Benz Mining Secures WA Gold Projects, Spartan Takes 15% Stake

Strategic Acquisition Completed

On January 14, 2025, Benz Mining Corp (ASX: BNZ, TSXV: BZ) announced the completion of its acquisition of the Glenburgh and Mt Egerton gold projects located in Western Australia's Gascoyne region. The assets were acquired from Spartan Resources Limited (ASX: SPR) through the purchase of 100% of the issued share capital in Gascoyne Resources (WA) Pty Ltd and Egerton Exploration Pty Ltd. This transaction, first announced in November 2024, represents a significant step in Benz’s evolution into a multi-jurisdictional gold explorer.

The deal was structured with an upfront cash payment of A$500,000 and the issuance of 33 million fully paid CHESS Depository Interests (CDIs) to Spartan, representing approximately 15% ownership in Benz. Deferred consideration includes a further A$500,000 cash payment on the first anniversary and up to A$6 million in cash or CDIs contingent on milestone achievements.

Spartan Becomes Strategic Partner

As part of the agreement, Spartan Resources has become a strategic cornerstone shareholder in Benz. Spartan’s General Manager, Nicholas Jolly, has joined Benz’s board as their nominee director, bringing valuable expertise and continuity to the integration process. Benz’s Executive Chairman, Evan Cranston, highlighted the importance of this partnership, emphasizing the potential of the underexplored gold projects and the benefit of Spartan’s ongoing geological support.

Exploration and Development Plans

Benz is moving swiftly to capitalise on the acquisition with a maiden drilling program at Glenburgh already in the final stages of contractor selection. The company holds pre-existing drill permits to expedite commencement. The initial drilling will focus on extending high-grade shoot resources, such as Zone 126, alongside resource definition and orebody knowledge enhancement within the current resource area.

Complementing drilling efforts, Benz will trial downhole electromagnetic (EM) testwork to assess the detectability of mineralised packages, potentially accelerating exploration success. Additionally, a systematic geological reinterpretation is underway, including rescanning historical pulps and applying insights from analogous high-grade metamorphic terrains like the Tropicana deposit. Detailed structural mapping of outcropping mineralisation will further refine exploration targets.

Resource Update on the Horizon

Following the maiden drill program and geological reinterpretation, Benz anticipates releasing an updated mineral resource estimate that incorporates new drilling data and geological insights. The Glenburgh Project currently holds a historical mineral resource estimate of 16.3 million tonnes at 1.0 g/t gold, equating to approximately 510,100 ounces of contained gold. However, these historical estimates require verification under NI 43-101 standards before being classified as current resources.

The acquisition expands Benz’s footprint beyond its flagship Eastmain Gold Project in Quebec, which boasts over 1 million ounces at 6.1 g/t gold, positioning the company as a growing player in two of the world’s premier gold jurisdictions.

Tenement Status and Regulatory Considerations

While the acquisition is complete, some tenements associated with Glenburgh remain pending grant, and one related to Mt Egerton is undergoing renewal. Benz is actively managing these regulatory processes to ensure uninterrupted exploration activities. The company has also reaffirmed that all material assumptions underpinning the historical resource estimates remain valid, though further work is required to confirm these figures under Canadian reporting standards.