Benz Mining Reports Multiple EM Conductors Over 2km by 2km at Southern Anomalies with Sulphide Intersected

HIGHLIGHTS

• Ground FLEM survey over a small portion of the Southern Anomalies identified three main trends of strong conductivity associated with over 40 modeled EM plates targeting gold mineralization similar to the Eastmain system
• Drilling of 13 holes confirmed the presence of sulphides associated with all conductors
• Mineralized altered conglomerates with tourmaline intercepted in several holes in the north conductive trend prospective for gold mineralization
• Sulphides associated with ultramafic intrusions in the southern conductive trend
• Conductors are located 3.5km SW of the Eastmain Mine Portal and sit between Route 167 Nord and the Eastmain camp access road
• Winter drilling now complete, core sampled waiting for gold and multielement assays
• Downhole EM of all holes to be conducted following Benz's successful methodology

Toronto, Ontario--(Newsfile Corp. - May 19, 2022) - Benz Mining Corp. (TSXV: BZ) (ASX: BNZ) (the Company or Benz) is pleased to provide an update on its recently completed exploration activities on a 2km x 2km portion of the Southern Anomalies trend. The Southern Anomalies are a zone of strong and extensive VTEM anomalies identified during the survey flown in 2005. Located 3.5km south of the Eastmain Mine portal, the anomalies belong to an area of the greenstone belt previously mapped as volcanics in a zone covered by glacial till.

 
Figure 1: Southern Anomalies with FLEM loop contour, gold in soils anomaly over regional 2005 VTEM survey
 
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CEO, Xavier Braud, commented:

"The Southern Anomalies FLEM conductors are significant on multiple levels:

1. they underline multiple geological environments which are all prospective in their own right;
2. they cover a 2km x 2km zone open along strike on both sides with more VTEM anomalies not yet followed up by FLEM both to the SE and the NW;
3. they open up an entirely new part of the Upper Eastmain Greenstone Belt broadly parallel to the Eastmain Mine stratigraphy of which Benz controls. A FLEM grid covering about 2km x 2km was surveyed earlier this winter. This area also has multiple element soil anomalies.

"Our drill program intersected multiple horizons of sulphide (pyrrhotite, pyrite) mineralization, some with associated quartz veining and as dissemination, veins and bands. We also hit a significant amount of polygenic and monogenic conglomerates with sulphide mineralization and silicification highlighted by the presence of tourmaline, carbonate and sericite. We do not know yet how significant those results will be, and we are eagerly waiting for the analytical results.

"Benz continues to systematically explore the region, combining technology and lateral thinking to unlock all the value an underexplored greenstone belt has to offer. The list is lengthening by the day, several gold discoveries along strike of the Eastmain deposit, a lithium pegmatite discovery at Ruby Hill West, and multiple geophysical and geochemical anomalies yet to be tested.

"We don't know what the future holds for Benz but judging from the past 18 months, it's pretty safe to say that more discoveries await."

 
Figure 2: Southern Anomalies FLEM conductors with FLEM loop outline and gold in soils anomaly over regional 1VD magnetics

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Figure 4: Southern Anomalies, EM22-264, silicified conglomerate with disseminated sulphides in the matrix and fuchsite altered blocks
 
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Figure 5: Southern Anomalies, Hole EM22-261 369m sulphide mineralisation in a carbonate altered, silicified metasediment

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The ground survey was conducted between January 25^th and February 9^th 2022 and consists of 49.10 line-km of TDEM data acquired from a single surface loop. Acquisition and interpretation were completed by TMC geophysics and results were received at the end of February.

The EM anomalies defining six of the seven interpreted conductor axes were modelled. Each anomaly was then modelled by a single conductor in the form of a thin plate having its location and main attributes optimized to the associated survey's line data (line to line analysis).

 
Figure 6: Southern Anomalies FLEM conductors, drillholes traces, and schematic interpreted government geology
 
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There are three main sub-parallel anomalous corridors oriented about N110°:

North Horizon: The latter is characterized by the axes STDEM-1 and STDEM-3 which are interpreted to outline the same anomalous horizon/trend locally interrupted over 300 m when crosscut by NNE striking faults. The associated conductive source(s) appear(s) better defined beneath 100 m of vertical depth and are relatively continuous with moderate apparent dips to the north northeast.

 
Figure 7: Southern Anomalies, Hole EM22-257 silicified metasediment with sulphide veining dominated by pyrrhotite and pyrite and traces sphalerite and chalcopyrite (STDEM-3)
 
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Figure 8: Southern Anomalies, Hole EM22-261, 589m deformed conglomeratic quartz rich metasediment with sulphide silica alteration, minor quartz and carbonate veins
 
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Central Horizon: In the middle part of the grid, the axes STDEM-2, STDEM-4, STDEM-5 and STDEM-6 emphasizing a group of conductors with limited continuities and that may have developed within the same anomalous horizon. The associated conductive sources are relatively small and with moderate apparent dips to the north northeast.

South Horizon: The axis of anomaly STDEM-7 highlights a very continuous conductor, laterally and at depth, with moderate apparent dips to the north northeast. The associated conductive target, or group of closely spaced conductive sources, is deeply seated, and lies immediately to the north of a thick highly magnetic band of rocks. The western modelled plates are coincident with a deep-seated mag feature that may represent an intrusion.

A winter drill campaign was planned to explain these conductors. Once all the required permits were obtained, drilling started on the 16^th of March 2022 and ended on 14^th of May 2022.

A total of 6,349m were drilled in 13 holes.

The main geological units encountered were various metasediments, from conglomerates to quartzites intruded by ultramafic to mafic intrusions. Within the metasediments large zones of alteration with disseminated and veins of sulphides were observed. Sulphide exhalites were intersected in several holes explaining some of the conductors.

In the Southern STDEM -7 anomalies, ultramafic rocks are more abundant and are locally sulphide bearing and strongly altered and sheared. They also intrude a sedimentary sequence with local sulphides, alteration and some exhalite bands. Volcanic rocks were rarely intersected.

 
Figure 9: 3D model showing 3D inversion of magnetics and the modelled TDEM conductors and schematic Drillhole traces looking to the SE.
 
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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.

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.

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.

 
Figure 10: Benz tenure over Upper Eastmain Greenstone Belt simplified geology.

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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.

Disclaimer: the drilling reported in this release is primarily targeting potential gold mineralisation. The presence of sulphide minerals whilst being a potential indicator of mineralising activity does not guarantee the presence of gold in the system which can only be determined by laboratory assays. Neither the sulphide species nature nor the abundance of sulphide minerals can be correlated to the presence or not of gold therefore visual estimates of sulphide content are not relevant to the style of mineralisation described in this release.

Appendix 1: Drilling data to date - Southern Anomalies

Table 1: Collar and survey data Southern Anomalies 2022 winter drilling

Table 2: visual estimates of sulphide abundance in Southern Anomalies drilling

*Tr: reported as traces, the sulphide specie is present in the interval but in quantities too small to be accurately estimated. Traces is commonly accepted as being below 0.1% to 0.2%

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