Investors may want to pay close attention to Benchmark Metals’ (TSXV: BNCH) (OTCQX: BNCHF) “substantial” potential of its Lawyers Gold-Silver Project in the prolific region of British Columbia’s Golden Horseshoe. “Exploration in the Toodoggone district, where the project sits, began in the late 1960s and identified numerous showings, prospects, and deposits in the Lawyers project area,” reports Investing.com. “But the company says previous work has ignored the bulk tonnage and porphyry potential of the property.” Other companies operating in the prolific region of Canada include Thesis Gold Inc. (TSXV: TAU) (OTC: THSGF), Amarc Resources Ltd. (TSXV: AHR) (OTC: AXREF), Skeena Resources Ltd. (TSX: SKE) (NYSE: SKE), and Centerra Gold Inc. (TSX: CG) (NYSE: CGAU).
“Exploration on the Lawyers property and the surrounding area began in the late 1960s and peaked in the 1980s, identifying numerous showings, prospects and deposits culminating in the development of the Lawyers gold-silver mine that operated from 1989-1992 and produced 171,200 oz gold and 3.6 million oz silver over the 4-year period. The deposit was never fully mined, or the surrounding area thoroughly explored for gold-silver mineralization,” according to Benchmark Metals.
Look at Benchmark Metals Inc. (TSXV: BNCH) (OTCQX: BNCHF)
Benchmark Metals Inc. reported the completion of a Preliminary Economic Assessment on the Lawyers Gold-Silver Project located within a road accessible region of the prolific Golden Horseshoe area of north-central British Columbia, Canada. The PEA presents a robust open pit mining operation with attractive economics at base case gold and silver prices.
- Robust financial metrics in a desirable location
Pre-tax NPV5% of C$ 921M, IRR 30.5%, and 2.1-year payback
Pre-tax Net Operating Income of C$ 2,140M
Base case metal price parameters of US$ 1,735 per ounce of gold and US$ 21.75 per ounce of silver
After-tax NPV5% of C$ 577M, IRR 23.5%, and 2.7-year payback
- Capital light development
Initial capital of C$ 493M (including C$ 72.8M in contingency)
Life of Mine capital of C$ 632M
Strong 1.9:1 Initial Capex to Pre-tax NPV5% ratio
Minimal pre-strip limited to TSF starter dam construction
- Long mine life with exceptional expansion opportunity
Total resource production of 46.3 M tonnes over 12-year mine life
Average annual production of 169k AuEq ounces
LOM production 2.02M payable AuEq ounces
Average AuEq Head Grade of 1.47 g/t
Average gold recovery of 92.4%
- Low AISC (net of by-products) *of US$ 824/Au oz
*All-In Sustaining Costs (Net of By-Products) are calculated for the purpose of the Study as the sum of all operating costs (mining, processing, site administration and refining), reclamation and sustaining capital, minus the revenue from Ag, all divided by the gold ounces sold to arrive at the per ounce Au figure.
John Williamson, CEO commented, “The PEA clearly demonstrates the low cost and robust return of the Lawyer’s Gold-Silver Project even when stress tested with considerable contingency in the base case. We continue on a straightforward pathway to advancement. We continue to test new targets on the large prospective land package to add value to a project that is simple, low risk with a high-grade near surface open-pit resource, combined with proximity to existing infrastructure, making it one of the best candidates to become British Colombia’s next precious metal mine.”
The PEA considers a conventional truck and shovel open-pit mining operation, with common equipment sizing, covering the Cliff Creek, Dukes Ridge (included in CC), and AGB pits, feeding a 10,600 tonnes per day industry standard processing plant with two-stage crushing, grinding, whole-ore leach and a Merrill Crowe recovery circuit, with production of gold-silver dore´ bullion on site. The PEA is based on an update of the mineral resource estimate announced by the Company on June 11, 2022 press release. The PEA was prepared by JDS Energy and Mining Inc. of Vancouver, British Columbia, Canada.
Ian Harris, VP Engineering, commented “The PEA confirmed the current project development timelines, with industry standard open-pit mining methods, processing flowsheet, design criteria, and compact footprint. Multiple target high-grade resource areas have been identified near but outside the pit limits. There is a significant opportunity to upgrade the already robust project through adding underground mining to production scheduling. These evaluations that represent a considerable upside opportunity will be incorporated into detailed mine planning of the feasibility study.”
The full PEA will be filed on SEDAR at www.sedar.com and Benchmark’s website www.benchmarkmetals.com within 45 days of the issuance of this news release.
Other related developments from around the markets include:
Thesis Gold Inc. announced the receipt of an amended Mines Act permit for the Ranch Gold Project, located in a road accessible region of the Golden Horseshoe in north-central British Columbia, Canada. Dr. Ewan Webster, President and CEO, commented, “This new permit it a huge milestone for the Company and project, allowing us to not only expand the scope and scale of the exploration program, but for the first time in decades will allow the project to become fully road accessible again. The associated infrastructure upgrades are well underway and expected to be completed in early September. Our expansive exploration program is progressing very well and currently has four diamond drills turning. We look forward to sharing the drill results in the coming weeks as they become available.”
Amarc Resources Ltd. announced assay results from an initial, nine-hole drill program (4,300 m) completed in 2021 with Freeport-McMoRan Mineral Properties Canada Inc. Freeport is earning into the Company's 482 km2 JOY Cu-Au District located in the active Toodoggone portion of the Golden Horseshoe trend, north-central British Columbia. "One of the key factors that drove our acquisition and consolidation of the JOY District was a recognition of the important-scale potential of the PINE copper-gold deposit," said Amarc President & CEO Diane Nicolson. "A significant number of historical core holes were available for reassessment, providing the scope for both reinterpretation and rediscovery. Building on these legacy assets, the three long core holes we completed at the PINE deposit in 2021 intercepted some of the highest grades over the longest intervals encountered to date and indicate the extension of copper-gold mineralization to significant depth. Also, valuable information derived from historical core holes combined with new surface mapping and geophysical surveys have confirmed additional potential for higher-grade zones within the known deposit, major lateral extensions and the discovery of proximal deposits."
Skeena Resources Ltd. welcomed the historic consent-based decision-making agreement reached by the Province of British Columbia and the Tahltan Central Government. Through this Agreement, the proposed Eskay Creek gold-silver project, located in Tahltan Territory, will be the first mining project to have permits authorized by an Indigenous Government. As a formal recognition of the Tahltan Nation’s right to manage resource development decisions within their Territory, it is a significant step forward by all parties to implement the principles of the United Nations Declaration on the Rights of Indigenous Peoples (UNDRIP) in the environmental assessment process.
Centerra Gold Inc. announced that its Board of Directors has approved a quarterly dividend of C$0.07 per common share – approximately C$15.4 million or US$12.0 million. The quarterly dividend is payable on September 8, 2022, to shareholders of record on August 25, 2022. The dividend is an eligible dividend for Canadian income tax purposes. In accordance with Centerra’s dividend policy, the timing and quantum of dividends are to be determined by the Board of Directors from time-to-time based on, among other things, the Company’s operating results, cash flow and financial conditions, Centerra’s current and anticipated capital requirements, and general business conditions.
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