Benz Delivers a New High Grade Gold Discovery at Glenburgh

Yahoo

03-04-2025

HIGHLIGHTS:
New High-Grade Gold Discovery: Benz initial results from maiden drilling at the Zone 126 target at the Glenburgh Gold Project have revealed a significant new high-grade gold lens approximately 80m down-plunge from previously interpreted gold mineralisation.
Significant intercepts include:
11m at 19.9g/t gold from 274m (GBZ126_010)
5m at 10.2g/t gold from 222m and 7m at 3.5g/t gold from 233m (GBZ126_001)
4m at 12.2g/t gold from 319m (GBZ126_009)
8m at 5.6g/t gold from 243m (GBZ126_013)
Targeting Model Confirmed: Drilling at Zone 126 has validated Benz's initial structural interpretation, confirming a previously unrecognised overall NE plunge to the mineralised system compared to previous exploration which focused mainly on shoots plunging to the SW.
First Drilling with New Insights: Importantly, this is the first time the Glenburgh gold system has been drilled using this refined model, opening up the entire Glenburgh 18km mineralised corridor to untested fold plunge targets.
Significant Discovery Potential: With a confirmed exploration model and multiple untested gold targets, Benz is now positioned to unlock a potentially much larger mineralised system with substantial upside.
Advanced Surface Mapping Underway: Extensive outcrop exposure across the project area is enabling detailed surface geological mapping to be conducted. Early work confirms that the NE fold geometries are visible at surface-providing a powerful tool to pinpoint the next round of untested down-plunge drill targets.
Figure 1. Long section Z126 Drilling.
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Vancouver, British Columbia--(Newsfile Corp. - April 2, 2025) - Benz Mining Corp (ASX: BNZ) (TSXV: BZ) ("Benz" or the "Company") is pleased to report the first results from its maiden 8,500m RC drilling program at the 100%-owned Glenburgh Gold Project in Western Australia. This announcement covers results from 13 of the 21 holes completed to date, with assays from the remaining holes expected towards the end of this Quarter.
Zone 126 was discovered by previous owners, Gascoyne Resources Limited and Helix Resources Limited, and includes previous wide high-grade gold intercepts such as:1
24m at 9.1g/t gold (VRC535)
10m at 11.6g/t gold (VRC201)
28m at 5.0g/t gold (VRC 580)
12m at 8.1g/t gold (VRC174)
8m at 11.6g/t gold (VRC 176)
14m at 8.9g/t gold (VRC578)
Mineralisation at Zone 126 (Figure 2) outcrops at surface and was previously drilled to approximately 200m below surface where the mineralisation appeared to pinch out at depth along a steep SW-plunge. During due diligence for the acquisition of the Glenburgh Gold Project, Benz structural geologists identified the folded geometry of gneissic rocks hosting gold mineralisation was plunging shallow to the NE suggesting continuity of Zone 126 in this direction, a model promptly validated by drilling in March 2025.
Figure 2. Plan viewing showing the extent of the known mineralised trend as detailed in historical surface Au sampling (>25ppb)
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Shown below in Figure 3, is a plan view detailing the drill collar locations and the newly discovered high-grade gold lens at Zone 126. Figure 3 also outlines the conceptual position identified by the new structural model which will be the next priority drill target down plunge. This highlights the significant potential for further high-grade discoveries along the untested north-east plunge corridor.
High-grade gold intercepts at Zone 126 are hosted within a broad mineralised envelope, up to 70m wide, of elevated gold. Within this envelope, significant patches of higher-grade material ranging between 1-10g/t gold have been intersected, highlighting the scale, continuity, and potential for bulk-disseminated style gold mineralisation.
All holes to date have been drilled via reverse circulation drilling to depths in excess of 500m, while maintaining full recovered and dry samples. This has allowed Benz to rapidly and cost-effectively test targets at depths that are often beyond this drilling methods range.
Figure 3. Plan view of reported holes, with position of new discovery lens.
