Benz Mining Announces Visible Gold Intersected at ~900m Vertical Eastmain Shaping up to Be a Large Gold System

2022-02-16 06:41:53

HIGHLIGHTS

  • Mineralised Mine Horizon intercepted between 936.3m to 970.5m (downhole)
  • Visible gold observed at 942.6m (deepest drilling on Project to date)
  • Electromagnetics targeting allowed for wide +100m spaced step-outs drill holes
  • D Zone mineralisation has now been identified over 1,400m downdip / plunge starting near surface and extending to 885.0m vertical depth
  • Geological continuity of the Mine Horizon established over the whole 1,400m
  • Current intercept approximately 500m down dip of Benz’s best intercept to date of 7.9m at 35.9g/t gold in the same mineralised horizon
  • Multiple mineralised horizons are present in the hanging wall with all drillholes intercepting shallower mineralisation underlined by multiple levels of EM conductors
  • Assays for 62 holes completed in 2021 still pending screen fire assays of mineralised zones, 16 with observed visible gold

Toronto, Ontario–(Newsfile Corp. – February 16, 2022) – Benz Mining Corp. (TSXV: BZ) (ASX: BNZ) (the Company or Benz) is pleased to announce that drillhole EM21-228, completed earlier on in the drilling season, intercepted the Mine Horizon at D Zone at a depth of 885.0m below surface (vertical depth). The horizon is gold bearing as 21 small (sub-millimetric) specs of visible gold have been identified by the logging geologists at 942.6m depth (core).

CEO, Xavier Braud, commented:

“This is an excellent result. Once again, we prove that our targeting method is extremely well suited to the style of mineralisation seen at Eastmain. We are still working through a large gold system with multiple high grade gold occurrences identified over 10km of strike.”

Junior Mining NetworkFigure 1: Visible gold grains in EM21-228 ~942.6m deep. This is the deepest intercept of the mineralised Mine Horizon to date.

Junior Mining NetworkFigure 2: Mineralised interval with alteration, quartz veining and pyrrhotite mineralisation, EM21-228 ~944m. Pyrrhotite is the iron sulphide detected by electromagnetics.

“We are very fortunate to have an exploration technique such as electromagnetics to target high-grade gold mineralisation. We now have enough confidence in our technique to drill 1,000m holes or broad 100m step outs and consistently hit gold mineralisation.

Every conductor we have hit to date has intersected mineralisation making EM a great tool for rapidly assessing where the best parts of the gold system may be. After 18 months of drilling, we still have a multitude of targets to test, highlighting that we may not have drilled the best of them yet.”

D Zone Drilling

D Zone is a zone of gold mineralisation sitting approximately 750m from the existing 376,000oz resource at Eastmain[1]. Shallow mineralisation was identified by previous explorers in the late 1980’s by rock chip sampling and shallow drilling which intersected zones of high-grade gold mineralisation (2.2m at 18.1 g/t Au). Continuity of mineralisation was not sufficiently established and the area was left without any further drilling since the late 1980’s.

Via the use of electromagnetics in late 2020, Benz identified that previous drilling had only intercepted a small part of the system. Large conductive zones outside the previous drilling were identified in 2020 and 2021 with potential to significantly increase the scale of this mineralisation.

The conductors identified in D Zone via FLEM and DHEM underlined a prospective area approximately 500m x 1,100m, which is comparable to the footprint covered by the existing 376,000oz resource at A-B-C Zones.

Junior Mining NetworkFigure 3: D Zone long section with visible gold intercepts, pierce points of 2021 drillholes – note EM21-228, 885m below surface with DHEM conductors associated with the Mine Horizon.

Unlike other companies who commit large amounts of capital to blanket drill on a tight spaced pattern, Benz has chosen a more targeted exploration approach initially testing the scale of the mineralised system before committing to tighter spaced resource definition drilling.

Commenting on the Company’s recent exploration activities, CEO, Xavier Braud said:

“In the past 18 months, all the drilling completed by the Company has been extensional in nature. Benz is determined not to drill any “verification holes”, “twin holes” or other very closed spaced holes into known mineralisation, sometimes referred to as “director’s specials”. A 1,000m hole was perfectly justified because we knew how successful our direct detection method has been.”

Benz has a lot of information on the style of mineralisation in the Mine Horizon from the very tight spaced (down to 6m x 6m in some places) drilling completed on A, B and C Zones over the past 40 years by its predecessors. Over 100,000m of drilling has historically been completed in an area 400m x 1,100m resulting in an Resource estimate of 376,000oz at 7.9g/t Au with a large component of indicated resource. With the benefit of hindsight, Benz’s management acknowledges that a lot of unnecessary drilling has been conducted on that area with all the associated unnecessary costs.

