BZ.V · 2023-08-03 12:00:00

Grade GOLD and Copper Discoveries ON the Eastmain Project

Corporate Updates

Suite 17

00, 1055 West Hasngs Street, Vancouver BC V6E 2E9

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61 (8) 6143 6702

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TSXV:BZ, ASX: BNZ

July

202

NEW HIGH

GRADE GOLD AND COPPER DISCOVERIES ON THE

EASTMAIN PROJECT

Highlights



New high

grade discoveries on the Suzanna and Michel prospects, including a new copper

gold

discovery at Michel

4.85m at

7.50 g/t Au

and 1.91% Cu

from 76.65m (EM22

272)

3.4

m at

9.32 g/t Au

from 264.10m at Suzanna (EM22

260)



New discoveries

extend the mineralised zones up to 10km along strike

from

the

Eastmain

mine

which hosts the recently announced 1 million ounce

indicated and inferred resource



Best intercepts to date at Michel and Suzanna indicate that Benz

’s

exploraon techniques

and strategy

are

highly eﬀecve in idenfying gold mineralis

on away from the exisng

mineral resource



Further drilling planned to follow up these new target areas aer the current summer

program targeng lithium

enz Mining Corp. (TSXV:

BZ, ASX:

BNZ)

(the

Company

Benz

) is pleased

report a new copper and

gold

rich intersect

on the

Eastmain

Project

located in the Upper Eastmain Greenstone Belt, James Bay

area of Quebec

, Canada

diamond drill holes (

DDH

)

were drilled for a total of 17,965

. The drilling program was designed

extend

the gold deposit

the

northern part of the property

and to explore outside of the

known

mine

area

(Figure 1)

and along the

orthwestern trend that includes

the Suzanna, Michel and Julien

pro

pects

whilst the Company was waing for assays from drilling done over the zones the s

ubject of

the recent resource upgrade

The drilling program

followed

a strategy of

targeng

previously idenﬁed me domain

electromagnec (

TDEM

)

borehole electromagnec (

BHEM

)

anomalies

at the Eastmain Mine

area

and

Induced Polarisaon (

) at the

Julien

Suzanna

and

Michel

prospect

areas

to follow the best

geophysical response, interpreted

to be

caused by sulphide rich gold mineralisaon

ore samples from the Eastmain

roject

were submied

two laboratories:

ALS

Global and

MSA

LABS

where gold

was analysed by

ﬁre assay

and

PhotonAssay

™

Chrysos Corporaon

and a m

element

assay

ICP

suite.

Benz Execuve Chairman, Evan Cranston, said

“The

results are

very

encouraging and the new discover

of 4.85m

of copper at

1.91% on the Michel

prospect is parcularly excing. The drilling program targeted zones idenﬁed by EM

and IP ,

followed

the Eastmain Mine

mineralised

structure

and has increased the potenal of the Eastmain Project.

“

These discoveries have idenﬁ

ed new mineralised zones

over

10km along the mine trend and

have

substanally extended the known mineralised zones at Eastmain which currently hosts over 1 million

ounces of gold

all categories

. We are focussed on expanding the exisng mineral resource w

hile tesng

for further new discoveries, including copper and lithium, on the Project.”

Announcement dated 24 May 2023

Indicated:

1.3Mt at 9.0g/t Au for 384koz; Inferred: 3.8Mt at 5.1g/t Au for

621koz.

Suite 17

00, 1055 West Hasngs Street, Vancouver BC V6E 2E9

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61 (8) 6143 6702

| Email: [email protected]

Figure

Loc

aon

of drilling. The work was concentrated in 4 areas: Eastmain Mine

(Zone NW and Zone E)

, Julien

Suzanna

Michel,

ac Placer and the Southern

nomalies.

Benz’s

exploraon

strategy

implemented

in 2020,

has

led to the discovery of

new mineralised zones

;

the

Zone

and Zone NW

n addion,

the historical areas idenﬁed as

ones A, B and C have

been expanded

, and the size of these

zones

has

increased

Connuaon of this successful

exploraon

strategy

during

2 result

two

exceponal

intersecon

including:

7.50 g/t Au

and 1.91%

over 4.85

from 76.65m

was

intersected at Michel (EM22

272)

9.32 g/t Au over 3.40

from 264.10m at Suzanna (EM22

260)

Both holes are

located in

wide

open

area with very few drill holes

Michel

(EM22

272)

and Suzanna

(EM22

260)

In addion,

Zone E yielded several

posive

intersecons that will result in the expansion of the gold

mineralisaon in that area

. It

is also

ancipated that

Zone NW will connue to

expand

with

the new

results indica

connuance towards the

northwest

and the

orth that will be invesgated by

further

drilling.

