Benchmark Metals (TSXV: BNCH)

    Die Frage ist, wer hat die 26 Mio Aktien am 21.01. von E. Sprott gekauft?
    Übrigens in Gold sieht es auch nicht so schlecht aus:
    [Blockierte Grafik: https://assets.wallstreet-onli…8-img-20220204-194724.jpg]


    und
    Sprott Research:
    https://sprott.com/media/4839/220131-scp-bnch-drilling.pdf
    Why we like Benchmark Metals
    • 3Moz @ 1.68g/t AuEq with vanilla metallurgy and open-pit mining
    • Potential 150-200koz pa base-case production before near-mine ounce growth
    • Expected MRE growth from 3Moz AuEq now toward 4Moz AuEq in 1H22
    • Regional exploration almost untouched; 100m @ 0.8g/t points to large ounce upside
    • High grade UG potential at Cliffs Creek; 4m @ >1opt results 425m below surface
    Catalysts
    • 1H22: Updated MRE
    • Mid 2022: Maiden PEA
    TARGET (unc): C$2.05/sh
    Kurs 04.02.2022 - 1,03C$

    Benchmark Drills 118.00 Metres of 2.23 g/t Gold and 25.01 g/t Silver or 2.54 g/t Gold Equivalent near Surface at the Cliff Creek Deposit
    https://ceo.ca/@newsfile/bench…metres-of-223-gt-gold-and
    Benchmark Metals Inc. (TSXV: BNCH) (OTCQX: BNCHF) (WKN: A2JM2X) (the "Company" or "Benchmark") is pleased to announce new results from 4 drill holes extending across 750 metres strike-length from the Cliff Creek North (CCN) to Cliff Creek Mid Zones. Drilling has yielded broad zones of bulk-tonnage and high-grade mineralization including 118.00 metres (m) core length of 2.23 grams per tonne (g/t) gold and 25.01 g/t silver or 2.54 g/t gold equivalent (AuEq)* with 5.05 m of 22.64 g/t gold and 89.58 g/t silver or 23.76 g/t AuEq* in drill hole 21CCDD085 (Figure 1). These results continue to demonstrate the precision of the geological modeling, intersecting strong mineralization where expected as well as testing the plunge of high-grade zones to depth. Continuity in mineralization remains open >550 metres vertical depth at Cliff Creek North and >450 metres vertical depth at Cliff Creek South, highlighting the potential for open pit as well as underground mining. New drilling during 2022 has yielded over >10,000 metres and continues to expand mineralization in multiple deposit areas. Benchmark's flagship Lawyers Gold-Silver Project is located within a road-accessible region of the prolific Golden Horseshoe area of north-central British Columbia, Canada.
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    Benchmark Drills 51.74 Metres of 3.71 g/t Gold Equivalent at the Dukes Ridge Deposit Extending Mineralization from Surface to over 250 Metres Vertical Depth
    https://www.newsfilecorp.com/release/119403
    Highlights

    • Targeted drilling of plunging high-grade mineralization below the 2021 MRE pit-shell has yielded 13.74 m of 6.43 g/t Au and 378.59 g/t Ag, or 11.16 g/t AuEq, within a broader interval grading 2.11 g/t Au and 127.86 g/t Ag, or 3.71 g/t AuEq over 51.74 metres in hole 22DRDD003.
    • Infill drilling of extensive zones of bulk-tonnage mineralization beginning near surface in the north-central portion of Dukes Ridge, including 91.44 m of 0.56 g/t Au and 19.53 g/t Ag or 0.80 g/t AuEq with 13.72 m of 1.43 g/t Au and 67.76 g/t Ag or 2.28 g/t AuEq in hole 22DRDD007.
    • These results confirm the validity and accuracy of geological modeling, with planned holes intersecting strong mineralization where expected.

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    Benchmark Drills 57.00 Metres of 2.52 g/t Gold Equivalent Contributing Additional Gold and Silver Ounces to the Upcoming Mineral Resource Estimate

    https://www.newsfilecorp.com/release/122055
    Highlights

    • Targeted drilling of plunging high-grade mineralization below the 2021 MRE pit-shell has yielded 9.06 m of 6.87 g/t Au and 182.72 g/t Ag, or 9.16 g/t AuEq, within a broader interval grading 1.72 g/t Au and 64.41 g/t Ag, or 2.52 g/t AuEq over 57.00 metres in hole 22DRDD022.
    • High-grade zones within broad bulk-tonnage zones akin to mineralization at Cliff Creek:

