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Benz Mining Enters Agreement to Acquire the Eastmain Gold Mine Project from Eastmain Resources Inc.
Vancouver, British Columbia--(Newsfile Corp. - August 8, 2019) - Benz Mining Corp. (TSXV: BZ)...
About this update from Benz Mining Corp.
[{"type":"text","content":"Benz Mining Enters Agreement to Acquire the Eastmain Gold Mine Project from Eastmain Resources Inc.Vancouver, British Columbia--(Newsfile Corp. - August 8, 2019) - Benz Mining Corp. (TSXV: BZ) (the \"Company\" or \"Benz\") is pleased to announce that it has entered into an option agreement (the \"Option Agreement\") with Eastmain Resources Inc. (the \"Vendor\" or \"Eastmain Resources\"), to acquire a 100% interest in the former producing Eastmain Gold project (the \"Project\") located in James Bay District, Quebec for CAD $5,000,000. The Project consists of various mineral claims and project rights, as defined in the Option Agreement. Mineral ResourcesAccording to a NI43-101 technical report completed on January 9, 2018 by P&E Mining Consultants Inc. for the Vendor, the former producing Eastmain Gold Mine project hosts the following resources.- Indicated resources of 899kt at a grade of 8.19 g/t gold, 8 g/t silver and 0.13% copper (236.5 koz contained gold), and - Inferred resources of 579kt at a grade of 7.48 g/t gold, 8.2 g/t silver and 0.16% copper(139.3 koz contained gold),The technical report, completed for Eastmain Resources is available on SEDAR.Mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral resource estimates do not account for mineability, selectivity, mining loss and dilution. The inferred mineral resources are normally considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. There is also no certainty that these indicated mineral resource will be converted into mineral reserves, once economic considerations are applied; or that these inferred mineral resources will be converted to measured and indicated categories through further drilling, or into mineral reserves, once economic considerations are applied.The ProjectThe Eastmain Gold project, located approximately 750 km northeast of Montreal, and 316 km northeast of Chibougamau, comprises 152 contiguous mining claims each with an area of approximately 52.7 ha covering a total of 8,014.36 ha plus one industrial lease permit owned by Eastmain Mines Inc., a wholly owned subsidiary of the Vendor.The Project is road accessible via the Route 167 extension, a permanent all-season road, and is serviced by an existing camp, all...