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Benz Mining Corp (ASX:BNZ) has seen its share price jump by more than 17% on news of a new gold discovery at its Glenburgh project in Western Australia, with grades of more than 19 grams per tonne being found over 11 metres.
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Maiden drilling at Glenburgh’s Zone 126 target picked up assays such as 11 metres at 19.9g/t gold from 274m in one hole; five metres at 10.2g/t gold from 222m and seven metres at 3.5g/t gold from 233m in another; and four metres at 12.2g/t gold from 319m in a third, the company said today.
This, Benz has suggested, indicates the presence of a new high-grade gold lens which is situated around 80m down-plunge from previously interpreted gold mineralisation.
Additionally, the drilling work confirmed Benz’s targeting model, in particular showing an overall NE plunge to the mineralised system.
This offers the company an interesting new direction for exploration, given that previous work has mostly focused on shoots plunging to the southwest.
CEO Mark Lynch-Staunton said this discovery should allow Benz to unlock a much bigger mineralised system. “We are absolutely thrilled with the results of our maiden drilling program at Zone 126,” he said.
“Not only have we hit one of the highest ever gold intercepts on the entire project to date in our maiden program, but… we have confirmed our concept that completely turns the structural understanding of the Glenburgh Gold Project on its head.”
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Mr Lynch-Stauton continued: “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.”
Benz was last selling at 41 cents a share after a 17.14% price jump.
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