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Benz CEO, Mark Lynch-Staunton, commented:
"We are absolutely thrilled with the results of our maiden drilling program at Zone 126. Not only have we hit one of the highest ever gold intercepts on the entire project to date in our maiden program, but more importantly, we have confirmed our concept that completely turns the structural understanding of the Glenburgh Gold Project on its head. This extension is a significant high-grade gold discovery. It's the first time this gold deposit has been drilled with our refined targeting approach, and the results speak for themselves.
"Not only have we intersected exceptional grades, but we've also opened up the entire 18km mineralised gold corridor to untested north-east fold plunge targets. With advanced surface mapping now underway and clear structural controls visible at surface, we're in a strong position to identify and drill the next round of high-potential targets. This is a huge step forward for the Glenburgh Gold Project, and we believe we're just scratching the surface of the true potential of what we believe could be a multi-million ounce gold system."
The Company has also agreed to issue a total of 8,000,000 options to certain consultants of the Company. All were granted in accordance with the Company's Omnibus Equity Incentive Compensation Plan and are in accordance with policies of the TSX Venture Exchange. 4,000,000 options have an exercise price of C$0.45 and 4,000,000 options have an exercise price of C$0.90, with all options expiring on 2 April 2028.
This announcement has been approved for release by the Board of Benz Mining Corp.
For more information please contact:Mark Lynch-StauntonChief Executive OfficerBenz Mining Corp.E: [e-mail]: [phone]
About Benz Mining Corp.
Benz Mining Corp. (TSXV: BZ) (ASX: BNZ) is a pure-play gold exploration company dual-listed on the TSX Venture Exchange and Australian Securities Exchange.
On 6 November 2024, Benz announced a binding agreement to acquire the Glenburgh and Mt Egerton Gold Projects in Western Australia from Spartan Resources Limited (ASX: SPR), which was completed on 14 January 2025 and marks a transformational step, establishing Benz as a multi-jurisdictional gold exploration company with a focus on unlocking value in underexplored assets. The Glenburgh Gold Project features a Historical (for the purposes of NI 43-101) Mineral Resource Estimate of 16.3Mt at 1.0 g/t Au (510,100 ounces of contained gold)2. A technical report prepared under NI 43-101- Standards of Disclosure for Mineral Projects (NI 43-101) titled "NI 43-101 Technical Report on the Glenburgh - Egerton Gold Project, Western Australia" with an effective date of 16 December 2024 has been filed with the TSX Venture Exchange and is available under the Company's profile at www.sedarplus.ca.
Benz's key point of difference lies in its team's deep geological expertise and the use of advanced geological techniques, particularly in high-metamorphic terrane exploration. The Company aims to rapidly grow its global resource base and solidify its position as a leading gold explorer across two of the world's most prolific gold regions.
The Company also owns the Eastmain Gold Project in Quebec, with a Mineral Resource Estimate dated effective May 24, 2023 and prepared in accordance with NI 43-101 and JORC (2012) of 1,005,000 ounces at 6.1g/t Au3, also available under the Company's profile at www.sedarplus.ca, showcasing Benz's focus on high-grade, high-margin assets in premier mining jurisdictions.
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For more information, please visit: https://benzmining.com/.
Competent Person's Statement (JORC Code)
The information contained in this announcement that relates to new Exploration Results for the Glenburgh Gold Project, is based on and fairly reflects, information compiled by Dr Marat Abzalov. Dr Abzalov is an independent consultant (MASSA Geoservices) and was engaged by Benz Mining Corp. Dr Abzalov is a Fellow of The Australasian Institute of Mining and Metallurgy (#202718) and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration. Dr Abzalov has shares in Benz Mining Corp. Dr Abzalov consents to the inclusion in the report of the matters based on his information in the form and context in which it appears
The Mineral Resource Estimates for the Eastmain Project and the Glenburgh Gold Project were previously reported in accordance with Listing Rule 5.8 on 24 May 2023 and 6 November 2024, respectively. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and confirms that all material assumptions and technical parameters underpinning the Estimates continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcements.
