Spartan Resources has finalised an agreement to sell its Glenburgh and Mt Egerton gold projects in Western Australia to Benz Mining Corp.
This strategic move will see Spartan become a key shareholder in Benz, holding approximately 15 per cent post-transaction, while offering ongoing geological expertise.
“We’re excited to partner with Benz to unlock the incredible potential of the Glenburgh and Mt Egerton assets as well as gaining exposure to the incredibly high-grade opportunity at Benz’s Eastmain gold project, bring on the results,” Spartan interim executive chair Simon Lawson said.
The Glenburgh gold project, which has a granted mining lease and an estimated resource of 16.3 million tonnes (Mt) at one gram per tonne (g/t) gold for 510,100 ounces, represents substantial exploration potential.
Benz intends to target high-grade zones with modern geoscientific techniques. Recent drilling at Glenburgh’s Zone 126 deposit has indicated promising results, including 28m at 5g/t gold and 24m at 9.1g/t gold.
The Mt Egerton project, known for its high-grade Hibernian underground mine, presents immediate exploration opportunities.
Historical intercepts include notable results such as 5m at 96.7g/t gold and 4m at 91.9g/t gold.
Spartan’s decision to sell aligns with its strategy to maximise value while remaining strategically involved in the projects.
Spartan general manager Nick Jolly will join Benz’s board as a director, further cementing the partnership.
“We are delighted to announce this strategic acquisition for Benz, marking our evolution into a multi-jurisdictional, pure gold-focused company,” Benz executive chair Evan Cranston said.
“The addition of the Glenburgh and Mt Egerton gold projects in Western Australia, alongside our high-grade Eastmain gold project in Quebec, solidifies our position as a leading explorer in premier gold regions.
“We welcome Spartan as a strategic cornerstone investor with aligned interests to extract value from these great projects.”
The acquisition will be funded through Benz’s existing cash reserves and a new $4 million placement to sophisticated and professional investors.
This sale and collaboration mark a pivotal step for Spartan, positioning the company to benefit from future developments while ensuring Benz’s growth.
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