Benz Mining (ASX:BNZ) defined a maiden high-grade exploration target at its Glenburgh Gold Project in Western Australia, exceeding Euroz Hartleys' prior bull-case estimate and supporting the potential for a significantly larger future resource base, the equity research firm said in a Wednesday note.

The company defined a high-grade exploration target of 110 million to 125 million tonnes grading 1.7 to 1.8 grams per tonne for 6.1 million to 7.3 million ounces of gold, alongside a broader total project target of 485 million to 540 million tonnes grading 0.6 to 0.7 grams per tonne for 10.1 million to 12 million ounces of gold.

Euroz Hartleys said about 80% of the exploration target is supported by drilling and interpreted wireframes, with the remainder based on broader geological interpretation and therefore more conceptual.

The research firm noted a drill-defined core containing 4.6 million to 5.5 million ounces of gold at 1.7 to 1.9 grams per tonne that will require infill drilling to progress toward a maiden JORC resource.

Benz Mining is planning 25 meter by 25 meter infill drilling, along with down-plunge drilling, while metallurgical test work remains positive.

Euroz Hartleys noted the company aims to convert much of its exploration target into a maiden mineral resource in 2027, which could materially expand the project's reported resource base if successful.

The research firm added that Glenburgh could rank among the largest Australian Securities Exchange mineral resource bases if the exploration target is converted.

Euroz Hartleys maintained a buy recommendation on Benz Mining with a price target of AU$4.67.

Benz Mining's shares climbed 26% in recent Wednesday trade.