Benz’s 50,000m of targeted drilling in 2021 has been a lot more successful thus far at growing the mineral system’s footprint and discovering new zones and new mineralisation styles.

D Zone has recently returned spectacular grade and width with 7.9m at 35.9g/t gold (EM21-168, see ASX/TSXV release 2 December, 2021) 500 metres up dip from EM21-228.

Junior Mining NetworkFigure 4: Map view of D Zone drilling with EM conductors, drillhole collars coloured by gold abundance and EM21-228

The Mine Horizon is remarkably consistent throughout the property, with richer ore shoots associated with NE oriented structures that also concentrated the sulphides. Benz is simply using electromagnetics to find the sulphides leading the drill rigs to those ore shoots.

Junior Mining NetworkFigure 5: Mineralised Mine Horizon with quartz veining and pyrrhotite EM21-228 ~963.0m to 9975.5m. The ultramafic horizon continues at depth with less sulphides and quartz veins but is still deformed and altered in biotite.

Follow up downhole EM (DHEM) helps refine targets. DHEM of hole EM21-228 shows multiple conductors at the Mine Horizon level as well as in two shallower places in the hanging wall warranting further drilling.

Benz’s strategy for Eastmain was entirely based on the concept of quickly and efficiently grow the existing deposit using electromagnetics. The Company has been consistently delivering that strategy for the past 18 months.

Extremely slow laboratory turnaround on screen fire assays (metallic screen assays) has hampered Benz’s news flow delivery. The exclusivity deal with MSA Laboratories for the use of the first PhotonAssay laboratory in North America will help accelerate the potential discovery rate with much faster assay turnaround time.

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 376,000oz at 7.9gpt gold (Indicated: 236,500oz at 8.2gtp gold, Inferred: 139,300oz at 7.5gtp 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 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.

Junior Mining NetworkFigure 6: Benz tenure over Upper Eastmain Greenstone Belt simplified geology.

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.

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 7.9g/t gold (Indicated: 236,500oz at 8.2g/t Au – Inferred: 139,300oz at 7.5g/t Au). The existing gold mineralisation is associated with 15-20% semi-massive to massive pyrrhotite, pyrite and chalcopyrite making it amenable to detection by electromagnetics.

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. Benz has subsequently identified over 180 DHEM conductors over a strike length of 6km which is open in all directions.

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.

This announcement has been approved for release by the Board of Directors of Benz Mining Corp.

For more information please contact:

Paul Fowler
Head of Corporate Development (Canada)
Benz Mining Corp.
Telephone: +1 416 356 8165
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Xavier Braud
CEO, Head of Corporate Development (Aus)
Benz Mining Corp.
Telephone +61 8 6143 6702 email: This email address is being protected from spambots. You need JavaScript enabled to view it.

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 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”. 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: Drilling data

Table 1: Drillhole coordinates





Project Hole_ID Type Core size End Depth UTM NAD 83Z18 Northing UTM NAD 83Z18
Easting
Elevation Azimuth Dip
Eastmain EM21-228 DDH NQ 1017 5798720 700453 478 210 -75

Table 2: Mineralisation description






Hole ID From (m) To
(m)
Mineralised horizon Description
EM21-228 616.8 620.56 DHEM conductors 0.5% Pyrrhotite, 0.5% pyrite as patches associated to mafic material in a white quartz vein (45% of the section) in a silica, sericite altered and poorly foliated basalt
EM21-228 936.36 984 Mine Horizon 1 – 2% pyrrhotite (locally 10 – 15%), 0.1% sphalerite and trace chalcopyrite. Mineralization as 1 mm to 3 cm patches (± sphalerite), pyrrhotite veinlets and dissemination. 21 sub-millimetric gold specks floating (up to 0.5 mm) in clinopyroxene (or amphibole?) rich basalt close to a dark-grey quartz vein (2 cm wide, 65 AC) at 942.62 m. Mineralization is located in a large (47.64 m wide) Mine Horizon with metasomatized basalt / gabbro, mylonitized ultramafics, and metasomatized ultramafics. Throughout the interval, idiomorphic green minerals, locally with clearly visible cleavage (close to 90 degrees). Locally strong pervasive biotitization and garnet porphyroblasts (3 types). Up to 30% quartz veins (up to 70 cm wide).

Appendix 2: JORC Tables

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)
















Criteria JORC Code explanation Commentary
Sampling techniques

  • Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.
  • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.
  • Aspects of the determination of mineralisation that are Material to the Public Report.
  • In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.


  • Visual information from drill core observation

Drilling techniques

  • Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).

