Benz Mining Files NI 43-101 Technical Report for Eastmain Mine Gold Deposit Mineral Resource
TSX VENTURE: BZ
Vancouver, British Columbia--(Newsfile Corp. - September 5, 2019) - Benz Mining Corp. (TSXV: BZ) (the "Company" or "Benz") announces that the Company has filed the NI 43-101 Technical Report titled "Technical Report and Mineral Resource Estimate on the Eastmain Mine Property, James Bay District, Quebec", prepared by P&E Mining Consultants Inc. ("P&E") as initially announced on August 8, 2019.
Benz has entered into an option agreement with Eastmain Resources Inc. to acquire a 100% interest in the former producing Eastmain Mine Gold Project.
The Mineral Resource Estimate reported tonnes and contained gold ounces, stating Total Indicated Mineral Resource of 899 kt at a grade of 8.19 g/t gold, 8 g/t silver and 0.13% copper (236.5 koz contained gold), and Total Inferred Mineral Resources of 579 kt at a grade of 7.48 g/t gold, 8.2 g/t silver and 0.16% copper(139.3 koz contained gold).
Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Mineral Resource Estimates do not account for mineability, selectivity, mining loss and dilution. Inferred Mineral Resources are normally considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as Mineral Reserves. There is also no certainty that Indicated Mineral Resources will be converted into Mineral Reserves, once economic considerations are applied; or that Inferred Mineral Resources will be converted to Measured and Indicated classifications through further drilling, or into Mineral Reserves, once economic considerations are applied.
New Exploration Recommended
P&E considers that the Eastmain Mine Property contains a significant precious metal and base metal Mineral Resources that is associated with a well-defined mineralized trend. P&E considers that the property has potential for delineation of additional Mineral Resources and that further exploration is warranted. Within its recommendations for the property, P&E proposes:
- A C$500,000 Phase I exploration program to focus on
- target prioritization including reprocessing/ re-modelling of existing geophysical data, particularly airborne VLF and ground IP against interpreted geology of known mineralization in targets such as the NW, Hillhouse and Julian targets and the Main Zone;
- Investigation of airborne VLF anomalies, particularly along the southeast projection of the Mine Trend that have not been fully investigated - review with prospecting mapping and assaying;
- BHEM on selected 2016 and 2017 drill holes, particularly at the NW, Hillhouse and Julian targets in order to attempt to project mineralization already intersected in these earlier holes - helps set up drilling. Also, a couple of holes deep in each of the A and B Zones of the Main Deposit to test for deeper projections of the Mineral Resource; and
- Limited preliminary drilling on the NW, Hillhouse and Julian targets to follow-up past drill gold intercepts and check BHEM projections.
- A C$2,855,000 Phase II exploration program to focus on
- Additional pulse TDEM for deeper penetration along the southeast Mine Trend;
- Geology, Prospecting, Stripping and Assays on any new EM targets defined by TDEM or anything else of interest;
- 2,500 m drilling of new EM targets and BHEM on any mineralized intersections and/or on mineralized holes from Phase I; and
- 5,000 m Mineral Resource expansion.
Benz Exploration staff and management are reviewing the Technical Report recommendations and compiling results from the previous exploration programs along with historic work to define an appropriate work proposal for 2019/2020 years.
This press release was reviewed and approved by NI 43-101 defined Qualified Persons Antoine Yassa, P.Geo., OGQ and Eugene Puritch, P.Eng., FEC, CET both of P&E Mining Consultants Inc.
The Technical Report, completed for Benz Mining Corp. on September 3, 2019. is available on SEDAR under the Company's profile.
About Benz Mining Inc.
Benz is a Vancouver based mineral company publicly listed on the TSX Venture Exchange. It is focused on acquiring and developing mineral base and precious metal assets in safe jurisdictions.
On behalf of the Board of Directors of Benz Mining Corp.
Miloje Vicentijevic, President and Chief Executive Officer
Forward-Looking Information: This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business and trading in the common stock of Benz Mining Corp. The forward-looking information is based on certain key expectations and assumptions made by the Company's management. Although the Company believes that the expectations and assumptions on which such forward- looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. These forward-looking statements are made as of the date of this press release and the Company disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
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