BENCHMARK DELIVERS 2.1 MILLION OUNCES OF 1.62 G/T AuEq INDICATED AND 820,000 OUNCES OF 1.57 G/T AuEq INFERRED FOR ITS INITIAL MINERAL RESOURCE ESTIMATE

ID: 1567162
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(businesspress24) -
Edmonton - May 14, 2021 - Benchmark Metals Inc. (the "Company" or "Benchmark") (TSX-V: BNCH) (OTCQX: BNCHF) (WKN: A2JM2X) - is pleased to announce the initial bulk-tonnage Mineral Resource Estimate (MRE) for its Lawyers Gold-Silver Project in a road accessible area of north-central British Columbia, Canada. A total of 696 drill holes totaling 123,101.2 metres collectively from the Cliff Creek, AGB, Dukes Ridge and Phoenix Zones were used in the MRE completed by P&E Mining Consultants Inc. (P&E).

Highlights include:

- Indicated Mineral Resource of 2.1 million ounces grading 1.62 grams per tonne (g/t) gold equivalent (AuEq), as per Table 1;
- Inferred Mineral Resource of 821,000 ounces grading 1.58 g/t AuEq;
- The Mineral Resource is amenable to both open pit and underground mining methods;
- Pit constrained (open pit)
- Indicated - 2.05 M oz AuEq
- Inferred - 595 k oz AuEq
- Out of Pit (potential underground below the pit at Cliff Creek)
- Indicated - 48 k oz AuEq
- Inferred - 226 k oz AuEq
- The Mineral Resource shows excellent continuity and consistency, demonstrated by increasing AuEq cut-off grades having marginal impact on the pit constrained AuEq ounces as demonstrated in Table 2;
- The MRE will form the basis of a Preliminary Economic Assessment (PEA) expected to be completed in late Q2 2021, and;
- All of the zones remain open and Benchmark is fully funded for its upcoming 100,000 metre drill program.

John Williamson, CEO, commented, This initial multi-million-ounce Mineral Resource has exceeded all expectations and has significant expansion potential with the planned 2021 drill program. In addition, the regional exploration drill program will be targeting zones for new satellite deposits.

Ian Harris, VP Engineering, commented The project is demonstrating potential for economic mining methods with high-grade mineralization extending from surface to depth. The resilience of the Mineral Resource at a wide range of cut-off grades in all pits bodes well for the upcoming Preliminary Economic Assessment and is expected to provide multiple routes to successful project design. Benchmarks drill-to-build philosophy is delivering the results to develop the Lawyers project into a world-class gold silver mine.



The 2021 drill program will consist of approximately 100,000 m of drilling, of which 50,000 m will be for Mineral Resource definition drilling to both expand current Mineral Resources and to upgrade the current Inferred Mineral Resources to Measured & Indicated classifications for inclusion in an anticipated Feasibility Study in 2022. In addition to expanding the Mineral Resource zones at depth and along strike, a regional exploration program will consist of ~50,000 m to drill test and expand existing and new discovery targets. The regional program has potential to add gold-silver ounces in an updated Mineral Resource Estimate for 2021. The effective date of the MRE is May 11, 2021 and a Technical Report on the Lawyers project will be filed on the Companys website and SEDAR within 45 days of this news release.

Table #1: Lawyers Initial Mineral Resource Estimate (1-7)
Pit Constrained Mineral Resource (at) 0.5 g/t AuEq Cut-Off
ResourcClassificaTonnesAu Ag AuEq Au Ag AuEq
e tion k g/t g/t g/t k oz M oz
Area

k oz
Cliff Indicated 30,0081.18 36.6 1.58 1,13435.4 1,525
Creek
Inferred 12,8750.95 24.4 1.22 393 10.1 505
Dukes Indicated 2,618 0.91 34.1 1.29 77 2.9 109
Ridge

PhoenixInferred 964 0.83 25.9 1.12 26 0.8 35
AGB Indicated 7,340 1.27 45.5 1.77 300 10.7 419
Inferred 1,132 1.13 33.0 1.50 41 1.2 55
Total Indicated 39,9661.18 38.1 1.60 1,51149 2,053
Inferred 14,9710.96 25.1 1.24 460 12.1 595

Total Out of Pit Mineral Resource (at) 2.0 g/t AuEq Cut-Off
ClassificaTonnesAu Ag AuEq Au Ag AuEq
tion k g/t g/t g/t k oz M oz k oz


Total Indicated 333 3.24 110.14.45 35 1.2 48
(Cliff
Creek
+
AGB)

