BENCHMARK DRILLS 118.00 METRES OF 2.23 G/T GOLD AND 25.01 G/T SILVER OR 2.54 G/T GOLD EQUIVALENT NEAR SURFACE AT THE CLIFF CREEK DEPOSIT

Edmonton – February 23, 2022 – Benchmark Metals Inc. (the “Company” or “Benchmark“) (TSX-V: BNCH) (OTCQX: BNCHF) (WKN: A2JM2X) – is pleased to announce new results from 4 drill holes extending across 750 metres strike-length from the Cliff Creek North (CCN) to Cliff Creek Mid Zones. Drilling has yielded broad zones of bulk-tonnage and high-grade mineralization including 118.00 metres (m) core length of 2.23 grams per tonne (g/t) gold and 25.01 g/t silver or 2.54 g/t gold equivalent (AuEq)* with 5.05 m of 22.64 g/t gold and 89.58 g/t silver or 23.76 g/t AuEq* in drill hole 21CCDD085 (Figure 1). These results continue to demonstrate the precision of the geological modeling, intersecting strong mineralization where expected as well as testing the plunge of high-grade zones to depth. Continuity in mineralization remains open >550 metres vertical depth at Cliff Creek North and >450 metres vertical depth at Cliff Creek South, highlighting the potential for open pit as well as underground mining. New drilling during 2022 has yielded over >10,000 metres and continues to expand mineralization in multiple deposit areas. Benchmark’s flagship Lawyers Gold-Silver Project is located within a road-accessible region of the prolific Golden Horseshoe area of north-central British Columbia, Canada.

John Williamson, CEO, commented, “The new Cliff Creek drilling is providing gold and silver from surface to depth and is indicating significant high-grade material below the open pits. Mineralization in Cliffs North area is now drill defined to over 550 metres vertical depth. The new results have potential to pull the pit-shell below 340 metres depth as defined by last year’s pit constrained MRE shell. P&E Engineering has begun work for the updated MRE with all final drill results expected within the next two (2) weeks.”

Project Update

The Company has received all drill results for the AGB Deposit and P&E Engineering has begun block modeling towards an expanded MRE. Benchmark anticipates a March 11th cut-off date where all drill results should be received to support the new updated MRE. The Project currently has two (2) drill rigs operating, completing +10,000 metres in to date in 2022. New drilling has focussed on expanding the Dukes Ridge Deposit, Marmot Zone, Cliff Creek South Deposit and the Connector Zone. The current drilling at the Dukes Ridge Deposit is providing significant expansion with mineralization extending to over +250 metres vertical depth. 

Highlights

  • Excellent infill drilling intercepting broad low-grade bulk-tonnage mineralization enveloping high-grade intervals within the northern portion of the Cliff Creek Deposit including 30.00 metres core-length of 1.28 g/t gold and 60.01 g/t silver or 2.04 g/t AuEq with 2.00 metres of 7.38 g/t gold and 592.50 g/t silver or 14.78 g/t AuEq in drill hole 21CCDD010;
  • Successfully intercepting the plunge of high-grade mineralization with optimized drill targeting at-depth including 7.00 metres core length of 6.97 g/t gold and 11.40 g/t silver or 7.11 g/t AuEq with 3.00 metres of 15.85 g/t gold and 16.35 g/t silver or 16.05 g/t AuEq in drill hole 21CCDD011, and;
  • Continuing to infill the Cliff Creek Mid Zone with strong results, including 28.97 metres core length of 1.54 g/t gold and 19.95 g/t silver or 1.79 g/t AuEq with 6.70 metres of 5.06 g/t gold and 50.64 g/t silver or 5.69 g/t AuEq in drill hole 21CCDD075. 

Figure 1: Plan map at the Cliff Creek Zone highlighting new drill results.

Figure 2: Long-section at the Cliff Creek Zone showing gold and silver results from a series of drill holes.

Table 1: Drill results summary from the Cliff Creek North Zone

Drillhole   From (m) To (m) Interval (m)* Au (g/t) Ag (g/t) AuEq (g/t)**
21CCDD010   22.04 23.78 1.74 4.27 109.91 5.64
88.00 118.00 30.00 1.28 60.01 2.04
incl 103.34 110.00 6.66 3.09 206.88 5.68
incl 107.00 109.00 2.00 7.38 592.50 14.78
21CCDD011   232.00 239.00 7.00 6.97 11.40 7.11
incl 235.00 238.00 3.00 15.85 16.35 16.05
incl 235.00 236.00 1.00 37.30 29.80 37.67
21CCDD075   21.00 23.00 2.00 1.15 12.80 1.31
119.55 148.52 28.97 1.54 19.95 1.79
incl 121.30 128.00 6.70 5.06 50.64 5.69
incl 125.00 128.00 3.00 7.75 76.27 8.70
21CCDD085   11.00 129.00 118.00 2.23 25.01 2.54
52.00 95.00 43.00 4.22 17.61 4.44
incl 59.00 61.00 2.00 21.81 19.11 22.05
and 79.00 84.05 5.05 22.64 89.58 23.76
incl 82.00 83.00 1.00 105.50 389.00 110.36
111.49 129.00 17.51 4.20 106.07 5.53
119.48 126.76 7.28 8.99 207.05 11.58
  125.87 126.36 0.49 77.90 1675.00 98.84

* Gold equivalent (AuEq) calculated using 80:1 silver to gold ratio.

** Intervals are core-length. True width is estimated between 80 to 90% of core length.

Quality Assurance and Control

Results from samples were analyzed at ALS Global Laboratories (Geochemistry Division) in Vancouver, Canada (an ISO/IEC 17025:2017 accredited facility). The sampling program was undertaken by Company personnel under the direction of Rob L’Heureux, P.Geol. A secure chain of custody is maintained in transporting and storing of all samples. Gold was assayed using a fire assay with atomic emission spectrometry and gravimetric finish when required (+10 g/t Au). Analysis by four acid digestion with 48 element ICP-MS analysis was conducted on all samples with silver and base metal over- limits being re-analyzed by atomic absorption or emission spectrometry. Rock chip samples from outcrop/bedrock are selective by nature and may not be representative of the mineralization hosted on the project.

The technical content of this news release has been reviewed and approved by Michael Dufresne, M.Sc, P.Geol., P.Geo., a qualified person as defined by National Instrument 43-101.

About Benchmark Metals

Benchmark Metals Inc. is a Canadian based gold and silver company advancing its 100% owned Lawyer’s Gold-Silver Project located in the prolific Golden Horseshoe of northern British Columbia, Canada. The Project consists of three mineralized deposits that remain open for expansion, in addition to +20 new target areas along the 20 kilometre trend. The Company trades on the TSX Venture Exchange in Canada, the OTCQX Best 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.

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