Benton Discovers New Gold Horizon 21 km North-Northeast of Calibre's Marathon Deposit and Options Additional Ground
November 28, 2024 7:30 AM EST | Source: Benton Resources Inc.
Thunder Bay, Ontario--(Newsfile Corp. - November 28, 2024) - Benton Resources Inc. (TSXV: BEX) ("Benton" or the "Company") is pleased to announce that it has made a new gold discovery on its 100%-owned Dominion Lake Gold-Base Metal Project ("Dominion Lake"). The Company acquired Dominion Lake last year after a large parcel of land became available for staking within the northern Tulks Volcanic Belt of the Victoria Lake Supergroup, highly favorable geological terrain with demonstrated potential for hosting both Volcanogenic Massive Sulfides and Gold mineralization.
A small prospecting program conducted in late summer 2024 on the recently staked Dominion Lake claims resulted in the discovery of a 50 m wide sheared zone in contact with >12.0 m wide exposed quartz-flooded and silicified zone that has been traced intermittently for approximately 120 m. The new zone, named the Rickirb Zone, has returned grades as high as 4.6 grams per tonne (g/t) gold (Au). The Company has collected a total of 30 grab samples within a 200 m area of the new zone, with 7 samples grading greater than 0.5 g/t Au. The zone has a trend of 20 degrees and is situated 21 km north-northeast of Calibre Mining Corp.'s Marathon Deposit.
In conjunction with the new gold discovery, the Company has executed an option agreement to acquire a 100% interest in several mineral licences from local prospector Herbert Froude (the "Froude Option"). With the addition of Mr. Froude's licenses, the Company's land package surrounds two known VMS deposits known as the Daniel's Pond deposit and Bobby's Pond deposit which are currently held by Canterra Minerals Corporation. Benton is planning further prospecting and soil sampling to trace out the new gold horizon along with other potential targets.
Terms of the agreement to acquire a 100% interest in the Froud Option which remain subject to approval of the TSX Venture Exchange are as follows:
- pay Herbert Froude $8,000 upon signing the agreement, and upon receipt of regulatory approval (the "Effective Date") issue Herbert Froude 80,000 common shares of the Company;
- on the first anniversary of the Effective Date, issue to Herbert Froude 80,000 common shares of the Company and pay $8,000;
- on the second anniversary of the Effective Date, issue to Herbert Froude 80,000 common shares of the Company and pay $8000;
- on the third anniversary of the Effective Date, issue to Herbert Froude 80,000 common shares of the Company and pay $10,000; and
- on the fourth anniversary of the Effective Date, issue to Herbert Froude 120,000 common shares of the Company and pay $20,000.
Herbert Froude will retain a 2% Net Smelter Royalty ("NSR") on the mineral licenses encompassed by the Froude Option agreement. The Company retains the right to buy back one-half of the NSR (1% of the 2%) by paying Mr. Froude $500,000.
Figure 1: Regional Map
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Figure 2:
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QP
Stephen House (P.Geo.), Vice President of Exploration 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.
QA/QC Protocols
Core and rock samples, including standards, blanks and duplicates, are submitted to Eastern Analytical Ltd., Springdale, Newfoundland for preparation and analysis. All samples were acquired by saw-cut (channels/drill core) with one-half submitted for assay and one-half retained for reference, or hand (rocks) and delivered, by Benton personnel, in sealed bags, to the Springdale lab of Eastern Analytical, which is an accredited assay lab that conforms to the requirements of ISO/IEC 17025. Samples are analyzed using Eastern's Au (Fire assay) @ 30g + ICP-34 method that delivers a 34-element package utilizing a 200 mg subsample totally dissolved in four acids and analyzed by ICP-OES analytical technique. Overlimits are analysed with Eastern's atomic absorption method, using a 0.200 g to 2.00 g of sample, digested with three acids. All reported assays are uncut. Eastern Analytical Ltd. achieved ISO 17025 accreditation in February 2014 (for more details on the scope of accreditation visit the CALA website).
About Benton Resources Inc.
Benton Resources is a well-financed mineral exploration company listed on the TSX Venture Exchange under the symbol BEX. Benton has a diversified, highly prospective property portfolio and holds large equity positions in other mining companies that are advancing high-quality assets. Whenever possible, BEX retains net smelter return (NSR) royalties with potential long-term cash flow.
Benton is focused on advancing its high-grade Copper-Gold Great Burnt Project in central Newfoundland, which has a Mineral Resource estimate of 667,000 tonnes @ 3.21% Cu Indicated and 482,000 @ 2.35% Cu Inferred. The Project has an excellent geological setting covering 25km of strike and boasts six known Cu-Au-Ag zones over 15km that are all open for expansion. Further potential for discovery is excellent given the extensive number of untested geophysical targets and Cu-Au soil anomalies. Phase 1 and 2 drill programs returned impressive results including 25.42 m of 5.51% Cu, including 9.78 m of 8.31% Cu, and 1.00 m of 12.70% Cu. Drilling at the South Pond Gold Zone, approximately 7.5 km north of the Great Burnt Copper-Gold Zone, has confirmed a robust gold-mineralized system over 2.5 km with results of 74.20 m of 1.43g/t Au and 43.75 m of 1.62g/t Au and is open for expansion in all directions.
On behalf of the Board of Directors of Benton Resources Inc.,
"Stephen Stares"
Stephen Stares, President
Parties interested in seeking more information about properties available for option can contact Mr. Stares at the number below.
Website: www.bentonresources.ca
Twitter: @BentonResources
Facebook: @BentonResourcesBEX
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.
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