Third Spodumene Bearing Pegmatite Outcrop Discovery Along 25KM Trend
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TSXV:BZ, ASX: BNZ 28 August 2023
THIRD SPODUMENE BEARING PEGMATITE OUTCROP DISCOVERY
ALONG 25KM TREND
Highlights
New outcropping spodumene bearing pegma Ɵte discovered 2km west of Mikisiw pegma Ɵte
which sampled up to 5% Li2O from outcrop
The new discovery (M-2) is on the 25km LCT trend in the Ruby Hill West Project
M-2 is approximately 400m from a historical drill hole drilled in the 90s that intersected 30m
of pegmaƟte (unassayed for lithium)
Benz’s 25km lithium trend predominantly undercover so further mapping and sampling
required to discover potenƟal addiƟonal pegmaƟtes along the trend
ExploraƟon program on the Li-pegmaƟte trend will resume in early September
Benz Mining Corp. (TSXV: BZ, ASX: BNZ) (the Company or Benz) is pleased to report the discovery of a new
area of outcropping spodumene bearing pegma Ɵtes discovered along the 25km lithium-caesium-tantalum
(LCT) pegmaƟte trend at Ruby Hill West in Quebec, Canada.
The new discovery, M-2, is located approximately 2km west of the recently announced Mikisiw discovery 1
which returned samples of up to 5% Li 2O at outcrop. The M-2 pegma Ɵte outcrop is located 400m from a
historical diamond drill hole (DDH 90-EM-003) drilled by Kingswood Explora Ɵons 1985 Limited in 1990 that
intersected 30m of muscovite- bearing pegma Ɵte from 140.5m – 171.7m depth and was not assayed for
lithium.
Figure 1: LocaƟon of the new M-2 outcrop spodumene pegmaƟte discovery along the 25km+ lithium trend.
1 Announcement dated 3 August 2023: New high grade LCT pegmaƟte discovered at Ruby Hill West
Suite 1700, 1055 West HasƟngs Street, Vancouver BC V6E 2E9 | T: +61 (8) 6143 6702 | Email: [email protected]
Following the idenƟficaƟon of the 25km pegma Ɵte trend, the Company selected areas for soil sampling and
further prospecƟng, including the Mikisiw M-1 and M-2 areas. All available datasets were compiled including
historical drilling where the pegmaƟte intersecƟon in DDH 90 EM-003 warranted further inves ƟgaƟon in this
area. The Company notes that the posiƟon of this drill hole is approximate.
Benz ExecuƟve Chairman, Evan Cranston, said
“The discovery of a new spodumene-bearing outcrop of pegmaƟte 2km west of the Mikisiw lithium pegmaƟte
supports the assumpƟon for LCT pegmaƟtes extending through the Ruby Hill West Property on a specific trend
that is located near the northern contact of the granite and greenstone belt.
“M-2 is a very exci Ɵng discovery given its proximity to a historical drill hole that intersected a 30m thick
pegmaƟte in 1990 that was not assayed for lithium. Our team is starƟng to understand the controls for lithium
in this completely unexplored greenstone belt and we are excited to con Ɵnue the exploraƟon and uncovering
further outcrops along our unexplored trend.”
The pegmaƟte outcrops on the Ruby Hill West pegma Ɵte trend tend to be under a thin layer of moss and
vegetaƟon. The Company is currently clearing some of the discovered outcrops and exposing substan Ɵal
pegmaƟtes.
Figure 2: A substanƟal pegmaƟte outcrop at Ruby Hill West following removal of the layer of moss and vegetaƟon. Drilling in the
vicinity of this outcrop intersected 26.4m at 1.01% Li2O from 7.4m (see announcement dated 1 August 2022). NB this outcrop was
discovered aŌer the maiden drill program due to it being under shallow cover and covered in snow.
Suite 1700, 1055 West HasƟngs Street, Vancouver BC V6E 2E9 | T: +61 (8) 6143 6702 | Email: [email protected]
Figure 3: The newly discovered spodumene bearing pegmaƟte outcrop at M-2.
The pegmaƟte outcrop measures 1m x 10m and is mostly covered in moss and shallow glacial Ɵll. Spodumene
crystals exposed so far are pale green and measure up to 5cm - 7cm long.
The outcrop was sampled and more work will be conducted in this area in September. Grab samples from this
outcrop and others in the immediate vicinity were sent for analysis at the SGS laboratory in Val D’or and the
analyƟcal results are currently pending. These will be released to market when available.
Figure 4: Spodumene crystals within the newly discovered pegmaƟte outcrop.
Benz will resume on ground exploraƟon work in early September along the Ruby Hill West lithium trend. The
recent summer field program was severely impacted by forest fires, with the region closed to any work in the
field for about 1 and a half months. All restricƟons have now been liŌed and exploraƟon can resume.
