Benz Secures Option over Strategic Ground Adjacent to Glenburgh Gold Project
Benz Secures Option over Strategic Ground
Adjacent to Glenburgh Gold Project
HIGHLIGHTS
Benz has secured an exclusive option to acquire
highly prospective tenements
adjacent to the
Glenburgh Gold Project,
increasing the total project tenure to ~898km
2
.
The option secures over
~20km of additional prospective strike adjacent to the Glenburgh
Gold Project
, significantly enhancing exploration potential.
Preliminary geological analysis suggests the ground covers the
immediate extension of the
prospective Glenburgh gneiss
to the NE.
Vancouver, British Columbia--(Newsfile Corp. - December 3, 2024) - Benz Mining Corp. (TSXV: BZ)
(ASX: BNZ) (
Benz
or the
Company
) is pleased to announce that it has executed an 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
). The execution of this
Option Agreement to secure addition strategic ground aligns with our strategy of growing our resource
base in Tier-1 mining jurisdictions.
The Option Agreement provides Benz with the exclusive right to acquire the tenements,
adding over
~20km of additional prospective strike
to the Glenburgh Gold Project. This expansion has the
potential to enhance the exploration upside and complements the Glenburgh Gold Project. Preliminary
geological analysis suggests the ground covers the immediate extension of the prospective Glenburgh
gneiss to the NE.
Figure 1: Location of the Glenburgh Project tenements subject to the Option Agreement.
To view an enhanced version of this graphic, please visit:
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Mark Lynch-Staunton, CEO commented:
"We are thrilled to secure this option over such a highly prospective land package adjacent to the
Glenburgh Gold Project. This option agreement perfectly aligns with our strategy of expanding in
world-class gold districts.
"The addition of over 20km of prospective strike would significantly enhance the upside of Glenburgh,
and we are confident it will deliver exceptional value for our shareholders. We look forward to
completing the Spartan transaction and progressing exploration on this exciting new ground."
Terms of the Option Agreement
Pursuant to the Option Agreement, Benz has secured the exclusive right to acquire four tenements from
Mining Equities Pty Ltd, an unrelated party (
Vendor
). Benz has the ability to exercise this option for a
period up to 30 days following the successful completion of the previously announced acquisition of the
Glenburgh and Mt Egerton Gold Projects from Spartan Resources Limited (ASX: SPR) (
Spartan
). In
consideration for the option, Benz will pay the Vendor A$5,000.
Benz may elect, at its sole discretion, to exercise the option and, if so, the following consideration is
payable to the Vendor upon completion, subject to approval by the TSX Venture Exchange:
issuance of 500,000 fully paid ordinary shares in Benz; and
the grant of a 0.75% net smelter royalty.
The Company has also agreed to issue a total of 1,000,000 options to certain consultants of the
Company. All were granted in accordance with the Company's Omnibus Equity Incentive Compensation
Plan and are in accordance with policies of the TSX Venture Exchange. These options have an exercise
price of C$0.45 and expire on 18 December 2027.
Refer to Appendix 1 for the complete tenement schedule of the Option Agreement.
This announcement has been approved for release by the Board.
For more information please contact:
Mark Lynch-Staunton
Chief Executive Officer
Benz Mining Corp.
E:
T: +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. The Company 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 Au, showcasing Benz's focus on high-grade, high-margin assets in premier mining jurisdictions.
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). This acquisition, once
completed, will mark 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).
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.
To view an enhanced version of this graphic, please visit:
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For more information, please visit:
https://benzmining.com/
.
Competent Person's Statement (JORC Code)
The information contained in this announcement that relates to the geological analysis of the tenements
that are the subject of the Option Agreement, is based on and fairly reflects, information compiled by Dr
Marat Abzalov. Dr Abzalov is an independent consultant of the MASSA Geoservices and was engaged
by Benz Mining Corp. Dr Abzalov is a Fellow of The Australasian Institute of Mining and Metallurgy
(#202718) and has sufficient experience which is relevant to the style of mineralisation and type of
deposit under consideration. Dr Abzalov has shares in Benz Mining Corp. Dr Abzalov consents to the
inclusion in the report of the matters based on his information in the form and context in which it appears.
The Mineral Resource Estimates for the Eastmain Project and the Glenburgh Project were previously
reported in accordance with Listing Rule 5.8 on 24 May 2023 and 6 November 2024, respectively. The
Company confirms that it is not aware of any new information or data that materially affects the
information included in the original market announcements and confirms that all material assumptions
and technical parameters underpinning the Estimates continue to apply and have not materially changed.
The Company confirms that the form and context in which the Competent Person's findings are
presented have not been materially modified from the original market announcements.
Historical Mineral Resource Estimates
All mineral resource estimates in respect of the Glenburgh Project 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 acquisition of 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 and the anticipated timing of completion of both
acquisitions. 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 all requisite approvals in respect of the both acquisitions will be received, 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: Tenements the subject of the Option Agreement
Tenement
Holder
Status
Date of Application
Date of Grant
Date of Expiry
Size (BL)
E09/2928
Mining Equities Pty
Ltd
Granted
28/06/2023
13/02/2024
12/02/2029
70
E09/2929
Mining Equities Pty
Ltd
Granted
28/06/2023
13/02/2024
12/02/2029
7
E09/2952
Mining Equities Pty
Ltd
Granted
01/12/2023
25/07/2024
24/07/2029
36
E52/4360
Mining Equities Pty
Ltd
Granted
18/06/2024
19/08/2024
18/08/2029
15
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