Thunder Bay, Ontario–(Newsfile Corp. – December 18, 2017) – Benton Resources Inc. (TSXV: BEX) (“Benton” or “the Company”) would like to provide an update on the Company’s ongoing activities.
BEDIVERE GOLD: Benton has recently completed a further 7 diamond drill holes totaling 1,245m on the project bringing the total for the year to 21 diamond drill holes. Core samples have been cut and submitted for assays and results will be released when received and compiled. The Company has temporarily halted drilling for the holiday break and will resume drilling in January 2018 with a focus on expanding the Traxxin Zone to depth and along strike.
CAPE RAY GOLD: The Company continues to work diligently on moving the project forward in the best interest of shareholders and details will be released in as soon as they are finalized. The Company believes the Cape Ray deposits are significantly undervalued compared to current industry peers and intends to undertake measures aimed at unlocking its true value. The Cape Ray gold deposits are located on the west coast of Newfoundland and consist of 6 deposits, 4 of which have NI 43-101 indicated resources totaling 182,933 ounces of gold and inferred resources totaling 261,283 ounces of gold in addition to a recently released PEA that includes 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.
GNP BLACK SHALE GOLD: The Company would also like to announce that it has applied for permits to complete an airborne time-domain electromagnetic (EM) and magnetic (MAG) geophysical survey on the 100% owned GNP project located in northern Newfoundland, near St. Anthony. The claims being flown are south of the licenses held by White Metals Resources Corp. and Metals Creek Resources Corp. A recent discovery of anomalous gold values over approximately a 16 square kilometre area in black sedimentary shale units (See White Metal Resources Corp.’s PR dated November 20, 2017). The Company intends on flying 156 line kilometre of airborne EM and MAG. During the late fall of 2017, the Company identified pyritic and graphitic black shales in several locations on its GNP project and limited sampling returned assays from 7ppb to 239ppb. The 239ppb sample was collect near the south boundary of Metals Creek Resources Corp.’s project and is located approximately 15km south of White Metal Resources Corp.’s Gunners Cove discovery and is believed to be in the same geological unit.
In addition, Benton holds multiple high-grade gold projects available for option which can be viewed on the Company’s web site. Most projects have an up-to-date NI 43-101 report available. Interested parties can contact Stephen Stares from the contact below.
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