New High-Grade GOLD and Copper Discoveries ON the Eastmain Project
Suite 1700, 1055 West Hastings Street, Vancouver BC V6E 2E9 | T: +61 (8) 6143 6702 | Email: [email protected]
TSXV:BZ, ASX: BNZ 27 July 2023
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:
o 4.85m at 7.50 g/t Au and 1.91% Cu from 76.65m (EM22-272)
o 3.40m 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 resource1
• Best intercepts to date at Michel and Suzanna indicate that Benz’s exploration techniques
and strategy are highly effective in identifying gold mineralisation away from the existing
mineral resource
• Further drilling planned to follow up these new target areas after the current summer
program targeting lithium
Benz Mining Corp. (TSXV: BZ, ASX: BNZ) (the Company or Benz) is pleased to 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.
45 diamond drill holes (DDH) were drilled for a total of 17,965m. The drilling program was designed to
extend the gold deposit to the northern part of the property and to explore outside of the known mine
area (Figure 1) and along the northwestern trend that includes the Suzanna, Michel and Julien
prospects whilst the Company was waiting for assays from drilling done over the zones the subject of
the recent resource upgrade.
The drilling program followed a strategy of targeting previously identified time domain
electromagnetic (TDEM), borehole electromagnetic (BHEM) anomalies at the Eastmain Mine area and
Induced Polarisation ( IP) at the Julien, Suzanna and Michel prospect areas, to follow the best
geophysical response, interpreted to be caused by sulphide rich gold mineralisation.
Core samples from the Eastmain Project were submitted to two laboratories: ALS Global and MSALABS
where gold was analysed by fire assay and PhotonAssay™- Chrysos Corporation and a multi element
assay ICP suite.
Benz Executive Chairman, Evan Cranston, said
“These results are very encouraging and the new discovery of 4.85m of copper at 1.91% on the Michel
prospect is particularly exciting. The drilling program targeted zones identified by EM and IP , followed
the Eastmain Mine mineralised structure and has increased the potential of the Eastmain Project.
“These discoveries have identifi ed new mineralised zones over 10km along the mine trend and have
substantially extended the known mineralised zones at Eastmain which currently hosts over 1 million
ounces of gold all categories. We are focussed on expanding the existing mineral resource while testing
for further new discoveries, including copper and lithium, on the Project.”
1 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 1700, 1055 West Hastings Street, Vancouver BC V6E 2E9 | T: +61 (8) 6143 6702 | Email: [email protected]
Figure 1: Location of drilling. The work was concentrated in 4 areas: Eastmain Mine (Zone NW and Zone E), Julien-Suzanna-
Michel, Lac Placer and the Southern Anomalies.
Benz’s exploration strategy, implemented in 2020, has led to the discovery of 3 new mineralised zones;
the Zone D, Zone E and Zone NW. In addition, the historical areas identified as Zones A, B and C have
been expanded, and the size of these zones has increased.
Continuation of this successful exploration strategy during 2022 result ed in two exceptional
intersections including:
o 7.50 g/t Au and 1.91% Cu over 4.85m from 76.65m was intersected at Michel (EM22-272)
o 9.32 g/t Au over 3.40m from 264.10m at Suzanna (EM22-260)
Both holes are located in a wide-open area with very few drill holes at Michel (EM22-272) and Suzanna
(EM22-260).
In addition, Zone E yielded several positive intersections that will result in the expansion of the gold
mineralisation in that area. It is also anticipated that Zone NW will continue to expand with the new
results indicating continuance towards the northwest and the north that will be investigated by further
drilling.
Suite 1700, 1055 West Hastings Street, Vancouver BC V6E 2E9 | T: +61 (8) 6143 6702 | Email: [email protected]
Figure 2: Long section of drilling across the Eastmain Project.
Figures 3, 4 & 5: Various images of visible gold within drill core from the 2022 drilling campaign.
Figure 6: Eastmain Mine area, showing as a base, the regional geological map. The 2019 MRE gold resources are projected
at surface along with the geological potential expansion defined through drilling by Benz in 2020-2022.
Suite 1700, 1055 West Hastings Street, Vancouver BC V6E 2E9 | T: +61 (8) 6143 6702 | Email: [email protected]
Zone E
The Zone E prospect is located 3km southeast of the Eastmain mine portal and 1km southeast of the
Zone D prospect. Zone E is a virgin discovery made by Benz following electromagnetics targeting in late
2020. This area is covered by thick glacial overburden.
At Zone E, mineralisation occurs in two different settings:
o Hosted in the volcanosedimentary sequence : An altered mylonite to proto mylonite mostly
located but not restricted to the contact of the volcanosedimentary sequence and a deformed
altered tonalite intrusion. The main horizon is strongly altered in biotite, sericite and carbonate
and is cut by sulphide and quartz veins. Garnet porphyroblasts are observed as well, sulphides
are mostly pyrrhotite, pyrite, chalcopyrite, and sphalerite. Other secondary gold -bearing
structures are present. Gold grains has been o bserved in this setting 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
o Hosted in a Tonalite: The gold mineralisation is associated with strongly altered (sericite, albite,
and carbonate) locally deformed tonalite with quartz, carbonate and tourmaline veins and
veinlets. Pyrite, pyrrhotite, chalcopyrite, sphalerite, and, locally, molybdenite are observed in
association with these quartz veins. The altered zo nes contain garne t porphyroblasts. Gold
grains have been observed in several holes in this setting.
