Benz Mining Corp. (TSXV: BZ, ASX: BNZ) has exercised an option to acquire highly prospective tenements adjacent to its Glenburgh Gold Project in Western Australia, expanding the total project area to approximately 898km². This acquisition secures an additional 20km of potential strike extension to known gold mineralisation within the region.
Regional geological interpretation suggests that the lithologies hosting gold at Glenburgh continue into the newly acquired ground. In addition, historical work by Hannans Ltd in 2021 identified quartz-magnetite breccia occurrences in the western portion of the tenure, which may indicate iron oxide copper-gold (IOCG) potential.
Chief executive officer Mark Lynch-Staunton welcomed the expansion, noting that the company’s maiden drill program at Glenburgh is already underway, with initial results expected in the coming weeks. He stated, “With this strategic expansion, we’re not only extending our search for Glenburgh-style gold mineralisation by another 20km, but we’re also reinforcing our commitment to aggressively exploring and unlocking value in an underexplored gold district in Australia.”
Under the option agreement, Benz has acquired four tenements from Mining Equities Pty Ltd in exchange for 500,000 fully paid ordinary shares and a 0.75% net smelter royalty. The company had 30 days to exercise this option following the completion of its acquisition of the Glenburgh and Mt Egerton Gold Projects from Spartan Resources.
Benz Mining continues to advance its exploration efforts at Glenburgh, aiming to define additional gold resources and build on the existing mineral resource estimate of 16.3Mt at 1.0g/t gold for 510,100 ounces.
