Benz advances on Glenburgh gold drilling results
Benz Mining Corp. [BZ-TSXV, BNZ-ASX] has reported the first results from its maiden 8,400 reverse circulation drilling program at its 100%-owned Glenburgh Gold Project in Western Australia.
The company said drilling at the Zone 126 target at Glenburgh have revealed a significant new high-grade gold lens approximately 80 metres down-plunge from previously interpreted gold mineralization.
Benz Mining shares advanced on the news, rising 4.6% or $0.015 to 34 cents in early trading Thursday. The shares trade in a 52-week range of 40 cents and 10.5 cents.
Significant intercepts include 11 metres at 19.9 g/t gold from 274 metres (GBZ126-010), and 5.0 metres at 10.2 g/t gold from 222 metres and 7.0 metres at 3.5 g/t gold rom 233 metres (GBZ126-001).
The company said drilling at Zone 126 has validated Benz’s initial structural interpretation confirming a previously unrecognized overall north east plunge to the mineralized system compared to previous exploration which focused mainly on shoots plunging to the southwest.
“With a confirmed exploration model and multiple untested gold targets, Benz is now positioned to unlock a potentially much larger mineralized system with substantial upside,’’ the company said in a press release.
Back in November, 2023, Benz announced a binding agreement to acquire the Glenburgh and Mt. Egerton gold projects in western Australia from Spartan Resources Ltd. [SPR-ASX]. The deal was completed on January 14th, 2025, marking a transformational step, establishing Benz as a multi-jurisdictional gold exploration company with a focus on unlocking value in underexplored assets. The Glenburgh Gold Project features a historical mineral resource estimate as defined under NI 43-101 standards of disclosure of 16.3 million tonnes at 1.0 g/t gold or 510,000 ounces of contained gold.
Benz was previously focused on projects in the Eastmain Greenstone Belt in Northern Quebec, which is prospective for gold, lithium, nickel, copper and other minerals. The company was focused on earning a 100% interest in the former producing high grade Eastmain gold mine, Ruby Hill West, and Ruby Hill East projects. All three are located in Quebec.
The Eastmain Gold Project hosts over 1.0 million ounces of gold, grading 6.1 g/t gold. The mineral resource estimate was prepared in accordance with NI 43-101 standards of disclosure.
“We are absolutely thrilled with the results of our maiden drilling program on Zone 126,’’ said Benz CEO Marck Lynch-Staunton. “Not only have we hit one of the highest ever gold intercepts on the entire project to date in our maiden program, but more importantly, we have confirmed our concept that completely turns the structural understanding of the Glenburgh Gold project on its head,’’ he said. “This extension is a significant high-grade gold discovery. It’s the first time this gold deposit has been drilled with our refined targeting approach and the results speak for themselves,’’ he said.