Benchmark Advances Its Gold-Silver Project with Enhanced Environmental and Engineering Programs
Benchmark Advances Its Gold-Silver Project
with Enhanced Environmental and Engineering
Programs
Edmonton, Alberta--(Newsfile Corp. - February 10, 2023) -
Benchmark Metals Inc.
(TSXV: BNCH)
(OTCQX: BNCHF) (WKN: A2JM2X) (the "
Company
" or "
Benchmark
") is pleased to provide an
update for its Environmental Baseline Programs and progress towards adding high-grade underground
gold-silver mineralization for inclusion to future Engineering and Economic Studies. Work programs
have advanced in-field engineering work at a level that is suitable towards a Feasibility Study. Baseline
Environmental Programs are near suitability and completion level for an Environmental Assessment (EA)
submission. Benchmark's flagship, 100% owned Lawyers Gold-Silver Project (the "Project") is located
within a road accessible
region of the prolific Golden Horseshoe area of north-central British Columbia,
Canada.
Progress Highlights
Initiated a series of optimization studies on multiple Project opportunities, including the
incorporation of underground mining, that could significantly improve results from the Preliminary
Economic Assessment ("PEA" -
September 9, 2022
);
Continued the Environmental Baseline Programs which are on-track to complete the important 2-
year milestone in 2023;
Generated additional targets for resource expansion and exploration opportunities through a
machine learning artificial intelligence model as well as a new geochemical lithology and alteration
model for property and deposit scale, which complements the previously developed grade,
structural and mineralization models;
Initiated planning for the 2023 drilling campaign including opportunities from optimization studies
(underground resource definition and expansion) in addition to machine learning & geochemical
target generation, and;
Progressed annual reporting to meet the Mines Act Permit obligations.
John Williamson, CEO & Director commented, "Benchmark has significant potential to leverage already
drilled mineralization below the open pits to add high-grade gold and silver material in an updated
Engineering & Economic Study. The ongoing underground mining and optimization studies have
potential to significantly improve the Project economics. The Project is delivering clean environmental
results, including non-acid generating mineralization and waste rock. Benchmark has great potential to
position itself as a key player in a Tier 1 Canadian jurisdiction during the start of a precious metals bull
market."
Engineering
Building upon the Lawyers Project PEA, released Q4 of 2022, the Engineering Team initiated a series
of PEA optimization studies to evaluate Project opportunities. The first optimization study, completed by
JDS Mining, evaluated the underground mining potential (Figure #1) of the Project including an
underground crossover evaluation and updated economic model. The model incorporated both Open Pit
and Underground Resources and initial capital optimization. The findings show substantial opportunities
for underground development beyond the current open pit mine plan, in addition to benefits from pulling
high-grade mineralization into earlier years of the mine schedule.
A subsequent optimization study will evaluate opportunities to create value within the open pit and
optimize the Project as a whole (processing, infrastructure, power, equipment, tailings & waste). An
initial investigation stage will be conducted to identify areas to improve Project economics based on the
incorporation of recently completed geotechnical field work, further mineral processing design work, and
other mining studies (such as sensitivity analysis, technical and financial opportunities, and cashflow
optimizations). Following the initial investigation stage, there will be a re-evaluation of the mine plan and
mining deliverables based on a combined open pit and underground mining scenario. Positive results
will be carried into an updated or more advance level of Technical Study.
In 2022, feasibility-level geotechnical and hydrogeological field investigations were completed on
potential Tailings Storage Facility (TSF) and Waste Rock Storage Facility (WRSF) sites. Final reports
are anticipated during Q1, 2023. Preliminary results show shallow overburden depths (averaging less
than 4 metres from surface), and favorable conditions for construction of these facilities. In addition,
hydrogeology and hydrology work has continued to support the next technical study stage, including
continued monthly contact water quality sampling and streamflow measurements as well as continuous
data collection at various hydrometric stations.
Figure #1
- Underground and Mineral Resource Expansion Potential Below the Open Pits
To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/6169/154275_74f63075241a19e8_001full.jpg
Exploration
Benchmark drilling to date has focused on both the main deposit areas and property wide exploration.
