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Benz Mining Corp (2)
Symbol BZ
Shares Issued 169,000,000
Close 2024-02-12 C$ 0.165
Market Cap C$ 27,885,000
Recent Sedar Documents

Benz Mining drills 19.5 m of 1.13% Li2O at Ruby Hill

2024-02-12 20:48 ET - News Release

Mr. Mark Lynch-Staunton reports

RUBY HILL WEST 2023 DRILL RESULTS

Benz Mining Corp. has provided an update on its lithium exploration activities. Drilling on the Ruby Hill West (RHW) and Mikisiw pegmatite targets concluded in early November, 2023, and results have now been received and interpreted. The drill program consisted of 19 holes for 2,940.7 metres via a single helicopter-supported diamond rig. An additional 58.95 m of trench channel samples were also completed targeting visible pegmatite outcrops.

Benz Mining Chief Development Officer, Mark Lynch-Staunton, commented:

"Results show we have a significant LCT pegmatite system at the RHW property with drilling uncovering multiple thick LCT pegmatite dykes. While the thicknesses and fertility indicators are highly encouraging, the individual pegmatite dykes exhibit internal zonation, moving from spodumene rich to spodumene poor zones over short distances. Importantly, all the ingredients for a major lithium discovery still exist on the Ruby Hill West property, with over 25km of mostly unexplored prospective lithium trend remaining to be tested. The geological setting still suggests that additional discoveries are likely, with further work needed on uncovering the spodumene rich parts of the system."

RHW Pegmatite

Drilling followed up on the previously announced intersection of 26.1m at 1% Li20 from hole RHW22-006[1]. Hole RHW23-025 targeted the down dip extension of RHW22-006, and intersected 10.7m at 0.67% Li2O, within a greater 21.3m LCT pegmatite (Figures 4 & 5). Trenching uncovered 19.5m at 1.13% in RHW23CH-004, which significantly increased the mineralised zone of the pegmatite. The RHW pegmatites form a series of subparallel pegmatite dykes that typically dip 50 to 60 dg to the NW, changing to sub-horizontal near surface. The pegmatite dykes appear to closely follow the contacts of a differentiated mafic-ultramafic sill. A complete list of drill and trenching mineralised intercepts is reported in Tables 1 and 2 in Appendix 1.

Mikisiw Pegmatites (M1 and M2)

Drilling intersected a stacked sequence of LCT pegmatites at the M2 target (Figures 6 & 7). Similar to RHW, there is evidence of internal zonation. Drillhole RHW-017 hit 11.11 at 0.56% Li20 within a wider 32.62m pegmatite intersection. Several other thick pegmatite dykes were intersected showing encouraging lithium fertility indicators, however, did not intersect mineralised spodumene zones. Attention will now turn to vectoring into the spodumene rich zones within this stacked LCT pegmatite system. A complete list of drill and trenching mineralised intercepts is reported in Tables 1 and 2 in Appendix 1.

Exploration upside

LCT pegmatites on the RHW property are spatially associated with:

  • mafic-ultramafic intrusions following D1 shearing; and
  • Late NE-SW and NW-SE structures.

The intersection of these 2 trends are a potential trap for the more prospective LCT pegmatites.

With this criteria, there are clear upside exploration targets at the RHW pegmatite. The prospective mafic-ultramafic sill combined with late structures is interpreted to extend for up to 2km either side of the known pegmatite intersections providing an immediate target for strike extension (Figure 8).

Within the greater 25km prospective trend, several other areas exhibiting mafic-ultramafic intrusion associated with brittle faulting have been identified and are considered highly prospective.

The area is heavily covered in glacial overburden and, in certain areas, thick forests, making outcrops difficult to find. However, the ground gravity survey conducted shows good correlation between low gravity and pegmatite dyke bodies, allowing it to be used as an additional targeting tool. Furthermore, an Orthophoto, Lidar and satellite imagery survey flown in late 2023 will further aid in vectoring into prospective areas.

Next Steps

The Eastmain Gold Project remains a focus for the Company with a gold targeting review underway. The review is focusing on both the high-grade structural trends of the Eastmain Mine, and district-scale tier 1 opportunities within the tenement package. The Upper Eastmain belt remains underexplored and in the right geological setting for a new significant gold discovery.

LCT pegmatite geochemistry and structural review of the belt is currently being conducted to better understand and predict / vector into where spodumene rich pegmatites occur.

QA/QC

Drillholes were designed to intersect at depth several surface occurrences of pegmatites in the area. These outcrops are small and partly covered in overburden but were stripped and channel sampled during September 2023. All of the core samples (1/2 core) were sent for analysis at ALS Global in Val D'Or. Pegmatite core samples were analyzed with ME-MS89L where other rock types were analyzed by ME-MS61 (4 acid digestion).

This release was prepared under supervision and approved by Dr. Danielle Giovenazzo, P. Geo, acting as Benz's qualified person under National Instrument 43-101 for the reporting of exploration and drilling results.

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 unlock the immense mineral potential of the Upper Eastmain Greenstone Belt in Northern Quebec, which is prospective for gold, lithium, nickel, copper, and other high-value minerals. 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.

At the Eastmain Gold Project, Benz has identified a combination of over 380 modelled in-hole and off-hole DHEM conductors over a strike length of 6km which is open in all directions (final interpretation of some of the conductors still pending).

