Thunder Bay, Ontario–(Newsfile Corp. – January 8, 2018) – Benton Resources Inc. (TSXV: BEX) (“Benton” or “the Company”) would like to announce that it has received its permit from the Government of Newfoundland to complete an airborne survey (magnetic (Mag) and electromagnetic (EM)) over its 100%-owned GNP project located near St. Anthony in northwestern Newfoundland. The proposed survey is to the south of White Metal Resources Corp. and Metals Creek Resources Corp.’s projects. A recent discovery of anomalous gold values over approximately 15 sq km in black sedimentary shale units (See White Metal Resources PR dated November 20, 2017) is considered to be significant by the Company’s management and could represent a new geological model for the island of Newfoundland. The Company will be flying 156 line-kilometres of airborne Mag-EM. 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 gold (Au). The 239ppb Au sample was collect near the southern boundary of Metals Creek’s project and is located more than 10km south of White Metal’s Gunners Cove discovery and is believed to be the same geological unit.
In addition, Benton also controls the Cape Ray gold deposits located near the southwest coast of Newfoundland and is working on various ways to advance the project in the best interests of shareholders. The Company will inform shareholders of upcoming plans when a material decision has been made.
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.
Benton also holds multiple gold and base metal projects that are 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
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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