Benz Mining: PhotonAssay of 2020 Core Underway in Perth

HIGHLIGHTS

• Reject samples from the 2020 drilling campaign have arrived at MinAnalytical in Perth, Western Australia for analysis by PhotonAssay
  
  
• Samples had been integrated in the laboratory schedule ahead of delivery to allow for immediate start at reception and analysis has started
  
  
• Whole rock analysis to be conducted capturing visible gold, observed in core and potentially not reflected in standard fire assays
  
  
• Historical analysis from 2010/11 programs highlighted that fire assays under called grades by on average 34% compared with screen fire assays
  
  
• Analysis run in conjunction with large scale heterogeneity test quantifying the nature of the high-grade gold at the Eastmain deposit
  
  
• Understanding and quantifying the nature of high-grade gold mineralisation will improve future resource estimate and confidence

Toronto, July 7, 2021 - Benz Mining Corp. (TSXV: BZ) (ASX: BNZ) (the Company or Benz) is pleased to announce that a single shipment of over 8t of coarse rejects from its 2020 drilling campaign has been received by MinAnalytical's Perth laboratory from Quebec.

Coarse rejects are the leftover material from the processing of core samples during the assaying process. On average, coarse rejects represent over 80% of the core samples submitted to Actlabs in Quebec for standard fire assays in 2020 (fire assays with both AAS and gravimetric finish, only using a 50g subsample of the material submitted).

The industry standard fire assay method used in the 2020 drill program includes fine grinding and pulverisation of samples to a particle size of 75µm. Due to the malleable nature of gold, nuggets with a size over 75µm have a chance of being retained in the fraction of the sample that is not analysed.

Benz geologists have observed multiple occurrences of visible gold in the core from Eastmain. Visible gold usually indicates that gold particles are larger than the 75µm of the sieve used in the fire assay preparation.

CEO Xavier Braud Commented: "The numerous observations of visible gold in core from the Eastmain Project mean that we need to use an assay method best suited to high-grade gold. PhotonAssay will give us a much better estimation of true gold grade in our drill core as the sample method removes the bias created during the sample preparation in traditional assay methods. If this round of assays shows that fire assay analytical methods have underestimated grades, then we can legitimately ask ourselves about a potential underestimation of our current resource which is based on historical fire assay results."

The coarse rejects shipped to Australia have been crushed to a size of 2mm.

The whole lot of the samples will be assayed, providing a whole rock analysis, capturing all the gold present in each sample without the bias introduced by subsampling, fine grinding and sieving.

The expectation is that a method capturing the oversized gold fraction will return more accurate assays better correlating grade and geological observations.

Figure 1: EM20-137, Fire Assay results: 1.5m at 2.8g/t Au from 519.5, 30 grains of visible gold observed (being re-assayed by PhotonAssay)

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Figure 2: EM20-132 - Fire Assay Results - 3.0m at 13.7g/t Au from 531.8m, one grain of visible gold observed (being re-assayed by PhotonAssay)

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Screen fire assays (metallic screen) (SFA-Grav) vs. fire assays (FA-AAS) in 2010-11 drill results from the Eastmain Project

During the 2010 and 2011 drilling campaigns at Eastmain, observations of visible gold prompted the geological team to submit samples for both fire assays (FA-AAS) and screen fire assays (metallic screen) (SFA-Grav).

A total of 361 samples were submitted for analysis with 2 duplicate measurements conducted by FA-AAS and one by SFA-Grav. The average gold grade over the 361 samples by standard fire assay is 2.24g/t Au whilst metallic screen returned an average of 3.04g/t Au, an increase of 34% in the average measured grade.

The graph in Figure 3 shows a plot of the historical results by SFA-Grav versus results obtained by FA-AAS (average of the 2 duplicate results).

Figure 3: Assays by fire assays vs screen fire assays in 361 sets of duplicates from 2010 and 2011 drilling campaigns

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Both metallic screen and standard fire assay methods use a subsample from the half core sample submitted to the laboratory.

• In the case of fire assays, the aliquot (the final sample physically used for analysis) is 50g.
  
  
• In the case of metallic screen FA, the aliquot used is 1kg.

Both fire and metallic screen fire assays involve some level of preparation of the sample.

• In the case of fire assays, the whole half core sample is crushed down to a maximum particle size of 2mm. Then a subsample of 250g is pulverized until 80% of the sample passes a 75µm mesh. The final aliquot is obtained by sampling 50g from the fraction finer than 75µm.
  
  
• In the case of screen fire assays, the whole half core sample is crushed for a set period of time. A 1kg subsample is collected and screened through a 106µm mesh. The coarse and fine fractions are assayed separately by fire assay and the final reported result is a weighted average of the coarse and fine fraction analysis.

Screen fire assays partly remove the sampling bias introduced by the small size of the subsample and the fine grinding to 75µm used in fire assays.

Benz has used both the standard 50g fire assay with AAS and gravimetric finish and, in 2021, has used metallic screen FA with gravimetric finish for mineralised samples and those with visible gold.

Benz is currently analysing core sample rejects from its 2020 drilling campaign by PhotonAssay, a technology using high energy x-ray fluorescence.

PhotonAssay technology should be an improvement on both analytical methods for the following reasons:

• 100% of rejects sampled (>80% of the core samples originally submitted) - larger sample
  
  
• No fine grinding - no further processing of the material than standard 2mm crush
  
  
• No screening bias
  
  
• No destruction of the sample - the samples can still be assayed by another method afterwards

Further details on PhotonAssay technology can be found here. https://www.chrysos.com.au/replacing-fire-assay

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 8.2gtp gold, Inferred: 139,300oz at 7.5gtp 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 Quebec.

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. The existing gold mineralization is associated with 15-20% semi-massive to massive pyrrhotite, pyrite and chalcopyrite making it amenable to detection by electromagnetics. Several gold mineralization occurrences have been identified by previous explorers over a 10km long zone along strike from the Eastmain Mine with very limited testing outside the existing resource area.

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: info@benzmining.com

Xavier Braud
CEO, Head of Corporate Development (Aus)
Benz Mining Corp.
Telephone +61 423 237 659
Email: info@benzmining.com

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: Historical data (2010-11 assays data used in this release)

Table 1: Drillholes collar information

Table 2: Assay data

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.)

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