Inferred 1,232 4.03 152.35.71 160 6 226

Total Mineral Resource
ResourcClassificaTonnesAu Ag AuEq Au Ag AuEq
e tion k g/t g/t g/t k oz M oz K oz

Area
All Indicated 40,2991.19 38.7 1.62 1,54650.2 2,101
Inferred 16,2031.19 34.7 1.58 620 18.1 821

1. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues. There is no certainty that Mineral Resources will be converted to Mineral Reserves.
2. The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration.
3. The Mineral Resources in this news release were estimated in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions (2014) and Best Practices Guidelines (2019) prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.
4. Mineral Resource estimation parameters were as follows:
a. Total database of 696 drill holes with 77,175 assays
b. 65 mineralized domains
c. 5m x 5m x 5m block model
d. One metre capped composites
e. Inverse distance cubed grade interpolation for Indicated used minimum of three composites from two holes
f. Bulk density of 2.67 t/m3
g. Average respective Indicated and Inferred classification search ranges of 35m and 65m
5. Metal prices used were US$1,600/oz Au and US$20/oz Ag and 0.80 FX with process recoveries of 90% Au and 83% Ag. A C$24/tonne process cost and C$5 G&A cost were used. The Au:Ag ratio was 90:1.
6. The constraining pit optimization parameters were C$3/t mineralized and waste material mining cost and 50-degree pit slopes with a 0.50 g/t AuEq cut-off.
7. The out-of-pit parameters were at a C$100/t mining and $15/t sustaining development cost. The out-of-pit Mineral Resource grade blocks were quantified above the 2.0 g/t AuEq cut-off, below the constraining pit shell and within the constraining mineralized wireframes. Out-of-Pit Mineral Resources selected exhibited continuity and reasonable potential for extraction by the long hole underground mining method.

Figure 1 - Map illustrating the Cliff Creek, AGB, Dukes Ridge and Phoenix block models, $1600/oz AuEq modeled open pits and the expansion potential of the zones.
https://www.irw-press.at/prcom/images/messages/2021/58399/2021-05-14_Benchmark_Resource(final)_ENPRcom.001.jpeg


Table #2: Sensitivity analysis of grade and tonnage at varying pit-constrained AuEq cut-off grades at the Cliff Creek, AGB, and Dukes Ridge & Phoenix deposits.

ZoneClasCut-ofTonnagAu ContainedAg ContaiAuEqContain
s f e ned ed
Au
Clif AuEq gk g/t Au k oz g/t Ag M og/t Au Eq k
f /t z
Cre oz
ek

Indi1 14,7421.82862 60.5 28.6 2.491,179
cate
d

0.90 16,6661.70908 55.6 29.8 2.311,237
0.80 19,0041.57958 50.9 31.1 2.131,301
0.70 21,8411.441,011 46.1 32.3 1.951,369
0.60 25,3801.311,070 41.4 33.8 1.771,443
0.50 30,0081.181,134 36.6 35.4 1.581,525
0.40 36,2741.031,205 31.8 37.1 1.381,615
0.35 40,2070.961,242 29.4 38.0 1.291,662
0.30 44,8530.891,280 27.0 38.9 1.191,711
0.20 55,9500.751,348 22.7 40.8 1.001,799
Infe1.0 5,354 1.51259 40.1 6.9 1.95335
rred

0.90 6,219 1.40280 37.1 7.4 1.81362
0.80 7,312 1.29303 34.0 8.0 1.67392
0.70 8,737 1.18330 30.8 8.6 1.52426
0.60 10,4701.07359 27.7 9.3 1.37462
0.50 12,8750.95393 24.4 10.1 1.22504
0.40 16,3750.82433 20.9 11.0 1.05554
0.35 18,5120.76453 19.4 11.5 0.98580
0.30 20,8470.70472 17.9 12.0 0.90604
0.20 26,4380.60506 15.3 13.0 0.76649
DR_PIndi1 1,122 1.4853 54.7 2.0 2.0875
X cate
d

0.90 1,292 1.3757 50.9 2.1 1.9480
0.80 1,501 1.2661 47.0 2.3 1.7886
0.70 1,773 1.1565 42.9 2.4 1.6392
0.60 2,146 1.0371 38.4 2.6 1.46100
0.50 2,619 0.9177 34.1 2.9 1.29109
0.40 3,238 0.8083 29.9 3.1 1.13117
0.35 3,634 0.7486 27.8 3.2 1.05122
0.30 4,084 0.6889 25.8 3.4 0.97127
0.20 5,144 0.5895 21.9 3.6 0.82135
Infe1.0 426 1.2316 36.5 0.5 1.6322
rred

