BENCHMARK EXPANDS NEW DISCOVERY AREA WITH 77.00 METRES AT 1.56 G/T GOLD EQUIVALENT OF GOLD-SILVER MINERALIZATION

Edmonton – May 24, 2022 – Benchmark Metals Inc. (the Company or Benchmark“) (TSX-V: BNCH) (OTCQX: BNCHF) (WKN: A2JM2X)is pleased to announce new results from exploration drilling at the Marmot Zone. Results include additional assays that have more than doubled the length of the previously reported mineralized intercept in drill hole 21MLDD004 from 30.0 metres (see October 27, 2021 news release) to 77.0 metres (m) core length of 1.11 grams per tonne (g/t) gold (Au) and 35.93 g/t silver (Ag) or 1.56 g/t gold equivalent* (AuEq). This broad, bulk-tonnage type intercept also contains significant high-grade, including the previously reported 3.00 m of 16.29 g/t Au and 599.67 g/t Ag or 23.79 g/t AuEq. The results have provided similar mineralization to the Company’s multi-million-ounce gold-silver deposits located 3 kilometres to the northwest (Figure 1). Exploration work to date at Marmot includes 29 drill holes totaling approximately 8,700 m, together with extensive rock and soil sampling programs and multiple ground-based geophysical surveys. The Marmot discoveries appear similar to the known deposit areas the Company has defined within its flagship, 100% owned Lawyers Gold-Silver Project, located within a road accessible region of the prolific Golden Horseshoe area of north-central British Columbia, Canada.

John Williamson, CEO commented, “The Marmot Zone results continue to demonstrate the new discovery potential that could add more gold and silver mineralization to it’s established multi-million ounce deposits. Benchmark will soon deliver a larger Mineral Resource Estimate from near 100,000 metres of new drilling in 2021 and 2022. We anticipate the new Resource to de-risk the Project with a majority of gold and silver ounces in the Measured + Indicated category.”

Highlights

  • Two significant zones of broad bulk-tonnage and high-grade mineralization intercepted at the Marmot Zone, similar in nature to the zones of mineralization encountered within the deposit areas at Cliff Creek and AGB. 
  • Drill hole 22MLDD002 intersected 47.00 m of 1.03 g/t Au and 44.32 g/t Ag or 1.58 g/t AuEq including 3.00 m of 12.10 g/t Au and 430.08 g/t Ag or 17.48 g/t AuEq, providing an additional high-priority zone for follow-up ~300 m northwest of 21MLDD004. See Table 1 for additional results from the Marmot zone. 
  • Geophysical interpretation suggests a correlation between gold-silver mineralization and the margins of magnetic highs with coincident chargeability anomalies. The distribution of these geophysical relationships coupled with core logging and field observations suggest the mineralizing systems remains open in all directions.

Marmot Zone

Benchmark holds near 20 new discovery targets that contain geological similarities to the Marmot Zone and its existing gold-silver deposits. The majority of new targets are not drill tested. The early-stage drill program at Marmot was designed to test at-surface material as well as identify potential structural controls that exhibit similarities to the resource deposit areas on the property, and has intersected both bulk tonnage and high-grade mineralization in multiple drill holes. The Company will allocate significant drilling resources to targeting additional mineralization at Marmot as prospective geophysical signatures and previous drilling intercepts suggest the potential for additional near-surface mineralization over substantial strike-lengths in several discrete zones within this highly prospective area. Future drilling will test for high vein density zones situated within the hanging walls of major identified faults, as these features strongly correlate with gold-silver mineralization at Marmot and elsewhere within the Lawyers property. 

Figure 1: Plan map of Marmot Zone overlying ground magnetics.

Table 1: Drill results summary from the Marmot Zone

Drillhole   From (m) To (m) Interval (m)* Au (g/t) Ag (g/t) AuEq (g/t)**
21MLDD004***   65.00 96.00 31.00 0.88 15.22 1.07
and 257.00 334.00 77.00 1.11 35.93 1.56
incl. 266.00 269.00 3.00 16.29 599.67 23.79
  21MLDD005   107.00 109.00 2.00 3.34 188.00 5.69
21MLDD011   115.00 154.00 39.00 0.71 17.37 0.93
120.12 122.00 1.88 5.16 92.58 6.31
  131.00 132.00 1.00 5.99 81.40 7.01
21MLDD012 91.00 131.10 40.10 0.51 26.01 0.84
incl. 102.91 103.93 1.02 3.56 132.00 5.21
and  110.00 113.83 3.83 0.94 68.55 1.79
and 129.26 131.10 1.84 5.07 89.98 6.20
21MLDD017   8.13 48.00 39.87 0.31 35.49 0.75
incl. 25.00 26.00 1.00 2.18 333.00 6.34
344.00 354.00 10.00 0.35 41.87 0.87
incl. 352.00 354.00 2.00 0.60 166.80 2.69
21MLDD018   47.00 51.00 4.00 0.65 25.41 0.97
94.00 127.20 33.20 0.79 3.14 0.83
incl 115.00 125.00 10.00 1.90 2.34 1.93
incl 115.00 117.00 2.00 4.46 3.82 4.51
363.38 364.00 0.62 1.69 158.00 3.67
21MLDD021   20.00 28.00 8.00 1.74 45.64 2.31
incl 20.00 21.00 1.00 12.70 310.00 16.58
  146.07 150.00 3.93 0.57 48.74 1.18
21MLDD022   40.00 60.00 20.00 0.35 28.22 0.70
incl 40.00 46.00 6.00 0.39 35.16 0.83
57.00 60.00 3.00 1.17 96.07 2.37
22MLDD002   65.00 112.00 47.00 1.03 44.32 1.58
incl. 73.00 76.00 3.00 12.10 430.08 17.48
incl. 74.36 74.98 0.62 44.90 1310.00 61.28

* 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.

*** New interval extending previously released results for 21MLDD004 on October 27, 2021.

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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