Benchmark Metals Inc (CVE:BNCH) (OTCQB:CYRTF) has reported very encouraging drill assays from a hole at its flagship Lawyers gold-silver project in British Columbia, which augurs well for the potential resource at the Cliff Creek area.
The hole was sunk at a zone of limited historical drilling east of the Cliff Creek main zone and outside of the modeled mineralization, the company noted.
From surface, it hit broad mineralization and yielded 57.91 metres (m) of 1.90 grams per tonne (g/t) gold and 91.96 g/t silver or 3.05 g/t gold equivalent. Within this, were higher-grade intervals include 33.53 metres of 3.17 g/t gold and 152.28 g/t silver or 5.07 g/t gold equivalent.
READ: Benchmark Metals signs trilateral agreement with three First Nations to advance Lawyer’s gold-silver project in British Columbia
"This significant result of both high-grade and bulk-tonnage mineralization is very encouraging as it will provide additional tonnage, better strip ratio and improved gold and silver grades for the Cliff Creek resource potential," John Williamson, Benchmark CEO said in a statement.
"Benchmark is rapidly advancing the project with near-term drill results and milestone events in the context of record gold prices," he added.
At the Cliff Creek Zone, the firm has already defined a bulk-tonnage target in the range of 1.68 to 1.92 million ounce (Moz) gold equivalent at an average grade ranging from 1.71-1.73 g/t gold equivalent. The zone extends over 1.2 kilometres and is open in all directions.
Today's drill result is the first of the assays received from the firm's 20,000 plus completed metres from 117 holes as part of its planned 50,000 metre drill program at the project in the famous Golden Horseshoe in north-central British Columbia.
Benchmark anticipates publishing further drill results from August through to November this year to support a new resource estimate.
Shares in Toronto surged nearly 12% to C$1.23 each.
---Updates for share price---
Contact the author at [email protected]