Edmonton – September 20, 2019 – Benchmark Metals Inc. (the “Company” or “Benchmark“) (TSX-V: BNCH) (OTCQB: CYRTF) (WKN: A2JM2X) – Benchmark is pleased to report the first drill hole result from the Amethyst Gold Breccia (“AGB”) Zone. Drilling intersected 2.79 g/t gold and 177 g/t silver over 25 metres core length including 5.37 g/t gold and 214 g/t silver over 7 metres core length and 10.02 g/t gold and 654 g/t silver over 2.1 metres core length in 19AGBDD001 (see Table 1). Based on Benchmark’s results and historical data, the AGB Zone measures a minimum of 550 meters in strike length and up to 30 meters wide and extends to at least 170 meters at depth. The Lawyers Project is situated in the Stikine Terrane of northern British Columbia, Canada, and falls within the prolific, mineral-endowed ‘Golden Horseshoe’.
John Williamson, CEO commented, “We intersected significant gold and silver mineralization with the first hole drilled at AGB in 27 years, since the past-producing Lawyers Gold-Silver Mine was closed. This hole intersected high grades over significant widths and a wide 25m envelope of alteration and mineralization, similar to the subparallel Cliffs Creek Zone 500m to the west. The discovery of significantly greater-than-historical mineralized volumes at AGB enhances the potential to add resources to the Lawyers Project, while AGB still remains open to the north and south. Historically, this area was under-explored, as with all zones across the entire Lawyers property, providing major opportunities to prove new gold and silver ounces.”
Drill-hole 19AGBDD001 was designed to test the continuity of the known high-grade mineralization at depth, below the southernmost historical workings and drilling at the AGB zone. Drilling intersected not only the targeted high-grade mineralization, but a previously unrecognized broader zone of alteration and mineralization grading 2.79 g/t gold and 177 g/t silver over 25 metres core length, very similar to those recently reported from the adjacent Cliff Creek Zone (see August 16, 2019 new release). This drill hole is a significant step-out from historical drill holes, both laterally (80m) and vertically (60m) (see Figures 1 and 2), extending mineralization at depth to over 170 metres below surface and the mineralization remains open. Additionally, visual results from drill holes 19AGBDD002 and 19AGBDD004 (assays pending) indicate mineralization also remains open along strike to the south and north. Given the success of these first holes at AGB, Benchmark has added at least three additional exploration holes to continue testing the mineralization at depth and along strike. Drilling is currently underway on drill-hole 19AGBDD005.
Table 1 – Selected results from 19AGBDD001
|Hole||From||To (m)||Gold (g/t)||Silver (g/t)||*AuEq (g/t)||Interval**|
*Gold equivalent (AuEq) calculated using 80:1 gold to silver ratio.
**Intervals are core-length. True width is estimated between 80 to 90% of core length.
The mineralized zone intersected in drill-hole 19AGBDD001 is composed of silica-flooded, multiphase hydrothermal breccia containing fine grained sulphides (acanthite, sulfosalts, chalcopyrite, and pyrite) and rare native silver. Texturally destructive silicification and potassic alteration occur throughout this zone.
A historical estimate from Wright (1985) defined a proven reserve at AGB of 452,600 tonnes grading 8.321 g/t Au and 263.5 g/t Ag, with limited production occurring during 1989-1992. The potential quantity and grade stated above constitutes a historical estimate, parts of which have been mined, and is not to be relied upon. A qualified person has not completed sufficient work to classify the historical estimate as current mineral resources or mineral reserves, and therefore Benchmark is not treating the historical estimate as current mineral resources or mineral reserves.
Historical surface channel samples collected 300m along strike to the south from the area of historical underground development at AGB yielded 5.13 g/t gold and 20.79 g/t silver over 27.03 metres, (see Figure 1). These historical results were confirmed by rock grab samples in 2018 that returned 16.15 g/t gold and 107.00 g/t silver, 22.20 g/t gold and 80.90 g/t silver, and several additional grab samples from the outcrop grading between 1-5 g/t AuEq. Based on the exploration to date, the AGB mineralized envelope is at least 550m in strike length and up to 30m wide and extends to at least 170m in depth. The Company plans to drill additional holes to better assess the size of the unmined gold-silver mineralized zone during 2019.
Soil sampling completed in 2018 and 2019 over undisturbed ground and across large areas of the 127km2 Lawyers Property has defined gold and silver in soil anomalies that occur over new drill target areas and potential extensions of resource areas. One emerging anomaly is defined to the east of the main AGB zone where the anomaly extends ~400 meters along strike, strengthens to the south, and remains open. Additional infill and extension of this grid are proposed for this area (see Figure 1).
Figure #1 – Map of 2019 and historical drilling at the AGB Zone within the Lawyers Trend.
Figure #2 – Cross-section of 19AGBDD001 depicting the lateral and vertical stepout from historical drilling at the AGB Zone within the Lawyers Trend.
Benchmark anticipates drilling to continue into the 2nd week of October and will disseminate drill results as they are received from the laboratory and interpreted.
Quality Assurance and Control
Results from samples were analyzed at ALS Global Laboratories (Geochemistry Division) in Vancouver, Canada (an ISO 9001:2008 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 overlimits re-analyzed by atomic absorption or emission spectrometry. Rock chip samples from outcrop/bedrock are selective by nature and they 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, P.Geol., P.Geo., a qualified person as defined by National Instrument 43-101.
About Benchmark Metals Inc.
Benchmark is a Canadian mineral exploration company with its common shares listed for trading on the TSX Venture Exchange in Canada, the OTCQB Venture 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.
ON BEHALF OF THE BOARD OF DIRECTORS
s/ “John Williamson”
John Williamson, Chief Executive Officer
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