Benjamin Hill Mining (BNN.CN) is a Canadian junior explorer focused on projects in Mexico. The company’s Sonora Gold project is in the Caborca Gold belt and is in close proximity to Magna Gold Corp’s San Francisco mine.
Today, the company announced that Strategic Metals (SMD.V) has signed an agreement granting Benjamin Hill Mining an optional right to earn an undivided 60% joint venture interest in the Alotta Project located in the Whitehorse Mining District in the Yukon.
The Alotta Project hosts an un-drilled porphyry prospect that is situated in a similar geological setting and in close proximity to Western Copper and Gold’s Casino Deposit. Alotta is marked by a pronounced magnetic low that coincides with a strong, multi-element soil geochemical anomaly. The property is permitted for advanced exploration and only requires an induced polarization survey prior to any drill testing.
The Option may be exercised by making seven cash payments, totalling $500,000 CAD within five years of the execution of the Agreement (the “Execution Date”) as follows: (i) $25,000 upon execution of this Agreement by all parties; (ii) an additional $25,000 on or before July 1, 2023; (iii) an additional $50,000 on or before January 17, 2024; (iv) an additional $100,000 on or before January 17, 2025; (v) an additional $100,000 on or before January 17, 2026; (vi) an additional $100,000 on or before January 17, 2027; and (vii) an additional $100,000 on or before January 17, 2028.
The Company must also incur aggregate Expenditures of $11,000,000 CAD over 5 years, as follows: (i) $500,000 on or before December 31, 2023; (ii) an additional $1,500,000 on or before December 31, 2024; (iii) an additional $2,500,000 on or before December 31, 2025; (iv) an additional $3,000,000 on or before December 31, 2026; and (v) an additional $3,500,000 on or before December 31, 2027.
At time of writing, Benjamin Hill is up 65% on the news with over 145,000 shares traded.
The stock itself shows an interesting bottoming pattern with a nice range developing at $0.075 and a nice hammer candle printed the day before this news.
A potential double bottom reversal pattern could be in the works, but this reversal pattern requires a major breakout above the $0.325 zone to trigger.