The information in this announcement that relates to historical exploration results for the Glenburgh Gold Project was first reported to the ASX in accordance with ASX Listing Rule 5.7 on 6 November 2024. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement.
Qualified Person's Statement (NI 43-101)
The disclosure of scientific or technical information in this news release is based on, and fairly represents, information compiled by Dr Marat Abzalov. Dr Abzalov, who is a Qualified Person as defined by NI 43-101, and member in good standing as a Fellow of The Australasian Institute of Mining and Metallurgy (#202718). Dr Abzalov has reviewed and approved the technical information in this news release. Dr Abzalov owns shares in Benz Mining Corp.
Historical Mineral Resource Estimates
All mineral resource estimates in respect of the Glenburgh Gold Project in this news release are considered to be "historical estimates" as defined under NI 43-101. These historical estimates are not considered to be current and are not being treated as such. These estimates have been prepared in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves prepared by the Joint Ore Reserves Committee of the Australasian Institute of Mining and Metallurgy, Australian Institute of Geoscientists and Minerals Council of Australia (JORC Code) and have not been reported in accordance with NI 43-101. A qualified person (as defined in NI 43-101) (Qualified Person) has not done sufficient work to classify the historical estimates as current mineral resources. A Qualified Person would need to review and verify the scientific information and conduct an analysis and reconciliation of historical data in order to verify the historical estimates as current mineral resources.
Forward-Looking Statements
Statements contained in this news release that are not historical facts are "forward-looking information" or "forward looking statements" (collectively Forward-Looking Information) as such term is used in applicable Canadian securities laws. Forward-Looking Information includes, but is not limited to, disclosure regarding the exploration potential of the Glenburgh Gold Project and the anticipated benefits thereof, planned exploration and related activities on the Glenburgh Gold Project. In certain cases, Forward-Looking Information can be identified by the use of words and phrases or variations of such words and phrases or statements such as "anticipates", "complete", "become", "expects", "next steps", "commitments" and "potential", in relation to certain actions, events or results "could", "may", "will", "would", be achieved. In preparing the Forward-Looking Information in this news release, the Company has applied several material assumptions, including, but not limited to, that the accuracy and reliability of the Company's exploration thesis in respect of additional drilling at the Glenburgh Gold Project will be consistent with the Company's expectations based on available information; the Company will be able to raise additional capital as necessary; the current exploration, development, environmental and other objectives concerning the Company's Projects (including Glenburgh and Mt Egerton Gold Projects) can be achieved; and the continuity of the price of gold and other metals, economic and political conditions, and operations.
Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Factors that could cause the forward-looking information in this news release to change or to be inaccurate include, but are not limited to, the early stage nature of the Company's exploration of the Glenburgh Gold Project, the risk that any of the assumptions referred to prove not to be valid or reliable, that occurrences such as those referred to above are realized and result in delays, or cessation in planned work, that the Company's financial condition and development plans change, and delays in regulatory approval, as well as the other risks and uncertainties applicable to the Company as set forth in the Company's continuous disclosure filings filed under the Company's profile at www.sedarplus.ca and www.asx.com.au. Accordingly, readers should not place undue reliance on Forward-Looking Information. The Forward-looking information in this news release is based on plans, expectations, and estimates of management at the date the information is provided and the Company undertakes no obligation to update these forward-looking statements, other than as required by applicable law.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE.
Appendix 1: Collar Table. Coordinates system: GDA94/MGA Zone 50
Hole number
Easting
Northing
Elevation
Max. depth
Dip
Azimuth
Comment
GBZ126_001
414751
7193776
317
396
-70
145GBZ126_002
414750
7193823
319
396
-72
145GBZ126_003
414616
7193732
322
420
-72
145GBZ126_004
414704
7193770
316
396
-71
144GBZ126_005
414669
7193870
318
574
-75
145
Full Assay results pending
GBZ126_006
414622
7193769
320
426
-65
145GBZ126_007
414724
7193798
317
366
-55
145GBZ126_008
414797
7193813
321
324
-60
145GBZ126_009
414688
7193875
307
402
-57
145GBZ126_010
414662
7193769
308
510
-65
145GBZ126_011
414618
7193784
312
462
-59
145GBZ126_012
414683
7193816
313
420
-65
145GBZ126_013
414760
7193821
313
318
-65
145GBZ126_014
414793
7193831
313
402
-70
134
Full Assay results pending
Appendix 2: Significant Intercepts Table. Results reported >0.5g/t Au with 3m of allowed dilution.
