Edmonton – June 14, 2019 – Benchmark Metals Inc. (the “Company” or “Benchmark“) (TSX-V: BNCH) (OTCQB: CYRTF) (WKN: A2JM2X) – is pleased to provide drilling plans and historical results at the Amethyst Gold Breccia Zone (AGB), situated within the regional Lawyers Trend. Selected historical high-grade drilling intersected 108.36 g/t gold and 911.2 g/t silver over 7 metres (DDH81AS43) core length and 6.96 g/t gold and 254.70 g/t silver over 57.9 metres (DDH82AS16) core length. The Lawyers Project is situated in the Stikine Terrane of northern British Columbia, Canada, and falls within the prolific, mineral endowed ‘Golden Horseshoe’ (see May 30 news release).
Selected historical drilling intercepts and trench results at the AGB zone include:
High-grade drilling intercepts:
- DDH81AS43* intersected 108.36 g/t gold and 911.20 g/t silver over 7 metres; and
- DDH85AU17-2* intersected 26.9 g/t gold and 220.08 g/t silver over 12 metres.
High-grade, long drilling intercepts:
- DDH82AS16* intersected 6.96 g/t gold and 254.70 g/t silver over 57.9 metres;
- DDH82AS17* intersected 4.06 g/t gold and 409.06 g/t silver over 40.9 metres; and
Bulk tonnage drilling intercepts (see Figure 2 Section Map):
- DDH82AS14* intersected 2.27 g/t gold and 238.96 g/t silver over 25.7 metres;
- DDH82AU16* intersected 3.78 g/t gold and 82.4 g/t silver over 35 metres,
- DDH80-18 intersected 2.02 g/t gold and 123.77 g/t silver over 30 metres.
*The AGB Zone was mined between 1989-1992 and the areas where these intercepts occur may have been mined.
Selected Trench Channel Sample Composites:
- 5.12 g/t gold and 20.79 g/t silver over 27.03 metres
The historical results presented above, including those recently reported (see May 31 and June 4 news release) and displayed on Figure 2 show that within the region of historical production the mineralization remains open at depth and along strike, with high-grade historical intercepts from the deepest drill hole of this section returning 3.78 g/t gold and 82.4 g/t silver over 35 metres core length. Based on limited information from historical mine level plans and ore block models, the historical workings extend for ~230m along strike and ~200m depth from surface. However, drilling and mineralization extend beyond this to the south, for a total strike length of 400m, suggesting there is potential for additional infill drilling and resource expansion.
Additionally, mineralization was intersected in DDH80-18 returning 2.2 g/t gold and 123.89 g/t silver over 30 metres core length along a parallel mineralized structure occurring to the east of the main AGB zone, beyond the majority of the historical drilling, and beyond the footprint of the historically mined area.
The surface expression of the mineralized system can be traced to the north, south, and east, beyond the existing drilling, defined by large gold-in-soil anomalies, selective rock grab samples up to 22.20 g/t gold and 80.90 g/t silver, and selected composite trench channel sample results up to 5.13 g/t gold and 20.79 g/t silver over 27.03 metres. These results are situated within a zone of pervasive potassic alteration resulting in a large, +1 km2 radiometric anomaly that is coincident with the known mineralization. The anomaly continues to the north and to the south of AGB, across the valley towards Dukes Ridge and Phoenix zones and remains untested.
The 2019 drilling program for the AGB Zone will begin by focusing on step-out and deeper drilling targeting mineralization where the geochemistry, potassic alteration and geophysical anomalies indicate a total signature length of +500 metres (see Figure #1). In addition, the limited historical drilling to the east of the main zone, as well as a large historic soil anomaly to the east, suggest there is potential for a significant parallel lode.
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 between 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.
Figure #1 – Plan Map
The plan map provides drill targets across the AGB Zone with selected drill results, geochemistry and surface sampling over K-radiometric geophysics.
Figure #2 – Map Section
The Map Section shows an area that was partially mined but remains open as indicated by drilling.
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.
Benchmark completes flow-through financing
Further to the news release of May 28, 2019, the Company is pleased to announce the third and final closing of its financing announced on April 26, 2019, of 468,000 flow-through shares at a price of $0.22 per share for gross proceeds of $102,960 (the “Offering”). The securities for the Offering will bear legends restricting resale until October 11, 2019.
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
For further information, please contact:
Jim Greig, President
Tel: (604) 260-6977
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This news release may contain certain “forward looking statements”. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Any forward-looking statement speaks only as of the date of this news release and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.