Delivers 2.1 Million Ounces Of 1.62 g/t AuEq Indicated And 821,000 Ounces Of 1.57 g/t AuEq Inferred
Benchmark Metals Inc. (TSXV: BNCH) (OTCQX: BNCHF) has announced the initial bulk-tonnage Mineral Resource Estimate (MRE) for its Lawyers Gold-Silver Project in a road-accessible area of north-central British Columbia, Canada.
A total of 696 drill holes totalling 123,101.2m collectively from the Cliff Creek, AGB, Dukes Ridge and Phoenix Zones were used in the MRE completed by P&E Mining Consultants Inc. (P&E).
Highlights include:
- Indicated Mineral Resource of 2.1 million ounces grading 1.62 grams per tonne (g/t) gold equivalent (AuEq),
- Inferred Mineral Resource of 821,000 ounces grading 1.58 g/t AuEq;
- The Mineral Resource is amenable to both open pit and underground mining methods
Pit constrained (open pit)
- Indicated – 2.05 M oz AuEq
- Inferred – 595 k oz AuEq
Out of Pit (potential underground below the pit at Cliff Creek and AGB)
- Indicated – 48 k oz AuEq
- Inferred – 226 k oz AuEq
CEO, John Williamson, said the Mineral Resource shows excellent continuity and consistency, demonstrated by increasing AuEq cut-off grades having marginal impact on the pit constrained AuEq ounces.
The MRE will form the basis of a Preliminary Economic Assessment (PEA) expected to be completed in late Q2 2021.
All of the zones remain open and Benchmark is fully funded for its upcoming 2021, 100,000m drill programme.
“This initial multi-million-ounce Mineral Resource has exceeded all expectations and has significant expansion potential with the planned 2021 drill program. In addition, the regional exploration drill programme will be targeting zones for new satellite deposits,” Mr Williamson said.
VP Engineering, Ian Harris, said the Project is demonstrating potential for economic mining methods with high-grade mineralisation extending from surface to depth.
“The resilience of the Mineral Resource at a wide range of cut-off grades in all pits bodes well for the upcoming Preliminary Economic Assessment and is expected to provide multiple routes to successful project design.
“Benchmark’s drill-to-build philosophy is delivering the results to develop the Lawyers project into a world-class gold silver mine.”
The 2021 drill programme will consist of approximately 50,000m for Mineral Resource definition drilling to both expand current Mineral Resources and to upgrade the current Inferred Mineral Resources to Measured and Indicated classifications for inclusion in an anticipated Feasibility Study in 2022.
In addition to expanding the Mineral Resource zones at depth and along strike, a regional exploration program will consist of ~50,000m to drill test and expand existing and new discovery targets.
The company says the regional programme has potential to add gold-silver ounces in an updated Mineral Resource Estimate for 2021.
