Benchmark Metals Inc. (TSX-V:BNCH, OTCQX:BNCHF) revealed that work crews are mobilizing to kick-off 20,000 meters (m) of focused drilling to delineate Cliff Creek and Duke's Ridge deep high-grade gold and silver zones at its flagship Lawyers gold-silver project in the prolific Golden Horseshoe region of British Columbia.
In a statement, Benchmark CEO John Williamson said: "Benchmark will have three drill rigs turning at the Lawyers project this year and anticipates results from late July to December. The aggressive 2023 drill program will be focused on higher-grade gold and silver mineralization located beneath the current preliminary economic assessment (PEA) pit shells.
“Trade-off studies have revealed substantial potential for underground mining in conjunction with surface operations to enhance overall economics, increase total ounces, and improve the production profile, particularly during the initial years of the operation.”
Williamson said the new data will allow for an update of the project's Mineral Resources and Economic Study in early 2024.
“The company continues to work towards a merger with Thesis Gold Inc (TSX-V:TAU), which has the potential to create a new, world-class precious metal district," he added.
The Edmonton, Alberta-based gold and silver company's 2023 work program will focus on 20,000m of drilling eyeing ounces beneath the currently modelled pits, ground magnetics, follow-up rock sampling and geological mapping. It will also include advancing tertiary targets and baseline environmental data collection.
The company’s drilling to date has focused on three open pit deposits with a global Mineral Resource Estimate (MRE) of 3.14 million ounces (Moz) at 1.45 grams per ton (g/t) gold equivalent (AuEq) Indicated and 0.415 Moz at 2.63 g/t AuEq (2.2 g/t Au and 36.1 g/t Ag) Inferred.
Benchmark is now planning additional drilling to expand the mineralization at depth. The Cliff Creek Deposit has limited drilling outside and below the pit shells and has already outlined a MRE of 141,000 oz at 3.80 g/t AuEq (3.49 g/t Au and 55.55 g/t Ag) in Measured and Indicated and 315,000 oz at 4.26 g/t AuEq in the Inferred category.
The drilling will include infill and step-down drilling and an Artificial Intelligence (AI) model has predictively outlined grades and further characterized the resource to depth. The high-grade mineralized zones are controlled by major structures, which the drilling will continue to target at depth and along strike, said the company.
The Cliff Creek Deposit extends across a 1.6 kilometer strike-length. Drilling is planned to define the extent of these high-grade mineralized zones both along strike and at depth, which are unconstrained in several directions. Several planned 700m drill holes have potential to expand mineralization to depth or along strike, said the firm.
Benchmark and Thesis merger
On June 5, 2023, Benchmark and Thesis Gold Inc (TSX-V:TAU) first proposed a merger to create one of the largest precious metals development and exploration companies in British Columbia’s prolific Toodoggone Mining District.
The new combo will be well capitalized to execute on a catalyst rich exploration and development program over the next 12-15 months, noted Benchmark. It said work plans include 50,000 meters of drilling between both projects focusing on resource growth and discovery.
In 2024, the combined projects will deliver updated Mineral Resource Estimate (MRE) for the Lawyers project, an initial MRE for the Ranch project, and an updated PEA to incorporate an evaluation of the underground mining potential of the high-grade Cliff Creek deep zone at Lawyers.
Benchmark said the joint effort is likely to yield “increased annual production, higher-grade starter pits,” and improved capital payback, among other benefits.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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