Thunder Bay, Ontario–(Newsfile Corp. – January 19, 2018) – Benton Resources Inc. (TSXV: BEX) (“Benton” or “the Company”) is pleased to provide further drill results at the Bedivere Gold Project located in northwestern Ontario. Highlights from the most recent drill campaign concluded just before the end of 2017 include 7.87gpt gold over 2.1m in drill hole BED-17-016 and 2.73gpt gold over 4.0m in BED-17-019 (visible gold noted in core) which continue to expand the Traxxin gold zone to depth. The Company is now starting to see distinctive higher grade plunges within the wider mineralized and altered structure. These plunges and expansion of the gold zone along strike to the north will be the focus of the upcoming winter drill program scheduled to start this month. In addition, the most recently completed drill program has identified highly prospective areas along the mineralized structure to the south where wide zones of highly anomalous gold have been intersected including 42.0m of altered quartz breccias that grade 0.21gpt gold with locally higher grades up to 1.7gpt gold over 1.0m.
The Company has now completed a total of 16 diamond drill holes on the Traxxin zone and a further 5 holes testing other targets on the project. All results including previously released holes are listed below and a maps can been viewed on the Company’s website.
|Drill Hole||From||To||Interval||Grade (Au g/t)|
Note: intervals are reported as drill core lengths
* – indicates previously reported
The core was split or cut in half with one half being stored for future reference and the other half tagged and sent to Activation Laboratories Ltd. in Thunder Bay, ON. The core samples were analyzed for gold using using fire assay with an atomic absorption finish. Samples with grades greater than 5gpt gold were completed with a gravimetric finish. Standards and blanks were inserted into the sample batches as part of the Company’s QA/QC protocols.
In addition, the Company also wishes to announce that Sokoman Iron Corp. (“Sokoman”) has made its first anniversary payment of 500,000 Sokoman shares to the Company pursuant to an option to acquire a 100% interest in the Alder East project (See Company PR dated December 16, 2016). Benton now holds a total of 1,655,000 shares of Sokoman.
Benton also controls the Cape Ray gold deposits located on the west coast of Newfoundland and is evaluating various opportunities to advance the project in the best interest of the shareholders. The previously announced results of the Cape Ray PEA include a pre-tax net present value (“NPV”) at a 7% discount rate of $48.5 million with a pre-tax internal rate of return (“IRR”) of 31% and a post-tax NPV at a 7% discount rate of $32.4 million with a post-tax IRR of 25%. The reader should be cautioned that the PEA is preliminary in nature. It contains inferred mineral resources that are considered too speculative to have the economic considerations applied to them that would enable them to be categorized as mineral reserves.
About Benton Resources Inc. (TSXV: BEX)
Benton Resources Inc is a well-funded Canadian-based junior with a diversified property portfolio in Gold-Silver, Nickel, Copper, and Platinum group elements.
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
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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
For further information contact Stephen Stares @:
684 Squier Street,
Thunder Bay, ON P7B 4A8