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Benchmark adds second rig at Lawyers

Benchmark Metals (TSXV: BNCH) has mobilised a second diamond drill rig to its resource expansion programme underway at its Lawyers gold-silver project in British Columbia, in the Stikine Terrane in an area it describes as the “Golden Horseshoe”.
Benchmark adds second rig at Lawyers Benchmark adds second rig at Lawyers Benchmark adds second rig at Lawyers Benchmark adds second rig at Lawyers Benchmark adds second rig at Lawyers

Benchmark Metals has a resource expansion programme underway at Lawyers in BC's “Golden Horseshoe”

Staff reporter

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).