Vancouver, June 29, 2020 - Benz Mining Corp. (TSXV: BZ) (the "Company" or "Benz"), is pleased to announce that field crews are being mobilized this week to begin the Company'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.
This news release is intended for distribution in Canada only and is not intended for distribution to United States newswire services or dissemination in the United States. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the Units in the United States or to, or for the account or benefit of, any U.S. person. The Units (or any underlying securities) have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any securities laws of any state of the United States and may not be offered or sold within the United States or to, or for the account or benefit of, any U.S. person unless an exemption from such registration requirements is available. "United States" and "U.S. person" are as defined in Regulation S under the U.S. Securities Act.
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.
For Additional Information Contact:
President & CEO
Mobile: 604 617 1239
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.
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