  • Triple tube NQ core drilling.
  • Core was oriented using downhole orientation tool

Drill sample recovery

  • Method of recording and assessing core and chip sample recoveries and results assessed.
  • Measures taken to maximise sample recovery and ensure representative nature of the samples.
  • Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.

  • Core recoveries are measured by comparing the length of core recovered against the length of drill rods used and recorded by the drilling contractor.
  • Typical recoveries in fresh rock at Eastmain are between 95 and 100%

Logging

  • Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.
  • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.
  • The total length and percentage of the relevant intersections logged.


  • Lithology
  • Alteration
  • Mineralisation
  • Mineral species abundance
  • Veining
  • Structures

  • Both qualitative and quantitative logging was conducted

  • 100% of the core drilled is being logged

Sub-sampling techniques and sample preparation

  • If core, whether cut or sawn and whether quarter, half or all core taken.
  • If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.
  • For all sample types, the nature, quality and appropriateness of the sample preparation technique.
  • Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.
  • Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling.
  • Whether sample sizes are appropriate to the grain size of the material being sampled.

  • Geological observations reported were done on whole core

  • This release does not include analytical drill results

Quality of assay data and laboratory tests

  • The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.
  • For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.
  • Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.

  • Only visual observations reported in this release

Verification of sampling and assaying

  • The verification of significant intersections by either independent or alternative company personnel.
  • The use of twinned holes.
  • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.
  • Discuss any adjustment to assay data.

  • This release does not include drill results

Location of data points

  • Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.
  • Specification of the grid system used.
  • Quality and adequacy of topographic control.

  • All drillhole locations have been surveyed by handheld GPS with a typical accuracy of +/-4m

  • Downhole surveys are conducted using a Reflex Multishot Gyro.


  • Topographic control is cross-checked with a 2013 LIDAR survey

Data spacing and distribution

  • Data spacing for reporting of Exploration Results.
  • Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.
  • Whether sample compositing has been applied.


  • Drilling is not conducted on a regular pattern and at this stage, reported results are not part of a resource estimate.

Orientation of data in relation to geological structure

  • Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.
  • If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.

  • Exploration drilling in area with no historical drilling.
  • Structures in the area are not well enough defined to determine whether drilling orientation is orthogonal to the structures encountered.

Sample security

  • The measures taken to ensure sample security.

  • Core samples mentioned in this release are kept at the Eastmain Mine site under control of Benz Mining until thee samples are being shipped to an accredited laboratory using accredited professional transport contractors.

Audits or reviews

  • The results of any audits or reviews of sampling techniques and data.

  • The Company is constantly reviewing its sampling and assaying policies.
  • A heterogeneity test on gold assays and core sampling is nearing completion.
  • No external audit has been completed at this stage.

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

  • Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.
  • The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.

  • The Eastmain Mine Project comprises 152 contiguous mining claims each with an area of approximately 52.7 ha covering a total of 8,014.36 ha plus one industrial lease permit that are owned by Eastmain Mines Inc., a wholly owned subsidiary of Fury Gold Mines. The claims are numbered 1133433 to 1133583 consecutively plus claim 104458. All of the claims are located within NTS sheet 33A 08.

  • The former Mine Lease BM 817 was issued on January 10, 1995 and expired in 2015 after a 20-year term. This former Mine Lease was converted to Industrial Lease 00184710000 on September 1, 2015 and contains all normal surface rights. The former mineral rights for BM 817 are now included in the expanded Claims 1133523, 1133524, 1133525, 1133505, 1133506 and 1133507.

  • The claims are 100% held by Fury Gold Mines subject to certain net smelter royalties (“NSR”).

  • On August 9, 2019, Benz Mining Corp. announced that it has entered into an option agreement with Eastmain Resources Inc. (now Fury Gold Mines) to acquire a 100% interest in the former producing Eastmain Gold Project located in James Bay District, Quebec, for CAD $5,000,000.

  • Eastmain Resources would retain a 2% Net Smelter Return royalty in respect of the Project. Benz may, at any time, purchase one half of the NSR Royalty, thereby reducing the NSR Royalty to a 1% net smelter returns royalty, for $1,500,000.

  • The Eastmain Mine, as defined by the perimeter of a historic mining lease, is subject to a production royalty net smelter return (“NSR”) of 2.3% through production of the next 250,000 oz produced and 2% thereafter. A package of claims surrounding the mine precinct is subject to a production royalty (NSR) of 2% in favour of Goldcorp as a result of their succession to Placer Dome in an agreement dated December 30, 1988 between Placer Dome, MSV Resources Inc. and Northgate Exploration Limited.