Hole ID
From
To
Au ppm
Interval
Comment
GBZ126_001
222
227
10.25
5.00
New HG Lens
GBZ126_001
233
240
3.53
7.00GBZ126_001
246
249
3.94
3.00GBZ126_001
290
293
0.92
3.00GBZ126_002
171
173
3.50
2.00GBZ126_002
233
236
2.74
3.00GBZ126_002
263
268
1.84
5.00GBZ126_002
293
296
1.81
3.00
New HG Lens
GBZ126_002
356
358
2.26
2.00GBZ126_003
255
258
1.69
3.00GBZ126_003
285
287
2.49
2.00GBZ126_003
290
295
2.29
5.00GBZ126_003
318
320
1.96
2.00GBZ126_003
330
337
1.36
7.00GBZ126_003
348
352
0.77
4.00GBZ126_003
365
368
1.11
3.00GBZ126_004
179
181
3.23
2.00GBZ126_005
542
544
0.76
2.00GBZ126_006
308
312
0.66
4.00GBZ126_006
317
322
1.69
5.00GBZ126_006
350
358
1.08
8.00GBZ126_006
360
367
0.94
7.00GBZ126_007
184
187
3.82
3.00GBZ126_007
210
215
0.63
5.00GBZ126_007
231
233
0.63
2.00GBZ126_008
187
189
1.29
2.00GBZ126_008
216
218
4.46
2.00GBZ126_009
254
257
2.01
3.00GBZ126_009
319
323
12.18
4.00
New HG Lens
GBZ126_009
346
351
2.15
5.00GBZ126_010
274
285
19.93
11.00
New HG Lens
GBZ126_011
227
234
1.41
7.00GBZ126_011
310
316
0.78
6.00GBZ126_011
319
323
2.66
4.00GBZ126_011
354
357
1.48
3.00GBZ126_012
228
230
0.72
2.00GBZ126_012
243
245
2.37
2.00GBZ126_012
278
281
5.90
3.00GBZ126_012
285
288
1.97
3.00GBZ126_012
306
308
2.36
2.00GBZ126_012
352
364
2.61
12.00
New HG Lens
GBZ126_012
365
372
0.63
7.00GBZ126_012
375
378
3.55
3.00GBZ126_013
243
251
5.64
8.00
New HG Lens
Appendix 3: Individual 1m assay results for selected high grade significant intercepts.
Hole number
From
To
Au ppm
GBZ126_001
222
223
3.2
GBZ126_001
223
224
20.9
GBZ126_001
224
225
16.7
GBZ126_001
225
226
9.3
GBZ126_001
226
227
1.1
GBZ126_009
319
320
4.5
GBZ126_009
320
321
38.8
GBZ126_009
321
322
4.6
GBZ126_009
322
323
0.8
GBZ126_010
274
275
15.4
GBZ126_010
275
276
16.4
GBZ126_010
276
277
88.6
GBZ126_010
277
278
40.0
GBZ126_010
278
279
2.8
GBZ126_010
279
280
2.2
GBZ126_010
280
281
9.1
GBZ126_010
281
282
3.3
GBZ126_010
282
283
12.3
GBZ126_010
283
284
27.0
GBZ126_010
284
285
2.2
GBZ126_013
243
244
11.2
GBZ126_013
244
245
2.5
GBZ126_013
245
246
1.6
GBZ126_013
246
247
13.7
GBZ126_013
247
248
7.7
GBZ126_013
248
249
2.7
GBZ126_013
249
250
4.9
GBZ126_013
250
251
0.8
Appendix 4: JORC TablesJORC Code, 2012 Edition - Table 1 report template
Section 1 Sampling Techniques and Data(Criteria in this section apply to all succeeding sections)
Criteria
Commentary
Sampling techniques
Results are part of BNZ's inaugural RC drilling campaign at the recently acquired Glenburgh Gold Project situated ~285 km east of Carnarvon via Gascoyne Junction, WA.
