Benz Mining Corp. , is pleased to announce that it has entered into an amending agreement in connection with the Eastmain Mine project pursuant to which it has acquired an option to earn a 100% interest in the Ruby Hill West and Ruby Hill East properties, located west of its high grade Eastmain gold mine project in James Bay District, Quebec.
Ruby Hill West includes one block of 180 contiguous mining claims totaling 9,485 hectares which includes more than 30 km of strike along a favourable volcano-sedimentary greenstone sequence within Upper Eastmain River greenstone belt. The concessions are approximately 25 km west of the main Eastmain gold mine project.
Ruby Hill East includes one block of 88 contiguous mining claims totaling 4,640 hectares and which are immediately west and contiguous to the flagship Eastmain gold mine project concessions.
The principal exploration targets on the Ruby Hill West and East properties correspond to volcanic-hosted lode gold deposits characterized by stratabound, disseminated and massive chalcopyrite-pyrrhotite-pyrite veinlets associated with fine grained chert units.
Including the Eastmain Mine Project, Benz now controls more than 22,100 hectares of ground in the highly prospective Upper Eastmain River greenstone belt.
Miloje Vicentijevic, President and CEO, commented, “We are extremely excited about the addition of the large Ruby Hill West and East concessions to our flagship Eastmain gold mine project as it adds a considerable exploration component in a highly prospective area to our company”.
Mr. Vicentijevic, continued, “With our recently closed financing, we intend to aggressively advance the Eastmain gold mine project while also developing an exploration program to include our new Ruby Hill targets.”
Eastmain Gold Project
Benz entered into an option agreement with Eastmain Resources Inc., to earn a 100% interest in the former producing Eastmain gold mine project located 316 km northeast of Chibougamau, Quebec. Accessible year round by road, the project includes 152 claims totalling 8,014 hectares in size plus one industrial lease permit.
In 1994 to 1995, MSV Resources mined 118,356 tonnes grading 10.58 g/t Au and 0.3% Cu by room and pillar mining. The mineralization was processed at the Copper Rand Mine in Chibougamau and 40,000 oz of Au was recovered.
A 43-101 resource estimate prepared for Benz, includes Indicated resources totalling 899,000 tonnes grading 8.19 grams gold per tonne and 0.13% copper for gold and copper resources of 232,000 oz and 2.57 million pounds respectively.
Inferred resources total 579,000 tonnes grading 7.48 grams gold per tonne and 0.16% copper for 152,000 oz of gold and 2.04 million pounds of copper. The resource estimate is based on a gold price of US$1,288 and a US$0.77 exchange rate.
The scientific and technical content of this press release has been reviewed, prepared and approved by Nick Tintor, a Qualified Professional Member of the Mining & Metallurgical Society of America and a Qualified Person for the purposes of National Instrument 43-101.
