EXPLORATION & DEVELOPMENT

Benchmark adds second rig at Lawyers

Resource expansion programme underway in "Golden Horseshoe"

Staff reporter

This article is 6 years old. Images might not display.

The company is aiming for a resource update in early 2020, targeting plus-5 million ounces gold-equivalent, and said the second rig would focus on step-out drilling from known zones at the core of the Lawyers trend.
 
Its first drilling result for 2019, reported last month, hit 4.4m at 11.7g/t gold and 476g/t silver at the Cliff Creek zone, part of a wider 26.75m at 2.19g/t gold and 85.36g/t silver.

Lawyers' initial 2018 resource comprises 88,000 ounces of gold and 4Moz of silver from the Cliff Creek North and Duke's Ridge zones.

Benchmark last month announced it had accelerated its acquisition of a 100% interest in the past-producing project, where it had been earning up to 75% to trigger a joint venture or market-based buyout of the final 25%.

It agreed to acquire property owner PPM Phoenix Precious Metals Corp for C$250,000 cash, 12 million shares on a pro rata basis in exchange for PPM shares and a 0.5% NSR.

Benchmark raised C$2 million (US$1.5 million) at 22c per flow-through share in June and the same month announced plans to raise $5 million (US$3.7 million) at 45c per unit.

It had working capital of about $1.6 million (US$1.2 million) at July 24.

Its shares last traded at 38c, near a one-year high of 40.5c reached last month, capitalising it at $20.8 million (US$15.6 million).

Expert-led Insights reports and Analytics tools built on robust data, rigorous analysis and expert commentary covering mining Risk, Projects, ESG, Leadership, and Investor Sentiment.

Expert-led Insights reports and Analytics tools built on robust data, rigorous analysis and expert commentary covering mining Risk, Projects, ESG, Leadership, and Investor Sentiment.

editions

Investor Sentiment Insights 2026

Discover what investors have planned for mining in 2026 in our industry-leading survey

editions

World Risk Insights 2025 (feat. MineHutte ratings)

A detailed analysis of mining investment risks across 120 jurisdictions globally, assessed across six risk categories and an industrywide survey.

editions

ESG Index 2025: Benchmarking the Future of Sustainable Mining

The ESG Index provides an in-depth evaluation of the ESG performance of 60+ of the world’s largest mining companies. It assesses companies across 10 weighted indicators within 6 essential ESG pillars.

editions

Leadership Insights 2025

Leadership Insights reveals key trends in priority mining issues through interviews with 15+ top mining company executives and an industrywide survey.