Benchmark Metals stock jumps on new drill results
Benchmark Metals Inc. (TSXV: BNCH) today reported results from the initial 6 drill holes at the Lawyers Trend (Cliff Creek zone), part of the company’s ongoing drill program to expand the current resources at its Lawyers gold-silver project. Five of the holes returned 2-3 discrete mineralized intercepts within the same hole ranging from 1 to 46 metres.
“The Benchmark geological team has hit targets on 100% of the drill holes,” Benchmark Metals CEO John Williamson said in a media statement. “This includes intervals of intense alteration, multi-phase veining with mineralization intersected in all drill holes. “
Shares of Benchmark Metals surged by more than 10% at market open on Tuesday. The company has a market cap of C$20.2 million.
Drilling will also commence soon at the subparallel AGB zone, where Benchmark is looking to establish new resources. The company had previously reported historical high-grade drill intersections from this zone: 108.36 g/t gold and 911.2 g/t silver over 7 metres and 6.96 g/t gold and 254.7 g/t silver over 57.9 metres.
The Lawyers property, covering 127 square kilometres of prospective rocks, is situated in the Stikine Terrane of northern British Columbia, and falls within the mineral-endowed ‘Golden Horseshoe’.
A five-year work and exploration permit was recently granted to Benchmark Metals by the British Columbia government. To date, the company has collected 141 rock grab samples, 160 trench samples, and 1,491 soil samples from across the property.