In 2021, Benz confirmed the presence of visible spodumene in a pegmatite at the Ruby Hill West Project, indicating lithium mineralisation which Benz intends to further explore in 2022. Benz tenure over Upper Eastmain Greenstone Belt on simplified geology.

About 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 1Moz at 6.1g/t gold (Indicated: 384koz at 9.0g/t gold, Inferred: 621koz at 5.1g/t 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 12km long zone along strike from the Eastmain Mine with very limited but highly encouraging testing outside the existing resource area.

About Ruby Hill West Lithium Project

The Ruby Hill West Lithium project is a surface occurrence of spodumene bearing pegmatite within the Ruby Hill West project, located 50km due west of the Eastmain exploration camp. The occurrence was first sampled in 2016 by Eastmain Resources and then by Quebec government geologists in 2018. Only limited sampling was conducted by both groups.

In March 2022 Benz conducted a drilling program at the Ruby Hill West lithium pegmatite prospect and reported a 31.2m at 0.9% Li2O interval of visible spodumene rich pegmatite in the drilling (ASX & TSX-V releases dated 29 April 2022 "Multiple spodumene pegmatites intersected at Ruby Hill West").

Competent Person's Statement: The information in this announcement that relates to current exploration results is based on and fairly represents information and supporting information compiled by Dr Danielle Giovenazzo who is a P. Geo. of the Ordre des Geologues du Quebec, a Recognised Professional Organisation under the JORC Code. Dr Giovenazzo is a consultant for the Company and has sufficient experience in the style of mineralisation 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". Dr Giovenazzo 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 historical exploration results was first reported to the ASX in accordance with ASX Listing Rule 5.7. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements.

The mineral resource estimate in this announcement was reported by the Company in accordance with Listing Rule 5.8 on 24 May 2023. The Company confirms it is not aware of any new information or data that materially affects the information included in the previous announcement and that all material assumptions and technical parameters underpinning the estimates in the previous announcement continue to apply and have not materially changed.

Appendix 1: 2023 Drilling at Ruby Hill West

Table 1: Mineralised intersections from Diamond Drilling (>0.5% Li2O and 0.5m) OR (>500ppm Ta)

Borehole  Li2O % Ta2O5 _ppm Nb ppm Be ppm Cs ppm  Rb ppm   From    To   Total Length Mg/Li Nb/Ta K/Rb 
RHW                                                                                                   
RHW23-025 1.02   186.00            57.50  463.00  1475.00 74.93  75.79  0.86         0.6   0.25  12.61
RHW23-025 0.67   240.00            132.90 1550.00 2113.00 102.30 113.00 10.70        1.42  0.46  8.37 
includes  0.78   222.00            135.00 1412.00 1799.00 102.30 106.00 3.70         0.87  0.41  8.8  
includes  0.86   215.00            252.00 1497.00 2440.00 111.00 113.00 2.00         1.2   0.5   7.6  
RHW23-008 0.03   741.00     241.00 18.26  8.88    65.21   54.12  55.74  1.62         116   0.9   55.21
RHW23-009 0.15   1200.24    70.80  5.70   14.30   6.10    36.1   36.94  0.84         119   0.07  196  
RHW23-011 0.40   102.60            188.90 1120.00 773.00  146.75 155.26 8.51         1.89  0.51  9.77 
includes  0.70   82.70      34.50  45.80  621.00  476.00  148.75 149.63 0.88         0.5   0.51  9.03 
M-2                                                                                                   
RHW23-017 0.65   36.51      64.10  202.00 12.40   813.00  24.00  25.00  1.00         0.3   2.14  30.26
          0.56   81.85      105.85 196.00 22.76   1252.74 29.84  40.95  11.11        1.78  1.74  21.46
includes  0.83   44.93      108.00 222.00 19.20   813.00  29.84  30.84  1.00         0.2   2.93  23.5 
includes  1.30   64.71      120.50 164.00 20.80   1460.00 33.66  34.33  0.67         0.1   2.27  20.82

Table 2:  Mineralised intersections from Trench Channel Sampling (>0.5% Li2O and 0.5m)

Trench ID        From   To  length Li2O% Ta2O5_ppm   Rb    Cs   Be  Mg/Li Nb/Ta K/Rb 

trench 23CH-001  1.36  6.37 5.01   0.95  198       1599.1 2601  206 0.65  0.43  8.8  
                 4.85  5.85 1      1.48  199       1432   4857  341 0.62  0.345 6.9  
trench 23CH-002  0     5.5  5.5    0.76  374.7     4143   5952  142 0.61  0.24  6.87 
                 2.5   3.5  1      1.06  314       4108   8223  147 0.24  0.18  8.27 
trench 23CH-004  1.84  21.3 19.5   1.13  641.0     2342   965   191 0.74  0.21  9.35 
                 11.9  17.4 5.47   1.76  443       2221   784   178 0.22  0.21  8.72 
M-1 outcrop                                                                          
trench 23CH-003  10.39 13.7 3.33   0.82  52        2696   172   23  0.34  0.47  13.5 
                                                                                     
M-2 outcrop                                                                          
trench 23CH-05   0     2.51 2.51   1.113 41        883    22    165 0.1   2.32  23.83
                 0     1.51 1.51   1.588 37.25     1033   26.26 131 0.055 2.42  21.5 

1 29 April 2022: Multiple Spodumene Pegmatites Intersected in Maiden Drill Program at Ruby Hill West

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