Benz Mining Updated Eastmain Mineral Resource Estimate and Drill Results

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# Benz Mining Updated Eastmain Mineral Resource Estimate and Drill Results

Source: https://benzmining.com/wp-content/uploads/BenzGoldResourceOf621KiloOuncesInferredAnd384KiloOuncesIndicated24May23.pdf
Published: 2023-05-24T00:00:00+00:00
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# Benz Mining Updated Eastmain Mineral Resource Estimate and Drill Results
Source: https://benzmining.com/wp-content/uploads/BenzGoldResourceOf621KiloOuncesInferredAnd384KiloOuncesIndicated24May23.pdf
Published: 2023-05-24
TSXV:BZ, ASX:BNZ 24 May 2023
Benz Mining Updated Gold Mineral Resource of 621 koz
Inferred and 384 koz Indicated at Eastmain
HIGHLIGHTS
• Updated Independent Mineral Resource Estimate (MRE) in accordance with NI 43-101
guidelines defined on Eastmain Project at a 2.5 g/t Au cut-off
Classification Tonnes (M) Au (g/t) Au (koz)
Indicated 1.3 9.0 384
Inferred 3.8 5.1 621
Note: rounding errors apply
• Indicated and Inferred Resources at Eastmain have increased by 61% and 345%
respectively from the previous MRE released in 2019
• The Updated MRE is primarily based on 34,443 m of drilling (63 DDH out of 92 drilled)
completed in 2021 and new discoveries at Zone D, Zone E and Zone NW
• Robust MRE verified by two independent experts using realistic mining assumptions
(2 m minimum mining width and 1.5 g/t Au cut off for wireframes)
• Large high-grade Indicated MRE of 9.0 g/t gold highlights potential with further infill
drilling
• High-grade mineralization starts at surface with a historical exploration decline in
place
• Numerous lower confidence areas were targeted in 2023 drill programs with potential
to increase size and scale of the deposit, especially in Zones D and E
Benz Mining Corp. (TSXV:BZ, ASX:BNZ) (the Company or Benz) is pleased to announce a Mineral
Resource Estimate (MRE) update on the Eastmain Project in Quebec, Canada.
The Updated MRE has been possible following an extensive 2021 drilling campaign on the Eastmain
Mine Shear Zone within the Eastmain Project in James Bay, Quebec.
Executive Chairman, Evan Cranston, commented: “I am extremely proud to be able to deliver
shareholders our updated gold MRE today. When management took over at the onset of the Covid
pandemic, we started exploration with a theory that we could target Eastmain’s high-grade gold using
electromagnetic surveys, both down-hole and on the ground. Since the start of drilling, we were set
back by Covid and six months plus assay turnaround times which meant for the majority of the time,
we were drilling blind with only visual results to tell us if we were on the right track.
“Fast forward to now and we have delivered 384 koz Indicated and 621 koz Inferred gold at a very
healthy 9.0 and 5.1 g/t respective gold grades using realistic mining parameters. This result is a
testament to our team and highlights the enormous potential at the high-grade Eastmain Gold Project
with all zones remaining open in all directions.”
Benz Mining Corp. 401 Bay St, Suite 2100, Toronto, Canada | T: +61.8.6143.6702 | Email: info@benzmining.com
Eastmain Gold Project Introduction
The Eastmain Gold Project is situated on the Upper Eastmain Greenstone Belt in Quebec, Canada. The
historical Eastmain Mine Gold Deposit consisted of three high-grade mineralized zones which from
east to west are the A, B and C Zones. The spatial distribution of gold grades in the Zones suggests the
presence of several mineralized shoots, showing steep plunges on the Mine Series deformation plane.
Gold mineralization occurs in a strongly altered and deformed horizon (1 to 10 m thick) affecting
different rock types, however, always in spatial association with an ultramafic intrusion. The
mineralization consists of quartz veins with massive to semi-massive sulphide veins and veinlets in a
mylonite zone. The sulphides are also in disseminations and patches. Gold occurs as free grains of
various sizes (1 to 8 mm) commonly in the borders of pyrrhotite, pyrite or sphalerite or in quartz veins.
