EXPLORATION & DEVELOPMENT

Drilling adds to resource hopes for Benchmark

Junior reports 128.1m at 3.02g/t Au-eq

Staff reporter

This article is 4 years old. Images might not display.

The above result at the Cliff Creek zone was from 265.9m and graded 1.65g/t gold and 110.02g/t silver, while a hole 100m north intercepted 221.53m at 1.01g/t Au-eq.

Benchmark said it had now defined gold-silver mineralisation from surface over a 1.2km strike length at Cliff Creek, up to 200m width which extended to a vertical depth of more than 550m.

"Our current drill density of between 15-35m, averaging 20m, is significantly increasing the confidence level of our new mineral resource estimate expected in early 2021," CEO John Williamson said.

The company is targeting 5 million ounces Au-eq.

A preliminary economic assessment is due in the second quarter of 2021.

Benchmark has estimated about $50 million in infrastructure remains at Lawyers, which was previously mined between 1989-1992.

The company closed the third tranche of a placement, priced at C$1.30 per unit, in September raising $50.3 million to fast-track Lawyers towards a production decision in 2022.

Its shares (TSXV: BNCH) traded about C40c or lower for the first half of the year, before soaring to $1.64 in August as the gold price reached a record high and it reported 57.91m at 3.05g/t Au-eq and positive metallurgical results at Lawyers.

It closed up 13.8% on Friday to $1.32, valuing the company at $161.7 million (US$124 million).

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

editions

ESG Mining Company Index: Benchmarking the Future of Sustainable Mining

The ESG Mining Company Index report provides an in-depth evaluation of ESG performance of 61 of the world's largest mining companies. Using a robust framework, it assesses each company across 9 meticulously weighted indicators within 6 essential pillars.

editions

Mining Journal Intelligence Global Leadership Report 2024: Net Zero

Gain insights into decarbonisation trends and strategies from interviews with 20+ top mining executives and experts plus an industrywide survey.

editions

Mining Journal Intelligence Project Pipeline Handbook 2024

View our 50 top mining projects, handpicked using a unique, objective selection process from a database of 450+ global assets.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.