Benz Mining: Ruby Hill West Discovery Returns 26.4m At 1.01% Li2O From 7.4M Including 3.7m At 2.7% Li2O

HIGHLIGHTS

• High grade intercept from near surface in last drillhole of the April 2022 campaign
• Assays for RHW22-006 returned:
  • 26.4m at 1.01% Li₂O, 355ppm Ta₂O₅, 980ppm Cs, 1601ppm Rb₂O from 7.4m;
  • including 12.7m at 1.29% Li₂O, 423ppm Ta₂O₅, 1160ppm Rb₂O, 600ppm Cs; and
  • 3.7m at 2.61% Li₂O, 579ppm Ta₂O₅, 1061ppm Rb₂O, 441ppm Cs
• Very high-grade (+2.5% Li₂O) with tantalum, rubidium and caesium association
• RHW22-001, 002, 003 and 005 show lithium caesium tantalum (LCT) signatures confirming the presence of multiple dyke systems in the area
• Hole RHW22-006 was collared directly into weathered pegmatite
• Multiple newly identified outcrops surround the RHW22-006 collar
• RHW22-006 potentially not collared optimally to fully test the pegmatite intrusion
• Historical 2008 core discovered at the Eastmain site shows unsampled pegmatite intervals mistakenly referenced as granite up to 80m thick

Toronto, August 2, 2022 - Benz Mining Corp. (TSXV: BZ) (ASX: BNZ) (the Company or Benz) is pleased to provide an update on its lithium exploration activities. Assays for the 6 holes drilled in April 2022 at Ruby Hill West as part of Benz's maiden lithium drilling have been received and confirm thick high-grade pegmatite as well as the presence of multiple dykes system in the area.

Figure 1: Spodumene bearing pegmatite in core, Ruby Hill West drilling RHW22-006. The interval returned 26.4m at 1.01% LiI₂O from 7.4m including 3.7m at 2.7% Li₂O.

To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/1818/132478_4bb49e63945c187d_001full.jpg.

CEO, Xavier Braud, commented:

"These results prove that the Ruby Hill West pegmatite we drilled this year carries both grade and thickness. We are currently in the field at Ruby Hill West and Windy Mountain identifying more pegmatite outcrops and stripping the outcrops near last winter's drilling.

"We have seen some pretty spectacular spodumene mineralisation in outcrop near RHW22-006 collar with single spodumene crystals up to 50cm long.

"This region has been underexplored and we believe we can find more of those lithium bearing pegmatites, turning Ruby Hill West into a lithium camp for the benefit of Benz shareholders.

"Every campaign we have conducted has been successful and returned high grade gold and now high-grade lithium mineralisation. We will keep exploring and making discoveries in the Upper Eastmain Greenstone Belt, a new frontier area that Benz is bringing to the world's attention.

"Finding core from holes drilled in 2008 which has unsampled pegmatites is a welcome discovery. This pegmatite shows high rubidium and niobium content on a hand held XRF indicating probable fertility. Sometimes, discoveries are made in the core yard unearthing historical core and looking at it with a fresh eye."

Figure 2: Ruby Hill West pegmatite, outcrop with 50cm long spodumene crystal

To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/1818/132478_4bb49e63945c187d_002full.jpg.

Ruby Hill West Lithium Drilling Results

The Ruby Hill West Lithium Project is a surface occurrence of spodumene bearing LCT 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 the summer of 2021, a team of consultants working for Benz sampled the outcrop without sufficiently attempting to scrape the moss and other vegetation covering the underlying rocks.

The samples collected returned best assay values of:

• 2.59% Li₂O, 1970ppm Rb, 1030 ppm Ta, 7530 ppm Cs
• 1.9% Li₂O, 3160ppm Rb, 3820 ppm Cs, 274ppm Ta

Figure 3: Spodumene rich part of RHW22-006 intercept, this part is from the 3.7m at 2.70% Li₂O

To view an enhanced version of Figure 3, please visit:
https://images.newsfilecorp.com/files/1818/132478_4bb49e63945c187d_003full.jpg.

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

Drillholes RHW22-001, RHW22-002, RHW22-003 and RHW22-005 were drilled 100m apart from each other and targeted the geology at depth under lithium bearing pegmatite outcrop and sub-crop sampled in 2021.

The limited time spent on the outcrop during the 2021 campaign had not allowed for detailed exploration and the structural directions guiding drilling direction were inferred from historical airborne magnetics data. Those holes were located north west of the outcrop and drilled towards 155° azimuth.

Benz's best hole of the 2022 drilling campaign was RHW22-006 which returned 31.1m of pegmatite from near surface.

Assays for this hole returned:

• 31.1m at 0.9% Li₂O, 323ppm Ta₂O₅, 1093ppm Cs, 1558ppm Rb₂O from 2.6m including:
  • 26.4m at 1.01% Li₂O, 355ppm Ta₂O₅, 980ppm Cs, 1601ppm Rb₂O from 7.35m
  • 12.7m at 1.29% Li₂O, 423ppm Ta₂O₅, 600ppm Cs, 1156ppm Rb₂O from 21m
  • 3.7m at 2.61% Li₂O, 579ppm Ta₂O₅, 441ppm Cs, 1057ppm Rb₂O from 30m

Hole RHW22-006, drilled only 4.0m away from hole RHW22-004 was collared directly into weathered pegmatite. Multiple newly identified outcrops surround the collar and it now looks like the hole was not collared optimally to fully test the intrusive pegmatite body.

Benz will have to reassess the geometry of the system as the pegmatite is potentially thicker than what was intercepted in hole RHW22-006.

