Benz Mining Corp. (ASX:BNZ) Secures Option for Expansion
Strategic Acquisition
Benz Mining Corp. (ASX:BNZ) has secured an exclusive option to acquire tenements adjacent to the Glenburgh Gold Project, growing the total project tenure to approximately 898 square kilometres. This strategic option adds over 20 kilometres of prospective strike, significantly enhancing the exploration potential for the company. Preliminary geological assessments indicate these tenements cover the northeastern extension of the prospective Glenburgh gneiss.
Comments from Leadership
Mark Lynch-Staunton, CEO of Benz Mining Corp., stated, “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 20 kilometres of prospective strike would significantly enhance the upside of Glenburgh, and we are confident it will deliver exceptional value for our shareholders.”
Financial Overview
Under the terms of the option agreement, Benz will pay A$5,000 for the exclusive right to acquire the tenements from Mining Equities Pty Ltd. Upon completion, Benz will issue 500,000 fully paid ordinary shares and grant a 0.75% net smelter royalty, contingent on approval by the TSX Venture Exchange. Additionally, the company plans to issue 1,000,000 options to consultants, all adhering to the Omnibus Equity Incentive Compensation Plan.
This expansion follows the company’s previous announcement regarding the acquisition of the Glenburgh and Mt Egerton Gold Projects from Spartan Resources Limited.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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