Benz Mining Corp (ASX:BNZ) Completes Acquisition of WA Gold Projects
Acquisition Completion
Benz Mining Corp (ASX: BNZ) has completed its acquisition of 100% of the Glenburgh Gold Project and the Mt Egerton Gold Project. This strategic move involves purchasing the entire share capital of Gascoyne Resources (WA) Pty Ltd and Egerton Exploration Pty Ltd from Spartan Resources Limited (ASX: SPR).
Spartan now holds approximately 15% of Benz as a strategic cornerstone shareholder and will provide ongoing geological support. Notably, Spartan’s General Manager, Nick Jolly, has been appointed to Benz’s Board as a nominee director.
Financial Details
The upfront consideration for the acquisition consists of an A$500,000 cash payment, along with the issuance of 33,000,000 fully paid CHESS Depository Interests (CDIs) in Benz. A deferred cash payment of A$500,000 will be made one year post-completion, with potential additional payments up to A$6,000,000 based on the achievement of specific milestones.
CEO Comments
Benz Executive Chairman, Evan Cranston, expressed enthusiasm about the acquisition, stating, “We are thrilled to complete this transformational acquisition. These projects are located in a highly prospective and underexplored gold region, and we look forward to unlocking their full potential with our planned drilling programs.”
He also welcomed Mr Nick Jolly to the Benz Board, emphasizing the value of his experience and insights.
Future Plans
Benz is preparing to launch its maiden drill program at Glenburgh, with contractor selection nearing completion and existing drill permits in place. The initial drilling will focus on extending high-grade shoot resources. Concurrently, downhole electromagnetic testwork will assess mineralization detection capabilities.
Moreover, systematic rescanning of historical pulps from Glenburgh will aid in better understanding the mineral package, while a mineral resource update is anticipated following the maiden drill program and geological reinterpretation.
The company feel that this announcement is a significant step forward for Benz Mining Corp, marking its evolution into a multi-jurisdictional gold exploration company focused on underexplored assets in Western Australia.
Motley Fool contributor Lianne Eastty 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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