Benz Mining: Sulphide and Quartz Veining Identified by Drilling EM Conductors at Placer Lake
Benz Mining: Sulphide and Quartz Veining
Identified by Drilling EM Conductors at Placer
Lake
HIGHLIGHTS
First electromagnetic conductors drilled at Placer Lake target return sulphides
(pyrrhotite, pyrite and chalcopyrite) with quartz veins
Electromagnetic conductors spread over 2km of strike of the greenstone belt
Systematic testing of all 18 modelled conductors at Placer Lake underway
Historical rock sample from the area returned 8.3g/t gold and 2.7% copper
Placer Lake is located 2.5km north of the Eastmain Mine portal
Geology in the Placer Lake area inadequately tested by historical drilling
Toronto, Ontario--(Newsfile Corp. - March 2, 2022) -
Benz Mining Corp. (TSXV: BZ) (ASX: BNZ)
(the
Company
or
Benz
) is pleased to announce that first pass greenfield drilling at Placer Lake returned
several zones of alteration and mineralisation consistent with potential gold mineralisation. Drilling
returned sheared and altered volcanics and felsic intrusions with associated sulphides, including
pyrrhotite and chalcopyrite, corresponding to electromagnetic anomalies detected in the ground survey
conducted in 2021 over this area.
CEO, Xavier Braud, commented:
"We're delighted with the encouraging results received from first pass drilling at the Placer Lake
prospect. Placer Lake is still very much a greenfield area, so to have intersected the right geology in
the first holes we drilled into untested conductors is very pleasing. Whilst assay results remain
pending, this is already an outstanding result especially when we know from historical records that
there is up to 8.3g/t gold and 2.7% copper in outcrop in the area.
Figure 1: Pyrrhotite and chalcopyrite mineralisation as stringers and disseminations in a silica-
chlorite-epidote-biotite altered diorite from Placer Lake area
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/1818/115338_0a78235664fb1ad3_001full.jpg
"So many companies go and drill geophysical anomalies to only find "red herrings", Benz hasn't had
a single false positive to date. So far, electromagnetics has not failed us in the Upper Eastmain
Greenstone Belt. Once again, we have proven that our targeting method is extremely well suited to the
style of mineralisation seen at Eastmain. We are working our way systematically through a large gold
system with untested electromagnetic conductors and high-grade gold occurrences spread over 10km
of strike."
Figure 2: Semi massive pyrrhotite with chalcopyrite and pyrite in a strongly altered diorite intrusive
showing strong quartz-sulphide veining, typical of mineralisation previously seen by Benz at E Zone
To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/1818/115338_0a78235664fb1ad3_002full.jpg
Placer Lake Drilling
Placer Lake is an area located 2.5km north of the Eastmain Mine portal and Benz's all weather
exploration camp.
Most of the area is covered by a variable thickness of glacial till with geological information in the area
mostly interpreted from airborne magnetics surveys.
A rock chip sample collected in 1982 by Placer Development Ltd returned 2.7% copper, 8.3g/t gold and
7.3g/t silver (note: exact location of the outcrop is imprecisely documented in historical report).
A description of the outcrop from a historical report states that the sulphide bearing felsic tuff is located
between a rhyolite and a unit of pillow basalts. Sulphides consist of pyrite, pyrrhotite and chalcopyrite.
The host rock is described as being strongly altered with muscovite and biotite.
A Fixed Loop time-domain Electro-Magnetic (
FLEM
) survey was completed by Benz Mining in the winter
of 2021 over the Placer Lake area. Data from the FLEM survey was interpreted and 10 EM conductors
modelled.
Additionally, the FLEM data was integrated with VTEM data from a 2005 airborne survey and 8 other
conductors were modelled from this data integration.
Figure 3: Placer Lake conductors and drilling location with simplified geology and VTEM anomalies
To view an enhanced version of Figure 3, please visit:
https://orders.newsfilecorp.com/files/1818/115338_0a78235664fb1ad3_003full.jpg
Figure 4: Placer Lake FLEM conductors on the Eastmain Project regional long section (note: the
Placer Lake conductors are off section to the NE)
To view an enhanced version of Figure 4, please visit:
https://orders.newsfilecorp.com/files/1818/115338_0a78235664fb1ad3_004full.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 7.9g/t gold (Indicated:
236,500oz at 8.2g/t gold, Inferred: 139,300oz at 7.5g/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 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.
Figure 5: Benz tenure over Upper Eastmain Greenstone Belt simplified geology.
To view an enhanced version of Figure 5, please visit:
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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 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.
This announcement has been approved for release by the Board of Directors of Benz Mining Corp.
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 8 6143 6702
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 mineralisation 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: Drilling data to date - Placer Lake Area
Table 1: Collar data Placer Lake 2022 winter drilling
DDH ID
Area
X-NAD83-Z18N
Y- NAD83-
Z18N
Elevation
Azimuth
Dip
Final
Depth
Claim
Number
EM22-240
Placer Lake
698409
5801935
464
275
-50
120
1133568
EM22-242
Placer Lake
698390
5801846
465
210
-50
300
1133568
EM22-243
Placer Lake
699083
5801071
478
210
-50
306
1133554
EM22-245
Placer Lake
698877
5801190
480
215
-50
351
1133554
EM22-247
Placer Lake
698520
5801309
472
210
-50
213
1133568
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