Benz Mining Announces New High-Grade Discovery at D Zone, 7.9m at 35.9g/t Au

HIGHLIGHTS

• Drill results from wide spaced scout holes at D and E Zones confirm discovery of high-grade mineralised shoots

• Assays for 13 additional holes received - assay results include:

  • 7.9m at 35.9g/t gold including 1.0m at 268.8g/t gold (EM21-168)

  • 1.5m at 16.4g/t gold (EM21-166)

  • 5.3m at 3.5g/t gold including 1.3m at 6.0g/t gold (EM21-167)

  • 1.0m at 8.34g/t gold (EM21-171)

• Current drilling considerably extends D Zone's historical footprint with previous results of:

  • 2.2m at 18.1 g/t gold including 0.8m at 41.7g/t gold (EM89CH29)

  • 3.8m at 8.5g/t gold (EM20-141)

  • 5.3m at 3.0g/t gold including 1.0m at 8.8g/t gold (EM20-141)

• Results confirm the discovery of a high-grade shoot within the 1200m x 500m D Zone

• High-grade blind discovery at E Zone with mineralisation drilled over 1000m x 500m

• Existing resource at A, B and C Zones cover an area of 1100m x 500m

• New style of mineralisation at E Zone within an altered and deformed tonalite intrusion

• Assays also confirm the Kotak Trend is present at both D and E Zones

• Shallow mineralisation in granodiorite, confirmed with 1.0m at 8.34g/t Au from 125.6m

• 87 holes for ~48,000m completed, assays pending for 58 holes

• Visible gold in 10 holes from D and E Zones pending assays with shallow strong visible gold mineralisation encountered at 81.3m in drillhole EM21-229 (E Zone)

Toronto, Ontario--(Newsfile Corp. - December 2, 2021) - Benz Mining Corp. (TSXV: BZ) (ASX: BNZ) (the Company or Benz) is pleased to announce results for 13 holes from D and E Zones at the Eastmain Gold Project (Eastmain or the Project), which are now confirmed as new high-grade lodes and have the potential to become an integral part of the Eastmain deposit.

Figure 1: Visible gold intercept E Zone - new discovery - hole EM21-229, 81.3m, assays pending.

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/1818/106245_0ddfc04d54e69a1e_001full.jpg

Benz Mining CEO, Xavier Braud, commented:

"These high-grade results confirm that both D and E Zones host the high-grade shoots we were looking for, making them similar to A, B and C Zones which form part of our 376,000oz at 7.9g/t gold resource¹. One intercept of 7.9m at 35.9g/t gold is 100m away from hole EM20-141, which returned 3.5m at 8.5g/t gold last year in our proof-of-concept campaign of drilling electromagnetic targets, signalling that Eastmain is set to grow considerably under Benz' ownership.

"Both D and E Zones have large footprints as indicated by electromagnetics. We are still drilling wide spaced holes on 75 to 100m spacing, pushing out the boundaries of the mineralised system. We have not found any end to mineralisation; everything is still very much open in all directions. We have 4 more holes with visible gold spread out over 600m of plunge at D Zone and visible gold over a large 200m x 300m area.

"The discovery of a mineralised tonalite at E Zone is highly significant as it represents a new style of mineralisation and a new structural framework for E zone. We have been able to track it to shallow depths (<30m vertical) with more recent holes. The spectacular visible gold intercept from hole EM21-229 shows that potential high-grade mineralisation at E Zone comes close to surface.

"To speed up assays, we have sent multiple batches of core samples to a different laboratory and we are looking forward to using the first PhotonAssay facility commercially available in the whole of the Americas under our 20,000 samples per month priority agreement in the new year."

Figure 2: Close up of abundant visible gold grains within EM21-168, part of the 1.0m at 268.8g/t Au.

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/1818/106245_0ddfc04d54e69a1e_002full.jpg

D Zone

The D Zone is located about 1.0km to the ESE of the C Zone mineralised lens and 1.5 km from camp infrastructure and can be accessed by a series of exploration trails year-round.

Over the past 15 months, the D Zone system evolved from a small number of historical holes and VTEM anomalies into a full mineralised system covering 1000m x 300m with multiple high-grade intervals including the best result acquired by Benz to date of 7.9m at 35.9g/t gold including 1.0m at 268.8g/t gold in hole EM21-168 located in the central portion of the zone.

By comparison, A, B and C Zones have a footprint of approximately 1100m x 500m with multiple high-grade shoots.

Figure 3: D Zone maps, July 2020 with limited historical drilling, December 2021 with multiple high-grade intercepts including new intercepts from the latest batch of results and DHEM conductors highlighting an area of 1000m x 500m.

To view an enhanced version of Figure 3, please visit:
https://orders.newsfilecorp.com/files/1818/106245_0ddfc04d54e69a1e_003full.jpg

At D Zone, Benz identified at least three mineralised horizons:

• The "mine" horizon is associated with a strongly biotite, sericite, silica and carbonate altered mylonite located in contact and within deformed and altered ultramafic rocks. Sulphide content varies from 1-2% to up to 50% in late sulphide veins, containing inclusions of enclosing rocks, and often associated with quartz veins. There are also stringers and patches of sulphides that are foliation parallel. Garnet porphyroblasts are observed within the more biotite altered rocks. The high-grade interval from EM-168 is from this horizon.

• The Kotak mineralised trend is located approximately 200m in the hanging wall of the mine horizon. Mineralisation is geologically similar with an association to a strongly deformed horizon with quartz and sulphide veins. Local magnetite rich veins/ horizon and quartz, carbonate and tourmaline veins are observed. Garnet porphyroblasts are present in the more altered rocks. (EM21-165, EM21-162, EM21-170).

