN) spent much of the past year below 10c but have shot up in recent weeks to one-year high of 32c.

Their rise of 3.5% to 29.5c yesterday put its capitalisation about $42 million (US$32 million).