      • 0.37 m of 65.60 g/t Au and 2600.00 g/t Ag or 98.00 g/t AuEq, and 2.52 m of 18.26 g/t Au and 552.85 g/t Ag or 25.17 g/t AuEq within a broader interval grading 2.17 g/t Au, 78.14 g/t Ag or 3.15 g/t AuEq over 38.22 metres in hole 22DRDD026.
      • 1.00 m of 9.43 g/t Au and 34.20 g/t Ag or 9.86 g/t AuEq, and 1.00 m of 6.41 g/t Au and 62.40 g/t Ag or 7.19 g/t AuEq within a broader interval grading 0.93 g/t Au, 8.46 g/t Ag or 1.04 g/t AuEq over 41.33 metres in hole 22DRD019.
    • These results confirm the validity and accuracy of geological modeling, with planned holes intersecting strong mineralization where expected.

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    [Blockierte Grafik: https://orders.newsfilecorp.com/files/6169/122055_5b415a5304b27909_002.jpg]


    Benchmark Expands New Discovery Area with 77.00 Metres at 1.56 g/t Gold Equivalent of Gold-Silver Mineralization
    https://www.newsfilecorp.com/release/124908
    Highlights

    • Two significant zones of broad bulk-tonnage and high-grade mineralization intercepted at the Marmot Zone, similar in nature to the zones of mineralization encountered within the deposit areas at Cliff Creek and AGB.
    • Drill hole 22MLDD002 intersected 47.00 m of 1.03 g/t Au and 44.32 g/t Ag or 1.58 g/t AuEq including 3.00 m of 12.10 g/t Au and 430.08 g/t Ag or 17.48 g/t AuEq, providing an additional high-priority zone for follow-up ~300 m northwest of 21MLDD004. See Table 1 for additional results from the Marmot zone.
    • Geophysical interpretation suggests a correlation between gold-silver mineralization and the margins of magnetic highs with coincident chargeability anomalies. The distribution of these geophysical relationships coupled with core logging and field observations suggest the mineralizing systems remains open in all directions.

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    Benchmark Increases Overall Gold Ounces by 44% and 77% in the Measured & Indicated Classification with Expanded Mineral Resource Estimate Further Derisking the Gold-Silver Project

    https://www.newsfilecorp.com/release/127400

    [b]Highlights: 2022 Expanded Mineral Resource Estimate
    [/b]

    • Indicated Mineral Resource of 3.14 million ounces grading 1.45 grams per tonne (g/t) gold equivalent (AuEq), contained within 67.4 million tonnes as per Table #1;


    • Inferred Mineral Resource of 415,000 ounces grading 2.63 g/t AuEq contained within 4.9 million tonnes;


    • 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;


    • High Grade Zones - Indicative Starter Pits with higher-grade;


    • Cliff Creek and Dukes Ridge deposits show 5.2 million tonnes at 1.74 g/t AuEq for approximately 292,000 oz AuEq at a preliminary strip ratio of 2.2:1
    • AGB deposit 7.5 million tonnes at 1.74 g/t AuEq for approximately 418,000 oz AuEq at a preliminary strip ratio of 1.7:1
    • Strip ratios - Overall OP preliminary strip ratio for the full MRE is 5.6:1 for CC-DR and 2.9:1 for AGB;
    • The MRE will form the basis of a Preliminary Economic Assessment (PEA) to be completed in Q3, 2022;
    • All of the zones remain open for further expansion, and;
    • The Project holds multiple satellite targets for discoveries and additional gold-silver mineralization.

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    Jim 2022/08/19


    GROSS GESCHRIEBENE PASSAGEN SIND DIE ANTWORTEN VON JIM



    Hi xxx,


    My apologies, it has taken far too long for a response!


    a user on ceo.ca told me that prices increased in CAN around 40%
    (material and energy costs); i suppose BNCH have included this increase
    already in the PEA; i suppose this is the reason you took POG $1735 for
    your PEA calculation; but silver at 21.75 is sporty ^^
    WE ARE SEEING SOME COST INFLATION. BUT WE INCLUDED A LARGE CONTINGENCY
    IN THE PEA TO ACCOUNT FOR MORE COSTS AS WE WORK TOWARDS THE FEASIBILITY
    STUDY. $73 MILLION REPRESENTS A HEALTHY BUFFER FOR FUTURE COSTS.


