Benz Mining (ASX:BNZ) announces a maiden exploration target of 485 million tonnes to 540 million tonnes at 0.6 grams per tonne gold to 0.7g/t gold for 10.1 million ounces to 12.0 million ounces at its Glenburgh Gold Project in Western Australia.
Exploration covered 1,100 drillholes totalling approximately 200,022m completed across three camps: Hurricane, Icon, and Thunderbolt.
Benz says the basis of the exploration target is mostly based on results received by the company and prior explorers, together with logging, sampling, and assay data.
It also notes that approximately 80% of the target, which sits within the company’s 100% owned, fully-permitted mining lease, is supported by substantial drilling, with the balance reflecting conceptual geological projections beyond current drilling.
CEO Mark Lynch-Staunton says the target frames the scale and quality of Glenburgh on a project-wide basis for the first time.
“This is not a loose conceptual target — approximately 80% of the exploration target is drill-defined, assay-supported, and wireframed, providing a strong technical foundation for resource conversion,” Lynch-Staunton says.
Benz completed a $75 million capital raise earlier this year, which ensures it is well funded to execute the program at pace.
Lynch-Staunton says the company aims to keep drilling aggressively, convert a substantial portion of the exploration target into a mineral resource by 2027, and test the projected extensions open at depth that demonstrate potential to grow the system further.
Workstreams for the next 12 months include infill and extensional drilling, updated geological modelling, and further metallurgical testwork building on previous Icon results that returned gold recoveries up to 93.3%.
Benz Mining is a pure-play gold explorer with assets in Western Australia and Canada.
Write to Paula Fabe at Mining.com.au
Images: Benz Mining
