Benz Exercises Option over Strategic Ground Along Strike from the Glenburgh Gold Project
HIGHLIGHTS
Benz has exercised the option to acquire highly prospective tenements adjacent to the Glenburgh Gold Project, increasing the total project tenure to ~898km2. Exercising the option has secured over ~20km of potential strike extension to the known mineralisation at the Glenburgh Gold Project.
Regional geological interpretation suggests similar lithologies that host the Glenburgh Gold Project continue into the new ground.
Opportunity to follow-up on quartz-magnetite breccia occurrences in the western part of tenure, previously identified by Hannans Ltd in 2021 as possible IOCG targets.1
Vancouver, British Columbia--(Newsfile Corp. - February 13, 2025) - Benz Mining Corp. (TSXV: BZ) (ASX: BNZ) (Benz or the Company) is pleased to announce that it has exercised the option agreement to acquire highly prospective tenements adjacent to the Glenburgh Gold Project in Western Australia, and a strategic tenement at the Mt Egerton Gold Project (Option Agreement).2
Mark Lynch-Staunton, CEO commented:
"We are thrilled to exercise this option over such a highly prospective land package along strike from the Glenburgh Gold Project. Our maiden drill program is already in full swing, with initial results anticipated in the coming weeks. 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. This is an incredibly exciting time for Benz, and we can't wait to see what our ongoing drilling and expanded exploration efforts uncover."
Figure 1: Location of the Glenburgh Project tenements and exercised option ground.
To view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/1818/240900_c8e9d9262417baa3_001full.jpg
Terms of the Option Agreement
Pursuant to the Option Agreement, Benz has exercised the exclusive right to acquire four tenements from Mining Equities Pty Ltd (Vendor). Benz had the ability to exercise this option until 30 days following successful completion of the previously announced acquisition of the Glenburgh and Mt Egerton Gold Projects from Spartan Resources Limited (ASX: SPR) (Spartan).
The following consideration is payable to the Vendor upon completion, which is expected to occur within 5 business days:
issuance of 500,000 fully paid ordinary shares in Benz; and
the grant of a 0.75% net smelter royalty.
Refer to Appendix 1 for the complete tenement schedule of the option agreement.
This announcement has been approved for release by the Board of Benz Mining Corp.
For more information please contact:Mark Lynch-StauntonChief Executive OfficerBenz Mining Corp.E: mstaunton@benzmining.comT: +61 8 6143 6702
About Benz Mining Corp.
Benz Mining Corp. (TSXV: BZ) (ASX: BNZ) is a pure-play gold exploration company dual-listed on the TSX Venture Exchange and Australian Securities Exchange.
On 6 November 2024, Benz announced a binding agreement to acquire the Glenburgh and Mt Egerton Gold Projects in Western Australia from Spartan Resources Limited (ASX: SPR), which was completed on 14 January 2025 and marks a transformational step, establishing Benz as a multi-jurisdictional gold exploration company with a focus on unlocking value in underexplored assets. The Glenburgh Project features a Mineral Resource Estimate of 16.3Mt at 1.0 g/t Au (510,100 ounces of contained gold)3. A technical report prepared under NI 43-101- Standards of Disclosure for Mineral Projects (NI 43-101) titled "NI 43-101 Technical Report on the Glenburgh - Egerton Gold Project, Western Australia" with an effective date of 16 December 2024 has been filed with the TSX Venture Exchange and is available under the Company's profile at www.sedarplus.ca.
Benz's key point of difference lies in its team's deep geological expertise and the use of advanced geological techniques, particularly in high-metamorphic terrane exploration. The Company aims to rapidly grow its global resource base and solidify its position as a leading gold explorer across two of the world's most prolific gold regions.
The Company also owns the Eastmain Gold Project in Quebec, with a NI 43-101 and JORC (2012) compliant mineral resource of 1,005,000 ounces at 6.1g/t Au4, showcasing Benz's focus on high-grade, high-margin assets in premier mining jurisdictions.
To view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/1818/240900_c8e9d9262417baa3_002full.jpg
For more information, please visit: https://benzmining.com/.
