- Benz Mining (BNZ) has listed on the ASX and raised $2 million to support work at the Eastman Gold Project in Quebec, Canada
- To raise the new cash, the company issued four million CHESS Depositary Interests at 50 cents each
- Benz recently completed its maiden drilling program at the gold project, targeting several electromagnetic conductors
- All 12 holes intersected quartz veins associated with sulphide mineralisation and one hole also intersected visible gold
- Importantly the hole was the first to be drilled into a newly identified mineralised trend, parallel to the 10-kilometre long strike associated with the Eastmain Mine
- Shares have been trading 127 per cent higher at $1.14
Benz Mining (BNZ) has listed on the ASX and raised $2 million to support work at the Eastman Gold Project in Quebec, Canada.
The company issued four million CHESS Depositary Interests at 50 cents each to raise the new cash which will support its ongoing exploration efforts as the company works towards a mineral resource update.
At present, the project in Quebec's Upper Eastman Greenstone Belt has an indicated and inferred mineral resource of 376,000 ounces of contained gold.
Benz recently completed a maiden diamond drilling program at Eastman, targeting several electromagnetic conductors.
The majority of the 12 holes were drilled into the 10-kilometre long strike extension from the Eastmain Mine and all intersected quartz veins associated with sulphide mineralisation.
One hole tested a newly identified, parallel trend, and returned visible gold. The company intends to release the results from the program once all assay results are received.
In January, Benz will commence a 50,000-metre drill program and carry out further electromagnetic surveying to identify new targets.
Shares have been trading 127 per cent higher at $1.14 at 2:04 pm AEDT.