Mr. Xavier Braud of Benz Mining reports
BENZ MINING CORP. ANNOUNCES PROPERTY PAYMENT
Benz Mining Corp. has made a $260,000 payment, of which $150,000 was paid in cash and the balance by the issuance of 174,658 shares, to Fury Gold Mines Ltd. This payment is in accordance with the terms of the option agreement dated Aug. 7, 2019, as amended on April 30, 2020, between Benz and Eastmain Resources Inc. The shares will be subject to a four-month hold period, as well as restricted from converting to CDIs (CHESS depositary interests) for a period of 12 months, and acceptance of the TSX Venture Exchange.
Under the agreement, Benz has an option to acquire a 100-per-cent interest in the Eastmain gold project, as well as the Ruby Hill West and Ruby Hill East properties located in the James Bay district, Quebec. For additional information on the agreement and the Eastmain project, please see Benz's news releases dated Aug. 8, 2019, and April 30, 2020.
About Benz Mining Corp.
Benz Mining 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-per-cent 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 National Instrument 43-101- and Joint Ore Reserves Committee (2012)-compliant resource of 376,000 ounces at 7.9 grams per tonne gold. The existing gold mineralization is associated with 15 to 20 per cent 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 10-kilometre-long zone along strike from the Eastmain mine with very limited testing outside of the existing resource area.
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