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Benchmark Metals eyeing the bulk tonnage potential of its Lawyers asset in the prolific Golden Horseshoe

Snapshot

Exploration in the Toodoggone district, where the project sits, began in the late 1960s

Benchmark Metals Inc. -

Quick facts: Benchmark Metals Inc.

Price: 1.48 CAD

TSX-V:BNCH
Market: TSX-V
Market Cap: $232 m
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  • Targeting a 5 million ounce gold equivalent target
  • On a fast-track to production
  • Working in a proven and profitable mining jurisdiction

What Benchmark Metals does:

Benchmark Metals Inc (CVE:BNCH) (OTCQB:CYRTF) is advancing the "substantial" resource potential of the formerly producing Lawyers gold and silver project, which it acquired in 2018, and which lies in the prolific Golden Horseshoe area of British Columbia.

Exploration in the Toodoggone district, where the project sits, began in the late 1960s and identified numerous showings, prospects, and deposits in the Lawyers project area.

But the company says previous work has ignored the bulk tonnage and porphyry potential of the property.

The Cheni gold-silver mine operated there for four years from 1989 to 1992, exploiting high-grade underground workings and produced 171,200 ounces of gold and 3.6 million ounces of silver, when the gold price was just US$300 an ounce and silver stood at US$7 per ounce.

Benchmark has attracted the likes of renowned Canadian resource investor Eric Sprott, who is the group's largest shareholder with 20% of the capital. Last year, the group had over C$11 million available to fund an aggressive C$8.5 million exploration program..

How is it doing: 

Benchmark completed 87,298 meters (m) in 388 holes last year and among the highlights of 2020 were a new discovery at the so-called Marmot Zone (which, the firm says, could be a Cliff Creek look-alike) with the potential for more new discoveries in 2021 across more than six target areas.

In addition, metallurgical tests supported conventional recovery of gold and silver at Lawyers with exceptional rates of up to 98% gold and 97% silver.

In January, the company said it aimed to issue a new mineral resource estimate for the project in the first quarter this year and a preliminary economic assessment (PEA) in the second quarter.

It also anticipates a fully funded C$25-30 million exploration and drilling program to be carried out this year.

On February 10 this year, more positive drill assays were reported from the AGB zone around 3km north east of Cliff Creek, which, the firm said, augured well for a first bulk tonnage resource estimate, which will cover the Cliff Creek, Dukes Ridge and AGB zones.

Notably, Benchmark said the AGB zone, compared to the Cliff Creek or Dukes Ridge zones, houses much higher silver values, with nine intervals above 300 grams per ton (g/t) silver.

At the AGB zone, the strike length has now been extended to over 650 metres (m) and it remains open. Mineralization has also been found from surface to over 270m depth and the zone is still open at depth with potential to grow it more.

On March 1, the group said its compilation of new and historic geochemical results have led to the identification of over 20 new regional targets in new areas, which lie beyond the main mineralized zones at Cliff Creek, AGB and Dukes Ridge.

New anomalies extend the mineralized trends to the northwest for over 2 kilometres (km), remain open, and, significantly, expand the anomalous gold and silver footprint at Lawyers to over 8km strike length and up to 7km in width.

Inflection points:

  • More exploration results
  • Maiden resource estimate and PEA
  • Precious metals moves

What the boss says:

In February this year, the president of the company Jim Greig spoke to Proactive's Steve Darling.

"We completed a large drill program last year and it's going towards defining a large resource that should come out near the end of March but we're not bound. We're planning another 100,000 meters of drilling for 2021 and we think we can increase the resource and the size of these zones significantly." 

Contact the author at giles@proactiveinvestors.com

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Benchmark Metals latest drill results at Cliff Creek expand mineralization...

Benchmark Metals (CVE: BNCH- OTCQX: BNCHF) President Jim Greig joined Steve Darling from Proactive to share details about the company’s latest drill results which are coming from the northern portion of the Cliff Creek deposit. Greig telling Proactive these assays demonstrate the continuation...

3 hours, 38 minutes ago

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