  • The 152 claims that form the Eastmain Mine Property are all in good standing with an active status.

Exploration done by other parties

  • Acknowledgment and appraisal of exploration by other parties.

  • 1930s & 1940s – Prospecting of gossans

  • 1950s & 1960s – Riocanex – Exploration of the Upper Eastmain Greenstone Belt

  • Mid 1960s – Fort George – Diamond drilling of a gossan zone

  • 1696 – Canex Aerial Exploration Ltd & Placer Development Ltd – Airborne magnetic and EM surveys with ground geophysics follow up.

  • 1970 – Placer Development Ltd – Seven holes testing an EM anomaly. Discovery of A Zone with 1.5m @ 13.71g/t Au

  • 1974 – Nordore – Aerodat airborne AEM survey and Ground geophysics. 3 holes returned anomalous gold values adjacent to B Zone

  • 1974 – Inco Uranerz – Airborne geophysical survey over the whole greenstone belt.

  • 1981 & 1982 – Placer – Airborne and ground EM, ground magnetics. Drilling of EM anomalies discovered B zone and C zone.

  • 1983 to 1985 – Placer – Airborne and ground EM, downhole PEM, 91 holes over A B and C zones.

  • 1986 – Placer – 25 holes into A B and C zones

  • 1987 &1988 – Placer Dome / MSV JV – Drilling of A, B and C zones

  • 1988 to 1994 – MSV Resources – Drilling, surface sampling, trenching, regional exploration, Seismic refraction over ABC Zones,

  • 1994 & 1995 – MSV Resources – Mining of 118,356t at 10.58g/t Au and 0.3%Cu, processed at Copper Rand plant in Chibougamau, 40,000oz recovered

  • 1997 – MSV Resources- Exploration, mapping, prospecting, trenching.

  • 2004 – Campbell Resources – M&I resource calculation for Eastmain Mine.

  • 2005-2007 – Eastmain Resources – Purchase of the project from Campbell Resources, VTEM, Prospecting, regional exploration.

  • 2007-2019 – Eastmain Resources – Sporadic drilling, regional exploration, mapping, sampling, trenching. Surface geochemistry (soils)

Geology

  • Deposit type, geological setting and style of mineralisation.

  • In the Eastmain Gold Deposit, gold mineralization occurs in quartz veins with associated massive to semi-massive sulphide lenses/ veins and silicified zones associated with a deformation corridor.

  • The mineralized zones are 3 m to 10 m thick and contained in a strongly deformed and altered assemblage (Mine series) consisting of felsic, mafic and ultramafic rocks.

  • Mineralized quartz veins and lenses show a variable thickness between 10 cm and 13 m, and sulphide contents average 15% to 20% in the mineralized quartz veins and sulphide lenses. In order of decreasing abundance, sulphides consist of pyrrhotite, pyrite, and chalcopyrite, with minor sphalerite, magnetite and molybdenite. Visible gold occurs in the mineralized quartz veins as small (<1 mm) grains associated with quartz and (or) sulphides in the A, B and C Zones.

Drill hole Information

  • A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes:

    • easting and northing of the drill hole collar
    • elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar
    • dip and azimuth of the hole
    • down hole length and interception depth
    • hole length.

  • If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.


Data aggregation methods

  • In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated.
  • Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.
  • The assumptions used for any reporting of metal equivalent values should be clearly stated.

  • No quantitative results reported.

Relationship between mineralisation widths and intercept lengths

  • These relationships are particularly important in the reporting of Exploration Results.
  • If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.
  • If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’).

  • No downhole intervals reported.

Diagrams

  • Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.

  • See figures in the body of text

Balanced reporting

  • Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.

  • It is the Company’s intention to report all exploration results together when they become available.

Other substantive exploration data

  • Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.

  • Benz is currently completing a fixed loop electromagnetic survey over the Southern Anomalies
  • All drillholes completed are surveyed using Downhole / borehole Electromagnetics

  • Benz is currently planning an airborne VTEM survey

  • Benz is currently tendering work for an induced polarization (IP) survey covering targeted anomalies.

Further work

  • The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling).
  • Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.

  • Benz Mining is currently executing a 25,000m drilling campaign which started in January 2022 and will see completion in June 2022

  • Additional drilling is being planned for the rest of the year

  • This drilling campaign is conducted concurrently with regional Electromagnetic surveys. This release reports results from a completed regional survey over a new area of the project

  • All newly drilled holes are systematically surveyed by BHEM.

  • A selection of historical holes has been surveyed by BHEM.


[1] Indicated: 236,500oz at 8.2gtp gold, Inferred: 139,300oz at 7.5gtp gold

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