Benchmark's $48 Million Financing Will Extend Its 2020 Drill Campaign up to 100,000m and Fund a 2021 Campaign of up to 200,000m
Benchmark's $48 Million Financing Will
Extend Its 2020 Drill Campaign up to 100,000m
and Fund a 2021 Campaign of up to 200,000m
Edmonton, Alberta--(Newsfile Corp. - August 24, 2020) - Benchmark Metals Inc.
(TSXV: BNCH)
(OTCQB: CYRTF) (WKN: A2JM2X) (the "
Company
" or "
Benchmark
") is pleased to provide guidance
on its increased financing to $48 million announced on
August 19
th
, 2020
. Funding will extend and
expand the 2020 drill program up to 100,000 metres and prepare for a resource estimate and
Preliminary Economic Assessment (PEA) early in 2021. In addition, the funding provides capital to build
toward a feasibility study during 2021 at Benchmark's flagship Lawyers gold-silver project, which is
located in a road-accessible area of the Golden Horseshoe in north-central British Columbia, Canada.
John Williamson, CEO, commented, "The keen interest and capital support from key institutional
investors establishes Benchmark's Lawyers gold-silver project as one of Canada's leading exploration
stories and illustrates its potential to deliver a quality mining asset. To that end, the Company will plan
and execute systematic work programs over the next two years to go beyond the PEA towards a
Feasibility study".
The financing will allow the Company to accelerate the Lawyers gold-silver project with a seamless
schedule that reduces the inherent stop and start times of seasonal financings and work periods. The
Company can now deliver results and achieve significant milestone events over the next 24 months with
greater certainty. The funding allows for immediate planning towards a Feasibility Study in 2022, which
will require large scope and scale drilling, engineering, permitting and baseline environmental work to
generate detailed engineering and economic studies in order to develop and support a mining scenario.
Key use of proceeds and milestones include:
Infrastructure - installation of facilities for year-round work programs that provides drilling and news
updates reported over a full 12-month calendar year;
2020 - up to 100,000 metres of drilling towards the new Mineral Resource Estimate;
2021, Q1 - Mineral Resource Estimate;
2021, Q2 -
Preliminary Economic Study (PEA);
2021 - up to 200,000 metres of drilling, converting Inferred to Measured resources;
2022 - updated Mineral Resource Estimate and
Feasibility Study.
About Benchmark Metals
Benchmark Metals Inc. is a Canadian mineral exploration company focused on proving and developing
the substantial resource potential of the Lawyer's Gold-Silver Project, located in the prolific Golden
Horseshoe of north-central British Columbia, Canada.
The Company trades on the TSX Venture
Exchange in Canada, the OTCQB Venture 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
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Benchmark is part of the Metals Group of companies, managed by an award-winning team of
professionals who stand for technical excellence, painstaking project selection and uncompromising
corporate governance, with a proven ability to identify and capitalize on investment opportunities and
deliver shareholder returns.
ON BEHALF OF THE BOARD OF DIRECTORS
s/ "John Williamson"
John Williamson
, Chief Executive Officer
For further information, please contact:
Jim Greig
Email:
Telephone: +1 604 260 6977
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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