Benchmark Metals Inc (CVE:BNCH) (OTCQB:CYRTF) unveiled on Thursday highly promising metallurgical results, which have supported its goal of developing its flagship Lawyers project in British Columbia towards a mine.
Samples were taken from three resource target areas at the site and tested - the Cliffs Creek North and South (CN & CS), Dukes Ridge (DR), and Amethyst Gold Breccia (AGB) zones, Benchmark said.
Shares in the firm shot up over 17% in Toronto to C$1.44 each.
Combined gravity and leach testing from all three areas saw recoveries range from between 91% and 97% gold and between 59% and 92% silver, while flotation testing at all had recoveries ranging from between 85% and 98% gold, and 39% to 97% silver.
"The metallurgy results have provided exceptional recovery for both gold and silver using conventional technology," Benchmark CEO, John Williamson, said in a statement.
"This is a major engineering milestone to rapidly advance the project through project development towards a production decision. Ongoing metallurgy, drilling, baseline studies, engineering and permitting are all supportive endeavors for a near-term preliminary economic assessment (PEA). The strong, gold and silver recovery rates will contribute to the economics of this project."
Further metallurgical testing is now planned to improve and better define the process flowsheet ahead of a PEA scheduled to be completed in the first or second quarter of 2021.
Initial results indicate that whole ore leaching can expect an average recovery in the mid 90% range for gold, while silver recovery was more variable ranging from 59% to 93% depending on the sample and leach conditions used.
The principal resource target of Cliff Creek North had the highest silver leach recoveries ranging from 83% to 93%, noted Benchmark.
The Lawyers project lies in the prolific Golden Horseshoe area of north-central British Columbia, Canada.
---Updates for share price---
Contact the author at firstname.lastname@example.org