- FLEM identify multiple conductors 2.5km north of the Eastmain Mine at Placer Lake
- Conductors extend over strike length of approximately 2km and coincident with historical rock chip samples of 8.3g/t gold at surface and untested by drilling
- Total strike length of conductors exceeds 6km highlighting the potential scale of the district
- In excess of 130 FLEM and DHEM modelled conductors have been identified by Benz Mining
- Placer Lake conductors will be tested as part of ongoing 50km fully funded drill program
- 2 drill rigs currently on-site drilling over 1,000m of core per week
- Additional FLEM survey underway covering another 3km of prospective strike to the west of Loop F
Toronto, Ontario--(Newsfile Corp. - May 26, 2021) - Benz Mining Corp. (TSXV: BZ) (ASX: BNZ) (the Company or Benz) is pleased to provide an update on the results of the latest Fixed Loop Electromagnetic (FLEM) surveys completed to date. FLEM surveys were recently completed to the north of the Eastmain Mine in an area surrounding Placer Lake prospect. FLEM Loop F has returned positive responses significantly expanding the potential footprint of the Eastmain project to the north into an area with sparse drilling that has not tested the FLEM conductors.
To view an enhanced version of Figure 1, please visit:
Benz CEO, Xavier Braud, said
"The results from our electromagnetic surveys continue to deliver beyond all expectations on the Eastmain Gold Project. Since commencing our surveys less than 9 months ago, we have now identified in excess of 130 Fixed Loop and Down Hole modelled plates over a strike length of 6km, with several of these new conductors drilled discovering new gold bearing zones. Our exploration concept and methodology continue to show that this system has the potential to be significantly larger than the currently identified resource suggests and what was previously believed to have existed at Eastmain.
"We look forward to the continued work being done as part of our 50km fully funded drill program for 2021."
Extensive conductors at Placer Lake coincident with 8.3g/t gold surface rock sample
FLEM Loop F identified several FLEM conductors in the Placer Lake area. The prospect is located 2.5km from the Eastmain Mine on a parallel litho-structural trend.
The location of the newly defined conductors coincides with airborne VTEM anomalies identified from the survey flown in 2005.
To view an enhanced version of Figure 2, please visit:
Several FLEM plates were modelled and are recognised in three main areas within this grid. There are only 2 historical holes drilled in the central area, however, these holes did not test the FLEM plates. High grade gold has been identified in the area with rock chips up to 8.3g/t gold above the conductors. The other FLEM anomalies further west and east have not been drilled. The modelled EM plates are shallow and show a steeper dip to the NE compared to the FLEM conductors found in the southern part of the Eastmain project.
Several historical drill holes have intersected high grade gold mineralisation within Loop F. For example, at the Meg Prospect, historical drilling has identified high grade gold mineralisation including 1.0m at 80.6g/t gold and 1.0m at 17.3g/t gold. Interestingly, this mineralisation was not identified in the recent FLEM program and represents another style of mineralisation present at Eastmain.
Ongoing work programs including mapping, soil surveys, surface sampling and drilling at Placer Lake will continue as part of the fully funded 50km drill program for 2021.
Figure 3: Schematic long section of the Eastmain project featuring existing resource envelope, best intersections pierce points, FLEM and DHEM conductors modelled to date. Note the new F loop conductors extending the strike covered by conductors to 6km.
To view an enhanced version of Figure 3 please visit:
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 8.2g/t gold, Inferred: 139,300oz at 7.5g/t gold). The existing gold mineralization 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.
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 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 Northern Quebec.
On behalf of the Board of Directors of Benz Mining Corp.
Xavier Braud, CEO
For more information please contact:
Head of Corporate Development (Canada)
Benz Mining Corp.
Telephone: +1 416 356 8165
CEO, Head of Corporate Development (Aus)
Benz Mining Corp.
Telephone +61 423 237 659
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: JORC Tables
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections.)
|Criteria||JORC Code explanation||Commentary|
|Drill sample recovery|
|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|
|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|
|Drill hole Information|
|Data aggregation methods|
|Relationship between mineralisation widths and intercept lengths|
|Other substantive exploration data|
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/85308