Benchmark Metals touts 2020 drilling progress ahead of mineral resource estimate, preliminary economic study

Benchmark Metals Inc (CVE:BNCH) (OTCQX:BNCHF) completed 87,298 meters (m) of drilling in 388 holes during 2020, and the company released a summary Monday of its work program going into 2021. The company’s flagship Lawyers Gold-Silver Project is located in a road-accessible area of the Golden Horseshoe in north-central British Columbia. The work performed last year will support a new mineral resource estimate in the first quarter of 2021 and a preliminary economic study in the second quarter, the company said.  Highlights from the year include:  Drill intercepts revealing high-grade bulk tonnage with 128.1 metres at 3.02 grams per ton (g/t) gold equivalent (AuEq) (1.65 g/t gold, 110.02 g/t silver), bulk tonnage with 221.53 metres at 1.01 g/t AuEq and high-grade with 4.30 metres at 33.52 g/t AuEq (Gold equivalent calculated using 80:1 silver to gold ratio) Visual sulphide mineralization and alteration consistent with precious metal zones logged at 500 vertical metres, extending known mineralization from 2019 drilling by more than 250 metres; New discovery at the Marmot Zone with the potential for more new discoveries in 2021 across 6+ target areas to be drill tested; $50.3 million capital raised to support work as the company works towards a feasibility study and the permitting steps to a mining decision; and  Metallurgy that supports conventional recovery of gold and silver with exceptional rates up to 98% gold and 97% silver.  READ: Benchmark Metals intercepts significant gold-silver mineralization at depth on the Cliff Creek deposit "The company has released significant positive results with the majority of drill sample assays pending from the lab,” CEO John Williamson said in a statement. “Results are expected over the coming weeks and will continue to be released until the end of February, 2021. The company anticipates a fully funded $25-30 million 2021 exploration and drilling program to move the project towards feasibility. Benchmark's opportunity for growth is unparalleled as we enter a mining cycle where gold and silver producers require new, large mines to feed diminishing gold-silver supplies." New drill results will continue to be released as they become available through to February 2021, the company said. At Cliff Creek, the largest of the resource areas delineated to date, drilling has defined a 1.2 kilometer (km) by at least 550 m vertical depth of gold silver mineralization. The Cliff Creek gold silver zone consists of 54,101 m in 162 holes drilled in 2020, 41 holes in 2018-2019 and 92 historical holes.  At AGB, drilling has expanded gold-silver mineralization to the west and shows continuity over a 600+ m strike length and at least 270 m vertical depth. During 2020, 15,484 m in 79 drill holes were completed at AGB, the company said. Results have included broad bulk-tonnage zones, higher-grade bulk tonnage zones and high-grade zones.  At Dukes Ridge-Phoenix, drilling has identified gold-silver mineralization over a 830 m strike length and at least 200 m in vertical depth. This year's drilling has extended mineralization by roughly 60 m deeper than previous drilled intersections. During 2020, the area had 10,601.5 m of drilling in 68 drill holes. Drilling also confirmed the structural model, which suggests extension of the high grade at depth at intersecting structures and will allow for additional strategic and deeper drill targeting in 2021. Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com Follow him on Twitter @andrew_kessel