Suite 17

00, 1055 West Hasngs Street, Vancouver BC V6E 2E9

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61 (8) 6143 6702

| Email: [email protected]

Figure 2:

Long secon of drilling across the Eastmain Project.

Figures

3, 4 & 5

Various images of visible gold within drill core from the 2022 drilling campaign

Figure

East

main

Mine

area, showing as a base, the regional geological map

The

2019

MRE

gold resources are

projected

surface

along with

the

geological

potenal expansion

deﬁned

through drilling by

Benz

in 2020

2022

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Zone E

The

Zone

prospect

is located 3km

southeast

of the

Eastmain m

ine portal and 1km

southeast

the

Zone

prospect

one

is a virgin discovery made by Benz following electromagnecs targeng

in late

2020.

This area is covered by thick glacial overburden.

At Zone

, mineralisaon occurs in

two

diﬀerent

sengs

Hosted in the volcanosedimentary sequence

altered

mylonite to proto mylonite

mostly

located

but not restricted to

the contact of the volcanosedimentary sequence and a deformed

altered tonalite intrusion.

e main

horizon is strongly altered in biote, sericite and carbonate

and is cut by sulphide

and quartz veins. Garnet

porphyroblasts

are observed as well, sulphides

are mostly pyrrhote, pyrite, chalcopyrite,

and

sphalerite.

Other secondary gold

bearing

structures are present.

old

grains

has been observed in this seng in several holes

within

quartz

and sulphide

veins.

There

are

also small shears with quartz veins outside of this horizon

that

are gold bearing

; and

Hosted in

Tonalite

The gold mineralisaon is associated with s

trongly

altered (

sericite,

albite,

and carbonate

)

locally deformed tonalite

with quartz, carbonate and tourmaline veins and

veinlets. Pyrite,

pyrrhote

chalcopyrite

sphalerite

and

locally

molybdenite

are observed in

associaon with

these

quartz veins

. The altered zones contain garne

porphyroblasts

Gold

grains

been observed in several holes in this seng.

A total of

four

DDH were drilled a Zone E, mostly to follow

up mineralised intersecons from 2021.

The best intersecons obtained in 2022 are:

6.19 g/t Au over 1.25

from

130.75m (EM22

276) hosted in a sheared and siliciﬁed basalt

and associated with quartz veins

;

4.55 g/t Au over 0.65m

from 460.35m

(EM22

270)

associated a strongly siliciﬁed and sericite

altered felsic volcanic unit with quartz veins;

4.11 g/t Au over 0.50m

from 330

.00

m (EM22

270)

associated with quartz veins, hosted in an

altered tonalite;

2.67 g/t Au over 0.57m

from 267.28m (EM22

276)

hosted

in an altered basalt associated with

quartz veins; and

g/t Au over 1

.00

from 22

.00

(EM22

269)

hosted

in a sheared and altered basalt

associated

with siliciﬁed felsic dykes and disseminated pyrite

Zone NW

Zone NW follows the Mine trend to the

northwest

of Zone A, where the mineralisaon is very similar

to the Mine

orizon

ones

A, B and C.

A total of

seven

holes w

ere drilled at Zone NW , mostly

follow up

the

exceponal

results obtained in 2021

, in

cluding:

9.4

g/t Au over 0.75m

from 200.25m at Zone NW (EM22

235)

associated with quartz

and

sulphide

veins in a

basalt

;

3.4

g/t Au over 1.3m

from 488.65m at Zone NW (EM22

252)

strong silica

and sericit

associated

with sulphides veinlets and

quartz veins

, hosted within a mylonized

ultramaﬁc

intrusion (

extension of the

Mine Horizon)

; and

1.56 g/t Au over 1.85m

from 409

.00

m at Zone NW (EN22

244)

hosted in a

strong

ly siliciﬁed

and serici

zed felsic volcanic unit associated

with quartz veins

at the contact with an ultramaﬁc

intrusion (

extension of the

Mine Horizon)

Gold

mineralisaon

is associated with sulphide

rich altered and sheared rocks

near

or within

ultramaﬁc intrusion

(

interpreted northwestern extension

the

ine

orizon

from

ones A, B and C

)

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These ne

intersecons

open

the geological potenal toward the

orthwest

and the

orth

. More

drilling will be planned in that area in 202

Julien

Suzanna

and

Michel

prospects

(

North

Western Eastmain trend)

The Julien

Suzanna

and

Michel

prospects

have been interpreted previously as the

orthwest

connuaon of the Eastmain

ine

orizon.

s been conﬁrmed that t

he ultramaﬁcs present at the

Mine H

orizon connue in this area, however

the pyrrhote has been transformed to

pyrite and are

much less conducve. The targeng used a

Orevision 3D

survey conducted by Eastmain Resources

in 2017.