Figure 4: Schematic cross section with Benz's best result from RHW 2022 drilling campaign. Note, drillholes RWH22-003 and 004 are interpreted to be drilled below a pegmatite body dipping toward the reader and sub parallel to the section.

To view an enhanced version of Figure 4, please visit:
https://images.newsfilecorp.com/files/1818/132478_4bb49e63945c187d_004full.jpg.

Drillhole RHW22-004 was unfortunately collared in the host basalt 2m from the pegmatite/basalt contact and is believed to have been drilled continuously above the contact for the whole length of the hole.

Field observation conducted following extensive vegetation removal from the outcrops shows that there are two main bodies of spodumene bearing pegmatites and secondary dykes of lower size and importance. The current interpretation is that drillholes RWH22-001, 002, 003 and 005 were drilled at angles which could not adequately test the main body of pegmatite now at outcrop.

Figure 5: April 2022 drilling with simplified drillhole geology over satellite image.

To view an enhanced version of Figure 5, please visit:
https://images.newsfilecorp.com/files/1818/132478_4bb49e63945c187d_005full.jpg.

Figure 6: Schematic section of RHW22-005 with assays results.

To view an enhanced version of Figure 6, please visit:
https://images.newsfilecorp.com/files/1818/132478_4bb49e63945c187d_006full.jpg.

Figure 7: Schematic section of RHW22-001. The hole may have been drilled below the main pegmatite intrusion body. The geometry of the main outcropping pegmatite body seems to be dipping towards the reader and be parallel to the current section with RHW22-001 having only intercepted small secondary cross cutting dykes.

To view an enhanced version of Figure 7, please visit:
https://images.newsfilecorp.com/files/1818/132478_4bb49e63945c187d_007full.jpg.

Figure 8: Schematic section of RHW22-002 with assay results. The geometry of the main outcropping pegmatite body seems to be dipping towards the reader and be parallel to the current section with RHW22-002 having only intercepted small secondary cross cutting dykes.

To view an enhanced version of Figure 8, please visit:
https://images.newsfilecorp.com/files/1818/132478_4bb49e63945c187d_008full.jpg.

Figure 9: Ruby Hill West, Summer 2022 - uncovering spodumene pegmatite.

To view an enhanced version of Figure 9, please visit:
https://images.newsfilecorp.com/files/1818/132478_4bb49e63945c187d_009full.jpg.

Figure 10: RHW main pegmatite outcrop, removing cover allowed identification of a basalt/pegmatite contact (under the geologist's feet and allowed for the discovery of very large (+50cm euhedral and subhedral spodumene crystals) as shown by the geologist.

To view an enhanced version of Figure 10, please visit:
https://images.newsfilecorp.com/files/1818/132478_4bb49e63945c187d_010full.jpg.

Figure 11: Uncovering RHW main pegmatite outcrop, located between drillholes RHW22-001,003 and 004 and potentially dipping parallel to the drillholes.

To view an enhanced version of Figure 11, please visit:
https://images.newsfilecorp.com/files/1818/132478_4bb49e63945c187d_011full.jpg.

Historical Drilling:

During a site inspection in late June 2022, core from a 2008 drilling campaign at Ruby Hill West was discovered in the core racks at the Eastmain mine site. Three holes had pegmatite core in the racks.

Figure 12: Racks with core from the 2008 drill campaign at Ruby Hill West - Note: Eastmain Decline in the background

To view an enhanced version of Figure 12, please visit:
https://images.newsfilecorp.com/files/1818/132478_fig%2012%20benz.jpg.

Figure 13: RHW-08-003 core displaying pegmatite (80m of cumulative length).

To view an enhanced version of Figure 13 please visit:
https://images.newsfilecorp.com/files/1818/132478_4bb49e63945c187d_015full.jpg.

The 2008 drilling campaign led by Eastmain Resources at Ruby Hill West was targeting VTEM targets, interpreted from a 2005 airborne survey. A limited number of intervals were sampled and analysed for a suite of elements in the search for gold mineralisation.

In total, 3 holes (RH-08-002, RH-08-003, and RH-08-014) showed intervals of pegmatites in the core.

The core was never sampled or assayed for any other commodity and there is potential for the pegmatites in those three holes to be part of a system prospective for lithium and associated tantalum, caesium and rubidium.

Benz is currently cutting the core and samples will be submitted in due course to ALS Laboratories in Montreal for analysis by a suitable method.

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 376,000oz at 7.9gpt gold (Indicated: 236,500oz at 8.2gpt gold, Inferred: 139,300oz at 7.5gpt 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.

Figure 14: Benz's tenure over Upper Eastmain Greenstone Belt simplified geology.

To view an enhanced version of Figure 14, please visit:
https://images.newsfilecorp.com/files/1818/132478_4bb49e63945c187d_016full.jpg.

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.

This release was prepared under supervision and approved by Dr. Marat Abzalov, PGeo, holder of an OGQ temporary permit, acting as Benz's qualified person under National Instrument 43-101 for the purposes of exploration target compilation and calculation.

This release was prepared under supervision and approved by Mr Xavier Braud, PGeo, holder of an OGQ temporary permit, acting as Benz's qualified person under National Instrument 43-101 for the purposes of exploration results and field observations.

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.

This announcement has been approved for release by the Board of Directors of Benz Mining Corp.

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 8 6143 6702
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 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". 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: Drilling data to date - Eastmain Mine

Table 1: Collar data from Ruby Hill West Pegmatite Drilling

Table 2: Ruby Hill West Lithium Assays

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/132478