Glenburgh is rapidly outgrowing the gold project Benz Mining acquired less than two years ago. New drilling has expanded the Icon system across the first kilometre of a 3km trend, but a maiden mineral resource estimate in early 2027 will provide the first real measure of its scale.
Benz has reported results from 68 reverse-circulation drill holes totalling 25,776m at its Icon prospect, outlining a mineralised system 100–200m wide across the first kilometre of a known 3km trend. Mineralisation has been defined to vertical depths exceeding 500m, with multiple stacked lenses identified within a broader mineralised envelope.
The standout intersection returned 46m at 6.5 grams per tonne (g/t) gold from 454m. First-pass drilling is nearing completion along the remaining 2km of the trend, with Benz targeting a maiden mineral resource estimate in the first quarter of 2027. The company has also identified a fourth exploration camp east of Hurricane, while geotechnical work, metallurgical testing, infrastructure planning and other early development studies are progressing alongside drilling.
Benz chief executive officer Mark Lynch-Staunton said the deposit had the hallmarks of a “world-class gold system”.
“The remarkable growth at Icon prompted us to strategically concentrate the majority of our drilling fleet on the camp. Our priority is to accelerate the systematic definition of this major gold camp ahead of our maiden mineral resource estimate. With first-pass drilling across the remaining 2km trend nearing completion, today’s announcement marks the first of what we expect to be a series of substantial drilling updates as the true scale of Icon continues to emerge,” he said.
“We are eager to apply the same systematic drilling approach at Hurricane and Thunderbolt, while our mapping team has already identified a compelling fourth exploration camp. The scale of the opportunity across the broader Glenburgh district is truly exceptional.”
The latest Icon results are one of the byproducts follow Benz’s $150 million raising in August, with proceeds earmarked for a planned 450,000m drilling campaign and the addition of six rigs, taking the Glenburgh fleet to 14 rigs operating across 20 shifts. Benz has repositioned Glenburgh as its flagship project as the company tries to “understand its full scale”, according to Lynch-Staunton. Earlier this year, Benz outlined a conceptual exploration target for Glenburgh of 485–540 Mt grading 0.6–0.7g/t gold for 10.1–12Moz. The target is not a mineral resource or ore reserve, and further drilling is required to determine how much of the conceptual inventory can be converted into a reportable resource.
Benz’s new chapter
It comes more than a year after Benz acquired Glenburgh, alongside the Mt Egerton gold project, from Spartan Resources in 2025. The deal made Spartan a substantial Benz shareholder, with an interest of approximately 15 per cent immediately after completion, while Benz got exposure to two Western Australian-based gold projects. Under the 2025 agreement, Benz agreed to pay Spartan $500,000 and issue 33 million CHESS Depository Interests (CDIs), with a further $500,000 payable on the first anniversary of completion. The deal also included up to $6 million in additional cash or CDIs, subject to certain milestones being met.
Benz executive chairman Evan Cranston said at the time the deal was “transformational” for the company as it opened a new chapter in developing the “underexplored” gold region.
“These projects are located in a highly prospective and underexplored gold region, and we look forward to unlocking their full potential,” he said at the time.
In recent months, prior to the Icon results, maiden drilling at Hurricane revealed a hit of 11 metres at 6.4 g/t gold from 306 metres, within 102 metres at 1.1g/t gold, while the company also received strong initial metallurgical results from the Icon in June 2026.
With drilling continuing across its key prospects, Benz is seeking to turn Glenburgh’s exploration potential into what it calls Australia’s “next great gold mine”. The maiden Mineral Resource estimate will provide the first major test of that ambition.
Lynch-Staunton remains confident about what that work could reveal.
“We believe Australia’s next great gold mine is taking shape at Glenburgh,” he said. “With the scale of the system continuing to emerge and development activities gathering momentum, these are incredibly exciting times.”