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Benchmark Delivers 2.1 Million Ounces of 1.62 g/t AuEq Indicated and 821,000

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Edmonton, Alberta–(Newsfile Corp. – May 17, 2021) – Benchmark Metals Inc.(TSXV: BNCH) (OTCQX: BNCHF) (WKN: A2JM2X) (the “Company” or “Benchmark“) is pleased to announce 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 totaling 123,101.2 metres 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), as per Table 1;
  • 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
  • The Mineral Resource shows excellent continuity and consistency, demonstrated by increasing AuEq cut-off grades having marginal impact on the pit constrained AuEq ounces as demonstrated in Table 2;
  • The MRE will form the basis of a Preliminary Economic Assessment (PEA) expected to be completed in late Q2 2021, and;
  • All of the zones remain open and Benchmark is fully funded for its upcoming 2021 100,000 metre drill program.

John Williamson, CEO, commented, “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 program will be targeting zones for new satellite deposits.”

Ian Harris, VP Engineering, commented, “The Project is demonstrating potential for economic mining methods with high-grade mineralization 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 program will consist of approximately 100,000 m of drilling, of which 50,000 m will be for Mineral Resource definition drilling to both expand current Mineral Resources and to upgrade the current Inferred Mineral Resources to Measured & 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 ~50,000 m to drill test and expand existing and new discovery targets. The regional program has potential to add gold-silver ounces in an updated Mineral Resource Estimate for 2021. The effective date of the MRE is May 11, 2021 and a Technical Report on the Lawyers project will be filed on the Company’s website and SEDAR within 45 days of this news release.

Table #1: Lawyers Initial Mineral Resource Estimate (1-7)

Pit Constrained Mineral Resource @ 0.5 g/t AuEq Cut-Off
Resource Area Classification Tonnes k Au
AuEq g/t Au
k oz
M oz
k oz
Indicated 30,008 1.18 36.6 1.58 1,134 35.4 1,525
Inferred 12,875 0.95 24.4 1.22 393 10.1 505
Dukes Ridge Indicated 2,618 0.91 34.1 1.29 77 2.9 109
Phoenix Inferred 964 0.83 25.9 1.12 26 0.8 35
AGB Indicated 7,340 1.27 45.5 1.77 300 10.7 419
Inferred 1,132 1.13 33.0 1.50 41 1.2 55
Total Indicated 39,966 1.18 38.1 1.60 1,511 49.0 2,053
Inferred 14,971 0.96 25.1 1.24 460 12.1 595
Total Out of Pit Mineral Resource @ 2.0 g/t AuEq Cut-Off
Classification Tonnes k Au
AuEq g/t Au
k oz
M oz
k oz
(Cliff Creek + AGB)
Indicated 333 3.24 110.1 4.45 35 1.2 48
Inferred 1,232 4.03 152.3 5.71 160 6.0 226
Total Mineral Resource
Resource Classification Tonnes k Au
AuEq g/t Au
k oz
M oz
k oz
All Indicated 40,299 1.19 38.7 1.62 1,546 50.2 2,101
Inferred 16,203 1.19 34.7 1.58 620 18.1 821
  1. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues. There is no certainty that Mineral Resources will be converted to Mineral Reserves.
  2. The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration.
  3. The Mineral Resources in this news…

Read More: Benchmark Delivers 2.1 Million Ounces of 1.62 g/t AuEq Indicated and 821,000

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