Benchmark Metals Inc has reported the resumption of drilling this month to expand gold-silver zones at its flagship Lawyers Gold-Silver project in British Columbia.
The program will continue from the 83,570 metres (m) completed in 2021 as the company anticipates drilling 20,000m during the winter drill program to expand and define the existing resource areas and to advance the new discovery at the Marmot Zone.
"Benchmark is leveraging its road accessible project by drilling during the winter months to deliver more results in early 2022 and to expedite the project towards a mining a decision,” CEO John Williamson said in a statement. “The company anticipates near-term results to be distributed from 2021 drilling with a focus on resource expansion areas."
READ: Benchmark Metals eyes preliminary economic assessment in 2022 followed by feasibility study for flagship BC project
Benchmark said it is planning to mobilize drill crews and its geological team to the project in anticipation of a drill start. And drilling will focus on multiple areas of near-surface gold and silver mineralization that remain open along-strike and at-depth including:
- Cliff Creek Mid Deposit — 2021 infill drilling along a 50m strike-length intersected near-surface high-grade and bulk-tonnage mineralization in a portion of the Mid Zone that was thought to be weakly to modestly mineralized, based upon intermittently sampled historical drilling. These results have the potential to add significant, higher-grade gold and silver ounces in an updated mineral resource estimate.
- Connector Zone — This new zone is located partially outside of and marginal to the existing resource, currently extending over some 300m in strike-length and some 130m vertical depth. The new results at the Connector Zone have significant potential to add gold-silver ounces laterally and at depth, as well as optimize pit shell design to positively impact the project economics.
- Dukes Ridge Deposit — The discovery of new high-grade material at surface generates flexibility and potential for higher-grade starter pits and provides significant rewards to potential future mine production schedules. Drilling in 2021 also showed the potential for Dukes Ridge expansion at depth.
- Marmot Zone — The mineralizing system at Marmot continues to display similarities to the resource deposit areas on the property, with both bulk tonnage and high-grade mineralization intercepted in multiple drill holes. The drill results align with significant surface mineralization that delineates a mineralized footprint that currently extends about 400m in strike-length. Continued drilling is designed to define at-surface material as well as identify structural controls of the system.
Outlook
Looking ahead, the company said it remains on track to deliver major milestones in 2022 and has begun planning for a larger drill program following delivery of an updated Mineral Resource Estimate.
Plans for 2022 include:
- Updated Mineral Resource Estimate, expanding beyond its maiden 2.1 million ounces at 1.62 grams per ton (g/t) gold equivalent (AuEq) Indicated and 821,000 ounces at 1.57 g/t AuEq Inferred
- Preliminary Economic Assessment
- Technical and engineering work to support a feasibility study
- Continue environmental assessment baseline data collection
- Engineering, permitting, and drilling to advance the project towards mining
- Drill testing new targets for satellite deposit potential.
Meanwhile, the company said investor Eric Sprott exercised 1,130,000 common share purchase warrants at $0.40 each for an aggregate consideration of $452,000.
Sprott now beneficially owns and controls 26,082,309 shares and 3,846,154 warrants representing approximately 12.9% of the outstanding shares on a non-diluted basis and approximately 14.6% on a partially diluted basis assuming the exercise of all warrants held.
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