HIGHLIGHTS
- Re-processing of FLEM identified a large conductor in the footwall of the existing resource at A Zone (376,000oz at 7.9gpt gold)
- Last DHEM survey of historical hole in 2020 identified off-hole conductors 200m in the footwall of A Zone confirming FLEM modelled plate
- These conductors represent a potential 3rd trend to be tested in upcoming drill programs
- Exploration expected to restart in January with 50,000m drill program and additional EM surveys to identify further targets across other trends with VTEM anomalies
- Results from 2020 drill program expected shortly
Toronto, Ontario--(Newsfile Corp. - January 13, 2021) - Benz Mining Corp. (TSXV: BZ) (ASX: BNZ) (the Company or Benz) is pleased to announce the discovery of a third conductive trend, parallel to and 200m in the footwall of the existing Eastmain resource envelope. This trend was confirmed by the last down hole electromagnetic (DHEM) survey of the 2020 field campaign, the results of which have now been interpreted.
Figure 1: Third potentially mineralized trend at Eastmain with 2020 drilling and all 2020 EM conductors (FLEM-Green and DHEM-Blue)
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Third Parallel Conductive Trend identified
Second pass processing of fixed loop electromagnetic (FLEM) data in late 2020 identified a conductor in the footwall of the A Zone. The final DHEM survey for the 2020 season probed a deep historical stratigraphic hole drilled well into the footwall of the Eastmain deposit. Strong off-hole conductors confirmed the structural position of the modelled FLEM conductor and the existence of a strongly conductive trend with an EM response comparable with the existing know Eastmain mineralization. The modelled conductor and off hole DHEM have not been previously drilled and the trend seems to continue to the NW of Zone A.
Figure 2: FLEM modelled conductors from 2nd pass FLEM processing
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CEO, Xavier Braud, commented:
"The last of the EM data for 2020 brought us a nice surprise. Historically, mineralization had been identified along the mine series trend over a strike length of 10km. When we began assessing the Eastmain Project in early 2020 it became evident that there was the potential for multiple repeats of this mine series within our extensive tenement package. Since commencing exploration in July 2020, our exploration strategy has identified that there is now the potential for 3 mineralized trends. We look forward to further ground geophysical programs in 2021 to further test VTEM anomalies which already highlight the potential for multiple additional trends. The Eastmain Gold Project is shaping up to become a very large system and we look forward to testing these targets in 2021."
Figure 3: Schematic cross section with all EM conductors and 2020 drilling highlighting the new footwall conductors, potentially third newly identified trend
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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 7.9gpt gold (Indicated: 236,500oz at 8.2gtp gold, Inferred: 139,300oz at 7.5gtp gold). The existing gold mineralization 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.
About Benz Mining Corp.
Benz Mining Corp. brings together an experienced team of geoscientists and finance professionals with a focused strategy to acquire and develop mineral projects with an emphasis on safe, low risk jurisdictions favourable to mining development. 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.
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 7.9gpt gold. The existing gold mineralization is associated with 15-20% semi-massive to massive pyrrhotite, pyrite and chalcopyrite making it amenable to detection by electromagnetics. Several gold mineralization occurrences have been identified by previous explorers over a 10km long zone along strike from the Eastmain Mine with very limited testing outside the existing resource area.
On behalf of the Board of Directors of Benz Mining Corp.
Xavier Braud, CEO
For more information please contact:
Paul Fowler
Head of Corporate Development (Canada)
Benz Mining Corp.
Telephone: +1 416 356 8165
Email: info@benzmining.com
Xavier Braud
CEO, Head of Corporate Development (Aus)
Benz Mining Corp.
Telephone +61 423 237 659
Email: info@benzmining.com
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 mineralization 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: JORC Tables
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections.)
Criteria | JORC Code explanation | Commentary |
Sampling techniques |
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Drilling techniques |
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Drill sample recovery |
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Logging |
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Sub-sampling techniques and sample preparation |
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Quality of assay data and laboratory tests |
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Verification of sampling and assaying |
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Location of data points |
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Data spacing and distribution |
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Orientation of data in relation to geological structure |
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Sample security |
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Audits or reviews |
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Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)
Criteria | JORC Code explanation | Commentary |
Mineral tenement and land tenure status |
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Exploration done by other parties |
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Geology |
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Drill hole Information |
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Data aggregation methods |
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Relationship between mineralisation widths and intercept lengths |
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Diagrams |
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Balanced reporting |
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Other substantive exploration data |
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Further work |
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/71937