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Benz Mining: Ruby Hill West Discovery Returns 26.4m At 1.01% Li2O From 7.4M Including 3.7m At 2.7% Li2O

Drill Results

Benz Mining: Ruby Hill West Discovery

Returns 26.4m At 1.01% Li2O From 7.4M

Including 3.7m At 2.7% Li2O

HIGHLIGHTS

High grade intercept from near surface in last drillhole of the April 2022 campaign

Assays for RHW22-006 returned:

26.4m at 1.01% Li

2

O, 355ppm Ta

2

O

5

, 980ppm Cs, 1601ppm Rb

2

O from 7.4m;

including 12.7m at 1.29% Li

2

O, 423ppm Ta

2

O

5

, 1160ppm Rb

2

O, 600ppm Cs; and

3.7m at 2.61% Li

2

O, 579ppm Ta

2

O

5

, 1061ppm Rb

2

O, 441ppm Cs

Very high-grade (+2.5% Li

2

O) with tantalum, rubidium and caesium association

RHW22-001, 002, 003 and 005 show lithium caesium tantalum (LCT) signatures confirming the

presence of multiple dyke systems in the area

Hole RHW22-006 was collared directly into weathered pegmatite

Multiple newly identified outcrops surround the RHW22-006 collar

RHW22-006 potentially not collared optimally to fully test the pegmatite intrusion

Historical 2008 core discovered at the Eastmain site shows unsampled pegmatite intervals

mistakenly referenced as granite up to 80m thick

Toronto, Ontario--(Newsfile Corp. - August 2, 2022) -

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

(the

Company

or

Benz

) is pleased to provide an update on its lithium exploration activities. Assays for the 6

holes drilled in April 2022 at Ruby Hill West as part of Benz's maiden lithium drilling have been received

and confirm thick high-grade pegmatite as well as the presence of multiple dykes system in the area.

Figure 1: Spodumene bearing pegmatite in core, Ruby Hill West drilling RHW22-006. The interval

returned 26.4m at 1.01% LiI

2

O from 7.4m including 3.7m at 2.7% Li

2

O.

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

https://images.newsfilecorp.com/files/1818/132478_4bb49e63945c187d_001full.jpg

.

CEO, Xavier Braud, commented:

"These results prove that the Ruby Hill West pegmatite we drilled this year carries both grade and

thickness. We are currently in the field at Ruby Hill West and Windy Mountain identifying more

pegmatite outcrops and stripping the outcrops near last winter's drilling.

"We have seen some pretty spectacular spodumene mineralisation in outcrop near RHW22-006

collar with single spodumene crystals up to 50cm long.

"This region has been underexplored and we believe we can find more of those lithium bearing

pegmatites, turning Ruby Hill West into a lithium camp for the benefit of Benz shareholders.

"Every campaign we have conducted has been successful and returned high grade gold and now

high-grade lithium mineralisation. We will keep exploring and making discoveries in the Upper

Eastmain Greenstone Belt, a new frontier area that Benz is bringing to the world's attention.

"Finding core from holes drilled in 2008 which has unsampled pegmatites is a welcome discovery.

This pegmatite shows high rubidium and niobium content on a hand held XRF indicating probable

fertility. Sometimes, discoveries are made in the core yard unearthing historical core and looking at it

with a fresh eye."

Figure 2: Ruby Hill West pegmatite, outcrop with 50cm long spodumene crystal

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

https://images.newsfilecorp.com/files/1818/132478_4bb49e63945c187d_002full.jpg

.

Ruby Hill West Lithium Drilling Results

The Ruby Hill West Lithium Project is a surface occurrence of spodumene bearing LCT 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 the summer of 2021, a team of consultants working for Benz sampled the outcrop without sufficiently

attempting to scrape the moss and other vegetation covering the underlying rocks.

The samples collected returned best assay values of:

2.59% Li

2

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

1.9% Li

2

O, 3160ppm Rb, 3820 ppm Cs, 274ppm Ta

Figure 3: Spodumene rich part of RHW22-006 intercept, this part is from the 3.7m at 2.70% Li

2

O

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

https://images.newsfilecorp.com/files/1818/132478_4bb49e63945c187d_003full.jpg

.

