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Benz Secures Tenure as Part of Upper Eastmain Greenstone Belt Consolidation

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HIGHLIGHTS

  • Benz footprint expanded with acquisition of Windy Mountain Project, a western extension of Upper Eastmain Greenstone Belt

  • 69 new claims granted over 36km2 of prospective tenure, adding approximately 10km additional greenstones strike to the Benz portfolio

  • Sulphides (amenable to detection by electromagnetics) identified in outcrops associated with deformed and altered gabbro with quartz veins; outcropping altered metasediments also observed

  • Historical surface samples show anomalous nickel and copper assays in trench samples returning 0.08% Cu, 0.9% Zn, 0.05% Ni, and 0.8g/t Ag and 0.02% Cu, 0.02% Ni and 0.03% Co

  • Pegmatites were identified at several localities - samples collected; assays pending

Toronto, Ontario--(Newsfile Corp. - October 28, 2021) - Benz Mining Corp. (TSXV: BZ) (ASX: BNZ) (the Company or Benz) is pleased to announce the recent granting from application of additional prospective ground adjacent to its Ruby Hill West Project. The newly acquired tenement package contains 69 claims covering 36km2, increasing Benz' dominant Upper Eastmain land position to 256km2.

CEO Xavier Braud commented: "Our strategy is to fast-track growth through discovery, and by rapidly expanding our footprint in a district where we have already made several mineralised discoveries, we lay the foundations for continued success. What is exciting is that the Upper Eastmain greenstone belt is proving to not only be highly prospective for gold, but also for nickel, copper, lithium. We are fortunate to have consolidated an enviable and dominant land position covering the mineralised district."



Figure 1: Windy Mountain and Ruby Hill West Projects with recorded mineral occurrences.

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/1818/101115_a44bc956e447593a_001full.jpg

CEO Xavier Braud commented: "Our analysis of historical work conducted in the Windy Mountain area revealed recorded mineral occurrences coincident with the geology at Ruby Hill West. We were fortunate that this area was not under claim as there has been a lot of tenure activity in the area following our success at Eastmain. With this addition, we bolt on an additional 10km of prospective strike.

"We have always held the belief that the Upper Eastmain Greenstone Belt has the potential to host its own mining camp with possibly several deposits and commodities such as gold, nickel, copper and lithium, just like many other Archean greenstone belts in the world.

"The presence of pyrrhotite associated with favourable rock types in the Windy Mountain area is a great sign as we know we can track this mineral with electromagnetics, a methodology we have successfully employed at our high-grade Eastmain Gold Project.

"Controlling a large portion of a greenstone belt bolsters our opportunity for discovery. In addition to the Eastmain gold deposit and the lithium bearing pegmatite at Ruby Hill West, we also have multiple base and precious metals occurrences at Ruby Hill East and West. With the addition of Windy Mountain, we have one more metallic occurrence and several pegmatite outcrops.

"Our team has already done a reconnaissance prospecting campaign to the area and collected multiple grab samples of all styles of mineralisation on outcrops and blocs. During this campaign, our teams have also identified occurrences of pegmatite. This is a welcome surprise and confirms the potential of the area for lithium mineralisation, a potential which we shall fully investigate in parallel with our gold drilling."



Figure 2: Upper Eastmain Greenstone Belt simplified geology, Benz tenure in blue, newly acquired Windy Mountain Project in red.

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/1818/101115_a44bc956e447593a_002full.jpg



Figure 3: Sampling pegmatite outcrop at Windy Mountain.

To view an enhanced version of Figure 3, please visit:
https://orders.newsfilecorp.com/files/1818/101115_a44bc956e447593a_003full.jpg



Figure 4: Pegmatite Outcrop at Windy Mountain.

To view an enhanced version of Figure 4, please visit:
https://orders.newsfilecorp.com/files/1818/101115_a44bc956e447593a_004full.jpg



Figure 5: Sulphide mineralisation in outcrop at Windy Mountain.

To view an enhanced version of Figure 5, please visit:
https://orders.newsfilecorp.com/files/1818/101115_benzfigure5.jpg



Figure 6: Quartz Sulphide vein in mafic host rock at Windy Mountain.

To view an enhanced version of Figure 6, please visit:
https://orders.newsfilecorp.com/files/1818/101115_benzfigure6.jpg

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 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 and owns 100% of the Windy Mountain Project.

About the 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. Benz has subsequently identified over 150 DHEM conductors over a strike length of 6km which is open in all directions.



Figure 7: Benz tenure over Upper Eastmain Greenstone Belt simplified geology.

To view an enhanced version of Figure 7, please visit:
https://orders.newsfilecorp.com/files/1818/101115_a44bc956e447593a_007full.jpg

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.

Approved for release by the Board 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: info@benzmining.com

Xavier Braud
CEO, Head of Corporate Development (Australia)
Benz Mining Corp.
Telephone +61 8 6143 6702
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.

JORC 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

Drilling techniques

Drill sample recovery

Logging

Sub-sampling techniques and sample preparation

Quality of assay data and laboratory tests

Verification of sampling and assaying

Location of data points

Data spacing and distribution

Orientation of data in relation to geological structure

Sample security

Audits or reviews

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

Exploration done by other parties

Geology

Drill hole Information

Data aggregation methods

Relationship between mineralisation widths and intercept lengths

Diagrams

Balanced reporting

Other substantive exploration data

Further work

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/101115

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