RC drilling samples were collected as 1m single samples.
Each sample collected represents each one (1) metre drilled collected from the rig-mounted cone splitter into individual calico bags (~3kg) and stored in labelled sequential polyweave bags for long-term storage.
The rig mounted cyclone/cone splitter was levelled at the start of each hole to aid an even fall of the sample through the cyclone into the cone splitter.
RC drilling sample submissions include the use of certified standards (CRMs), and field duplicates were added to the submitted sample sequence to test laboratory equipment calibrations. Standards selected are matched to the analytical method of photon assaying at ALS labs in Perth (~500g units). No composites were taken.
Based on statistical analysis of these results, there is no evidence to suggest the samples are not representative.
Drilling techniques
The RC drill rig was a Schramm C685 Rig type with the capability to reach >400m depths with a rig-mounted cyclone/cone splitter using a face sample hammer bit of 5 1⁄2 - 6" size.
The booster was used to apply air to keep drill holes dry and reach deeper depths.
Drill sample recovery
RC sample recovery is visually assessed and recorded where significantly reduced. Negligible sample loss has been recorded.
RC samples were visually checked for recovery, moisture and contamination. A cyclone and cone splitter were used to provide a uniform sample, and these were routinely cleaned.
RC Sample recoveries are generally high. No significant sample loss has been recorded.
Logging
RC chip samples have been geologically logged on a per 1 metre process recording lithology, mineralisation, veining, alteration, and weathering.
Geological logging is considered appropriate for this style of deposit (metamorphosed orogenic gold). The entire length of all holes has been geologically logged.
RC drill logging was completed by Galt Mining Solutions staff and data entered into BNZ's MXDeposit digital data collection platform provided by Expedio.
All drill chips were collected into 20 compartment-trays for future reference and stored at Galt's warehouse in West Leederville at the time of reporting.
Sub-sampling techniques and sample preparation
RC chips were cone split at the rig. Samples were generally dry.
A sample size of between 3 and 5 kg was collected. This size is considered appropriate, and representative of the material being sampled given the width and continuity of the intersections, and the grain size of the material being collected.
For the 1 metre samples, certified analytical standards (appropriate for photon assaying) and field duplicates were inserted at appropriate intervals at a rate equal to 1 in 20 and sent for analysis with the samples.
Sample preparation was undertaken at ALS Laboratory - Perth. Gold analysis utilised the photon assaying methodology where original samples are crushed to 2mm with a sub-set 500g separated for non-destructive analysis.
Any sample reporting as having elevated > 1µSv readings during the preparation for photon assaying at ALS labs were flagged and were submitted for fire assay (Au-AA26) methodology at ALS labs in Perth as a quantifying check against the Photon assays.
Quality of assay data and laboratory tests
Preliminary pXRF and Labspec ASD analysis was conducted by Galt Mining Solutions personnel utilising Geotek's Boxscan automated system.
The scanning of sieved RC drilling fines sample material utilised an Olympus Vanta M Series portable XRF in Geochem mode (3 beam) and a 20-second read time for each beam (Instrument_Serial = 840951).
The ASD data reader on Boxscan has a 3 nm VNIR, 6 nm SWIR spectral resolution of the LabSpec 4 Hi-Res analytical instrument (Electronics serial number: 28191).
The pXRF and ASD are incorporated into Geotek's Boxscan machine to facilitate an automated data collection process. This includes periodic calibration and QAQC scans on Geotek-supplied pucks and colour strips.
The QAQC scans are verified and checked on Boxscan's internal program datasheet against expected results to ensure the analysers are conforming to Boxscan's expected operating parameters.