Resource delineation drilling of the three main deposits, led to a Mineral Resource estimate of 3.14 Moz
at 1.45 g/t AuEq (1.16 g/t Au and 22.9 g/t Ag) Indicated and 0.415 Moz at 2.63 g/t AuEq (2.2 g/t Au and
36.1 g/t Ag) Inferred. This Resource estimate is suitable to support a future Feasibility Study. Benchmark
is now planning additional drilling to further expand the Mineral Resource.
For the 2023 drilling campaign, the Exploration Team is planning a combination of in-fill drilling, resource
expansion drilling, and exploration drilling over new target areas. This includes targets specifically
designed to further delineate and expand the Underground Resource. The Exploration Team has
engaged Maptek to generate a machine learning artificial intelligence model to predictively determine
grades and further characterize the Resource. In addition, geochemical models of lithology and alteration
have been generated to complement the grade models, and the existing structural and mineralization
models. The results of these new models align closely with the current Resource model and provided
further guidance for Resource and expansion target areas to be investigated in 2023.
Environmental
The Environmental Team is currently in the final year of a 2-Year Environmental Baseline Program which
includes aquatics, terrestrial, and geochemistry data collection. This Program will serve as the basis for
an effects assessment to support an Environmental Assessment (EA) application.
Aquatics data collection is led by Chu Cho Environmental, in partnership with Palmer Environmental
Consulting Group and includes ongoing sampling of surface water quality, hydrology, hydrogeology,
aquatic resources and fish and fish habitat in key watersheds of the Project area. Terrestrial data
collection is led by Chu Cho Environmental, in partnership with EcoLogic Consultants Ltd. and includes
characterization of terrain and soils, ecosystems and vegetation, wildlife and wildlife habitat,
meteorology, air quality and noise. Geochemical data is being collected by pHase Geochemistry and
includes static testwork (completed in 2022) and ongoing kinetic testwork (humidity cells initiated in Q4
2022). Preliminary results show low acid-generation potential for all tested materials (ore, tailings and
waste rock).
Upon completion of all environmental baseline studies, Benchmark expects to commence the EA
process planning and preparation of the Initial Project Description in early 2024.
Permitting
In 2022, Benchmark secured two Mines Act Permit amendments from the Ministry of Energy, Mines, and
Low Carbon Innovation allowing the company to better characterize and expand mineral resources and
undertake geotechnical investigations in support of tailings storage facility and waste rock storage
facility design. The Permitting Team is making progress towards the annual Mines Act Permit reporting
commitments, including the 2023 Multi-Year Area Based Application and 2022 Annual Summary of
Exploration Activities due on March 31, 2023.
Project Development
The Company published a positive
PEA in 2022
that has enabled a new focus to optimize and improve
the project understanding, incorporating new geotechnical/hydrogeological testwork, additional
exploration data and the completion of environmental baseline data collection. Furthermore, a
preliminary evaluation of the underground mining potential for the Project shows potential for significant
improvement and the Company continues to assess the potential for a combined open pit and
underground mine plan and corresponding economic model.
About Benchmark Metals
Benchmark Metals Inc. is a Canadian based gold and silver company advancing its 100% owned
Lawyer's 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 new target areas along the 20 kilometer trend. The Company trades on the TSX Venture
Exchange in Canada, the OTCQX Best Market in the United States, and the Tradegate Exchange in
Europe. Benchmark is managed by proven resource sector professionals, who have a track record of
advancing exploration projects from grassroots scenarios through to production.
Quality Assurance and Control
The technical content of this news release has been reviewed and approved by Michael Dufresne, M.Sc,
P. Geol., P.Geo., a qualified person as defined by National Instrument 43-101.
ON BEHALF OF THE BOARD OF DIRECTORS
s/ "John Williamson"
John Williamson
, Chief Executive Officer
For further information, please contact:
Jim Greig
Email:
Telephone: +1 780 437 6624
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT
TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
This news release may contain certain "forward-looking statements". Forward-looking statements
involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual
results, performance or achievements of the Company to be materially different from any future results,
performance or achievements expressed or implied by the forward-looking statements. Any forward-
looking statement speaks only as of the date of this news release and, except as may be required by
applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking
statement, whether as a result of new information, future events or results or otherwise.
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