A total of four DDH were drilled a Zone E, mostly to follow -up mineralised intersections from 2021.
The best intersections obtained in 2022 are:
o 6.19 g/t Au over 1.25 m from 130.75m (EM22 -276) hosted in a sheared and silicified basalt
and associated with quartz veins;
o 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;
o 4.11 g/t Au over 0.50m from 330.00m (EM22-270) associated with quartz veins, hosted in an
altered tonalite;
o 2.67 g/t Au over 0.57m from 267.28m (EM22-276) hosted in an altered basalt associated with
quartz veins; and
o 1.77 g/t Au over 1 .00m from 22 .00m (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 mineralisation is very similar
to the Mine Horizon of Zones A, B and C. A total of seven holes were drilled at Zone NW, mostly to
follow up on the exceptional results obtained in 2021, including:
o 9.40 g/t Au over 0.75m from 200.25m at Zone NW (EM22 -235) associated with quartz and
sulphide veins in a basalt;
o 3.40 g/t Au over 1.3m from 488.65m at Zone NW (EM22 -252) strong silica and sericit e
associated with sulphides veinlets and quartz veins , hosted within a mylonitized ultramafic
intrusion (extension of the Mine Horizon); and
o 1.56 g/t Au over 1.85m from 409.00m at Zone NW (EN22 -244) hosted in a strongly silicified
and sericitized felsic volcanic unit associated with quartz veins at the contact with an ultramafic
intrusion (extension of the Mine Horizon).
Gold mineralisation is associated with sulphide -rich altered and sheared rocks near or within an
ultramafic intrusion (interpreted northwestern extension of the Mine Horizon from Zones A, B and C).
Suite 1700, 1055 West Hastings Street, Vancouver BC V6E 2E9 | T: +61 (8) 6143 6702 | Email: [email protected]
These new intersections open the geological potential toward the northwest and the north. More
drilling will be planned in that area in 2024.
Julien, Suzanna and Michel prospects (North-Western Eastmain trend)
The Julien , Suzanna and Michel prospects have been interpreted previously as the northwest
continuation of the Eastmain Mine Horizon. It has been confirmed that the ultramafics present at the
Mine Horizon continue in this area, however , the pyrrhotite has been transformed to pyrite and are
much less conductive. The targeting used an Orevision 3D IP survey conducted by Eastmain Resources
in 2017. The results from the current program include:
Julien prospect:
o 3.26 g/t Au over 1.88m starting at 235.80m including a 5.23 g/t Au interval between 235.80m
and 236.72 m (EM22-236) hosted in an altered basalt associated with multiple quartz and
sulphide veins;
o 2.41 g/t Au, 0.15% Cu over 0.80m starting at 45.32m (EM22-238) in a strongly altered breccia
with sulphides and quartz veins;
o 1.18 g/t Au over 1.30m from 75.70m (EM22-258) hosted in an altered basalt associated with
quartz and sulphide stringers; and
o 3.67 g/t Au over 0.5m from 23 .00m (EM22-277) associated with a quartz, chlorite and
carbonate veins with pyrite in a basalt.
Suzanna prospect:
o 9.32 g/t Au over 3.4 0m starting from 264.10m including 33.96 g/t Au, 0.19% Cu over 0.8m
between 264.1 and 264.9m (EM22-260) hosted in a strongly altered and sheared granodiorite
with quartz veins, chalcopyrite and pyrite; and
o 1.66 g/t Au over 0.80m starting at 331.00m (EM22-259) hosted in an altered basalt with quartz
veinlets.
Michel prospect:
o 7.50 g/t Au with 1.91% Cu and 13.06 ppm Ag over 4.85m between 76.65m and 81.5 0m
(EM22-272); this includes 0.5 0 meters with 32.10 g/t Au, 11.43 ppm Ag and 0. 73 % Cu and
21.73 g/t Au with 42.38 ppm Ag and 6. 56 % Cu over 0.7 0m. This intersection is associated
with chalcopyrite-rich quartz veins hosted in an altered basalt;
o 0.62 g/t Au with 0. 71 % Cu over 2.40m starting at 58.1 0m depth (EM22-272) in pyrite and
chalcopyrite rich quartz veins;
o 1.53 g/t Au over 0.5 0m starting from 117.9 0 meters (EM22 -272) hosted in an altered
granodiorite associated with 1.5m wide quartz vein hosted in a felsic porphyry; and
o 0.51 g/t Au with 0. 23% Cu over 3.65 meters starting from 89.4m depth (EM22-275) hosted
near a shear, associated with quartz veins, in an intensely silicified and sericite-altered mafic
volcanic.