A review of the pXRF and ASD sample results provided an acceptable level of analysis and the data is appropriate for reporting the geochemistry results in the context of its use for screening areas for indications of elevations in concentrations with elements of interest.
pXRF and ASD results should never be considered a proxy or substitute for laboratory analysis, which is required to determine robust and accurate potential for mineralisation and associated elements. The reporting of pXRF and ASD results should not be described as an "assay" result, as these are not of the same level of accuracy or precision as that obtained from a certified laboratory workflow. The use of "preliminary indicative field data" is a more appropriate term when referring to pXRF and ASD results.
The pXRF data is exploratory in nature and is used predominantly as an internal workflow to assist in target prioritisation through an early phase of exploration investigation.
No previous comparisons of pXRF and ASD data with laboratory data at the project have been undertaken to date.
The analysis involved direct point counting on the raw surfaces of the supplied drill fines. The fines are transferred from geochem packets to purpose-made scanning pucks, with the analysis taken from the middle of these pucks. The sample material was dry and collected and analysed in ambient temperatures within the processing warehouse. Monitoring of workstation area and apparatus temperatures occur during the shift with cooling actions being implemented when required.
This provides only semi-quantitative information and is reported as raw data without significant corrections, which is best interpreted as an abundant/present/absent classification for most elements. This information provides useful trend analyses at an exploration target scale.
Verification of sampling and assaying
Significant drill intersections are checked by the supervising personnel. The intersections are compared to recorded geology and neighbouring data and reviewed in Leapfrog and QGIS software.
No twinned holes have been drilled to date by Benz Mining, but, planned holes have tested the interpreted mineralised trends, verifying the geometry of the mineralised targets.
All logs were validated by the Project Geologist prior to being sent to the Database Administrator for import
No adjustments have been made to assay data received from ALS labs.
Location of data points
Hole collar coordinates including RLs have been located by handheld GPS in the field during initial drill site preparation. Actual hole collars were collected by a DGPS system at the Glenburgh Gold Project.
The grid system used for the location of all drill holes is GDA94_MGA _Zone 50s.
Planned hole coordinates and final GPS coordinates are compared in QGIS and Leapfrog project files to ensure all targets have been tested as intended.
The drill string path is monitored as drilling progresses using downhole Axis Champ Gyro tool and compared against the planned drill path, adjustment to the drilling technique is requested as required to ensure the intended path is followed.
Readings were recorded at 30m intervals from surface to end of hole after Benz reviewed single shot verses EOH continuous surveying of the Axis Champ Gyro tool and noted >3 degrees variance in azimuth with hole depth. The single shots produce less variability and are used for hole trace reporting in the database.
Historical drill hole surveys and methods will be reviewed in preparation for any updates to MRE in the future.
Data spacing and distribution
BNZ's Glenburgh RC drilling has been designed as a test on mineralisation extension at a planned spacing of 60m between pierce points on the projected mineralised feature. Holes were generally angled ~ -65 dip towards ~ 145 degrees GDA94_MGA _Zone 51 Grid orientation. Fifteen (15) holes were drilled into Zone 126 prospect on a rough grid pattern to obtain adequate spacing for testing mineralisation continuity and geological host features.
The mineralised domains established for pre-BNZ MREs have sufficient continuity in both geology and grade to be considered appropriate for the Mineral Resource and Ore Reserve estimation procedures and classification applied under the 2012 JORC Code. Ongoing drilling will be sufficiently spaced for a reinterpretation based on BNZ's structural model.
No sample compositing of material from drilling has been applied during this drilling campaign.
Orientation of data in relation to geological structure
Drilling has primarily been undertaken perpendicular to the interpreted mineralised structures as stated above.
No orientation-based sampling bias has been identified - observed intercepts to date indicate the interpreted geology hosting mineralisation is robust.
Sample security
All samples were prepared in the field by Galt staff and delivered by contracted couriers from the field site to the ALS laboratory in Perth directly.
Individual pre-numbered calco sample bags are placed in polywoven plastic bags (5 per bag) secured at the top with a cable tie. These bags are annotated with the company name and sample numbers, the bags are placed in larger bulker bags for transport to ALS labs in Perth, also labelled with corresponding company name, drill hole and sample identifiers.