The presence of these sulphide veins makes it amenable to detection using electromagnetic
techniques.
The high strain deformation zone associated with the mineralization has a northwest trend and dips
40o to 50o to the northeast as mineralized shoots likely separated by northeast trending late faults.
Zones D and E were discovered using ground TDEM surveys and DHEM of almost all the completed
drill holes. The percentage of sulphides is variable, and gold occurs mostly in the sulphide rich shear
zones and in quartz veins in a variety of rock types and environments, including veins with albite-
carbonate-tourmaline in an older deformed tonalite at Zone E and a younger granodiorite to the
northeast of all the Zones.
Mineralization starts at surface with an exploration decline running through A and B Zones, from which
approximately 118,000 tonnes of mineralized material were extracted grading 10.5 g/t gold and
subsequently processed with a 95% recovery. The deepest drill hole has intersected visible gold at
approximately 900 m vertical from surface, which indicated the prospective depth of the deposits. The
identified high-grade mineralized shoots remain open along strike and at depth.
Figure 1: 3D image of the Eastmain Mine Horizon with current Benz Indicated (red) and Inferred (yellow)
Resources.
Benz Mining Corp. 401 Bay St, Suite 2100, Toronto, Canada | T: +61.8.6143.6702 | Email: info@benzmining.com
Exploration Completed by Benz Mining
The Company completed 51,652 m consisting of 92 diamond drillholes on the Eastmain Project in 2021
to focus on updating the previous MRE. In 2020, 12 diamond drill holes for 7,104 m were completed
to test the electromagnetic anomalies, including eight holes for 4,404 m used in this MRE. Nine holes
from 2022 were drilled in Zone E and Zone NW for 4,809 m. Overall, a total of 652 diamond drill holes
for 174,108 m of drilling were completed on the Eastmain Mine trend, including 383 holes for 103,444
m being incorporated into the current MRE.
Mineral Resource Estimate
The May 2023 Eastmain Gold Project MRE has been estimated at 621 koz Inferred and 384 koz
Indicated gold at respective grades of 5.1 and 9.0 g/t Au. This MRE is an update from the previously
reported NI 43-101 compliant MRE (2019) of 236.5 koz indicated and 139.3 koz of inferred at
respective grades of 8.19 g/t Au and 7.48 g/t Au on the Project.
The MRE is being reported in accordance with NI 43-101 and JORC 2012 and is effective as of 24 May
2023. Benz engaged International Resource Solutions of Australia and P&E Mining Consultants Inc. of
Canada to prepare an MRE for the Eastmain Gold Project. The details of the 2023 MRE are in Table 1
below.
Table 1: Mineral Resource Estimate Sensitivity Table (Cut off 2.5 g/t Au)1-10
Indicated Inferred
Cut off
Au g/t Tonnes Au Au Tonnes Au Au
(M) (g/t) (koz) (M) (g/t) (koz)
4.5 1.0 10.5 351 1.6 7.4 370
4.0 1.1 10.0 362 2.1 6.6 444
3.5 1.2 9.6 371 2.6 6.0 510
3.0 1.3 9.3 380 3.3 5.5 576
2.5 1.3 9.0 384 3.8 5.1 621
2.0 1.4 8.6 392 4.7 4.6 685
1.5 1.5 8.4 393 5.5 4.1 733
1.0 1.5 8.3 394 6.0 3.9 755
Note: rounding errors apply
Notes:
1. The Mineral Resources described above have been prepared in accordance with the CIM
Standards (Canadian Institute of Mining, Metallurgy, and Petroleum, 2014) and follow Best
Practices outlined by CIM (2019).
2. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability.
The estimate of Mineral Resources may be materially affected by environmental, permitting,
legal, title, taxation, socio-political, marketing, or other relevant issues.
