Benz Mining: Electromagnetics Identify New Conductive Trend in Footwall of Eastmain Mine
Benz Mining: Electromagnetics Identify New
Conductive Trend in Footwall of Eastmain
Mine
HIGHLIGHTS
Re-processing of FLEM identified a large conductor in the footwall of the existing
resource at A Zone (376,000oz at 7.9gpt gold)
Last DHEM survey of historical hole in 2020 identified off-hole conductors 200m in the
footwall of A Zone confirming FLEM modelled plate
These conductors represent a potential 3rd trend to be tested in upcoming drill programs
Exploration expected to restart in January with 50,000m drill program and additional EM
surveys to identify further targets across other trends with VTEM anomalies
Results from 2020 drill program expected shortly
Toronto, Ontario--(Newsfile Corp. - January 13, 2021) - Benz Mining Corp. (TSXV: BZ) (ASX: BNZ) (the
Company
or
Benz
) is pleased to announce the discovery of a third conductive trend, parallel to and
200m in the footwall of the existing Eastmain resource envelope. This trend was confirmed by the last
down hole electromagnetic (
DHEM
) survey of the 2020 field campaign, the results of which have now
been interpreted.
Figure 1: Third potentially mineralized trend at Eastmain with 2020 drilling and all 2020 EM
conductors (FLEM-Green and DHEM-Blue)
To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/1818/71937_figure1.jpg
Third Parallel Conductive Trend identified
Second pass processing of fixed loop electromagnetic (
FLEM
) data in late 2020 identified a conductor
in the footwall of the A Zone. The final DHEM survey for the 2020 season probed a deep historical
stratigraphic hole drilled well into the footwall of the Eastmain deposit. Strong off-hole conductors
confirmed the structural position of the modelled FLEM conductor and the existence of a strongly
conductive trend with an EM response comparable with the existing know Eastmain mineralization. The
modelled conductor and off hole DHEM have not been previously drilled and the trend seems to continue
to the NW of Zone A.
Figure 2: FLEM modelled conductors from 2
nd
pass FLEM processing
To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/1818/71937_figure2.jpg
CEO, Xavier Braud, commented:
"
The last of the EM data for 2020 brought us a nice surprise. Historically, mineralization had been
identified along the mine series trend over a strike length of 10km. When we began assessing the
Eastmain Project in early 2020 it became evident that there was the potential for multiple repeats of
this mine series within our extensive tenement package. Since commencing exploration in July 2020,
our exploration strategy has identified that there is now the potential for 3 mineralized trends. We look
forward to further ground geophysical programs in 2021 to further test VTEM anomalies which already
highlight the potential for multiple additional trends. The Eastmain Gold Project is shaping up to
become a very large system and we look forward to testing these targets in 2021."
Figure 3: Schematic cross section with all EM conductors and 2020 drilling highlighting the new
footwall conductors, potentially third newly identified trend
To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/1818/71937_0e7c8e9ef47eaa49_007full.jpg
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 376,000oz at 7.9gpt gold (Indicated:
236,500oz at 8.2gtp gold, Inferred: 139,300oz at 7.5gtp gold). The existing gold mineralization 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 10km long zone along strike from the
Eastmain Mine with very limited but highly encouraging testing outside the existing resource area.
This press release was prepared under supervision and approved by Dr. Danielle Giovenazzo, P.Geo,
acting as Benz's qualified person under National Instrument 43-101.
About Benz Mining Corp.
Benz Mining Corp. brings together an experienced team of geoscientists and finance professionals with
a focused strategy to acquire and develop mineral projects with an emphasis on safe, low risk
jurisdictions favourable to mining development. 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.
The Eastmain Gold Project is situated within the Upper Eastmain Greenstone Belt in Quebec, Canada
and currently hosts a NI 43-101 and JORC (2012) compliant resource of 376,000oz at 7.9gpt gold. The
existing gold mineralization is associated with 15-20% semi-massive to massive pyrrhotite, pyrite and
chalcopyrite making it amenable to detection by electromagnetics.
Several gold mineralization
occurrences have been identified by previous explorers over a 10km long zone along strike from the
Eastmain Mine with very limited testing outside the existing resource area.
On behalf of the Board of Directors of Benz Mining Corp.
Xavier Braud, CEO
For more information please contact:
Paul Fowler
Head of Corporate Development (Canada)
Benz Mining Corp.
