EXPLORATION & DEVELOPMENT

Benchmark aims for 5Moz at Lawyers

Expands 2019 exploration programme

Staff reporter

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

The company decided to significantly expand its drilling programme to at least 30,000m on Friday, just one week after outlining its 2019 exploration plans of 14,000-25,000m of drilling.

The same day, Benchmark also announced plans to raise up to C$2 million (US$1.5 million) via a flow-through offering at 22c per share towards exploration at the Lawyers gold-silver project.

The company said it opted to "aggressively expand the scope and accelerate the pace of future programmes" thanks to the success of 2018 exploration and additional claim staking, proving Lawyers' prospectivity.  

It said 75% of the drilling would be dedicated to immediate resource expansion at Cliff Creek, Dukes Ridge, Phoenix and AGB areas.

The previously-mined project's resource comprises 88,000oz of gold and 4Moz of silver, using a 4g/t Au-eq cutoff, and Benchmark said about 5,000m of 2018 drilling was not included in the current estimate.

Benchmark can earn up to 75% of Lawyers by spending $9 million (US$6.7 million) over three years and issuing 4 million shares.

The company had an estimated $1.1 million (US$0.8 million) in working capital at the end of February.

Its shares had touched 39c in October on an exploration update and rose 14.58% on Friday to 27.5c, to capitalise it at $11.6 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

Leadership Insights 2025

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

editions

Mining IQ Risk Analytics

Risk Analytics offers interactive access to World Risk Insight data, allowing you to customise risk views, benchmark jurisdictions, explore data behind scores and read expert commentary to guide your decision-making.

editions

Project Pipeline Index 2025

View our 50 top mining projects, handpicked using a unique, objective selection process from an expanded database of 600+ global assets.

editions

Investor Sentiment Insights 2025

Exclusive insights into the plans, priorities and preferences of 130+ mining investors and top factors influencing investment decisions in 2025.