Thunder Bay, Ontario--(Newsfile Corp. - May 27, 2020) - Benton Resources Inc. (TSXV: BEX) ('Benton' or 'the Company') is pleased to provide an update on its current plans for its project portfolio as well as highlight current strategic equity positions held by the Company.
Clean Air Metals Inc.
As previously announced by the Company on May 22, 2020, Clean Air Metals Inc. (TSXV: AIR) ("CAM") received all regulatory approvals related to its option to acquire Benton's option on the Escape Lake and Thunder Bay North properties (collectively the "TBN Project") and resumed active trading on the TSX Venture Exchange with strong momentum. Benton holds 24.6 million shares of CAM as well as a 0.5% net smelter return royalty from production on the Escape Lake Property and a 0.5% net smelter return royalty from production on any mineral claims comprising the Thunder Bay North Project over which a net smelter royalty has not previously been granted. CAM has announced that it has initiated its first phase diamond drill campaign consisting of 10,000m of drilling at the Escape Lake intrusion portion of its TBN Project located 40 kilometres northeast of Thunder Bay, Ontario. This first phase of drilling will consist of approximately 15 to 20 holes of 500-600m each, nominally on 50m centres and is designed to test the Escape Lake high-grade zone target discovered in six holes by the previous project operator. CAM's qualified person is in the process of validating the historical drilling data at Escape Lake including relogging and resampling of selected core intercepts and performing quality assurance/quality control checks on original certified analytical data. The target area is located at approximately 350m to 450m vertical depth. The objective of the program is to better define the full geological extent of the mineralized area as a precursor to eventual preparation of a mineral resource estimate when warranted.
Quadro Resources Inc.
The Company currently holds 4.2 million shares of Quadro Resources Inc. (TSXV: QRO) ("Quadro"). Quadro has provided an update on its projects in Newfoundland and Labrador as well as Ontario. During the past six months, Quadro has added two significant properties to its portfolio, the Long Lake gold project in central Newfoundland and the Seagull Lake PGE property in northwestern Ontario. These new additions, along with its Staghorn gold property in Newfoundland provide Quadro with exceptional exposure to two of the most exciting exploration regions in Canada which contain three of the most highly valued and in-demand commodities: gold, platinum and palladium. Staged work programs are planned for both project areas, and fieldwork, including possible drilling, will commence shortly.
Maxtech Ventures Inc.
The Company currently holds 2 million shares of Maxtech Ventures Inc. (CSE: MVT) ("Maxtech"). As announced on October 24, 2019, the Company optioned its Panama Lake gold project located in the prolific Red Lake gold mining district to Maxtech. Maxtech has recently commenced its initial diamond drill program at Panama with the first two holes targeting the area immediately up-ice from the location of the pristine gold grains that were documented in glacial till in 1999 by the Geological Survey of Canada. Concurrently, a prospecting-exploration team is assembling at the Maxtech's field headquarters in Ear Falls and will begin field operations shortly. The field team will follow up on previously documented locations and gold prospects on the property to better define them along with carrying out geological and prospecting traverses across uncharted portions of the property.
Sokoman Minerals Corp.
The Company currently holds 1 million shares of Sokoman Minerals Corp. (TSXV: SIC) ("Sokoman") that were acquired through Benton's option/sale of its Alder East Project. Sokoman has concluded its phase 5 drilling program at its flagship Moosehead gold property located in central Newfoundland, including an additional 1,390m in four holes, bringing the phase 5 total to 4,619m in 17 holes. The drilling, which was focused on the lower high-grade zone at an approximate vertical depth of 200m, extended the gold mineralization 75m to the north with the zone remaining open. This lower high-grade shoot has given some of the highest-grade results at Moosehead, including MH-19-62 (7.2m at 22.35g/t Au) and MH-19-81 (6.4m at 17.34g/t Au). MH-20-98, the final hole in the program, cut the Eastern trend structure at a down hole depth of 296m (200m vertical) intersecting a 4.6m core length (true width estimated at 75 to 90 per cent of core length) of visible gold-bearing quartz veining and quartz breccia. MH-20-98 intersected the zone 75 m to the northeast of MH-19-81 and 27 m to the northeast of MH-20-97, which encountered visible gold-bearing quartz veining over a 2m core length. MH-20-98 is the northernmost hole drilled on the lower main zone, and it appears to suggest a flattening or possible folding of the high-grade shoot, as the intersection is approximately 20 m deeper than the intersection in MH-19-81.
