Thunder Bay, Ontario–(Newsfile Corp. – April 13, 2018) – Benton Resources Inc. (TSXV: BEX) (“Benton” or “the Company”) would like to provide an update on the Company’s ongoing activities on the Great Northern Peninsula in Northern Newfoundland and Ontario. The Company has acquired two large land positions, the GNP and Cape Eagle projects, both being hosted in a black shale geological environment. Both projects are mapped by the Newfoundland government as having similar geology to that of White Metal Resources Corp’s new discovery at their Gunners Cove project where they recently announced anomalous gold values over approximately a 15 sq-km area in black sedimentary shale units (see White Metal PR dated November 20, 2017). In addition, Benton’s Cape Eagle project is adjacent to the east boundary of Altius Minerals Corporation’s new Sail Pond discovery where Altius obtained grab samples up to 2,030 g/t silver, 7.08% copper, 9.40% lead, 2.54% antimony, 0.46 g/t gold on the property (see Altius Minerals Corporation website).
Benton has now completed an airborne Electromagnetic (“EM”) and Magnetic survey consisting of approximately 560 line-km, covering the GNP and the Cape Eagle projects and preliminary results have defined a number of conductive zones striking in a northward direction that measure up to 5 km in length. Some of these EM responses are associated with high magnetic anomalies. The Company believes some of the conductive responses are potentially associated with graphitic and/or pyritic sources similar to the host rocks at the Gunners Cove showings. Prospecting, mapping and geochemical sampling will begin as soon as weather permits.
The Company believes that the Gunners Cove style of gold mineralization could potentially represent an important new discovery in a unique geological environment similar to other large gold deposits hosted in black shale environments around the globe.
In addition, the Company would like to announce that it has signed a Letter of Intent (“LOI”) to acquire the Bolton Bay project located 120 km west of Thunder Bay and is adjacent to the east boundary of Benton’s Bark Lake project which is currently under option to Rio Tinto Exploration Canada Inc. Benton will have the option to earn a 100% interest in Bolton Bay by making cash payments totaling $174,000 and by issuing 425,000 common shares over a period of 5 years following the execution of the LOI. The vendor will retain a 2% NSR which the Company can purchase 1% for $1 million and retains a right of first refusal to purchase the remaining 1% NSR. This agreement is subject to the Company receiving regulatory approval.
The Bolton Bay project has the potential to host gold as well as copper-nickel-platinum-palladium mineralization of economic interest. Recent work completed by the vendor has identified mafic intrusive rock units similar to that hosting copper-nickel-platinum-palladium mineral-rich boulders found on the Bark Lake property. Historical work completed by Falconbridge and Inco Ltd. identified numerous mineralized zones across the property. Diamond drilling by Falconbridge in 1974 returned drilled intercepts of 0.13 oz/t gold over 23ft (4.46 g/t over 7.01m) including 0.288 oz/t gold over 10 feet (9.87 g/t over 3.05m).
Recent logging activity in the area has provided excellent access to the mineralized zones where historically the project could only be accessed by boat or by air. Permitting for work on the project will be initiated shortly.
About Benton Resources Inc. (TSXV: BEX)
Benton Resources Inc. 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 which can be viewed on the Company’s website. Interested parties can contact Stephen Stares from the contact below.
Clinton Barr (P.Geo.), V.P. Exploration for Benton Resources Inc., is the qualified person responsible for this release has prepared, supervised the preparation or approved the scientific and technical disclosure in the news release.
On behalf of the Board of Directors of Benton Resources Inc.,
Stephen Stares, President
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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