Qualified Person (NI 43-101)
The disclosure of scientific or technical information in this news release is based on, and fairly represents, information compiled by Dr Marat Abzalov. Dr Abzalov, who is a Qualified Person as defined by NI 43-101, and member in good standing as a Fellow of The Australasian Institute of Mining and Metallurgy (#202718). Dr Abzalov has reviewed and approved the technical information in this news release. Dr Abzalov has shares in Benz Mining Corp.
Historical Mineral Resource Estimates
All mineral resource estimates in respect of the Glenburgh and Mt Egerton Projects in this news release are considered to be "historical estimates" as defined under NI 43-101- Standards of Disclosure for Mineral Projects (NI 43-101). These historical estimates are not considered to be current and are not being treated as such. These estimates have been prepared in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves prepared by the Joint Ore Reserves Committee of the Australasian Institute of Mining and Metallurgy, Australian Institute of Geoscientists and Minerals Council of Australia (JORC Code) and have not been reported in accordance with NI 43-101. A qualified person (as defined in NI 43-101) (Qualified Person) has not done sufficient work to classify the historical estimates as current mineral resources. A Qualified Person would need to review and verify the scientific information and conduct an analysis and reconciliation of historical data in order to verify the historical estimates as current mineral resources.
Forward-Looking Statements
Statements contained in this news release that are not historical facts are "forward-looking information" or "forward looking statements" (collectively Forward-Looking Information) as such term is used in applicable Canadian securities laws. Forward-Looking Information includes, but is not limited to, disclosure regarding the Glenburgh and Mt Egerton projects as well as certain tenements adjacent thereto and the anticipated benefits thereof, planned exploration and related activities on the Glenburgh and Mt Egerton projects. In certain cases, Forward-Looking Information can be identified by the use of words and phrases or variations of such words and phrases or statements such as "anticipates", "complete", "become", "expects", "next steps", "commitments" and "potential", in relation to certain actions, events or results "could", "may", "will", "would", be achieved. In preparing the Forward-Looking Information in this news release, the Company has applied several material assumptions, including, but not limited to, that the tenements associate with the Glenburgh and Mt Egerton projects that are still pending grant or undergoing the renewal process will be granted and/or renewed, as applicable, in the timely manner and on reasonable terms, and all conditions precedent to completion of the acquisitions will be satisfied, in a timely manner; the Company will be able to raise additional capital as necessary; the current exploration, development, environmental and other objectives concerning the Company's Projects (including Glenburgh and Mt Egerton) can be achieved; and the continuity of the price of gold and other metals, economic and political conditions, and operations.
Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Factors that could cause the forward-looking information in this news release to change or to be inaccurate include, but are not limited to, the risk that any of the assumptions referred to prove not to be valid or reliable, that occurrences such as those referred to above are realized and result in delays, or cessation in planned work, that the Company's financial condition and development plans change, and delays in regulatory approval, as well as the other risks and uncertainties applicable to the Company as set forth in the Company's continuous disclosure filings filed under the Company's profile at www.sedarplus.ca and www.asx.com.au. Accordingly, readers should not place undue reliance on Forward-Looking Information. The Forward-looking information in this news release is based on plans, expectations, and estimates of management at the date the information is provided and the Company undertakes no obligation to update these forward-looking statements, other than as required by applicable law.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE.
Appendix 1: Schedule of Tenements
Tenement
Status
Date of Application
Date of Grant
Date of Expiry
Size (BL)
E09/2928
Granted
28/06/2023
13/02/2024
12/02/2029
70
E09/2929
Granted
28/06/2023
13/02/2024
12/02/2029
7
E09/2952
Granted
01/12/2023
25/07/2024
24/07/2029
36
E52/4360
Granted
18/06/2024
19/08/2024
18/08/2029
15
________________________1 ASX: HNR announcement 2nd Sept 2021; Moogie Project Update2 ASX: BNZ announcement 4 December 2024: Benz Secures Option Over Strategic Ground Adjacent To Glenburgh Gold Project3 Indicated: 13.5Mt at 1.0g/t Au for 430.7koz; Inferred: 2.8Mt at 0.9g/t Au for 79.4koz4 Indicated: 1.3Mt at 9.0g/t Au for 384koz; Inferred: 3.8Mt at 5.1g/t Au for 621koz
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/240900
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