
Benz Completes Acquisition Of WA Gold Projects From Spartan Resources
- Completion of the Share Purchase Agreement with Spartan Resources Limited (ASX: SPR) to acquire 100% of the Glenburgh Gold Project and the Mt Egerton gold Project by purchasing 100% of the issued share capital in Gascoyne Resources (WA) Pty Ltd and Egerton Exploration Pty Ltd as announced by Benz on 6 November 2024 Spartan becomes a strategic cornerstone shareholder, owning approximately 15% of Benz, and will provide ongoing geological support to Benz Spartan's General Manager, Nick Jolly, joins the Board as Spartan's nominee Director
Vancouver, British Columbia--(Newsfile Corp. - January 14, 2025) - Benz Mining Corp. (TSXV: BZ) (ASX: BNZ) ( Benz or the Company ) is pleased to announce that it has completed the acquisition of 100% of the Glenburgh Gold Project ( Glenburgh ) and Mt Egerton Gold Project ( Mt Egerton ) located in the Gascoyne region of Western Australia from Spartan Resources Limited (ASX: SPR) ( Spartan ) ( Acquisition ). Spartan's nominee director, Mr Nicholas Jolly, has been appointed to the Board of Benz with effect from 14 January 2025.
As previously announced, consideration for the Acquisition consisted of an upfront cash payment of A$500,000 and the issue of 33,000,000 fully paid CHESS Depository Interests ( CDIs ) in Benz to Spartan. Deferred consideration payable to Spartan consists of an additional A$500,000 cash payment on the first anniversary after completion of the Acquisition, and an additional up to A$6,000,000 (in cash or fully paid CDIs), subject to the satisfaction of certain milestones (refer to Benz's announcement dated 6 November 2024 or the management information circular of the Company dated 15 November 2024). Each CDI represents one common share in the authorized capital of Benz.
As of the date of this news release, the Company highlights that two tenements associated with the Glenburgh project are still pending grant, while one tenement related to the Mt Egerton project is currently undergoing the renewal process. See Tenement Schedule below for more details.
Benz Executive Chairman, Evan Cranston, commented:
"We are thrilled to complete this transformational acquisition of the Glenburgh and Mt Egerton Gold Projects, marking an exciting new chapter for Benz Mining. These projects are located in a highly prospective and underexplored gold region, and we look forward to unlocking their full potential with our planned drilling programs. Our team is eager to update the market on our progress as we advance exploration and development in the coming months.
"On behalf of the Board and the Company, I am also delighted to welcome Mr Nicholas Jolly to the Benz Board as Spartan's nominee director. Nick's extensive experience and strategic insight will be invaluable as we integrate these projects and execute our growth plans."
Next Steps
- Maiden Drill Program at Glenburgh
- Drill contractor selection is in the final stages, with pre-existing drill permits in place to fast-track the start date. Details of the initial program will be released in the coming weeks. Drilling will focus on extending high-grade shoot resources, such as Zone 126. A separate drilling program will target resource definition and enhancing orebody knowledge within the current resource area.
- Trial downhole EM (electromagnetic) testwork will be conducted over Glenburgh mineralisation. This trial will assess whether the prospective mineralised package can be effectively detected, potentially accelerating exploration success.
- Systematic rescanning of selected Glenburgh historical pulps will assist in mapping the mineralised package. Geological learnings from high-grade metamorphic terrain deposits, such as the world-class Tropicana deposit, will be applied to Glenburgh. Detailed structural mapping of outcropping mineralisation at the site will also be undertaken.
- Following the completion of the maiden drill program and in-depth geological reinterpretation, an updated mineral resource estimate is anticipated. This update will incorporate all new drilling data and geological insights.
This announcement has been approved for release by the Board.

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