The

results from the current program include

Julien

prospect

3.26 g/t Au over 1.88

starng at 235.8

m including a 5.23 g/t Au

interval between 235.8

and 236.72

(

EM2

236)

hosted

in an altered basalt

associated

with mulple quartz and

sulphide

veins

;

2.41 g

Au, 0.15%

u over 0.8

starng at 45.32m

(EM22

238)

in a strongly altered breccia

with sulphides and quartz

veins

;

g/t Au

over 1.30

from 75.7

(EM22

258)

hosted

in an altered basalt

associated

with

uartz

and sulphide

stringers

; and

3.67 g/t Au over 0.5m from 23

.00

(EM22

277

) associated with a quartz, chlorite

carbonate vein

with pyrite

in a basalt

Suzanna

prospect

9.32 g

t Au over 3.4

starng from 264.1

m including

33.

g/t Au

, 0.19% Cu

over 0.8

between 264.1 an

264.9m

(EM22

260)

hosted

strongly

altered

and sheared

granodiorite

with

quartz

veins

, chalcopyrite and pyrite

; and

g/t Au over 0.8

starng at 331

.00

(EM22

259)

hosted

an altered basalt

with

quartz

veinlets.

Michel

prospect:

g/t Au

with

1.91% Cu and 13.06 ppm Ag

over

4.85m

between 76.65m and 81.5

(EM22

272)

;

this includes 0.5

meters with 32.10 g/t Au, 11.43 ppm Ag and 0.

% Cu and

21.73 g/t Au with 42.38 ppm Ag and 6.

% Cu over 0.7

his

intersecon

is associated

with chalcopyrite

rich

quartz veins

hosted

in an altered

basalt

;

0.62 g/t Au with 0.

% Cu

over 2.40m

starng at 58.1

depth (EM22

272)

in pyrite and

chalcopyrite

rich

quartz

veins

;

1.5

g/t Au over 0.5

starng from 117.9

meters (EM22

272)

hosted

altered

granodiorite

associated

with

1.5m wide

quartz vein

hosted in a felsic porphyry

; and

0.5

g/t Au with 0.

% Cu

over 3.65 meters

starng from 89.4

depth (EM22

275)

hosted

near a shear, associated with quartz veins, i

n intensely

siliciﬁed and sericite

altered

maﬁc

volcanic

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Figure

Geological map of the Julien, Suzanna,

Michel,

and Lac

lacer area, showing locaon of the holes drilled in 2022.

Also shown is

the VTEM

Tau grid map

s an overlay.

Lac Placer

A total of

drillholes were drilled in 2022

with

he objecve

o test a series of

omain

lectromagnec

TDEM

and VTEM

anomalies

Lac

Placer is an area located 2.5km north of the Eastmain Mine portal and Benz’s all weather

exploraon camp.

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 loca

on of the outcrop is imprecisely documented in

historical report

so may not be well located

ﬁ

xed

oop me

domain

lectro

agnec (

Grid F,

TDEM

) survey was completed by Benz in the winter

of 2021 over the

Lac

Placer area. Data from the survey was

int

erpreted,

and

several

EM conductors

were

modelled. Addionally, the

TDEM

data was integrated with VTEM data from a 2005 airborne

survey and 8

other conductors were modelled from this data

integraon.

All

the EM conductors were

tested,

the most notable

analycal results received

results

are:

% Cu,

2.47

g/t Ag, 0.

% Co in a 1.

m interval

(46.7

to 48.

)

in a sulphide

rich

exhalite

(EM22

240)

near the contact between

maﬁc

volcanics and a

ranodiorite intrusion

;

and

1047

over

9.2

between 47.98

to 57.23

hosted

in a

ﬁne

grained

errogabbro

(EM22

248)

near the

contact

with felsic volcanics.

Most of the conductors correspond to metal poor sulphide

rich

exhalites

within the volcanic

sequence.

The Lac Placer area is located in a lower stragraphic posion to the Eastmain Mine

Horizon

where

younging is

interpreted to

be toward

the

outhwest with a volcanosedimentary belt, an overturned

sequence, dipping to the

orthwest. The

old and

opper

ch historical sample was

likely

mislocated

on the historic

maps.

everal magnec intrusions were mapped previously but

have yet to be

analysed for

mulelement

in this area

. Th

errogabbro

in EM22

248

shows elevated

anadium and

ron values and will be

further invesgated.

No further drilling is expected to occur at Lac Placer.