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.
Suite 1700, 1055 West HasƟngs Street, Vancouver BC V6E 2E9 | T: +61 (8) 6143 6702 | Email: [email protected]
This announcement has been authorised for release by the Board of Benz Mining Corp.
For more informaƟon please contact:
Evan Cranston
ExecuƟve 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 geoscienƟsts and
finance professionals with a focused strategy to
unlock the immense mineral potenƟal of the Upper
Eastmain Greenstone Belt in Northern Quebec,
which is prospec Ɵve 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 idenƟfied a
combinaƟon of over 380 modelled in-hole and off-
hole DHEM conductors over a strike length of 6km
which is open in all direc Ɵons (final interpretaƟon
of some of the conductors sƟll pending).
In 2021, Benz confirmed the presence of visible
spodumene in a pegma Ɵte at the Ruby Hill West
Project, indica Ɵng lithium mineralisa Ɵon 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 Ɵng gold mineralisa Ɵon is
associated with 15-20% semi-massive to massive
pyrrhoƟte, pyrite and chalcopyrite in highly
deformed and altered rocks making it amenable to
detecƟon using electromagne Ɵc techniques.
MulƟple gold occurrences have been iden Ɵfied by
previous explorers over a 12km long zone along
strike from the Eastmain Mine with very limited but
highly encouraging tes Ɵng outside the exis Ɵng
resource area.
About Ruby Hill West Lithium Project
The Ruby Hill West Lithium project is a surface
occurrence of spodumene bearing pegma Ɵte
within the Ruby Hill West project, located 50km
due west of the Eastmain explora Ɵon 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 pegma Ɵte prospect
and reported a 31.2m at 0.9% Li 2O interval of
visible spodumene rich pegma Ɵte in the drilling
(ASX & TSX-V releases dated 29 April 2022
“MulƟple spodumene pegma Ɵtes intersected at
Ruby Hill West”).
Suite 1700, 1055 West HasƟngs Street, Vancouver BC V6E 2E9 | T: +61 (8) 6143 6702 | Email: [email protected]
Competent Person's Statement:
The informa Ɵon in this announcement that relates to current explora Ɵon results is based on and fairly
represents informaƟon and supporƟng informaƟon compiled by Dr Danielle Giovenazzo who is a P . Geo. of the
Ordre des Geologues du Québec, a Recognised Professional OrganisaƟon under the JORC Code. Dr Giovenazzo
is a consultant for the Company and has sufficient experience in the style of mineralisaƟon and type of deposits
under consideraƟon and qualifies as a Competent Person as defined in the 2012 edi Ɵon of the "Australasian
Code for Repor Ɵng of Explora Ɵon Results, Mineral Resources and Ore Reserves". Dr Giovenazzo holds
securiƟes in Benz Mining Corp and consents to the inclusion of all technical statements based on his
informaƟon in the form and context in which they appear.
The informaƟon in this announcement that relates to historical explora Ɵon results was first reported to the
ASX in accordance with ASX LisƟng Rule 5.7. The Company confirms that it is not aware of any new informaƟon
or data that materially affects the informaƟon included in the original market announcements.
The mineral resource esƟmate in this announcement was reported by the Company in accordance with lisƟng
rule 5.8 on 24 May 2023. The Company confirms it is not aware of any new informaƟon or data that materially
affects the informaƟon included in the previous announcement and that all material assumpƟons and technical
parameters underpinning the es Ɵmates in the previous announcement con Ɵnue to apply and have not
materially changed.
Forward-Looking InformaƟon: Certain statements contained in this news release may cons Ɵtute "forward-
looking informaƟon" as such term is used in applicable Canadian securiƟes laws. Forward-looking informaƟon
is based on plans, expectaƟons, and esƟmates of management at the date the informaƟon is provided and is
subject to certain factors and assumpƟons, including, that the Company's financial condiƟon and development
plans do not change because of unforeseen events and that the Company obtains regulatory approval.
Forward-looking informaƟon is subject to a variety of risks and uncertainƟes and other factors that could cause
plans, esƟmates and actual results to vary materially from those projected in such forward-looking informaƟon.
Factors that could cause the forward-looking informa Ɵon in this news release to change or to be inaccurate
include, but are not limited to, the risk that any of the assumpƟons referred to prove not to be valid or reliable,
that occurrences such as those referred to above are realized and result in delays, or cessa Ɵon in planned
work, that the Company's financial condi Ɵon and development plans change, and delays in regulatory
approval, as well as the other risks and uncertainƟes applicable to the Company as set forth in the Company's
conƟnuous disclosure filings filed under the Company's profile at www.sedarplus.ca. The Company undertakes
no obligaƟon 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.