Benz Mining's (ASX:BNZ) drilling results to date continued to show the scale potential at the Icon deposit, within the Glenburgh project in Western Australia, starting to de-risk the processing pathway, Euroz Hartleys said in a Wednesday note.

With the receipt of cyanidation test work results, the company confirmed that gold sourced from Icon is free-milling with high recovery rates and low reagent consumption across all grade profiles tested.

The company reported nearly 96% gold extraction within 24 hours from composite samples representative of the higher-grade core of the deposit, while mid-grade mineralization reached around 91% gold extraction.

The results are broadly supportive of Euroz Hartleys' modelled 95% metallurgical recovery assumption, particularly for the higher-grade Icon core, which yielded almost 96% extraction within 24 hours, the note said.

Consistency across the grade range suggests that Icon is a "clean, conventional, and free-milling" gold system, with potential for increased value from lower-grade halo material, according to the financial services firm.

Euroz Hartleys reaffirmed its buy recommendation and AU$4.67 price target on Benz Mining.

Benz Mining shares rose 9% in morning trade on Thursday.