Key Takeaways
- 01 Benz reported results from 68 holes at Icon, led by 46 m at 6.5 g/t gold.
- 02 The Icon system is 100 to 200 m wide across the first 1 km of a 3 km trend.
- 03 A maiden Mineral Resource Estimate is targeted for the first quarter of 2027.
Benz Mining Corp. (ASX: BNZ) reports results from 68 reverse circulation holes totalling 25,776 m at Icon. Drilling took place at Icon, one of several camps inside the Glenburgh Gold Project in Western Australia. Benz published the assays on 19 Oct 2026.
For Benz Mining Glenburgh, the story is now about scale. Drill holes have followed the mineralisation past 500 m in vertical depth. Benz expects its first resource estimate in the opening three months of 2027.
Icon Drilling Outlines a Thick, Stacked Gold System
Systematic 50 m by 25 m drilling has outlined a mineralised system 100 to 200 m wide. It spans the first 1 km of a known 3 km trend.
The Company says individual high-grade lenses average about 30 to 50 m wide. They sit inside a wider mineralised halo.
Selected intercepts from the release are below.
| Hole ID | Intercept | From |
|---|---|---|
| 26CN120 | 46 m at 6.5 g/t Au | 454 m |
| 26CN129 | 42 m at 3.0 g/t Au | 337 m |
| 26CN071 | 46 m at 2.5 g/t Au | 24 m |
| 26CN130 | 35 m at 2.4 g/t Au | 104 m |
| 26CN149 | 54 m at 1.8 g/t Au | 385 m |
Holes 26CN125, 26CN129 and 26CN130 each returned two separate thick zones.
Three Datasets Tie the Intercepts Together
Benz says gold assays alone cannot describe a folded, high-grade metamorphic system. The Company combined more than 20,000 structural measurements with multi-element analysis of every metre of drill sample.
Benz calls the approach a foundation for the forthcoming resource estimate.
Figure 1: Drill collar positions for the holes reported in this release. [Courtesy: Benz Mining Corp.]
Benz Mining Gold Exploration Shifts Its Drill Fleet to Icon
Growth at Icon prompted the Company to move most of its drilling fleet onto the camp. “Icon continues to exceed our expectations,” said Mark Lynch-Staunton, Chief Executive Officer.
According to the sources, the results follow an A$150 million raising in August. Proceeds are earmarked for a planned 450,000 m drilling campaign and six extra rigs. That takes the Glenburgh fleet to 14 rigs across 20 shifts.
Exploration Target and Existing Resource Frame the Scale Question
Glenburgh already carries a reported Mineral Resource Estimate. Earlier this year, Benz outlined a far larger exploration target, according to the sources.
| Measure | Details |
|---|---|
| Existing Mineral Resource Estimate | 16.3 million metric tonnes at 1.0 g/t Au for 510,100 ounces |
| Exploration Target | 485 to 540 million metric tonnes at 0.6 to 0.7 g/t Au for 10.1 to 12 million ounces |
| Benz resource estimate | Due in the opening three months of 2027 |
The target is not a mineral resource or ore reserve. Further drilling must show how much can convert into a reportable resource.
Hurricane and a Fourth Camp Widen the District Story
Regional mapping has delineated a fourth exploration camp east of Hurricane. The Company says it extends about 3 to 4 km. It shares host rocks, shear structures and magnetite alteration with the existing camps. Maiden drill testing is expected in the near term.
Maiden Hurricane drilling returned 11 m at 6.4 g/t gold from 306 m, according to the sources. First-pass drilling along the remaining 2 km of the Icon trend is nearing completion.
Spartan Deal Turned Glenburgh Into Benz’s Flagship Project
Benz acquired Glenburgh and the Mt Egerton Gold Project from Spartan Resources in 2025. Spartan held about 15% of Benz after completion. Executive Chairman Evan Cranston called the deal transformational at the time.
Development Studies Run Alongside the Drill Rigs
The Company is advancing early development studies in parallel with exploration. They include:
- Geotechnical investigations and metallurgical testwork
- Water exploration and power demand modelling
- Infrastructure planning and conceptual processing throughput scenarios
- Gas supply and associated infrastructure investigations
Benz cites granted mining tenure and an established permitting pathway.
Risks Still Sit Behind the Drill Results
The Company’s forward-looking statements flag several risks.
- Exploration at Glenburgh is early stage, and planned work could be delayed or stop.
- Intercepts are downhole lengths, and true widths still need confirmation.
- The exploration target is conceptual and may not convert into a resource.
- Benz assumes it can raise additional capital as needed.
- Plans assume steady gold prices and stable economic and political conditions.
Share Price Has More Than Doubled So Far in 2026
| Measure | Data |
|---|---|
| Last price | A$4.28 per share |
| Market capitalisation | A$1.84 billion |
| 2026 year to date | +143.18% |
| 1 year change | +141.81% |
| 1 year versus ASX 200 | +144.47% |
Maiden Resource Estimate Will Test the Scale Claims
Benz will complete its baseline 50 m by 25 m drilling pattern across Hurricane, Icon and Thunderbolt. The aim is to capture high-grade hinge zones that wider spacing can miss.
Impact on the Company’s resource base: the estimate will set a reported starting figure for Glenburgh.
Impact on ASX investors: a formal resource number will give shareholders a yardstick for the exploration target.
Mining Herald will report each Glenburgh drilling update as Benz releases it.
FAQs
Q1. What did Benz report at Icon?
Ans. Results from 68 reverse circulation holes totalling 25,776 m.
Q2. Where is the Glenburgh Gold Project?
Ans. In Western Australia, about 285 km east of Carnarvon via Gascoyne Junction.
Q3. When is the maiden Mineral Resource Estimate due?
Ans. Benz is targeting the first quarter of 2027.
Q4. Is the exploration target a resource?
Ans. No. It is a conceptual target needing further drilling.
Disclaimer
This article is intended for informational purposes only. If you pay attention to the Western Australia gold sector as an investor, then all the data in the content is from third-party sources. Please check out the complete share price and market data info. Investing carries a high risk, and you should only invest at your own risk. Mining Herald has no involvement in the above-listed company.
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About the author
Jonathon Brown
Jonathon Brown began his career as a broadcaster, working across markets in British Columbia before moving into financial journalism. Since 2017, he has specialised in stock market reporting, covering emerging companies across the healthcare, technology, mining and consumer sectors. He brings more than 15 years' experience to his reporting. A graduate of Vancouver Island University and the British Columbia Institute of Technology, Jonathon is focused on delivering clear, balanced reporting for investors.
