These guys raised $1.2m earlier this year, redid the 43-101 resource estimate using old data, then drilled 3 holes.
The Main Zone gold Inferred Resource, at a 0.6 g/t gold equivalent (“AuEq”) cutoff, hosts a NI 43-101 compliant Resource of 12,503,994 tonnes containing 361,692 ounces gold at 0.9 g/t and 2,248,948 ounces silver at 5.59 g/t for a combined gold and silver 396,468 ounces gold equivalent.
Personally, I don’t think there is any such thing as an equivalent to gold…. only gold is gold. Silver is also nice, but is not gold.
Also, if you have a gold deposit that is too small, and only have enough money to drill 3 holes, maybe you should drill all 3 holes as stepouts. Not infill. But I suppose one must get at least one decent hit or you will be in trouble. One of the 3 holes was infill, 2 were stepouts, though it is not quite clear which is which from the news release.
Luckily all 3 holes provided good hits!
Each of the three holes drilled in 2016 returned long intervals of Main Zone mineralization including: 30.7 metres of 1.30g/t Au and 8.0 g/t Ag from 18.3 to 49.0 metres (drill hole HY-16-48); 27.1 metres of 1.02 g/t Au and 16 g/t Ag from 24.4 to 51.5 metres (drillhole HY-16-49); and 35.7 metres of 1.00 g/t Au and 2.5 g/t Ag from 76.0 to 111.6 metres (drill hole HY-16-10).
Note that Banyan bought the Hyland project in 2012 from Argus Metals Corp. for $25k and 4m shares… they have been chipping away at the property each year, sometimes with YMIP grants. They discovered a new zone, but it seems to be lower grade so far and is not included in the resource estimate.