Benz Mining Announces New High Grade Gold Shoot Identified at North West Zone at Eastmain Gold Project

HIGHLIGHTS

• Maiden broad spaced scout drilling into North West (NW) Zone (600m from current resource) has highlighted the potential for a new high grade gold shoot
• Assays for the first 17 holes of 2021 received - assay results include:
  • 3.0m at 16.6g/t gold including 1.5m at 32.8g/t gold (EM21-143)
  • 7.8m at 8.7g/t gold including 1.0m at 32.6g/t gold (EM21-146)
  • 6.0m at 3.6g/t gold including 1.0m at 10.2g/t gold (EM21-145)
  • 3.0m at 5.2g/t gold including 1.0m at 15.0g/t gold (EM21-159)
  • 6.6m at 3.1g/t gold (EM21-158)
• Results confirm the extensions of historical drilling results of
  • 6.0m at 3.3g/t gold including 2m at 9.3g/t gold (EM17-126)
  • 5.5m at 6.1g/t gold including 1.5m at 19.2g/t gold (83CH029)
• Assays also confirm the parallel Nisto trend extends to NW Zone, is gold bearing and carries high-grade mineralisation with
  • 8.9m at 1.5g/t gold including 1.5m at 7.3 g/t gold (EM21-157)
• Nisto trend is approximately 100-200m below the Mine Horizon and was discovered by Benz in 2021 via DHEM on historical holes
• NW Zone mineralisation spread over 400m x 500m and open in all directions and is a part of the 6km gold bearing trend identified by Benz using both FLEM and BHEM surveys
• Future drilling into NW Zone will target the high-grade plunging shoots identified by this scout drill program
• 50,000 drilling program well advanced - 52 holes for 25,000m done - 15,500m assays pending with multiple visible gold intercepts to come from D and E Zones
• 3^rd drill rig secured to arrive in second half of August to accelerate exploration

Toronto, August 3, 2021 - Benz Mining Corp. (TSXV: BZ) (ASX: BNZ) (the Company or Benz) is pleased to announce long awaited assays results for the start of its 2021 drilling campaign. Results come predominantly from NW Zone which is quickly emerging as a new high-grade lodes system and has the potential to become an integral part of the Eastmain deposit.

Figure 1: 2021 drilling location with significant assays results, EM conductors and simplified geology

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CEO, Xavier Braud, commented: "We are glad to finally be able to release assay results from Eastmain, especially when they are great results. DHEM of historical holes at NW Zone had showed us many undrilled conductors. We drilled them and now we know that NW Zone is mineralised and presents the exact same characteristics as A, B and C Zones and poses as a new high-grade zone of the Eastmain deposit. This first pass scout drilling is wide spaced with drilling centres 100m apart and more. We have identified mineralisation over a large 400x 400m area and, more importantly, we have clearly identified two mineralised parallel horizons, both of which are proving to be gold bearing.

"Eastmain is delivering above expectations and our exploration methodology utilising electromagnetics to guide discoveries continues to be extremely successful. We have identified conductors over a strike length of 6km and, to date, we haven't drilled a single conductor which has not returned the right geology. Every target we drill bring more information and we are gradually unlocking the full potential of the Eastmain deposit.

We now have over 150 DHEM conductors in the system and we are systematically drilling them. The DHEM data from NW Zone shows strong undrilled off-hole conductors near our high-grade intervals. Follow up drilling will start as soon as we increase our drilling capacity with a third rig arriving in the second half of August."

Figure 2: Map view of the Eastmain project with historical and current high grade drill results and 2021 drilling pending assays with EM conductors and simplified geology.

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The NW Zone is located about 600m to the NW of the A Zone mineralised lens and camp infrastructure and can be accessed by a trail in summer. The mineralised horizon is associated with a strongly biotite, sericite, silica and carbonate altered mylonite located within deformed and altered ultramafic rocks. Sulphide content varies from 1-2% to up to 20% in sulphide veins, with xenoliths of enclosing rocks, often associated with quartz veins. There are also stringers and patches of sulphides. Garnet porphyroblasts are also observed in association with the more biotite altered rocks.

Main sulphides are pyrrhotite, chalcopyrite, pyrite and sphalerite. Visible gold was observed in holes EM21-143, EM21-146 and EM21-158.

The newly discovered Nisto trend at the NW Zone and A Zone is found between 100 and 200m deeper than the Mine Horizon. Mineralisation is hosted at the contact between strongly deformed and altered sediments (wackes and conglomerate) and ultramafics with stringers and patches of pyrrhotite and chalcopyrite. Garnet porphyroblasts are locally observed in association with the more biotite rich rocks.

The results in this release are a mix of standard 50g charge fire assays and metallic screen fire assays. The choice of method was based on geological observations with samples showing strong visual mineralisation assayed directly by metallic screen fire assays.

All coarse crush rejects from this set of results have been shipped to Australia to be re-assayed by PhotonAssay.

The 16,000 samples re-analysis of 2020 drilling rejects by PhotonAssay is progressing with samples at Minanalytical Perth and Kalgoorlie facilities.

Figure 3: Eastmain Project Long Section with existing resource, FLEM and DHEM conductors and drilling to date with additional high grade NW Zone intercepts.

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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 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 10km long zone along strike from the Eastmain Mine with very limited but highly encouraging testing outside the existing resource area. Benz has subsequently identified over 150 DHEM conductors over a strike length of 6km which is open in all directions.

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.

Figure 4: Benz tenure over Upper Eastmain Greenstone Belt simplified geology.

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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: Drilling and assays data

Table 1: Drillholes collar information

Table 2: Significant assays

Significant assays reported are assays >0.2g/t Au. Composites are calculated by weighted average allowing for up to 1m internal dilution

Table 3: Assays data

All assays reported are Au>0.1g/t. When multiple duplicates of the same samples by different methods, best intercept is reported. N.B: All drillholes reported anomalous gold >0.1g/t.

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.)

Not for distribution to U.S. news wire services or dissemination in the United States.

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