• A granodiorite intrusion has been intersected at the beginning of all holes drilled in this area, this intrusion is syn to post tectonic. The margins are strongly altered and contain xenoliths of enclosing rocks. Quartz, pyrrhotite and chalcopyrite veins with sericite alteration halos have been noted to contain visible gold in several holes. The intersections reported for EM21-169, EM21-171 and EM21-162 are from quartz veins in altered granodiorite.

Main sulphides are pyrrhotite, chalcopyrite, pyrite and sphalerite. In addition to the strongly mineralised interval reported in the present release, visible gold was observed in several holes at D Zone.

Figure 4: Mineralised interval Hole EM21-168 7.9m at 35.9g/t including 1.0m at 268.8g/t Au.

To view an enhanced version of Figure 4, please visit:
https://orders.newsfilecorp.com/files/1818/106245_0ddfc04d54e69a1e_004full.jpg

E Zone

The E Zone is located about 1km to the ESE of the D Zone mineralised lens and 2.5 km from the camp infrastructure. It is easily accessible by a network of trails and from the airstrip.

Results in this release confirm that visible gold at E Zone is associated with high-grade gold values with the interval returning 5.3m at 3.5g/t gold including 1.3m at 6.0g/t gold (EM21-167) from a zone which had shown visible gold in drill core (see figure 7).

Figure 5: E Zone maps, July 2020 with limited VTEM anomalies and no drilling, December 2021 with multiple high-grade intercepts including new intercepts from the latest batch of results and DHEM conductors highlighting an area of 1000m x 500m.

To view an enhanced version of Figure 5, please visit:
https://orders.newsfilecorp.com/files/1818/106245_0ddfc04d54e69a1e_005full.jpg

Drillhole EM21-229, which is the easternmost hole drilled to date at Eastmain, returned strongly mineralised core with visible gold mineralisation present at the shallow depth of 81.3m (see figure 8) associated with a strongly deformed and altered horizon within the volcanic sequence.

At E Zone, drilling encountered gold and sulphide mineralisation in several settings.

• A strongly deformed and altered horizon located at the contact of the volcanosedimentary sequence and a deformed and altered tonalite intrusion structurally interpreted as located between the Kotak horizon and the Mine horizon. This mineralization responds well to BHEM and TDEM surveys. This horizon is strongly altered in biotite, sericite and carbonate and is cut by sulphide and quartz veins. Visible gold has been observed in this setting in several holes. The intersection from Hole EM21-167 is from this horizon.

• Strongly sericite, albite and carbonate altered tonalite with quartz, carbonate and tourmaline veins and veinlets. Pyrite, sphalerite and locally arsenopyrite (with pyrrhotite and chalcopyrite) are observed in association with quartz veins. Visible gold has been observed in several holes in this setting. The intersection from hole EM21-166 is from an altered tonalite with quartz, carbonate tourmaline veins.

This tonalite intrusion has a variable thickness over the area. Monzonite and quartz diorite were observed in the margins of this intrusion. It has only been observed in E Zone and is interpreted as syntectonic.

Figure 6: NE-SW Schematic geological cross section showing the recently discovered mineralised tonalite intrusion at E Zone.

To view an enhanced version of Figure 6, please visit:
https://orders.newsfilecorp.com/files/1818/106245_0ddfc04d54e69a1e_006full.jpg

Figure 7: Mineralised tonalite contact with visible gold associated with a pyrrhotite rich quartz vein (Hole EM21-167, 278.6m) 5.3m at 3.5g/t Au including 1.3m at 6.0g/t Au.

To view an enhanced version of Figure 7, please visit:
https://orders.newsfilecorp.com/files/1818/106245_0ddfc04d54e69a1e_007full.jpg

Figure 8: Visible gold intercept E Zone, hole EM21-229, 81.3m assays pending.

To view an enhanced version of Figure 8, please visit:
https://orders.newsfilecorp.com/files/1818/106245_0ddfc04d54e69a1e_008full.jpg

Figure 9: Map view of the Eastmain Project with historical and current high grade drill results and 2021 drilling pending assays with EM conductors and simplified geology.

To view an enhanced version of Figure 9, please visit:
https://orders.newsfilecorp.com/files/1818/106245_0ddfc04d54e69a1e_009full.jpg

The results in this release are a mix of standard 50g charge fire assays and metallic screen fire assays. The choice of method was based on geological observations with samples showing strong visual mineralisation assayed directly by metallic screen fire assays.

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 unlock the mineral potential of the Upper Eastmain Greenstone Belt in Northern Quebec. 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 7.9gpt gold (Indicated: 236,500oz at 8.2g/t Au - Inferred: 139,300oz at 7.5g/t Au). The existing gold mineralization 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 150 DHEM conductors over a strike length of 6km which is open in all directions.

Figure 10: Benz tenure over Upper Eastmain Greenstone Belt simplified geology.

To view an enhanced version of Figure 10, please visit:
https://orders.newsfilecorp.com/files/1818/106245_0ddfc04d54e69a1e_010full.jpg

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: [email protected]

Xavier Braud
CEO, Head of Corporate Development (Aus)
Benz Mining Corp.
Telephone +61 8 6143 6702 email: [email protected]

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: Drilling and assays data

Table 1: Drillholes collar information

Table 2: Significant assays*

*Significant assays reported are assays >0.2g/t Au. Composites are calculated by weighted average allowing for up to 1m internal dilution

Table 3: Assays data**

**All assays reported are Au>0.1g/t. When multiple duplicates of the same samples by different methods, best intercept is reported. N.B: All drillholes reported anomalous gold >0.1g/t. NR: Not Reported

Appendix 2: JORC Tables

Section 1 Sampling Techniques and Data

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

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

¹ Indicated: 236,500oz at 8.2g/t Au; Inferred: 139,300oz at 7.5g/t Au

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/106245