New High-Grade Lct Pegmatite Discovered at Ruby Hill WEST, James BAY , Canada
Suite 1700, 1055 West Hastings Street, Vancouver BC V6E 2E9 | T: +61 (8) 6143 6702 | Email: [email protected]
TSXV:BZ, ASX: BNZ 3 August 2023
NEW HIGH-GRADE LCT PEGMATITE DISCOVERED AT
RUBY HILL WEST, JAMES BAY , CANADA
Highlights
• New outcropping spodumene bearing LCT pegmatite discovered at Ruby Hill West
• Grab samples from outcrops and blocks return high grade results including 5.57%,
3.66%, 3.13%, 1.50%, 1.39% and 1.26% Li2O
• The Mikisiw LCT pegmatite is approx imately 25km north-east from Benz’s maiden
lithium discovery at Ruby Hill West where drilling in 2022 intersected 26m at 1% Li2O
• Potential 25+km trend is unexplored for lithium
• Work programs to focus on Mikisiw and the broader lithium trend with a view to drilling
in the next few months
Benz Mining Corp. (TSXV: BZ, ASX: BNZ) (the Company or Benz) is pleased to report the identification
of a possible new lithium mineralised trend of over 25km on the Ruby Hill West in Quebec, Canada.
Mapping and prospection work in late May discovered the new Mikisiw area of outcrops and blocks
of spodumene bearing LCT (lithium-cesium-tantalum) pegmatite.
Figure 1. 23-cm long spodumene crystal in a pegmatite outcrop at Mikisiw Lithium Prospect
Suite 1700, 1055 West Hastings Street, Vancouver BC V6E 2E9 | T: +61 (8) 6143 6702 | Email: [email protected]
Figure 2: Map showing the interpreted 25km+ lithium trend on the Ruby Hill West Project.
Following the drilling of lithium bearing pegmatite outcrops at Ruby Hill West in April 2022 where
maiden drilling intersected 26.4m at 1.01% Li2O, the Company identified a number of other pegmatite
outcrops which were mapped and sampled in October 2022. Unfortunately , no other spodumene
bearing pegmatite was observed at that time.
Dahrouge Geological Consulting were engaged to complete a review of the Company’ s geological
database to identify and target new potential pegmatite zones that may contain lithium . The data
review identified that the northern portion of the greenstone belt was the preferred t arget zone for
LCT pegmatites.
Upon the commencement of the summer exploration programs, Benz geologists identified the Mikisiw
outcrop a few days prior to the suspension of all work programs and evacuation of this area due to the
well publicised bushfires that ceased exploration across all of the James Bay region.
Analysis of grab samples taken at Mikisiw have confirmed the presence of high-grade lithium with
samples up to 5.57% Li2O (see Table 1 for full results).
The Mikisiw outcrop discovery is hugely significant as it has highlighted the potential for a 25km + long
zone that has seen limited exploration with no prior exploration for lithium.
Benz’s summer exploration program has re-commenced following an 8 week hiatus due to the bush
fire restrictions with a mapping, trenching and soil sampling program concentrated in the area of the
new discovery. Detailed mapping will be carried out over the newly discovered Mikisiw lithium
prospect with a view for it to be drill ready in the next few months.
Suite 1700, 1055 West Hastings Street, Vancouver BC V6E 2E9 | T: +61 (8) 6143 6702 | Email: [email protected]
Benz Executive Chairman, Evan Cranston, said “This is a substantial discovery on Benz’s Eastmain
Project that, in addition to hosting a high grade million ounce gold resource 1, we have identified an
emerging lithium story.
“Limited exploration has taken place on the Ruby Hill West tenements , with no fo cus on lithium
exploration. Benz i s the first company to actively target lithium on this ground and we now have 2
spodumene bearing pegmatite outcrops identified on a 25km trend in arguably one of the hottest
jurisdictions for lithium exploration in the world.
“Our geologists are back on deck this week after an 8 week hiatus due to the bush fires, with the goal
of peeling back the moss , and doing some trenching to expose the extent of the outcrop. We look
forward to getting the drill rigs on this as soon as practicable and on any other targets we identify in
this summer exploration program.”
Figure 3: Pegmatite outcrop extent and rock chip results on the Mikisiw lithium pegmatites , X indicate s an
outcrop, a red circle indicates subcrops and boulders.
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 4: Outcrop of the LCT pegmatite at Mikisiw
Table 1: Mikisiw Rock Chip Results
Sample
Number
Easting Northing Exposure
Type
Li20
%
Li
ppm
Ta2O
5%
Ta
ppm
Cs
ppm
Rb
ppm
Be
ppm
F511652 680132 5805420 Outcrop 0.38 1,770 0.0028 23 152 3,330 82
F511653 680135 5805422 Outcrop 0.16 740 0.0050 41 196 381 3,590
F528405 680154 5805391 Boulder 1.39 6,460 0.0441 361 276 1,260 138
F528406 680153 5805395 Boulder 3.21 14,950 0.0462 378 122 1,015 30
F528407 680154 5805393 Subcrop 3.66 17,000 0.0192 157 68 469 2
F528408 680148 5805395 Boulder 0.95 4,400 0.0037 30 200 305 2,960
F528409 680113 5805385 Boulder 5.57 25860 0.0021 17 82 795 9
F528423 680135 5805422 Outcrop 0.73 3,410 0.0035 29 117 1,875 18
F528424 680135 5805422 Outcrop 0.47 2,170 0.0049 40 82 1,010 31
F528425 680135 5805418 Outcrop 1.50 6,990 0.0053 43 144 1,755 30
F528426 680135 5805409 Outcrop 1.26 5,830 0.0077 63 49 424 72
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.
This announcement has been authorised for release by the Board of Benz Mining Corp.
Suite 1700, 1055 West Hastings Street, Vancouver BC V6E 2E9 | T: +61 (8) 6143 6702 | Email: [email protected]
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
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 prospecti ve
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 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 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”)
Suite 1700, 1055 West Hastings Street, Vancouver BC V6E 2E9 | T: +61 (8) 6143 6702 | Email: [email protected]
Competent Person's Statement:
The information in this announcement that relates to current exploration results is based on and fairly
represents information and supporting information compiled by Dr Danielle Giovenazzo who is a P .
Geo. of the Ordre des Geologues du Québec, a Recognised Professional Organisation under the JORC
Code. Dr Giovenazzo is a consultant for 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". Dr Giovenazzo 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 historical exploration results was first reported
to the ASX in accordance with ASX Listing Rule 5.7 on 29 April 2022. The Company confirms that it is
not aware of any new information or data that materially affects th e information included in the
original market announcements.
The mineral resource estimate in this announcement was reported by the Company in accordance with
listing rule 5.8 on 24 May 2023. The Company confirms it is not aware of any new information or data
that materially affects the information included in the previous announcement and that all material
assumptions and technical parameters underpinning the estimates in the previous announ cement
continue to apply and have not materially changed.
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 because 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 va lid 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.
Suite 1700, 1055 West Hastings Street, Vancouver BC V6E 2E9 | T: +61 (8) 6143 6702 | Email: [email protected]