Benton Announces Commencement of Airborne at Mealy Lake Cu-Ni-PGM Project and Provides Cape Ray Update
THUNDER BAY, ONTARIO--(Marketwired - Aug 6, 2014) - Benton Resources Inc. (TSX VENTURE:BEX) ("Benton" or "the Company") would like to announce that its joint venture partner Platinum Group Metals Ltd. ("PTM") has commenced a VTEM geophysical airborne survey on the Mealy Lake Copper-Nickel-PGM property located in southwestern Labrador. Completion and interpretation of the airborne survey and ground follow up of any identified anomalies is anticipated to be completed by the end of September. The Mealy Project is contiguous and within the same mafic complex as Altius Minerals Corp.'s ("Altius") Natashquan property located approximately 140 kilometres southwest of Churchill Falls in Labrador. Altius previously announced their new Natashquan property Ni-Cu-Co-PGE discovery which they subsequently joint ventured to Anglo American ("Anglo"). Exploration highlights from Altius' Nastashquan discovery include; "2.68g/t combined Pt, Pd and Au (grab) - 6.14% Cu and 388ppb Pt - 1.04g/t combined Pt, Pd, Au and 1.06% Cu over 1.30m (channel) - 1.04 combined Pt, Pd, Au and 3.92% Cu over 1.00m (channel) - 2.49g/t combined Pt, Pd and Au and 1.07% Ni (grab) - several grab samples >7% Cu - soil samples up to 26,000ppm Cu". (http://altiusminerals.com/projects/natashquan).
Under terms of the agreement PTM can earn a 71% interest in Benton's Mealy Project by spending $2.4 million in exploration within 4 years (see Benton press release dated August 16, 2013) at which point a joint venture will be formed between the Company and PTM. Benton will retain a 1% NSR on the project and PTM will be the operator of the project while it holds a majority interest.
In addition to the start of the airborne the company would like to update its shareholders on the current status of the Cape Ray Project. Approximately 60 percent of the planned diamond drill program has been completed with cut core sections having been sent to Eastern Analytical in Sprindale, Newfoundland for precious and base metal analysis. Results will be released as they become available. The current drill program consists of approximately 2000 metres of drilling designed to test not only the immediate western extension of the 51 Deposit but also the exploration potential of this mineralized horizon with coincident induced polarization geophysical and gold in geochemical (rock and soil) anomalies further to the west along with the west strike extent of the PW zone and a few holes within the 51 Deposit may be duplicated in the attempt to achieve better recovers of the mineralized zone and test the expansion potential between the deposits.
About Benton Resources Inc. (TSX VENTURE:BEX)
Benton Resources Inc. is a Canadian-based junior with a diversified property portfolio in Gold-Silver, Nickel, Copper, and Platinum group elements. The Company is well funded with approximately $6.5 million in cash and $0.9 million in marketable securities.
Clinton Barr (P.Geo.), V.P. Exploration for Benton Resources Inc., is the qualified person responsible for this release.
On behalf of the Board of Directors of Benton Resources Inc.,
Stephen Stares, President
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