3. The quantity and grade of reported Inferred resources in this estimation are uncertain in nature
and there has been insufficient exploration to define these Inferred Mineral Resources as an
Benz Mining Corp. 401 Bay St, Suite 2100, Toronto, Canada | T: +61.8.6143.6702 | Email: info@benzmining.com
Indicated or Measured Mineral Resource and it is uncertain if further exploration will result in
upgrading them to an Indicated or Measured Mineral Resource classification.
4. The underground Mineral Resources in this estimate have been reported using a 2.5 g/t lower cut-
off based on US$1,800/oz Au, 0.77 US$ FX, 95% process recovery and costs of C$125/t mining,
C$40/t processing and $15/t G&A. Up-dip cut and fill mining is envisioned for extracting
mineralization at Eastmain.
5. The Eastmain Zones have been classified as Indicated and Inferred according to drill spacing and
two grade estimation passes. Underground Mineral Resources have been classified manually
within a constraining volume to remove isolated areas not satisfying reasonable prospects for
eventual economic extraction (“RPEEE”) and have been reported using an approximate 2 m
minimum down hole intercept.
6. Historical workings were depleted from the Mineral Resource model.
7. The bulk density of 2.95 t/m3 has been applied based on measurements taken on the drill core
with Au values equal or greater than 2.0 g/t. This value was assigned to the block model.
8. The MRE is based on a block model with a parent block size of 10 m x 10 m x 10 m with sub cells
as small as 0.5 m.
9. Tonnage has been expressed in the metric system, and gold metal content has been expressed in
troy ounces.
10. The tonnages have been rounded to the nearest 100 k tonnes and the metal content has been
rounded to the nearest 1 k ounces. Gold grades have been reported to one decimal place.
Mineral Resource Estimation Summary
Geological Interpretation
There is sufficient confidence in the geological modelling of the deposit geometry to enable Indicated
and Inferred Mineral Resource classification. The current MRE update represents an updated estimate
to the August 2019 MRE.
Geological and mineralization constraints were generated based on gold grade assays and geological
observations such as the presence of quartz veining and sulphide mineralization. Structural and
geological observations were used to determine the overall attitude of the individual lodes.
Infill drilling at the Project, targets a drill hole spacing of 40 m strike by 40 m down dip or better, which
enables a higher degree of confidence in the geological interpretation.
The Global Exploration Target area for the Project has overall dimensions of 7 km (strike) by up to 1
km (down-dip) and has been interpreted to extend to a maximum (tested to date) depth of 800 m
below surface. Individual vein intercepts, vary from approximately 1.0 m to >10 m in thickness.
Drilling Techniques, Sampling and Assaying
The Eastmain Mine drillholes were drilled using predominantly NQ sized diamond drill core calibre
(47.6 mm core diameter and 3m rods) and included downhole orientation surveys. A few 2022
heliborne drillholes used BTW-sized core (42 mm core diameter and 3 m rods). The drill contractor
Benz Mining Corp. 401 Bay St, Suite 2100, Toronto, Canada | T: +61.8.6143.6702 | Email: info@benzmining.com
performed the down hole surveys and results were transferred to Benz Mining geologists digitally or
on paper after each work shift.
Deviation surveys from 2020 to 2023 used the REFLEX EZ-TRAC™ and the AXIS North seeking Champ™
gyro tools to record deviation measurements every 3 to 10 m for all surface drill holes.
A portable XRF analyzer (Olympus Vanta-M) for rapid characterization of rock units is available at the
site. Magnetometer and conductivity readings are taken at regular intervals with a KT-10 on core to
better characterize magnetic susceptibility of the various rock units and mineralized intervals.
Recovery is recorded as a percentage calculated from measured core versus drilled intervals. Drilling
on the Eastmain Mine Property achieved >99% recovery on average.
Sample lengths typically range from 0.5 to 1.5 m. Once logged and labelled, samples are sawn in half
using a Vancon rock saw. One half of the core is placed in a plastic bag along with a detached portion
of the unique bar-cod

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