Benchmark Files Positive Preliminary Economic Assessment for Its Gold-Silver Project, British Columbia, Canada
Benchmark Files Positive Preliminary
Economic Assessment for Its Gold-Silver
Project, British Columbia, Canada
Vancouver, British Columbia--(Newsfile Corp. - October 18, 2022) -
Benchmark Metals Inc.
(TSXV:
BNCH) (OTCQX: BNCHF) (WKN: A2JM2X) (the "
Company
" or "
Benchmark
") - is pleased to report
filing of its inaugural, baseline Preliminary Economic Assessment ("PEA") to
SEDAR
.
The final NI 43-
101 Technical Report has provided some enhanced metrics over the initial results published on August
16, 2022. The 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. The
PEA presents a robust open pit mining operation with base case, attractive economics that has potential
for additional gold-silver ounces and improved economics through facility design adjustments.
John Williamson, CEO, commented, "The Company is now exploring opportunities to enhance and
improve the PEA. The PEA was based on open pitable resources only, we see opportunities to add
higher-grade ounces below the pits through underground mining methods that could be accessed in
parallel to surface mining operations. A significant number of underground ounces are clearly
demonstrated by existing drill results defined to the Indicated and Inferred category. The Project has
potential for more ounces and improved economics."
Robust Financial Metrics in a Tier 1 Jurisdiction
Pre-tax NPV5% of C$939M, IRR 31.4%, and 2-year payback
Pre-tax Net Operating Income of C$2,157M
Base case metal price parameters of US$1,735 per ounce
of gold and US$21.75 per ounce of silver
After-tax NPV5% of C$589M, IRR 24.1%, and 2.8-year payback
Capital light development
Initial capital of C$484M (including C$72.8M in contingency)
Life of Mine capital of C$632M
Strong 1.9:1 Pre-tax NPV5% to Initial Capex ratio
Minimal pre-strip limited to TSF starter dam construction
Low All-In Sustaining Costs (AISC)
US$ 786/Au oz (net of by-products)*
Long Mine Life with Expansion Opportunity
Total resource production of 46.7 M tonnes over 12-year mine life
Average annual production of 163k AuEq ounces
LOM production 1.95M payable AuEq ounces
Average AuEq Head Grade of 1.41 g/t
Average gold recovery of 92.4%
*All-In Sustaining Costs (Net of By-Products) are calculated for the purpose of the Study as the sum of all operating costs (mining, processing, site
administration and refining), reclamation and sustaining capital, minus the revenue from Ag, all divided by the gold ounces sold to arrive at the per
ounce Au figure.
Graphic #1:
2022 Mineral Resource Estimate displaying Pit Locations and Opportunities for Additional
Gold-Silver Ounces
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6169/141002_b8b42354e46b6a92_001full.jpg
Quality Assurance and Control
Results from samples were analyzed at ALS Global Laboratories (Geochemistry Division) in Vancouver,
Canada (an ISO/IEC 17025:2017 accredited facility). The sampling program was undertaken by
Company personnel under the direction of Rob L'Heureux, P.Geol. A secure chain of custody is
maintained in transporting and storing of all samples. Gold was assayed using a fire assay with atomic
emission spectrometry and gravimetric finish when required (+10 g/t Au). Analysis by four acid digestion
with 48 element ICP-MS analysis was conducted on all samples with silver and base metal over-limits
being re-analyzed by atomic absorption or emission spectrometry. Rock chip samples from
outcrop/bedrock are selective by nature and may not be representative of the mineralization hosted on
the project.
The technical content of this news release has been reviewed and approved by Michael Dufresne, M.Sc,
P. Geol., P.Geo., and Carly Church, P.Eng., PMP, qualified persons as defined by National Instrument
43-101.
Stock Options
The Company has granted incentive stock options to new directors to purchase up to 1 million common
shares exercisable over a five year period at a price of $0.42 per share.
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-kilometre 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.
www.metalsgroup.com
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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