Sample pulps are stored in a dry, secure location at Galt's warehouse in West Leederville.
Audits or reviews
Data is validated by Benz staff and Expedio consultants as it is entered into MXDeposit. Errors are returned to field staff for validation.
All drilled hole collars have been located with a DGPS.
There have been no audits undertaken.
Section 2 Reporting of Exploration Results(Criteria listed in the preceding section also apply to this section)
Criteria
Commentary
Mineral tenement and land tenure status
Glenburgh Gold Project is a group of 10 tenements and 2 applications. The majority of known gold deposits are located on Mining Lease M09/148.
The tenement is 100% owned by Benz Mining Limited.
The tenements are in good standing and no known impediments exist.
Exploration done by other parties
Since Helix Resources in 1994 and subsequent work by Gascoyne Resources, about 159149 soil samples, 1349 vacuum holes and 2285 auger holes have been completed at Glenburgh.
9 diamond holes, 398 RC holes, 6 air-core holes and 462 RAB holes have been drilled in the Glenburgh area to identify the distribution and evaluate the potential of the deposit.
Drilling to date has identified 10 high potential deposits in the Glenburgh area which are: Tuxedo, Icon, Apollo, Mustang, Shelby, Hurricane, Zone 102, Zone 126, NE3 and NE4 deposits.
Geology
Gold mineralization at the Glenburgh deposit is hosted in Paleoproterozoic upper-amphibolite to granulite facies siliciclastic rocks of the Glenburgh Terrane, in the southern Gascoyne Province of Western Australia.
Gold was first discovered at the Glenburgh deposit in 1994 by Helix Resources during follow-up drilling of soil geochemical anomalies. Mineralisation occurs in shears within quartz + feldspar + biotite ± garnet gneiss, which contains discontinuous blocks or lenses of amphibolite and occasional thin magnetite-bearing metamorphics, probably derived from chemical sediments.
Higher-grade mineralisation appears to be directly related to silica flooding in the gneiss. This silica flooding may give rise to quartz 'veins' up to several metres thick, although scales of several centimetres to tens of centimetres are the norm. Neither the higher-grade silica lodes nor the more pervasive lower-grade mineralisation exhibits sharp or well-defined lithological contacts.
Drill hole Information
For this announcement, 14 Reverse Circulation (RC)drill holes are being reported.
Collar details have been provided in the body of the report.
For earlier released results, see previous announcements by Gascoyne Resources and Spartan Resources.
Data aggregation methods
No material information has been excluded.
A nominal 0.5 ppm Au lower cut off has been applied to the RC and results, with up to 3m internal dilution (<0.5ppm Au) included if appropriate.
Higher grade Au intervals lying within broader zones of Au mineralisation are reported as included intervals.
No top cuts have been applied to reported intercepts.
No metal equivalent values have been used.
All reported assays have been length weighted if appropriate.
Relationship between mineralisation widths and intercept lengths
Based on historical reports and interpretation from Geophysical data, drill holes were angled to the south-east (145) as geological targets are dipping steeply to the west, NNW.
Direct exposure of the targeted geological contact is not known at this stage, hence all reported intercepts are as down hole widths and not true widths.
Diagrams
Relevant diagrams are included in the report.
Balanced reporting
All meaningful data relating to the Exploration program has been included and reported to the market as assays are received.
Other substantive exploration data
See body of announcement.
Further work
Assays for the remainder of the programme will be reported once received and validated.
Detailed field mapping has commenced to refine targets for the next round of drilling.
Geophysical techniques are being investigated to reduce the search space of high-grade lenses away from defined resource areas and/or high-grade drill intercepts.
________________________1 See Benz announcement dated 6 November 20242 Indicated: 13.5Mt at 1.0g/t Au for 430.7koz; Inferred: 2.8Mt at 0.9g/t Au for 79.4koz. See Historical Mineral Resource Estimates, below3 Indicated: 1.3Mt at 9.0g/t Au for 384koz; Inferred: 3.8Mt at 5.1g/t Au for 621koz
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