    i also suppose all
    PEAs and FS made from other companies in the last 2-3 years could not
    hold their calculated numbers THE NUMBERS IN THE PEA ARE VERY REALISTIC
    AND REPRESENT CURRENT COSTS TO BUILD A MINE. WE HAVE OPPORTUNITIES TO
    ADD MORE OUNCES UNDERGROUND AND HAVE OPTIMIZATION OPPORTUNITIES AT THE
    WASTE AND TAILINGS FACILITIES TO IMPROVE AS WE WORK TOWARDS THE
    FEASIBILITY STUDY


    from Sprott research : "Cost inflation of ~20% on both opex and capex
    drove a lower NPV than we forecast...." THE CONTINGENCY HELPS ALL FUTURE
    INCREASES AND WE WILL ADD MORE OUNCES WITHOUT THE NEED FOR MORE
    DRILLING


    MORE VALUE AND IMPROVEMENTS IS POSSIBLE AS WE MOVE TOWARDS FEASIBILITY. FOR THOSE WHO BELIEVE IN HIGHER METAL PRICES, THE ECONOMICS BECOME
    AMAZING AT $1800, $1900 and $2000 GOLD


    does BNCH have some new analysis from partners ? i only found Sprott
    research SPROTT IS THE BEST NEW RESEARCH BUT MORE REPORTS ARE COMING


    Well, there are a few points of concern at the moment and i forwarded you some questions from the forum.


    1. Low cash level MORE CAPITAL IS AVAILABLE IF NEEDED. THE COMPANY IS
    ALSO EVALUATING ALTERNATIVE SOURCES OF CAPITAL INCLUDING NSR AND
    STREAMING TO SUPPORT A MIND BUILD


    2. Open warrants at a high price compared to the share price. WE CANNOT
    BECOME DISTRACTED BY WARRANTS OUT OF THE MONEY. THIS IS AN EXCEPTIONAL
    MINE IN ONE OF THE BEST, PROVEN AND SAFE JURISDICTIONS OF THE WORLD


    3. fear of massive dilution
    SEE ABOVE, DILUTION CAN BE MANAGED BY ALTERNATIVE FINANCING IN THE
    FUTURE. IN ADDITION, THE MARKET WILL TURN AND INCREASE THE BNCH VALUE


    4. no chance of a takeover due to the "low" IRR
    THE IRR IS VERY GOOD FOR NEAR 170,000 AuEq OUNCE PER YEAR OVER 12 YEARS.
    THIS MINE WILL IMPROVE INTO FEASIBILITY. MAJOR MINERS NEED NEW OUNCES
    IN SAFE JURISDICTIONS. IT IS GENERAL MARKET MALAISE AFFECTING THE MARKET
    CAPITALIZATION AND NOT THE PROJECT ECONOMICS


    5. What is Jim's assessment of the impact on a possible takeover if a
    find is made on, Kodah or Round mountain, but no resource can be formed?


    THE COMPANY IS SEEING MORE INTEREST FROM CORPORATES SINCE THE PEA RESULTS


    6. Please ask Jim how things are going on at Marmot. Is there enough money to produce another resource there?
    MARMOT AND MULTIPLE OTHER TARGETS HAVE POTENTIAL FOR MORE OUNCES BUT
    THIS REQUIRES MORE DRILLING AND WILL NOT BE INCLUDED IN THE FEASIBILITY
    STUDY. THE NEW TARGETS WILL BE DRILLED AND TESTED TO SHOW LARGER
    RESOURCE POTENTIAL


    7. does BNCH consider a share consolidation at 4:1 or 5:1 like SKE ?
    NO SHARE CONSOLIDATION IS REQUIRED. FINANCIAL MARKETS WILL IMPROVE.


    a personal thought from me :


    We know that Thesis and BNCH operate under the Metals Group.
    YES BUT THE MANAGEMENT AND BOARD OF DIRECTORS ARE COMPLETELY INDEPENDENT FOR EACH COMPANY


    BNCH has now calculated the expansion of the infrastructure starting
    from the Centerra mine within the framework of the PEA, keyword power
    line 66 km. THE POWERLINE TO KEMESS MINE OFFERS CLEAN, GREEN HYDRO
    ELECTRIC DAM POWER AT A LOW COST. THEIR ARE OPPORTUNITIES TO LOWER THE
    POWERLINE COSTS INTO FEASIBILITY


    BNCH bought in the past a narrow strip up to the bordering Thesis. So
    BNCH can build a power line directly to Thesis in a straight line. THERE
    ARE SYNERGIES BETWEEN THE TWO COMPANIES BUT BENCHMARK YEARS AHEAD WITH
    +$100 MILLION SPENT TO ACHIEVE A PEA AND FUTURE FEASIBILITY STUDY.
    THESIS NEEDS TO SHOW NEW DRILL RESULTS AND A FUTURE MRE


    BNCH is being exploited now, so to speak, because BNCH has at least a
    2-3 year head start on the development of the area. Thesis needs longer.
    But synergy effects could be created here. Thesis is only 20 km away from BNCH.
    DRILL RESULTS, MRE AND ENGINEERING ARE REQUIRED AT THESIS TO DEMONSTRATE
    SYNERGIES. BUT THESIS HAS VERY GOOD POTENTIAL. BNCH TOOK 5 YEARS TO
    PRODUCE A ROBUST PEA AND THIS IS TYPICALLY EXTRAORDINARILY FAST!