Telephone: +1 416 356 8165
Email:
Xavier Braud
CEO, Head of Corporate Development (Aus)
Benz Mining Corp.
Telephone +61 423 237 659
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.
Competent Person's Statements:
The information in this report that relates to Exploration Results is
based on and fairly represents information and supporting information compiled by Mr Xavier Braud,
who is a member of the Australian Institute of Geoscientists (AIG membership ID:6963). Mr Braud is a
consultant to the Company and has sufficient experience in the style of mineralization and type of
deposits under consideration and qualifies as a Competent Person as defined in the 2012 edition of the
"Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr
Braud holds securities in Benz Mining Corp and consents to the inclusion of all technical statements
based on his information in the form and context in which they appear.
The information in this announcement that relates to the Inferred Mineral Resource was first reported
under the JORC Code by the Company in its prospectus released to the ASX on 21 December 2020.
The Company confirms that it is not aware of any new information or data that materially affects the
information included in the original market announcement and confirms that all material assumptions and
technical parameters underpinning the estimate continue to apply and have not materially changed.
The
Company confirms that the form and context in which the Competent Person's findings are presented
have not been materially modified from the original market announcement.
Appendix 1: JORC Tables
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections.)
Criteria
JORC Code explanation
Commentary
Sampling techniques
Nature and quality of sampling (eg cut
channels, random chips, or specific
specialised industry standard
measurement tools appropriate to the
minerals under investigation, such as
down hole gamma sondes, or handheld
XRF instruments, etc). These examples
should not be taken as limiting the
broad meaning of sampling.
Include reference to measures taken to
ensure sample representivity and the
appropriate calibration of any
measurement tools or systems used.
Aspects of the determination of
mineralisation that are Material to the
Public Report.
In cases where 'industry standard' work
has been done this would be relatively
simple (eg 'reverse circulation drilling
was used to obtain 1 m samples from
which 3 kg was pulverised to produce a
30 g charge for fire assay'). In other
cases more explanation may be required,
such as where there is coarse gold that
has inherent sampling problems.
Unusual commodities or mineralisation
types (eg submarine nodules) may
warrant disclosure of detailed
information.
FLEM (TDEM) Survey:
A 109.03 line km fixed loop survey was
commissioned by Benz Mining to Abitibi
Geophysics at the Company's Eastmain Property
in Quebec. The survey was conducted using a
conventional ARMIT- TDEM Fixed conventional
loop with ARMIT sensor and SmartEM 24 by
EMIT receiver.
DHEM/BHEM Survey, 3480 metres from
Abitibi Geophysics, EMIT DigiAtlantis
probe
Downhole/Borehole Electromagnetics was
conducted by TMC geophysics using a Crone
Deep EM system.
This release does not contain any
sampling results.
Drilling techniques
Drill type (eg core, reverse circulation,
open-hole hammer, rotary air blast,
auger, Bangka, sonic, etc) and details
(eg core diameter, triple or standard
tube, depth of diamond tails, face-
sampling bit or other type, whether core
is oriented and if so, by what method,
etc).
This release does not include drill results
Drill sample recovery
Method of recording and assessing core
and chip sample recoveries and results
assessed.
Measures taken to maximise sample
recovery and ensure representative
nature of the samples.
Whether a relationship exists between
sample recovery and grade and whether
sample bias may have occurred due to
preferential loss/gain of fine/coarse
material.
This release does not include drill results
Logging
Whether core and chip samples have
been geologically and geotechnically
logged to a level of detail to support
appropriate Mineral Resource
estimation, mining studies and
metallurgical studies.
Whether logging is qualitative or
quantitative in nature. Core (or costean,
channel, etc) photography.
The total length and percentage of the
relevant intersections logged.
This release does not include drill results
Criteria
JORC Code explanation
Commentary
Sub-sampling techniques and sample
preparation
If core, whether cut or sawn and whether
quarter, half or all core taken.
If non-core, whether riffled, tube
sampled, rotary split, etc and whether
sampled wet or dry.
For all sample types, the nature, quality
and appropriateness of the sample
preparation technique.
Quality control procedures adopted for
all sub-sampling stages to maximise
representivity of samples.
Measures taken to ensure that the
sampling is representative of the in situ
material collected, including for instance
results for field duplicate/second-half
sampling.
Whether sample sizes are appropriate to
the grain size of the material being
sampled.
This release does not include drill results
Quality of assay data and laboratory tests
The nature, quality and appropriateness
of the assaying and laboratory
procedures used and whether the
technique is considered partial or total.
