Benz Mining Corp. [BZ-TSXV, BNZ-ASX] has announced the deployment of a second rig to fast track the 30,000 reverse circulation drilling campaign at its Glenburgh gold project in Australia.
The accelerated program is supported by our recent successful A$13.5 million ($11.9 million Canadian) capital raise, enabling an aggressive ramp-up of exploration activities, the company said in a press release.
Benz Mining 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 and the recently acquired Glenburgh and Mt. Egerton gold projects in Western Australia.
Benz agreed to acquire the Glenburgh and Egerton projects from Spartan Resources Ltd. [SPR-ASX] in November, 2024. At the time of the sale, Spartan Interim Executive Chairman Simon Lawson said the Glenburgh and Egerton projects suffered from lack of attention in recent years as Spark focused on its Dalgaranga project. He described Glenburgh and Egerton as exciting growth assets with demonstrated potential for high-grade underground ounces which is expected to be the focus of Benzs exploration campaign.
Eyeing large-scale open pit potential, the company said the second rig is focused on extensional drilling along the Icon-Apollo trend a broad, bulk tonnage gold system with shallow historical drilling on average to a depth of 100 metres.
The large-scale open pit potential at Icon-Apollo is being advanced in parallel with high-grade underground opportunities, including the nearby 126 lens, providing multiple pathways to growth and development on all granted mining leases.
Benz is ambitiously targeting the growth of a multi-million-ounce resource at the Glenburgh project and we truly believe we are sitting on district-scale gold potential, said Benz CEO Mark Lynch-Staunton. Our aggressive drilling campaign is now underway and will continue until year-end, marking a major step in unlocking Glenburghs potential, he said. Benz intends to keep the market updated with a steady stream of drilling results and exciting new targets. With the upcoming mineral resource estimate, were confident it has the potential to be a transformational step change.
Benz kicked off its 30,000 metre RC drill campaign at the end of May, 2025. It said diamond drilling is set to follow in the third quarter of 2025. It said the initial focus is on expanding the high-grade Zone 126 gold lenses along the untested northeast plunge direction, following up on recent high grade discovery intercepts, including 11 metres at 19.9 g/t gold from 274 metres. The company said drilling will also test parallel Zone 102 and other priority targets down the NE plunge direction guided by Benzs proven exploration model, marking the first time these deposits will be drilled in this direction compared to previous exploration predominantly focused to the southwest.
Benz shares rose 4.1% or $0.015 to 38 cents. The shares trade in a 52-week range of 41.5 cents and 10.5 cents.
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