Thunder Bay, Ontario--(Newsfile Corp. - May 2, 2024) - Benton Resources Inc. (TSXV: BEX) ("Benton" or the "Company") is pleased to announce that it has entered into two separate agreements to acquire a 100% interest in six strategic mineral licences (the "Property") encompassing 52 claim units that are adjacent to or within Benton's current claim block at the Great Burnt Copper-Gold Project located in Newfoundland. Portions of the newly acquired Property host interesting geophysical and geological targets that will be subject to investigation and exploration in the coming months. Additionally, the acquisition of the Property is viewed to be strategic in nature should future development require supporting infrastructure at the Great Burnt Copper-Gold project. The Property was optioned from Stephen Stockley Agriculture and Fabrication Inc. and its partners Stephen Stockley, Dylan Oram and Penny Boulos (collectively "SSAF") (40 mineral claims in four licenses) and an individual prospector, Mervin Quinlan ("Quinlan") (12 mineral claims in two licenses). Benton is very pleased to add this strategic land position as it prepares to commence its aggressive exploration season, including its Phase 3 diamond drilling program.
Terms - SSAF Option Agreement
The Company has the option to acquire a 100% interest in four licenses from SSAF by making payments and incurring expenditures as follows:
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Pay to SSAF $10,000 upon signing the agreement and issue 100,000 common shares of the Company upon receipt of regulatory approval (the "Effective Date");
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Pay to SSAF $10,000 and issue 100,000 common shares of the Company on the first anniversary of the Effective Date;
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Pay to SSAF $10,000 and issue 100,000 common shares of the Company on the second anniversary of the Effective Date;
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Pay to SSAF $10,000 and issue 100,000 common shares of the Company on the third anniversary of the Effective Date; and
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Complete $100,000 in exploration expenditures on the licenses on or before the third anniversary of the Effective Date.
The SSAF licences will be subject to the grant of a 2% Net Smelter Return Royalty ("NSR") in favour of SSAF in which one-half (1%) of can be purchased by the Company by paying SSAF $1 million. The Company retains the right to elect to expedite the above payments and expenditures.
Angie Stockley, President of SSAF Inc. and President of the NL Minerals Collective, stated: "We are excited to extend our partnership with Benton Resources, reinforcing our joint commitment to uncovering the vast potential of Newfoundland's mineral resources. Benton's consistent high-grade copper findings and expanded exploration efforts at the Great Burnt Project promise to bring substantial benefits to stakeholders and the local community alike. As Benton builds on their proven track record of responsible development and impressive new findings, we look forward to the momentum they are helping drive for the future of mining in Central Newfoundland".
Terms - Quinlan Purchase Agreement
The Company has agreed to acquire a 100% interest in two licenses from Quinlan with terms set out as follows:
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Pay to Quinlan $12,000 upon signing the agreement; and
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Issue 100,000 common shares of the Company to Quinlan upon receipt of regulatory approval.
The Quinlan licences will be subject to the grant of a 2% NSR in favour of Quinlan in which one-half (1%) of can be purchased by the Company by paying Quinlan $1 million.
Great Burnt Copper-Gold Project
Benton is currently acquiring a 70% interest in the Great Burnt Project from Spruce Ridge Resources Inc. ("Spruce Ridge") by completing $2.5 million in exploration expenditures which is expected to be completed in the coming months. Upon completion of this expenditure milestone, Benton and Spruce Ridge will form a 70%-30% participating interest joint-venture with Benton being the operator.
To date, Benton has delineated exceptional exploration targets at the Great Burnt Project with drilling from 2016, 2018 and 2020 by Spruce Ridge, as well as recent drilling from 2023 and 2024 by Benton returning excellent results with selective highlights including:
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GB-16-08: 7.50 m of 9.45% Cu, including 3.00 m of 19.30% Cu
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GB-16-09: 5.75 m of 6.68% Cu, including 1.50 m of 11.70% Cu
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GB-18-05: 20.94 m of 6.21% Cu, including 6.98 m of 10.71% Cu
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GB-18-06: 9.97 m of 7.45% Cu, including 5.03 m of 11.42% Cu
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GB-20-05: 27.20 m of 8.06% Cu, including 7.75 m of 16.88% Cu
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GB-20-20: 22.75 m of 6.89% Cu, including 12.55 m of 10.59% Cu
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GB-23-02: 13.00 m of 8.31% Cu, incl 3.00 m of 12.80% Cu
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GB-23-04: 26.87 m of 7.18% Cu, incl 11.16 m of 10.28% Cu
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GB-23-07: 12.30 m of 7.20% Cu, incl 7.00 m 10.60% Cu
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GB-23-12: 25.42 m of 5.51% Cu, incl 1.00 m of 8.77% Cu, 82.00g/t Ag, 4.43g/t Au
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GB-23-15: 22.59 m of 5.03% Cu, incl 0.50 m of 20.00% Cu
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GB-23-16: 13.67 m of 5.80% Cu, incl 1.00 m of 20.60% Cu
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GB-23-18: 8.17 m of 4.22% Cu, incl 7.05 m of 4.11% Cu
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GB-23-21: 24.00 m of 5.81% Cu, incl 7.00 m of 11.47% Cu
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GB-23-22: 21.68 m of 3.59% Cu, incl 2.00 m of 15.3% Cu
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GB-24-33: 20.92 m of 2.26% Cu, incl 4.70 m 3.71% Cu
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GB-24-32: 11.29 m of 3.10% Cu, incl 2.82 m of 9.88% Cu
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GB-24-37: 16.10 m of 2.23% Cu, incl 4.50 m of 7.25% Cu
Exploration at the South Pond Zone has identified potential for both copper and gold along several kilometres of strike. Highlights of the 2021 Spruce Ridge drill program include:
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SP-21-01: 1.69 g/t Au over 51.00 m, including 3.19g/t Au over 11.00 m, within 10 m of surface
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SP-21-03: 2.36 g/t Au over 15.00 m, including 11.33g/t Au over 1.00 m
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SP-21-08: 1.75 g/t Au over 21.20 m, including 2.82g/t Au over 10.20 m
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SP-21-11: 1.34 g/t Au over 17.60 m, including 2.48g/t Au over 4.20 m
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SP-21-14: 2.06 g/t Au over 21.00 m
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SP-21-16: 1.72 g/t Au over 10.00 m
Note that widths quoted above are true core length, true widths are estimated at approximately 70% of core lengths.
Finally, further to the Company's January 19, 2024 news release, the Company wishes to provide further information and clarification regarding its agreement with Grove Corporate Services ("Grove"). Grove has been engaged to provide IR Services including, but not limited to, being the first point of contact for shareholder enquiries, investor email distribution, news release editing, set up and dissemination, and social media management. The Company further confirms that it has an arm's-length relationship with Grove and that Grove does not have any interest, directly or indirectly, in the Company, or any right or intent to acquire such an interest.
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 analysed using Eastern's Au (Fire assay) @ 30g + ICP-34 method that delivers a 35-element package utilizing a 200mg subsample totally dissolved in four acids and analysed by ICP-OES analytical technique. Overlimits are analysed with Eastern's atomic absorption method, using a 0.200g to 2.00g 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).
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.
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.
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.
For further information, please contact:
Stephen Stares, President & CEO
Phone: 807-474-9020
Email:sstares@bentonresources.ca
Iryna Zheliasko, Investor Relations
Phone: 647-249-9298 ext. 322
Email: iryna@grovecorp.ca
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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