    After 4-5 years of mining, the quality of the soil deteriorates. So you
    could also move mining and processing equipment to the Thesis area and
    then start early there.
    BENCHMARK HAS 12 YEARS OF MINING AS A START. THIS COULD IMPROVE INTO
    FEASIBILITY AND THE COMPANY HAS NEAR 20 TARGETS TO ADD MORE OUNCES. THE
    SCOPE AND SCALE OF ADDITIONAL RESOURCES AT BENCHMARK IS ASTOUNDING.
    THESIS REPRESENTS POTENTIAL SYNERGIES BUT THIS WILL REQUIRE MORE CAPITAL
    AND TIME TO PROVE


    (Ab hier antwortet Jim direkt) :


    There’s more improvements and optimization coming.


    More ounces and trimming of capex should significantly improve metrics.
    However the numbers are already very good for a producer at ~170,000
    AuEq per annum


    The dataroom provides detailed information that supports the MRE and
    PEA. It’s common knowledge that we have corporates learning about BNCH
    and performing due diligence


    Q: but what interest me ...... the "data room" is not a physical room; i
    suppose it is a server, where people get more access if they have
    signed the confidentiality clauses


    A: Online access to digital information. Similar to file sharing like a OneDrive

    kurz über die PEA geskimmed:


    In Summe enttäuschend. Bench muss unbedingt mehr oz in den mine Plan unterbringen. 2m für die hohe capex zu wenig. 23% IRR aftertax bei ca 1730 pog schwach. Natürlich ist auch die Bewertung mittlerweile eine andere und es ergeben sich wieder Chancen wobei ich bezüglich IRR nur wenig Verbesserungspotential sehe. Die Grundpfeiler sind gesetzt.


    Bench ist ein klassischer Call auf steigende EM Preise.


    Was mir noch aufgefallen ist bezüglich a stehender PFS:
    Capital Cost
    The PEA is based on a capital cost summary, in accordance with AACE Class 5 guidelines with an estimated accuracy of +/- 50%, which is shown in the table below:


    Frage mich schon was für einen Sinn eine PEA hat wenn man die CAPEX auf 50% accurancy rechnet und darauf nochmals 17% contingency. Wobei natürlich das aktuelle Infla Umfeld für Developer ausserordentlich schwierig ist.

    Die definitive PEA ist etwas besser, aber natürlich müssen die EM zünden. An den AISC muss man zweifeln.


    https://www.benchmarkmetals.co…-british-columbia-canada/


    Robust Financial Metrics in a Tier 1 Jurisdiction

    • Pre-tax NPV5% of C$939M, IRR 31.4%, and 2-year payback
    • Pre-tax Net Operating Income of C$2,157M
    • 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$589M, IRR 24.1%, and 2.8-year payback

    Capital light development

    • Initial capital of C$484M (including C$72.8M in contingency)
    • Life of Mine capital of C$632M
    • Strong 1.9:1 Pre-tax NPV5% to Initial Capex ratio
    • Minimal pre-strip limited to TSF starter dam construction

    Low All-In Sustaining Costs (AISC)

    • US$ 786/Au oz (net of by-products)*

    Long Mine Life with Expansion Opportunity

    • Total resource production of 46.7 M tonnes over 12-year mine life
    • Average annual production of 163k AuEq ounces
    • LOM production 1.95M payable AuEq ounces
    • Average AuEq Head Grade of 1.41 g/t
    • Average gold recovery of 92.4%

    AISC sind net by products. Das ist immer der Schmäh um die Kosten zu verschleiern. Müsste man umrechnen auf die Goldproduktion.


    Der IRR ist die verlässlichste Zahl zur Bewertung der Wirtschaftlichkeit einer Investition. Und der steht bei ca 24% aftertax bei 1735 usd POG. Das ist für ein Open Pit mit guten Graden einfach sehr enttäuschend. Daher steht der Kurs wo er steht.


    Übernahmefantasie sehe ich hier kaum eine. Lawyers braucht einen Goldpreis von über 2000 usd um interessant zu werden.

Schriftgröße:  A A A A A