Benz Mining Corp (ASX:BNZ) Exercises Option Over Strategic Ground
Operational Achievements
Benz Mining Corp. (TSXV:BZ, ASX:BNZ) has exercised the option to acquire highly prospective tenements adjacent to its Glenburgh Gold Project in Western Australia, increasing the total project tenure to approximately 898km². This acquisition secures over 20km of potential strike extension to the known mineralisation at Glenburgh. Regional geological interpretation suggests that similar lithologies hosting the Glenburgh Gold Project extend into the new ground. The company also has the opportunity to follow up on quartz-magnetite breccia occurrences in the western part of the tenure, previously identified by Hannans Ltd in 2021 as potential IOCG targets.
Terms of the Option Agreement
Pursuant to the option agreement, Benz has acquired four tenements from Mining Equities Pty Ltd. Upon completion, expected within five business days, Benz will issue 500,000 fully paid ordinary shares and grant a 0.75% net smelter royalty to the vendor.
Executive Comments
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.”
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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