Benz Exercises Option over Strategic Ground Along Strike from the Glenburgh Gold Project
HIGHLIGHTS
Benz has exercised the option to acquire highly prospective tenements adjacent to the Glenburgh Gold Project, increasing the total project tenure to ~898km 2. Exercising the option has secured over ~20km of potential strike extension to the known mineralisation at the Glenburgh Gold Project.
Regional geological interpretation suggests similar lithologies that host the Glenburgh Gold Project continue into the new ground.
Opportunity to follow-up on quartz-magnetite breccia occurrences in the western part of tenure, previously identified by Hannans Ltd in 2021 as possible IOCG targets. 1
Vancouver, British Columbia--(Newsfile Corp. - February 13, 2025) - Benz Mining Corp. (TSXV: BZ) (ASX: BNZ) (Benz or the Company) is pleased to announce that it has exercised the option agreement to acquire highly prospective tenements adjacent to the Glenburgh Gold Project in Western Australia, and a strategic tenement at the Mt Egerton Gold Project (Option Agreement). 2
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."
Figure 1: Location of the Glenburgh Project tenements and exercised option ground.
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Terms of the Option Agreement
Pursuant to the Option Agreement, Benz has exercised the exclusive right to acquire four tenements from Mining Equities Pty Ltd (Vendor). Benz had the ability to exercise this option until 30 days following successful completion of the previously announced acquisition of the Glenburgh and Mt Egerton Gold Projects from Spartan Resources Limited (ASX: SPR) (Spartan).
The following consideration is payable to the Vendor upon completion, which is expected to occur within 5 business days:
issuance of 500,000 fully paid ordinary shares in Benz; and
the grant of a 0.75% net smelter royalty.
Refer to Appendix 1 for the complete tenement schedule of the option agreement.
This announcement has been approved for release by the Board of Benz Mining Corp.
For more information please contact:
Mark Lynch-Staunton
Chief Executive Officer
Benz Mining Corp.
E: mstaunton@benzmining.com
T: +61 8 6143 6702
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 Project features a Mineral Resource Estimate of 16.3Mt at 1.0 g/t Au (510,100 ounces of contained gold) 3. 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 NI 43-101 and JORC (2012) compliant mineral resource of 1,005,000 ounces at 6.1g/t Au 4, 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/.
Qualified Person (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 has shares in Benz Mining Corp.
Historical Mineral Resource Estimates
All mineral resource estimates in respect of the Glenburgh and Mt Egerton Projects in this news release are considered to be "historical estimates" as defined under NI 43-101- Standards of Disclosure for Mineral Projects (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 Glenburgh and Mt Egerton projects as well as certain tenements adjacent thereto and the anticipated benefits thereof, planned exploration and related activities on the Glenburgh and Mt Egerton projects. 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 tenements associate with the Glenburgh and Mt Egerton projects that are still pending grant or undergoing the renewal process will be granted and/or renewed, as applicable, in the timely manner and on reasonable terms, and all conditions precedent to completion of the acquisitions will be satisfied, in a timely manner; 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) 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 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.
