Benchmark Metals Inc. (TSX-V:BNCH, OTCQX:BNCHF) has announced a significant increase to the global bulk-tonnage Mineral Resource Estimate (MRE) for its flagship Lawyers gold-silver project.
The company said overall gold ounces have increased by 44% and 77% in the measured and indicated classification, with the expanded mineral resource estimate further de-risking the project.
The MRE comprised 1,097 drill holes totaling 200,000 metres collectively from the Cliff Creek, AGB and Dukes Ridge deposits. The 100% owned project is located within a road-accessible region of the prolific Golden Horseshoe area of north-central British Columbia.
READ: Benchmark Metals says it is ‘encouraged’ by new drill results from Cliff Creek deposit at Lawyer’s project
"The expanded Mineral Resource Estimate is demonstrating the world-class potential of Benchmark's multi-million-ounce gold-silver deposits,” the company's CEO John Williamson said in a statement. “The company has provided one of the highest-grade, open pitable mining projects in North America. The 2021 drill program and winter 2022 drill program has significantly de-risked the project with approximately 90% of the Mineral Resource within the Measured and Indicated classification.”
Highlights of the 2022 expanded MRE:
- Indicated Mineral Resource of 3.14 million ounces grading 1.45 grams per tonne (g/t) gold equivalent (AuEq), contained within 67.4 million tonnes;
- Inferred mineral resource of 415,000 ounces (oz) grading 2.63 g/t AuEq contained within 4.9 million tonnes;
- The mineral resource shows excellent continuity and consistency, demonstrated by increasing AuEq cut-off grades having a marginal impact on the pit-constrained AuEq ounces;
- High-grade zones - indicative starter pits with higher grade;
- Cliff Creek and Dukes Ridge deposits show 5.2 million tonnes at 1.74 g/t AuEq for approximately 292,000 oz AuEq at a preliminary strip ratio of 2.2:1;
- AGB deposit 7.5 million tonnes at 1.74 g/t AuEq for approximately 418,000 oz AuEq at a preliminary strip ratio of 1.7:1;
- Strip ratios - overall OP preliminary strip ratio for the full MRE is 5.6:1 for CC-DR and 2.9:1 for AGB;
- The MRE will form the basis of a Preliminary Economic Assessment (PEA) to be completed in 3Q, 2022;
- All of the zones remain open for further expansion, and;
- The project holds multiple satellite targets for discoveries and additional gold-silver mineralization.
“With the deposits open, further resource growth is possible and the project has numerous targets that may develop into near mine satellite deposits,” Williamson added. “The company has drilled out a significant amount of gold and silver ounces that is not included in the $1,700 pit shell. At higher precious metals prices, the contained gold increases significantly. The MRE comprises of proven economically minable material while the remaining, outside of pit gold and silver will provide a significant opportunity as the price of precious metals increases.”
Benchmark said ongoing drilling is focused on open extensions of near-surface, high-grade mineralization. Recent results, that were not included in the MRE are providing additional mineral resource expansion potential in several key areas including Dukes Ridge and Cliff Creek Mid.
The company said the Dukes Ridge deposit recently generated positive results yielding 54.6m of 2.51g/t gold and 97.05 g/t silver or 3.73 g/t AuEq, including 9.6m of 13.39 g/t gold and 480.26 g/t silver or 19.39 g/t AuEq.
The deepest holes drilled at Dukes Ridge to date have extended mineralization, which remains open to nearly 300m vertical depth. In addition, the 20-kilometre-long mineralized trend has provided clusters for multiple satellite deposits that require drill testing for additional new discoveries and mineral resource growth, it added.
"The project is demonstrating potential for economic mining methods with high-grade mineralization extending from surface to depth,” Benchmark’s vice president for engineering Ian Harris said. “The higher-grade core zones at surface will have a positive impact on economics in the forthcoming Preliminary Economic Assessment. Benchmark's drill-to-build philosophy is delivering the results to develop the project into a world-class gold-silver mine located in one of the best mining jurisdictions in the world.”
The company invited investors to a webinar to discuss the Mineral Resources estimate on June 14, 2022, at 11am EST by clicking on this link.
Benchmark Metals is a Canadian-based gold and silver company advancing its 100% owned Lawyers Gold-Silver Project located in the prolific Golden Horseshoe of northern British Columbia, Canada.
The project consists of three mineralized deposits that remain open for expansion, in addition to 20-plus new target areas along the 20-kilometre trend.
Contact the author at stephen.gunnion@proactiveinvestors.com