Benz Mining (ASX:BNZ) found a new ultra-high-grade gold discovery called the Kilkenny Zone, located beneath the historic Hibernian gold mine at its Mt Egerton project in Western Australia, according to a Tuesday filing with the Australian bourse.

Results showed seven meters at 223 grams per tonne grade of gold from 270 meters, within 11 meters at 144 g/t grade of gold, the filing said.

The discovery suggests a structural repeat of mineralization near the surface, indicating the possibility of multiple stacked high-grade shoots along the same structural corridor, per the filing.

Shares fell 2% in morning trade on Tuesday.