Benz Mining Corp Exercises Option to Acquire 75% Interest in Eastmain Gold Project
Benz Mining Corp Exercises Option to Acquire
75% Interest in Eastmain Gold Project
Toronto, Ontario--(Newsfile Corp. - October 26, 2023) -
Benz Mining Corp. (TSXV: BZ) (ASX: BNZ)
(
Benz
or the
Company
) is pleased to advise that is has made the final
payment of $1,725,000, of which
$1,350,000 was paid in cash and the balance by the issuance of 1,237,216 shares, to Fury Gold Mines
Limited to acquire a 75% interest in Eastmain Gold Project and a 75% interest in both the Ruby Hill
West and Ruby Hill East properties.
This payment is in accordance with the terms of the Option Agreement dated August 7, 2019, as
amended on April 30, 2020 (the
Option Agreements
), between Benz and Eastmain Resources Inc
(renamed Fury Gold Mines Limited). The shares will be subject to a four month hold period and
acceptance of the TSX-V. The issue of shares will fall within the Company's 15% placement capacity
under ASX Listing Rule 7.1.
Under the Option Agreements, Benz also has an option to acquire the remaining 25% (for a total interest
of 100%) in the Eastmain Gold Project and the Ruby Hill West and Ruby Hill East properties located in
the James Bay District, Quebec. For additional information on the Option Agreements, please see
Benz's news releases dated August 9, 2019 and April 30, 2020.
This announcement has been authorised for release by the Board of Benz Mining Corp.
For more information please contact:
Evan Cranston
Executive Chairman,
Benz Mining Corp.
Telephone: +61 8 6143 6702
Email:
Dannika Warburton
Principal
Investability Partners
Email:
Telephone: +61 401 094 261
About Benz Mining Corp.
Benz Mining Corp. (TSXV: BZ) (ASX: BNZ) brings together an experienced team of geoscientists and
finance professionals with a focused strategy to unlock the immense mineral potential of the Upper
Eastmain Greenstone Belt in Northern Quebec, which is prospective for gold, lithium, nickel, copper, and
other high-value minerals. Benz is earning a 100% interest in the former producing high grade Eastmain
gold mine, Ruby Hill West and Ruby Hill East projects in Quebec and owns 100% of the Windy Mountain
project.
At the Eastmain Gold Project, Benz has identified a combination of over 380 modelled in-hole and off-
hole DHEM conductors over a strike length of 6km which is open in all directions (final interpretation of
some of the conductors still pending).
In 2021, Benz confirmed the presence of visible spodumene in a pegmatite at the Ruby Hill West
Project, indicating lithium mineralisation which Benz intends to further explore in 2022.
Benz tenure over Upper Eastmain Greenstone Belt on simplified geology.
To view an enhanced version of this graphic, please visit:
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About Eastmain Gold Project
The Eastmain Gold Project, situated on the Upper Eastmain Greenstone Belt in Quebec, Canada,
currently hosts a NI 43-101 and JORC (2012) compliant resource of 1Moz at 6.1g/t gold (Indicated:
384koz at 9.0g/t gold, Inferred: 621koz at 5.1g/t gold). The existing gold mineralisation is associated with
15-20% semi-massive to massive pyrrhotite, pyrite and chalcopyrite in highly deformed and altered
rocks making it amenable to detection using electromagnetic techniques.
Multiple gold occurrences
have been identified by previous explorers over a 12km long zone along strike from the Eastmain Mine
with very limited but highly encouraging testing outside the existing resource area.
About Ruby Hill West Lithium Project
The Ruby Hill West Lithium project is a surface occurrence of spodumene bearing pegmatite within the
Ruby Hill West project, located 50km due west of the Eastmain exploration camp. The occurrence was
first sampled in 2016 by Eastmain Resources and then by Quebec government geologists in 2018.
Only
limited sampling was conducted by both groups.
In March 2022 Benz conducted a drilling program at the Ruby Hill West lithium pegmatite prospect and
reported a
31.2m at 0.9% Li
2
O
interval of visible spodumene rich pegmatite in the drilling (ASX & TSX-
V releases dated 29 April 2022 "Multiple spodumene pegmatites intersected at Ruby Hill West")
Competent Person's Statement:
The information in this announcement that relates to historical
exploration results was first reported to the ASX in accordance with ASX Listing Rule 5.7. The Company
confirms that it is not aware of any new information or data that materially affects the information included
in the original market announcements.
The mineral resource estimate in this announcement was reported by the Company in accordance with
ASX Listing Rule 5.8 on 24 May 2023. The Company confirms it is not aware of any new information or
data that materially affects the information included in the previous announcement and that all material
assumptions and technical parameters underpinning the estimates in the previous announcement
continue to apply and have not materially changed.
Forward-Looking Information:
Certain statements contained in this news release may constitute
"forward-looking information" as such term is used in applicable Canadian securities laws. Forward-
Looking information is based on plans, expectations, and estimates of management at the date the
information is provided and is subject to certain factors and assumptions, including, that the Company's
financial condition and development plans do not change because of unforeseen events and that the
Company obtains regulatory approval. Forward-Looking information is subject to a variety of risks and
uncertainties and other factors that could cause plans, estimates and actual results to vary materially
from those projected in such forward-looking information. Factors that could cause the forward-looking
information in this news release to change or to be inaccurate include, but are not limited to, the risk that
any of the assumptions referred to prove not to be valid or reliable, that occurrences such as those
referred to above are realized and result in delays, or cessation in planned work, that the Company's
financial condition and development plans change, and delays in regulatory approval, as well as the
other risks and uncertainties applicable to the Company as set forth in the Company's continuous
disclosure filings filed under the Company's profile at
www.sedarplus.ca
. The Company undertakes no
obligation to update these forward-looking statements, other than as required by applicable law.
NEITHER THE 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 ACCURACY OR ADEQUACY OF THIS RELEASE.
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