For geophysical tools, spectrometers,
handheld XRF instruments, etc, the
parameters used in determining the
analysis including instrument make and
model, reading times, calibrations factors
applied and their derivation, etc.
Nature of quality control procedures
adopted (eg standards, blanks,
duplicates, external laboratory checks)
and whether acceptable levels of
accuracy (ie lack of bias) and precision
have been established.
This release does not include drill results
Verification of sampling and assaying
The verification of significant
intersections by either independent or
alternative company personnel.
The use of twinned holes.
Documentation of primary data, data
entry procedures, data verification, data
storage (physical and electronic)
protocols.
Discuss any adjustment to assay data.
This release does not include drill results
Location of data points
Accuracy and quality of surveys used to
locate drill holes (collar and down-hole
surveys), trenches, mine workings and
other locations used in Mineral
Resource estimation.
Specification of the grid system used.
Quality and adequacy of topographic
control.
This release does not include drill results
Grid: UTM NAD83 Zone 18N
Topographic control is cross-checked
with a 2013 LIDAR survey
Data spacing and distribution
Data spacing for reporting of Exploration
Results.
Whether the data spacing and
distribution is sufficient to establish the
degree of geological and grade
continuity appropriate for the Mineral
Resource and Ore Reserve estimation
procedure(s) and classifications applied.
Whether sample compositing has been
applied.
This release does not include drill results
Criteria
JORC Code explanation
Commentary
Orientation of data in relation to geological
structure
Whether the orientation of sampling
achieves unbiased sampling of possible
structures and the extent to which this is
known, considering the deposit type.
If the relationship between the drilling
orientation and the orientation of key
mineralised structures is considered to
have introduced a sampling bias, this
should be assessed and reported if
material.
This release does not include drill results
Sample security
The measures taken to ensure sample
security.
This release does not include drill results
Audits or reviews
The results of any audits or reviews of
sampling techniques and data.
This release does not include drill results
Criteria
JORC Code explanation
Commentary
Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)
Criteria
JORC Code explanation
Commentary
Mineral tenement and land tenure status
Type, reference name/number, location
and ownership including agreements or
material issues with third parties such as
joint ventures, partnerships, overriding
royalties, native title interests, historical
sites, wilderness or national park and
environmental settings.
The security of the tenure held at the
time of reporting along with any known
impediments to obtaining a licence to
operate in the area.
The Eastmain Mine Project comprises
152 contiguous mining claims each with
an area of approximately 52.7 ha
covering a total of 8,014.36 ha plus one
industrial lease permit that are owned by
Eastmain Mines Inc., a wholly owned
subsidiary of Fury Gold Mines. The
claims are numbered 1133433 to
1133583 consecutively plus claim
104458 (Figure 4.2). All of the claims
are located within NTS sheet 33A 08.
The former Mine Lease BM 817 was
issued on January 10, 1995 and expired
in 2015 after a 20-year term. This former
Mine Lease was converted to Industrial
Lease 00184710000 on September 1,
2015 and contains all normal surface
rights. The former mineral rights for BM
817 are now included in the expanded
Claims 1133523, 1133524, 1133525,
1133505, 1133506 and 1133507.
The claims are 100% held by Fury Gold
Mines subject to certain net smelter
royalties ("NSR").
On August 9, 2019, Benz Mining Corp.
announced that it has entered into an
option agreement with Eastmain
Resources Inc. (now Fury Gold Mines) to
acquire a 100% interest in the former
producing Eastmain Gold Project
located in James Bay District, Quebec,
for CAD $5,000,000.
Eastmain Resources would retain a 2%
Net Smelter Return royalty in respect of
the Project. Benz may, at any time,
purchase one half of the NSR Royalty,
thereby reducing the NSR Royalty to a
1% net smelter returns royalty, for
$1,500,000.
The Eastmain Mine, as defined by the
perimeter of a historic mining lease, is
subject to a production royalty net
smelter return ("NSR") of 2.3% through
production of the next 250,000 oz
produced and 2% thereafter. A package
of claims surrounding the mine precinct
is subject to a production royalty (NSR)
of 2% in favour of Goldcorp as a result of
their succession to Placer Dome in an
agreement dated December 30, 1988
between Placer Dome, MSV Resources
Inc. and Northgate Exploration Limited.
The 152 claims that form the Eastmain
Mine Property are all in good standing
with an active status.
Criteria
JORC Code explanation
Commentary