On November 4, 2024, Spartan Resources Limited advised that it has entered into a binding agreement to sell its non-core Glenburgh and Egerton Gold Projects in WA to Benz Mining Corp. in a cash and scrip transaction valued at up to $15.6 million that will see it retain exposure to future exploration success at the projects through a significant shareholding in Benz.
Completion of the transaction is expected in December 2024.
Spartan will become a strategic cornerstone shareholder, owning approximately 15% of Benz upon completion of the transaction.
Summary:
The Glenburgh and Mt Egerton Projects area consists of an ENE trending Paleoproterozoic sequence of highly metamorphosed and migmatised sediments.
Strategically positioned near the craton margin suture zone between the Glenburgh Terrane and the Yilgarn Craton, hosted within a Paleoproterozoic metamorphic gneiss belt.
At the Glenburgh the host sequence is dominated by pelitic metasediments, now quartz, feldspar, biotite, ± garnet, ±magnetite gneiss, with interlayered quartz, quartzite, calc-silicate, and amphibolite (Figure 2.2). Gold occurs in quartzfeldspar- biotite-garnet gneiss with a general observation of higher grades occurring in silica “flooded” zones.
At Mt Egerton the gold mineralisation is hosted within the Lower Proterozoic Egerton inlier which is comprised of greenschist facies metamorphosed flysch sequence intercalated with mafic volcanics and volcaniclastic rocks. Mineralisation generally strikes southwest and traversed by numerous shearzones striking to the north and north-northeast.
Huge exploration upside over 50km of strike: 786km² over highly fertile craton margin, metamorphic belt terrane. Limited gold exploration plays of this size in WA.
Metamorphic belts - next generation of discoveries: The potential of the gneissic metamorphic belts surrounding the Yilgarn craton were only recognised in the last few decades – they remain highly underexplored presenting a substantial opportunity.
Glenburgh is generally characterized by ~100-metre-thick horizon of gneissic rocks with anomalous gold mineralisation encompassing significant high-grade gold zones.
Dimensions
Glenburgh
The Glenburgh Mineral Resource area extends over a strike length of 13,000 m (from 4,450 mE – 17,450 mE).
Mineralisation has been defined over three zones:
• North East (NE) Zone strike extent ~2,420 m and a vertical depth extent currently defined at ~450 m (325 mRL to -125 mRL). Four prospects make up the NE Zone – Zone 126, Zone 102, Hurricane and North East 3.
• Central Zone strike extent ~3,350 m and a vertical depth extent currently defined at 300 m (300 mRL to 0 mRL); Five prospects make up the Central Zone – Icon, Apollo, Tuxedo, Mustang-Cobra, Shelby.
• South West (SW) Zone strike extent ~3,050 m and a vertical depth extent currently defined at 150 m (285 mRL to 135 mRL); The zone includes Torino and Thunderbolt prospects.
Mt Egerton
• At the Mt Egerton field, gold mineralisation was identified in the two areas. At the western part (Gaffney’s Find) it extends over a strike length of 2,000m and in the eastern part it extends for approximately for 4500m from the Hibernian West to Maco prospects.
• Depth of mineralisation is unknown, because the past drilling was shallow with average depth approximately 70m. Mineralisation is open at the depth.
• 14 mineralisation domains have been modelled for the 2021 MRE, with 11 domains modelled in central or main Hibernian Mine (northern and southern zones). New interpretations have included a significant west extension (2 domains over 250m strike length), and minor zones to the east and west.