E09/2928 Granted 28/06/2023 13/02/2024 12/02/2029 70
E09/2929 Granted 28/06/2023 13/02/2024 12/02/2029 7
E09/2952 Granted 01/12/2023 25/07/2024 24/07/2029 36
E52/4360 Granted 18/06/2024 19/08/2024 18/08/2029 15
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/240900
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Granite Creek's board of directors and independent directors (as such term is defined in MI 61-101) have, acting in good faith, determined that the Shares for Debt Transaction is in the best interest of Granite Creek. Advisers and Counsel Cascadia has engaged Stikeman Elliott LLP as its legal adviser in connection with the Transaction. Sangra Moller LLP is acting as legal adviser to Granite Creek and Evans & Evans Inc. provided a fairness opinion to the Granite Creek board of directors. About Cascadia Cascadia is a Canadian junior mining company focused on making new copper and gold discoveries the Yukon and British Columbia. Cascadia's flagship Catch Property in the Yukon hosts a brand-new copper-gold porphyry discovery where inaugural drill results returned broad intervals of mineralization, including 116.60 m of 0.31% copper with 0.30 g/t gold 13. Catch exhibits extensive high-grade copper and gold mineralization across a 5 km long trend, with rock samples returning peak values of 3.88% copper 13, 1,065 g/t gold 7, and 267 g/t silver 7. In addition to Catch, Cascadia is conducting exploration work at its Macks and Milner properties – recently staked Catch analogues within Yukon's Stikine Terrane which have additional copper porphyry targets. Cascadia has approximately 70 million shares outstanding and its largest shareholders are Hecla Mining Company, Michael Gentile and Barrick Gold. Granite Creek is a growth stage exploration company, focused on the acquisition and development of exploration properties that host, or have the potential to host, precious base or battery metals. GCX's flagship asset is the Carmacks Project in the high-grade Minto copper district in Yukon Territory, Canada. The project is located south of and within 35km of the Minto mine. Qualified Person The technical information in this news release has been approved by Andrew Carne, VP Corporate Development for Cascadia and a qualified person for the purposes of National Instrument 43-101. Disclosure Notes The Mineral Resources disclosed here are referenced from the 2023 Technical Report on the Carmacks Project Preliminary Economic Assessment, authored by SGS Canada Inc. for Granite Creek Copper, and have not been independently reviewed by Cascadia. Mineral Resources are reported based on a 0.30% copper cut-off for mineralization classified as in-pit, and a 0.60% copper cut-off for mineralization classified as below-pit. Copper equivalent value assumes metal prices of $3.75/lb copper, $2,000/oz gold, $25/lb silver, $12/lb molybdenum, and recoveries of 82% for copper, 70% for gold, 69% for silver, and 70% for molybdenum, and has been re-calculated for consistency of presentation. Pricing for the base case economic analysis was US $3.75/lb copper, US $1,800/oz gold, and US $22/oz silver at an exchange rate of $1:US$0.75. For more details on the economic analysis, refer to the 2023 Technical Report on the Carmacks Project Preliminary Economic Assessment, authored by SGS Canada Inc. for Granite Creek Copper. The results of the Carmacks preliminary economic assessment are preliminary in nature, it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized. Please refer to Granite Creek's August 24, 2021, News Release for more information on CRM21-011. Reported lengths are drilled widths. Estimated true widths vary but are expected to be typically 60-70% of the intersected widths. Please refer to Cascadia's July 25, 2024, News Release for more information on Amp Zone results. For more information, see CBC News article dated September 7, 2024, entitled "Selkirk First Nation clears 1 st hurdle to buy Yukon's abandoned Minto mine", available here: Please refer to Granite Creek's February 11, 2021, News Release for more information on CRM20-001. Please refer to Granite Creek's August 24, 2011, News Release for more information on CRM21-011. Please refer to Granite Creek's October 28, 2021, News Release for more information on CRM21-019. Please refer to Granite Creek's March 10, 2022, News Release for more information on CRM21-025. Please refer to Cascadia's July 19, 2023, News Release for more information. Results referenced in this release represent highlights only. Below detection values for gold, copper, silver and molybdenum have been encountered in drilling, soil and rock samples in these target areas. Disclosure regarding the Carmacks Project is reliant on previous disclosure made by Granite Creek. Results from this project have not been independently verified by Cascadia. On behalf of Cascadia Minerals Ltd. Graham Downs, President and CEO On behalf of Granite Creek Copper Ltd. Timothy Johnson, President and CEO 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 ADEQUACY OR ACCURACY OF THIS NEWS RELEASE. Cautionary note regarding forward-looking statements: This press release may contain "forward-looking information" within the meaning of applicable securities laws. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements. The statements in this press release are made as of the date of this press release. Cascadia and Granite Creek undertake no obligation to update forward-looking information, except as required by securities laws. SOURCE Cascadia Minerals Ltd.