Suite 17

00, 1055 West Hasngs Street, Vancouver BC V6E 2E9

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61 (8) 6143 6702

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Southern Anomalies

On 19 May 2022,

Benz

announced

that mulple EM conductor

were idenﬁed in a ground TDEM

survey over a 2km x 2km area. The southern anomalies area was idenﬁed as a target for further

exploraon because of the presence of large and undrilled VTEM anomalies

with coincident TDEM

anomalies

and

because of the

presence of

gold

soil anomalies from the surﬁcial survey completed by

Benz in 2021

total of

thirteen

DDH

were

completed.

The

drill program intersected mulple horizons of sulphide

(pyrrhote, pyrite) mineralisaon, some with associated quartz veinin

g and as disseminaon, veins

and bands

explaining the EM conductors

The Company

also hit a signiﬁcant amount of polygenic and

monogenic conglomerates with sulphide mineralisaon and siliciﬁcaon highlighted by the presence

of tourmaline,

carbonate,

nd sericite. A signiﬁcant amount of maﬁc and ultramaﬁc intrusions into the

metasediments was also encountered by drilling.

The best values obtained were:

234 ppm Mo over

2.5

starng at 187.5

(EM22

268)

hide

rich

exhalite

with thin

felsic dykes

and

26.7

ppm

Be, 220 ppm Nb and 49 ppm Ta

over 4.6

starng at 434

depth

(EM22

268)

in a

pegmate

–

an indicaon

for

the presence of

Ta rich pegmates or

granic

intrusions in

this area

No further drilling is expected to be undertaken at the Southern Anomalies.

Analycal procedures

All

the core samples

from

arch

2023

onwards were

sent to MSA

LABS

located in Val

’

r for

old

analysis by

amma

two

cycle

analysis

, a Chrysos P

hoton

say instrument

a sample size of 500

Mulelement analysis is also done at MSA

abs by 4

acid ICP

AES/Ms, ultra trace levels with reanalysis

of over the limit metals by 4

acid ICP

AES Ore grade.

This release was prepared under supervision and

approved by Dr. Danielle Giovenazzo,

P. Geo

, acng

as Benz’s qualiﬁed person under Naonal Instrument 43

101 for the reporng of exploraon and

drilling results.

Benz will

update

the market with assay results as they become available.

This

announcement has been authorised for release by the Board of Benz Mining Corp.

For more informaon please

contact:

Evan Cranston

Execuve Chairman

Benz Mining Corp.

Telephone: +61 8 6143 6702

email:

[email protected]

Dannika Warburton

Principal

Investability Partners

Email: [email protected]

Telephone: +61 401 094 261

Suite 1700,

1055 West Hasngs Street, Vancouver BC V6E 2E9

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(8) 6143 6702

Email: [email protected]

About Benz Mining Corp.

Benz Mining Corp.

(TSXV:BZ, ASX:BNZ)

brings

together an experienced team of geosciensts

and ﬁnance professionals with a focused

strategy to unlock the immense mineral

potenal of the Upper Eastmain Greenstone

Belt in Northern Quebec, which is prospecve

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.

At the Eastmain Gold Project,

Benz has

idenﬁed

a combinaon of

over

380

modelled

hole and oﬀ

hole

DHEM conductors over a

strike length of 6km which is open in all

direcons

(ﬁnal interpretaon of some of the

conductors sll pending)

In 2021, Benz

conﬁrmed the

presence of visible

spodumene in a pegmate at the Ruby Hill

West

roject, indicang lithium mineralisaon

which Benz intends to further explore in 2022.

Benz tenure over Upper Eastmain Greenstone Belt

simpliﬁed geology.

About 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

oz at

6.1

gold (Indicated:

384k

oz at

9.0

gold, Inferred:

621k

oz at

5.1

gold). The exis

ng gold

minerali

aon is associated with 15

20% semi

massive to massive pyrrhote, pyrite and

chalcopyrite in highly deformed and altered

rocks making it amenable to detecon using

electromagnec techniques. Mulple gold

occurrences have been iden

ﬁed by previous

explorers over

a 12km long

zone along strike

from the Eastmain Mine with very limited but

highly encouraging tesng outside the exisng

resource area.

About

Ruby Hill West Lithium Project

The Ruby Hill West Lithium project is a surface

occurrence of spodumene bearing pegmate

within the Ruby Hill West project, located

50km due west of the Eastmain exploraon

camp. The occurrence was ﬁrst sampled in

2016 by Eastmain Resources and then by

Quebec government geologists in 2018. Only

lim

ited sampling was conducted by both

groups.

In March 2022 Benz conducted a drilling

program at the Ruby Hill West lithium

pegmate prospect and reported a

31.2m at

0.9% Li

interval of visible spodumene rich

pegmate in the drilling (ASX & TSX

V release

dated 29 April 2022 “Mulple spodumene

pegmates intersected at Ruby Hill West”)

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