Benz Mining Corp. Starts Exploration Program at Eastmain Gold Project in Quebec
Benz Mining Corp. Starts Exploration
Program at Eastmain Gold Project in Quebec
Vancouver, British Columbia--(Newsfile Corp. - June 29, 2020) -
Benz Mining Corp. (TSXV: BZ) (the
"
Company
" or "
Benz
"), is pleased to announce that field crews are being mobilized this week to
begin the Company's first phase exploration program on the high grade
Eastmain gold mine project in
Quebec.
Located 316 km northeast of Chibougamau, Quebec, the Eastmain gold project, including the Ruby
Hill West and East concessions, totals more than 22,100 hectares of ground in the highly prospective
Upper Eastmain River greenstone belt and is anchored by the past producing Eastmain gold mine.
An advance team is mobilized to the Eastmain camp site to complete essential camp upgrades and
clean-up in preparation for the start of a 6,000-metre drill program scheduled to begin in early
September.
Prior to the start of the drill program, Benz plans to complete 110-line kilometers of Time Domain
Electromagnetics ("TDEM") ground survey and Bore Hole Electromagnetics ("BHEM") on select drill
holes which were completed in 2016 and 2017.
The integration of historic exploration data with the
objective of prioritizing drill targets is ongoing.
The current drill plan envisages 4,000 m-4,500 m of drilling designed to follow up past high grade
exploration drill results outside of the main Eastmain gold mine area and to test new geophysical
targets obtained by the geophysical surveys.
The remaining 1,500 m-2,000 m of drilling will aim to extend the three main A, B and C mineralized
zones which remain open at the former producing Eastmain gold mine.
Miloje Vicentijevic, President and CEO, commented, "With $5.5 million in our treasury, Benz is well
funded to carry out an aggressive drill campaign and exploration program at the Eastmain project this
year. Controlling more than 22,000 hectares of favorable ground including numerous high priority
targets, we are excited about the start of this program and receiving our first drill results in the fourth
quarter."
Benz has implemented protective measures for its program, which follow the INSPQ and CNESST
guidelines during the COVID-19 pandemic. The Company's protocols have been reviewed and
accepted by the Cree Nation Government.
Eastmain Gold Project
Benz entered into an option agreement with Eastmain Resources Inc., to earn a 100% interest in the
former producing Eastmain Gold Mine project located 316 km northeast of Chibougamau, Quebec.
In 1994 to 1995, MSV Resources mined 118,356 tonnes grading 10.58 g/t Au and 0.3% Cu by room
and pillar mining. The mineralization was processed at the Copper Rand Mine in Chibougamau and
40,000 oz of Au was recovered.
A 43-101 resource estimate prepared for Benz, announced on September 5, 2019, includes Indicated
resources totalling 899,000 tonnes grading 8.19 grams gold per tonne and 0.13% copper for gold and
copper resources of 232,000 oz and 2.57 million pounds respectively.
Inferred resources total
579,000 tonnes grading 7.48 grams gold per tonne and 0.16% copper for 152,000 oz of gold and
2.04 million pounds of copper.
The resource estimate is based on a gold price of US$1,288 and a US$0.77 exchange rate.
Additional information about the Eastmain gold mine project is available in a 43-101 report dated
September 3, 2019 by P&E Mining Consultants Inc. and available at
www.sedar.com
The information in this press release has been reviewed and approved by Danielle Giovenazzo,
P.Geo., PhD., a qualified person for the purposes of National Instrument 43-101.
This news release is intended for distribution in Canada only and is not intended for distribution to
United States newswire services or dissemination in the United States. This news release does not
constitute an offer to sell or a solicitation of an offer to buy any of the Units in the United States or to, or
for the account or benefit of, any U.S. person. The Units (or any underlying securities) have not been
and will not be registered under the United States Securities Act of 1933, as amended (the "
U.S.
Securities Act
"), or any securities laws of any state of the United States and may not be offered or
sold within the United States or to, or for the account or benefit of, any U.S. person unless an
exemption from such registration requirements is available. "United States" and "U.S. person" are as
defined in Regulation S under the U.S. Securities Act.
About Benz Mining Inc.
Benz Mining Corp. brings together a veteran team of engineers, geophysicists, geologists and finance
professionals with a focused strategy to acquire and develop mineral projects with an emphasis on
safe, low risk jurisdictions favorable to mining development.
Benz is earning a 100% interest in the
former producing high grade Eastmain gold mine project in Quebec.
For Additional Information Contact:
Miloje Vicentijevic
President & CEO
Mobile: 604 617 1239
Email:
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 as a result 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.sedar.com
. 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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/58754