Benton's Exploration Activity - Far Lake Copper-Gold-Silver Project
The Company has now mobilized field crews to the Far Lake Copper-Gold-Silver project. The Company recently executed a binding letter of intent with White Metal Resources Corp. ("White Metal") whereby the Company can earn up to a 70% interest in the project (see Company press release dated May 20, 2020). Benton has commenced geological mapping, prospecting and soil sampling along the favourable structures in addition to a large EM and Magnetic Airborne survey which will start in the coming weeks. Recent exploration completed by White Metal led to the discovery of a high-grade, semi-massive sulphide copper occurrence. Recent trenching and sampling programs at the Far Lake copper-silver-gold project provided results that include a 0.7m channel sample across massive sulphide that assayed 22.0% Cu, 30.2 g/t Ag, and 0.25 g/t Au as well as another channel sample that graded 3.54% Cu over 3m, including 4.96% Cu over 1m. Mineralization is located within a northwest-southeast trending, brecciated and silicified structure that bisects a regional granitic pluton. Sulphide mineralization in the structure has been delineated for approximately 400m and remains open in all directions. In addition, a parallel zone 2.1km west of the copper occurrence was located in the spring of 2020 and exhibits a similar intense brecciation and silicification. This second structure has been traced intermittently over a 5km strike length with chalcopyrite mineralization occurring throughout. The new zone is highly silicified and exhibits brecciation and an abundance of quartz veining with local silicified areas measuring up to 200m wide. Mineralization identified to-date on the property displays characteristics suggestive of multiple mineralizing events, at both the property and regional scale.
Beyond the large silicified zones, the project also contains a boulder that was assayed by White Metal and contained 0.293% Cu, 1.71g/t Pd, 0.3g/t Pt and 0.219g/t Au. Locating the source of this boulder will be an important activity to prove that Far Lake has the potential to host PGEs in addition to copper-silver-gold. The appearance of the boulder suggests the bedrock source is nearby and only travelled a short distance during glaciation.
While the project is very early stage and has little historical exploration, there are a number of exciting targets that can be efficiently explored. The project has excellent infrastructure with multiple logging roads accessing the property via the Trans-Canada Highway. Surprisingly, prior to the work completed by White Metals in 2017, the Far Lake area saw no documented historical exploration even though it is strategically located along the Quetico Fault and between Benton's Bark and Baril Lake projects (currently under option to Rio Tinto Exploration Canada) and the Escape Lake and Thunder Bay North deposits (see the location map included below or on www.bentonresources.ca)
Nathan Sims (P.Geo.), Senior Exploration Manager for Benton Resources Inc., the 'Qualified Person' under National Instrument 43-101, has approved the scientific and technical disclosure in this news release and prepared or supervised its preparation.
On behalf of the Board of Directors of Benton Resources Inc.,
Stephen Stares, President
About Benton Resources Inc.
Benton Resources is a well-funded Canadian-based project generator with a diversified property portfolio in Gold, Silver, Nickel, Copper, and Platinum group elements. Benton holds multiple high-grade projects available for option, details of which can be viewed on the Company's website. Most projects have an up-to-date NI 43-101 technical report available.
Parties interested in seeking more information about properties available for option can contact Mr. Stares at the number below.
For further information, please contact:
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The information contained herein contains "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be "forward-looking statements."
Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: risks related to failure to obtain adequate financing on a timely basis and on acceptable terms; risks related to the outcome of legal proceedings; political and regulatory risks associated with mining and exploration; risks related to the maintenance of stock exchange listings; risks related to environmental regulation and liability; the potential for delays in exploration or development activities or the completion of feasibility studies; the uncertainty of profitability; risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; results of prefeasibility and feasibility studies, and the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; risks related to gold price and other commodity price fluctuations; and other risks and uncertainties related to the Company's prospects, properties and business detailed elsewhere in the Company's disclosure record. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from the Company's expectations or projections.
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