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Benz Mining: High Grade Lithium at Ruby Hill West

Corporate Updates

Benz Mining: High Grade Lithium at Ruby Hill

West

HIGHLIGHTS

High grade lithium mineralisation identified over a large outcropping area at Ruby Hill

West, with additional high-value credits from rubidium, caesium and tantalum

Samples confirmed presence of LCT pegmatite and returned:

1.9% Li

2

O, 3160ppm Rb, >500ppm Cs, 274ppm Ta

1.6% Li

2

O, 3470ppm Rb, >500ppm Cs, >500ppm Ta

0.8% Li

2

O, 980ppm Rb, >500ppm Cs, >500ppm Ta

0.5% Li

2

O, 3810ppm Rb, >500ppm Cs, 324ppm Ta

Results extend strike length of previously identified by surface sampling:

4.7% Li

2

O, 1720 ppm Rb (>100ppm Ta, >500ppm Cs)

2.59% Li

2

O, 1970ppm Rb, 1030 ppm Ta and 7530 ppm Cs

Outcrop identified over 100m x 40m open in all directions and untested by drilling

Area along strike strongly prospective for potential repeats of pegmatite dykes with little

past exploration for this commodity

Magnetic "lows" shows possible extent to the pegmatite over several kilometres under

glacial cover

Unexplored structural setting may hold potential for additional LCT pegmatites over the

length of the greenstone belt of which Benz controls 35km

Preparations for drilling underway with commencement expected end of March / April as

soon as weather permits

Toronto, Ontario--(Newsfile Corp. - February 3, 2022) -

Benz Mining Corp. (TSXV: BZ) (ASX: BNZ)

(the

Company

or

Benz

) is pleased to announce assay results from its rock chips sampling campaign at

the Ruby Hill West lithium prospect (

RHW

or the

Project

).

Figure 1: Helicopter view of the Ruby Hill West lithium pegmatite outcrop with selected assay results

To view an enhanced version of Figure 1, please visit:

https://orders.newsfilecorp.com/files/1818/112653_c2a60c68e4abbb11_001full.jpg

Figure 2: RHW lithium occurrence map with grab (rock chips) samples assay results, interpreted

pegmatite outline and planned 2022 drilling with traces, over satellite image.

To view an enhanced version of Figure 2, please visit:

https://orders.newsfilecorp.com/files/1818/112653_c2a60c68e4abbb11_002full.jpg

CEO, Xavier Braud, commented:

"These are excellent results that identify high grade lithium mineralisation over a large outcropping

area at Ruby Hill West, with additional high-value rubidium, caesium and tantalum credits. Looking

into satellite imagery and airborne magnetics data, we can see that the outcrop is surrounded by a

very large prospective area which has been virtually unexplored apart from sporadic helicopter

supported field visits. This area has never received a drill hole.

Importantly, the lithium pegmatite at RHW is hosted in the greenstones, near the contact with younger

felsic plutonic rocks which are most likely to be the source of the pegmatite fluids. This is a geological

setting shared by many lithium pegmatite deposits such as Pilgangoora or Kathleen Valley in

Western Australia. At Ruby Hill West, Benz controls over 35 strike kilometres of such a contact - an

incredibly large area which presents a significant opportunity for Benz.

I keep repeating myself saying how little exploration the Upper Eastmain greenstone belt has seen -

this is essentially virgin ground for discoveries. Right now, we have confirmed one mineralised

pegmatite occurrence, however no one has previously looked for these systems and thus, no

systematic work has been conducted to chase those pegmatites, until now.

We'll be drilling this pegmatite occurrence as soon as the weather allows - we anticipate towards the

end of March/April. During the summer, a prospecting campaign will be prepared to investigate this

area and along the northern contact of the greenstone belt for additional LCT pegmatites."

Ruby Hill West Lithium Pegmatite Occurrence

Figure 3: Satellite image with interpreted pegmatite outline showing the surrounding unmapped area

prospective for other occurrences of lithium pegmatite.

