Benz Mining Corp. [BZ-TSXV, BNZ-ASX] has acquired the remaining 25% interest in the Eastmain Gold Project, and Ruby Hill East and Ruby Hill West properties, which are located in the James Bay District, Quebec. The remaining property interests were held by subsidiaries (Eastmain Mines Inc. and Eastmain Resources) of Fury Gold Mines Ltd. [FURY-TSX, NYSE American].
On October 27, 2025, Benz made the first milestone payment of $1.0 million to Fury Gold to acquire the remaining interest in the Eastmain Gold Project. Of that amount, $750,000 was paid in cash and the balance of $250,000 by issuing 171,142 shares at a deemed price of $1.46 per share.
Benz is focused on projects in the Eastmain Greenstone Belt in Northern Quebec, which is prospective for gold, lithium, nickel, copper and other minerals. The company has been earning 100% interest in the former producing high grade Eastmain gold mine, Ruby Hill West, and Ruby Hill East projects.
The Eastmain gold project is located in the Upper Eastmain Greenstone belt, 320 kilometres northwest of Chibougamau and 800 kilometres north of Montreal. The Eastmain deposit was discovered in 1969 by Placer Development Ltd. Mining of the A zone in 1995 produced 118,000 tonnes of ore at 10.5 g/t gold or 40,000 ounces. However, mining stopped due to the low gold price environment.
The property is now accessible via Route 167, which provides all-weather access to the property, and will allow Benz Mining to fully explore and evaluate an extended property package surrounding the Eastmain mine.
Back in May 2023, Benz released an updated resource estimate totaling 5.1 million tonnes of grade 6.1 g/t gold or just over 1.0 million ounces. Benz’s objective is to apply modern geophysical exploration techniques in a bid to establish a significant, new high-grade resource within two years.
Separately, Benz recently discovered a new area of outcropping spodumene-bearing pegmatites along the 25-kilometre lithium-cesium-tantalum (LCT) pegmatite trend at the Ruby Hill West project.
The new discovery, M-2, is located approximately 2.0 kilometres west of the recently announced Mikisiw discovery which returned samples of up to 5.0% lithium oxide at outcrop. The M-2 pegmatite outcrop is located 400 metres from a historical diamond drill hole (DDH 90-EM-003) drilled by Kingswood Explorations in 1990 that intersected 30 metres of muscovite-bearing pegmatite from a depth of 140.5 metres to 171.7 metres. This drill hole was not assayed for lithium.
Ruby Hill West is located 50 kilometres west of Benz Mining’s Eastmain exploration camp.
Following the identification of the 25-kilometre pegmatite trend, the company selected areas for soil sampling and further prospecting, including the Mikisiw M-1 and M-2 areas. All available data sets were compiled including historical drilling, where the pegmatite intersection in DDH 90 EM-003 warranted further investigation.
On October 27, 2025, Benz made the final cash payment of $100,000 to acquire the remining interest in the Ruby Hill properties. It granted Eastmain a 1.0% NSR royalty of which one half (0.5%) may be purchased for $500,000.
Benz Mining shares eased 3.4% or $0.05 to $1.40. The shares trade in a 52-week range of $1.66 and 20 cents.
