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Benchmark Metals says increased financing allows it to lift drill program to 100,000 metres and begin planning feasibility study

The new money means the explorer can expand this year's drill program and prepare for a resource estimate and preliminary economic assessment (PEA) early in 2021

Benchmark Metals Inc. -
Benchmark acquired the Lawyers asset in 2018. It lies in the prolific Golden Horseshoe area of British Columbia

Benchmark Metals Inc (CVE:BNCH) has said it's recently increased financing of C$48 million will allow the group to accelerate work at the flagship Lawyer’s gold and silver project and means it can start planning towards a key feasibility study in 2022.

The new money will see the explorer expand this year's drill program up to 100,000 metres (m), from 50,000m previously, and prepare for a resource estimate and preliminary economic assessment (PEA) early in 2021.

"The company can now deliver results and achieve significant milestone events over the next 24 months with greater certainty," Benchmark said in a statement. "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."

Listing the key uses for the proceeds, the firm outlined the following:

  • 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 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

Benchmark acquired the Lawyers asset in 2018. It lies in the prolific Golden Horseshoe area of British Columbia.

Exploration in the Toodoggone district began in the late 1960s and identified numerous showings, prospects, and deposits in the Lawyers project area but the company says previous work ignored the bulk tonnage and porphyry potential of the property.

Contact the author at giles@proactiveinvestors.com

Quick facts: Benchmark Metals Inc.

Price: 0.96 CAD

TSX-V:BNCH
Market: TSX-V
Market Cap: $147.99 m
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