Category: Silver / Gold

Benz Mining Corp. ( BZ )

Published: 30 June 2020
Written by Editor
TSX Venture   Mining   Up on News   Project Update  

Benz Mining to begin exploration at Eastmain

Mr. Miloje Vicentijevic reports
 
BENZ MINING CORP. STARTS EXPLORATION PROGRAM AT EASTMAIN GOLD PROJECT IN QUEBEC
 
Field crews are being mobilized this week to begin Benz Mining Corp.'s first-phase exploration program on the high-grade Eastmain gold mine project in Quebec.
 
Located 316 km northeast of Chibougamau, Quebec, the Eastmain gold project, including the Ruby Hill West and East concessions, totals more than 22,100 hectares of ground in the highly prospective Upper Eastmain River greenstone belt and is anchored by the past producing Eastmain gold mine.
 
An advance team is mobilized to the Eastmain camp site to complete essential camp upgrades and clean-up in preparation for the start of a 6,000-metre drill program scheduled to begin in early September.
 
Prior to the start of the drill program, Benz plans to complete 110-line kilometers of Time Domain Electromagnetics ("TDEM") ground survey and Bore Hole Electromagnetics ("BHEM") on select drill holes which were completed in 2016 and 2017. The integration of historic exploration data with the objective of prioritizing drill targets is ongoing.

The current drill plan envisages 4,000 m-4,500 m of drilling designed to follow up past high grade exploration drill results outside of the main Eastmain gold mine area and to test new geophysical targets obtained by the geophysical surveys.

The remaining 1,500 m-2,000 m of drilling will aim to extend the three main A, B and C mineralized zones which remain open at the former producing Eastmain gold mine.

Miloje Vicentijevic, President and CEO, commented, "With $5.5 million in our treasury, Benz is well funded to carry out an aggressive drill campaign and exploration program at the Eastmain project this year. Controlling more than 22,000 hectares of favorable ground including numerous high priority targets, we are excited about the start of this program and receiving our first drill results in the fourth quarter."

Benz has implemented protective measures for its program, which follow the INSPQ and CNESST guidelines during the COVID-19 pandemic. The Company's protocols have been reviewed and accepted by the Cree Nation Government.

Eastmain Gold Project

Benz entered into an option agreement with Eastmain Resources Inc., to earn a 100% interest in the former producing Eastmain Gold Mine project located 316 km northeast of Chibougamau, Quebec.

In 1994 to 1995, MSV Resources mined 118,356 tonnes grading 10.58 g/t Au and 0.3% Cu by room and pillar mining. The mineralization was processed at the Copper Rand Mine in Chibougamau and 40,000 oz of Au was recovered.

A 43-101 resource estimate prepared for Benz, announced on September 5, 2019, includes Indicated resources totalling 899,000 tonnes grading 8.19 grams gold per tonne and 0.13% copper for gold and copper resources of 232,000 oz and 2.57 million pounds respectively. Inferred resources total 579,000 tonnes grading 7.48 grams gold per tonne and 0.16% copper for 152,000 oz of gold and 2.04 million pounds of copper.

The resource estimate is based on a gold price of US$1,288 and a US$0.77 exchange rate.

Additional information about the Eastmain gold mine project is available in a 43-101 report dated September 3, 2019 by P&E Mining Consultants Inc. and available at www.sedar.com

The information in this press release has been reviewed and approved by Danielle Giovenazzo, P.Geo., PhD., a qualified person for the purposes of National Instrument 43-101.

About Benz Mining Inc.

Benz Mining Corp. brings together a veteran team of engineers, geophysicists, geologists and finance professionals with a focused strategy to acquire and develop mineral projects with an emphasis on safe, low risk jurisdictions favorable to mining development. Benz is earning a 100% interest in the former producing high grade Eastmain gold mine project in Quebec.