To view an enhanced version of Figure 3, please visit:

https://orders.newsfilecorp.com/files/1818/112653_c2a60c68e4abbb11_004full.jpg

Spodumene bearing pegmatite occurrence at Ruby Hill West was sampled historically and recorded

results from Eastmain Resources (NI-43-101, 2017) of:

4.7% Li

2

O, 1720 ppm Rb (>100ppm Ta, >500ppm Cs)

2.1% Li

2

O, 990 ppm Rb (>100ppm Ta, >500ppm Cs)

2.0% Li

2

O, 3660 ppm Rb (>100ppm Ta, >500ppm Cs)

1.1% Li

2

O, 710 ppm Rb (>100ppm Ta, >500ppm Cs)

In addition, a rock saw sample was taken by government geologists in 2018 and is reported in SIGEOM

(Quebec's public geosciences database) as sample 20180072998 with the following results:

2.59% Li

2

O, 1970ppm Rb, 1030 ppm Ta and 7530 ppm Cs

In September 2021, Benz's field crews collected 7 samples in a series of two helicopter supported visits

to the area.

The samples returned the following results which build upon previously demonstrated lithium potential at

Ruby Hill West:

1.9% Li

2

O, 3160ppm Rb, >500ppm Cs, 274ppm Ta

1.6% Li

2

O, 3470ppm Rb, >500ppm Cs, >500ppm Ta

0.8% Li

2

O, 980ppm Rb, >500ppm Cs, >500ppm Ta

0.5% Li

2

O, 3810ppm Rb, >500ppm Cs, 324ppm Ta

0.4% Li

2

O, 466ppm Rb, >500ppm Cs, 109.5ppm Ta

0.3% Li

2

O, 1010ppm Rb, >500ppm Cs, 213ppm Ta

0.1% Li

2

O, 772ppm Rb, 373ppm Cs, 114ppm Ta

At the time of release, pulps have been resubmitted for assays using a method with a higher detection

limit than ICPMS for caesium (Cs) and tantalum (Ta) as 6 out of 7 samples have higher caesium and/or

tantalum content than the 500ppm upper detection limit of an ICPMS.

Pegmatite Magnetic Signature

Analysis of the detailed aeromagnetic survey over this area show that the Ruby Hill West LCT pegmatite

falls into a magnetic low. In addition, multiple magnetic lows may extend the known pegmatite

occurrence. These zones represent direct targets for pegmatites which usually have low magnetic

signatures.

Figure 4: First vertical derivative magnetic map overlaid on top of Satellite image with interpreted

pegmatite outline showing the surrounding unmapped area prospective for other occurrences of

lithium pegmatite and the coincidence between lithium pegmatite outcrop and large magnetic lows

(blue colours) with kilometric scale.

To view an enhanced version of Figure 4, please visit:

https://orders.newsfilecorp.com/files/1818/112653_c2a60c68e4abbb11_007full.jpg

Rock Chip Sampling at Ruby Hill West Pegmatite

Figure 5: Rock chip sampling of outcrop at Ruby Hill West

To view an enhanced version of Figure 5, please visit:

https://orders.newsfilecorp.com/files/1818/112653_c2a60c68e4abbb11_010full.jpg

Figure 6: Rock chips sampling at Ruby Hill West. Note peeling back of moss covering the outcrop to

expose the pegmatite for sampling

To view an enhanced version of Figure 6, please visit:

https://orders.newsfilecorp.com/files/1818/112653_c2a60c68e4abbb11_011full.jpg

Figure 7: Coarse spodumene (lithium bearing pyroxene) in rock chip sample from RHW pegmatite

To view an enhanced version of Figure 7, please visit:

https://orders.newsfilecorp.com/files/1818/112653_c2a60c68e4abbb11_012full.jpg

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 376,000oz at 7.9gpt gold (Indicated:

236,500oz at 8.2gtp gold, Inferred: 139,300oz at 7.5gtp 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 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.

The samples were analysed by ALS Global with the ME-MS61 analytical package.

Reanalysis of the

samples that have a value higher than the upper detection limit is currently being done using ME-

MS85.

Quality Assurance/Quality Control ("QA/QC") and interpretation of results is performed by qualified

persons.

A QA/QC program consistent with NI 43-101 and industry best practice has been

implemented with internal certified OREAS standards and blanks inserted at regular intervals for grab

samples.

Figure 8: Benz tenure over Upper Eastmain Greenstone Belt simplified geology.

To view an enhanced version of Figure 8, please visit:

https://orders.newsfilecorp.com/files/1818/112653_c2a60c68e4abbb11_013full.jpg

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.

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 7.9g/t gold

(Indicated: 236,500oz at 8.2g/t Au - Inferred: 139,300oz at 7.5g/t Au). The existing gold mineralisation is

associated with 15-20% semi-massive to massive pyrrhotite, pyrite and chalcopyrite making it

amenable to detection by electromagnetics.

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. Benz has subsequently identified over 180 DHEM conductors over a strike length of 6km which is

open in all directions.