In March 2022, Benz conducted a drilling program at the Ruby Hill West lithium pegmatite prospect and

reported a 31.2m interval of visible pegmatite with zones of visible spodumene in the drilling (ASX &

TSX-V releases dated 29 April 2022 "Multiple spodumene pegmatites intersected at Ruby Hill West").

Drillholes RHW22-001, RHW22-002, RHW22-003 and RHW22-005 were drilled 100m apart from each

other and targeted the geology at depth under lithium bearing pegmatite outcrop and sub-crop sampled

in 2021.

The limited time spent on the outcrop during the 2021 campaign had not allowed for detailed exploration

and the structural directions guiding drilling direction were inferred from historical airborne magnetics

data. Those holes were located north west of the outcrop and drilled towards 155° azimuth.

Benz's best hole of the 2022 drilling campaign was RHW22-006 which returned 31.1m of pegmatite

from near surface.

Assays for this hole returned:

31.1m at 0.9% Li

2

O, 323ppm Ta

2

O

5

, 1093ppm Cs, 1558ppm Rb

2

O from 2.6m including:

26.4m at 1.01% Li

2

O, 355ppm Ta

2

O

5

, 980ppm Cs, 1601ppm Rb

2

O from 7.35m

12.7m at 1.29% Li

2

O, 423ppm Ta

2

O

5

, 600ppm Cs, 1156ppm Rb

2

O from 21m

3.7m at 2.61% Li

2

O, 579ppm Ta

2

O

5

, 441ppm Cs, 1057ppm Rb

2

O from 30m

Hole RHW22-006, drilled only 4.0m away from hole RHW22-004 was collared directly into weathered

pegmatite. Multiple newly identified outcrops surround the collar and it now looks like the hole was not

collared optimally to fully test the intrusive pegmatite body.

Benz will have to reassess the geometry of the system as the pegmatite is potentially thicker than what

was intercepted in hole RHW22-006.

Figure 4: Schematic cross section with Benz's best result from RHW 2022 drilling campaign. Note,

drillholes RWH22-003 and 004 are interpreted to be drilled below a pegmatite body dipping toward the

reader and sub parallel to the section.

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

https://images.newsfilecorp.com/files/1818/132478_4bb49e63945c187d_004full.jpg

.

Drillhole RHW22-004 was unfortunately collared in the host basalt 2m from the pegmatite/basalt contact

and is believed to have been drilled continuously above the contact for the whole length of the hole.

Field observation conducted following extensive vegetation removal from the outcrops shows that there

are two main bodies of spodumene bearing pegmatites and secondary dykes of lower size and

importance. The current interpretation is that drillholes RWH22-001, 002, 003 and 005 were drilled at

angles which could not adequately test the main body of pegmatite now at outcrop.

Figure 5: April 2022 drilling with simplified drillhole geology over satellite image.

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

https://images.newsfilecorp.com/files/1818/132478_4bb49e63945c187d_005full.jpg

.

Figure 6: Schematic section of RHW22-005 with assays results.

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

https://images.newsfilecorp.com/files/1818/132478_4bb49e63945c187d_006full.jpg

.

Figure 7: Schematic section of RHW22-001. The hole may have been drilled below the main

pegmatite intrusion body. The geometry of the main outcropping pegmatite body seems to be dipping

towards the reader and be parallel to the current section with RHW22-001 having only intercepted

small secondary cross cutting dykes.

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

https://images.newsfilecorp.com/files/1818/132478_4bb49e63945c187d_007full.jpg

.

Figure 8: Schematic section of RHW22-002 with assay results. The geometry of the main outcropping

pegmatite body seems to be dipping towards the reader and be parallel to the current section with

RHW22-002 having only intercepted small secondary cross cutting dykes.

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

https://images.newsfilecorp.com/files/1818/132478_4bb49e63945c187d_008full.jpg

.

Figure 9: Ruby Hill West, Summer 2022 - uncovering spodumene pegmatite.

To view an enhanced version of Figure 9, please visit:

https://images.newsfilecorp.com/files/1818/132478_4bb49e63945c187d_009full.jpg

.

Figure 10: RHW main pegmatite outcrop, removing cover allowed identification of a basalt/pegmatite

contact (under the geologist's feet and allowed for the discovery of very large (+50cm euhedral and

subhedral spodumene crystals) as shown by the geologist.

To view an enhanced version of Figure 10, please visit:

https://images.newsfilecorp.com/files/1818/132478_4bb49e63945c187d_010full.jpg

.