Suite 1700, 1055 West Hastings Street, Vancouver BC V6E 2E9 | T: +61 (8) 6143 6702 | Email: [email protected]
Figure 7: Geological map of the Julien, Suzanna, Michel, and Lac Placer area, showing location of the holes drilled in 2022.
Also shown is the VTEM Tau grid map as an overlay.
Lac Placer
A total of 11 drillholes were drilled in 2022 with the objective to test a series of time domain
electromagnetic TDEM and VTEM anomalies.
Lac Placer is an area located 2.5km north of the Eastmain Mine portal and Benz ’s all weather
exploration 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 location of the outcrop is imprecisely documented in
historical report so may not be well located).
A fixed loop time domain electromagnetic (Grid F, TDEM) survey was completed by Benz in the winter
of 2021 over the Lac Placer area. Data from the survey was interpreted, and several EM conductors
were modelled. Additionally, the TDEM data was integrated with VTEM data from a 2005 airborne
survey and 8 other conductors were modelled from this data integration.
All the EM conductors were tested, the most notable analytical results received results are:
o 0.29% Cu, 2.47 g/t Ag, 0. 04% Co in a 1. 50m interval (46.70m to 48.20m) in a sulphide -rich
exhalite (EM22-240) near the contact between mafic volcanics and a Granodiorite intrusion;
and
o 0.1047% V over 9.25m between 47.98 m to 57.23 m hosted in a fine-grained Ferrogabbro
(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 stratigraphic position to the Eastmain Mine Horizon, where
younging is interpreted to be toward the southwest with a volcanosedimentary belt, an overturned
sequence, dipping to the northwest. The gold and copper-rich historical sample was likely mislocated
on the historic al maps. Several magnetic intrusions were mapped previously but have yet to be
analysed for multielement in this area . The ferrogabbro in EM22-248 shows elevated vanadium and
iron values and will be further investigated.
No further drilling is expected to occur at Lac Placer.
Suite 1700, 1055 West Hastings Street, Vancouver BC V6E 2E9 | T: +61 (8) 6143 6702 | Email: [email protected]
Southern Anomalies
On 19 May 2022, Benz announced that multiple EM conductor s were identified in a ground TDEM
survey over a 2km x 2km area. The southern anomalies area was identified as a target for further
exploration 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.
A total of thirteen DDH were completed. The drill program intersected multiple horizons of sulphide
(pyrrhotite, pyrite) mineralisation, some with associated quartz veining and as dissemination, veins
and bands explaining the EM conductors. The Company also hit a significant amount of polygenic and
monogenic conglomerates with sulphide mineralisation and silicification highlighted by the presence
of tourmaline, carbonate, and sericite. A significant amount of mafic and ultramafic intrusions into the
metasediments was also encountered by drilling.
The best values obtained were:
o 234 ppm Mo over 2.50m starting at 187.50m (EM22-268) in a sulphide-rich exhalite with thin
felsic dykes and
o 26.7 ppm Be, 220 ppm Nb and 49 ppm Ta over 4.6m starting at 434m depth (EM22-268) in a
pegmatite – an indication for the presence of Nb-Ta rich pegmatites or granitic intrusions in
this area.
No further drilling is expected to be undertaken at the Southern Anomalies.
Analytical procedures
All the core samples from March 2023 onwards were sent to MSA LABS located in Val d’Or for gold
analysis by gamma-ray two-cycle analysis, a Chrysos PhotonAssay instrument, on a sample size of 500g.
Multielement analysis is also done at MSA Labs 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, acting
as Benz ’s qualified person under National Instrument 43 -101 for the reporting of exploration 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 information please contact:
Evan Cranston
Executive 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 Hastings Street, Vancouver BC V6E 2E9 | T: +61 (8) 6143 6702 | Email: [email protected]
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.
At the Eastmain Gold Project, Benz has
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.
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 1Moz at 6.1g/t
gold (Indicated: 384koz at 9.0g/t gold, Inferred:
621koz at 5.1g/t gold). The exis ting 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 identi fied by previous
explorers over a 12km long zone along strike
from the Eastmain Mine with very limited but
highly encouraging testing outside the existing
resource area.
About Ruby Hill West Lithium Project
The Ruby Hill West Lithium project is a surface
occurrence of spodumene bearing 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 March 2022 Benz conducted a drilling
program at the Ruby Hill West lithium
pegmatite prospect and reported a 31.2m at
0.9% Li 2O interval of visible spodumene rich
pegmatite in the drilling (ASX & TSX-V releases
dated 29 April 2022 “Multiple spodumene
pegmatites intersected at Ruby Hill West”)