0.90 494 1.1518 34.7 0.6 1.5424
0.80 578 1.0820 32.8 0.6 1.4426
0.70 682 1.0021 30.4 0.7 1.3329
0.60 814 0.9123 28.3 0.7 1.2232
0.50 964 0.8326 25.9 0.8 1.1235
0.40 1,148 0.7527 23.5 0.9 1.0137
0.35 1,265 0.7028 22.3 0.9 0.9538
0.30 1,396 0.6629 21.0 0.9 0.8940
0.20 1,702 0.5731 18.5 1.0 0.7842
AGB Indi1 3,892 2.02253 62.9 8.0 2.72340
cate
d

0.90 4,355 1.87262 59.6 8.3 2.53354
0.80 4,906 1.72271 56.1 8.8 2.34369
0.70 5,533 1.58280 52.7 9.4 2.16384
0.60 6,320 1.43290 49.2 10.0 1.97400
0.50 7,340 1.27300 45.5 10.7 1.77419
0.40 8,620 1.12309 41.6 11.5 1.58437
0.35 9,454 1.04314 39.4 12.0 1.47447
0.30 10,4890.95320 37.0 12.5 1.36458
0.20 13,4640.76331 31.5 13.6 1.11481
Infe1.0 541 1.8932 41.8 0.7 2.3540
rred

0.90 613 1.7434 40.6 0.8 2.1843
0.80 707 1.5735 39.1 0.9 2.0145
0.70 854 1.3837 37.1 1.0 1.7949
0.60 988 1.2539 35.2 1.1 1.6452
0.50 1,132 1.1341 33.0 1.2 1.5055
0.40 1,311 1.0242 30.7 1.3 1.3557
0.35 1,421 0.9543 29.5 1.3 1.2858
0.30 1,560 0.8844 28.1 1.4 1.1959
0.20 1,934,0.7445 24.9 1.6 1.0162

Quality Assurance and Control

Results from samples were analyzed at ALS Global Laboratories (Geochemistry Division) in Vancouver, Canada (an ISO/IEC 17025:2017 accredited facility). The sampling program was undertaken by Company personnel under the direction of Rob L''Heureux, P.Geol. A secure chain of custody is maintained in transporting and storing of all samples. Gold was assayed using a fire assay with atomic emission spectrometry and gravimetric finish when required (+10 g/t Au). Analysis by four acid digestion with 48 element ICP-MS analysis was conducted on all samples with silver and base metal over- limits being re-analyzed by atomic absorption or emission spectrometry. Rock chip samples from outcrop/bedrock are selective by nature and may not be representative of the mineralization hosted on the project.

Michael Dufresne, M.Sc, P.Geol., P.Geo., and Eugene Puritch, P.Eng. of P&E Mining Consultants Inc. are the Qualified Persons, as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects, who have reviewed and approved of the scientific and technical disclosure in this news release. Mr. Puritch is independent of the Company.

About Benchmark Metals

Benchmark Metals Inc. is a Canadian mineral exploration company focused on proving and developing the substantial resource potential of the Lawyers Gold-Silver Project, located in the prolific Golden Horseshoe of northern British Columbia, Canada. The Company trades on the TSX Venture Exchange in Canada, the OTCQX Best Market in the United States, and the Tradegate Exchange in Europe. Benchmark is managed by proven Mineral Resource sector professionals, who have a track record of advancing exploration projects from grassroots scenarios through to production.

Benchmark is part of the Metals Group of companies, managed by an award-winning team of professionals who stand for technical excellence, painstaking project selection and uncompromising corporate governance, with a proven ability to capitalize on investment opportunities and deliver shareholder returns.
https://www.irw-press.at/prcom/images/messages/2021/58399/2021-05-14_Benchmark_Resource(final)_ENPRcom.002.png

www.metalsgroup.com

ON BEHALF OF THE BOARD OF DIRECTORS

s/ John Williamson
John Williamson, Chief Executive Officer

For further information, please contact:
Jim Greig
Email: jimg(at)BNCHmetals.com
Telephone: +1 604 260 6977

Benchmark Metals Inc.
10545 - 45 Avenue NW
250 Southridge, Suite 300
Edmonton, AB CANADA T6H 4M9

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

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.



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Date: 05/14/2021 - 16:08
Language: English
News-ID 1567162
Character count: 14762
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