Benton Provides Company Update
THUNDER BAY, ONTARIO--(Marketwired - Aug 25, 2016) - Benton Resources Inc. (TSX VENTURE:BEX) ("Benton" or "the Company") is pleased to provide shareholders with an update on its ongoing exploration and plans.
As previously announced, the Company and its joint venture partner Nordmin Engineering Ltd. ("Nordmin") have mobilized a drill to the Cape Ray project to commence a 5,000 metre drill program. The current drill program is designed to infill and expand the 51 and 41 deposits to provide greater confidence in the current resource as the partners advance the project towards feasibility.
In March of this year (see PR March 07, 2016) the companies released the results of a positive preliminary economic assessment ("PEA") for Cape Ray. The results of the PEA include a pre-tax net present value ("NPV") at a 7% discount rate of $48.4 million with a pre-tax internal rate of return ("IRR") of 29% and a post-tax NPV at a 7% discount rate of $32.6 million with a post-tax IRR of 24%. The reader should be cautioned that the PEA is preliminary in nature. It contains inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves.
The Company would like to remind its shareholders of the current equities positions and projects retained by Benton including 1.3 million shares of Mineral Mountain Resources Ltd., 1.0 million shares of Alset Energy Corp., 191,500 shares of Alabama Graphite Corp. and other small equity holdings.
Projects held by the Company include:
Iron Duke (Gold)
- Acquired by staking this winter and located in the Sturgeon Lake district
- Trenching to begin shortly on historical gold zones and followed by diamond drilling if warranted
- Recent selective grab samples have returned significant gold grades of up to 20.4gpt gold (grams per tonne).
Panama (Gold)
- Located in the Red Lake mining district
- Project is host to limited historical diamond drilling with results up to 1.2gpt Au over 15m including 2.8gpt Au over 4.5m
- Claims cover the highest gold grain count found by a regional till sampling program published by the Geological Survey of Canada (OF 3038) in 1999
- Benton is planning further till sampling, prospecting and trenching to commence this fall to be followed by diamond drilling if warranted
Abernethy (Gold)
- Located 10km southwest of Kenora, Ontario
- Currently under option to Element 79 Capital Inc. whom is expected to commence drilling shortly after they close their financing in September 2016
- Benton completed nine drill holes on the project in 2011 to follow up on a historical drill hole which graded 6.3gpt Au over 6.1m. The nine hole drill program intersected gold mineralization over a strike length of 450m and is open in all directions
Saganaga (Gold)
- Located in the Shebandowan Greenstone belt with a large land position hosting multiple gold zones
- Highlights from drilling include 5.0gpt Au over 20.6m in the Star Zone and 32.0gpt over 5.9m on the Powell Zone.
Mealy Lake (Copper-Nickel-PGE)
- Located in a under-explored region of Labrador
- Multiple new showings of greater than 1% copper from net-textured magmatic sulphide mineralization that is coincident with electromagnetic anomalies recently determined from a new airborne magnetic - electromagnetic airborne survey
- The targets are ready for drill testing
Providence (Copper-Nickel-PGE)
- Located in the Northwest Territories
- Existing camp in place and included with the project
- Previous drill intercepts of 5.1m grading 1.73% nickel with 1.75% copper and 0.17% cobalt
- Grades in excess of 8.0gpt platinum have also been obtained over 2.0m in drilling and is open for expansion
Kingurutik (Copper-Nickel-Cobalt)
- Located 65km north of Voisey Bay, Labrador
- Under partnership with Teck Resources Ltd.
- Drill intercepts include 10.2m grading 0.54% Cu, 0.49% Ni and 0.08% Co
Bark Lake (Copper-Nickel-PGE)
- Located in northern Ontario; possible western extension of the Mid Continent Rift system which contains the Eagle Mine (Lundin Mining Corp.) and Thunder Bay North Deposit (Panoramic Resources Ltd.)
- Boulders grading up to 4.35gpt Pd, 2.64gpt Pt, 0.74gpt Au, 1.2% Cu and 0.5% Ni
- Individual assays from selective grab samples include 1.5% Nickel, 1.2% Copper, 2.6 gpt Pt, 1.4gpt Pd and 0.7gpt Au.
Armit Lake (Copper-Nickel-Cobalt-Gold)
- Located in northern Ontario
- Benton drill highlights include 1.57% Ni and 0.08% Co over 7.8m including 3.7% Ni and 0.2% Co over 2.55m
- DC Creek showing - 4.2% Ni; other sampling includes 25.4gpt Au
Benton is currently seeking partners for many of these projects and interested parties are encouraged to contact the Company for further details and reports. More information can be found on Benton's web site at www.bentonresources.ca.
In addition, the Company is pleased announce that it has retained the services of Renmark Financial Communications Inc. to handle its investor relations activities.
"We are pleased to announce that we have selected Renmark to reinforce Benton's profile in the financial community and enhance the visibility of our project portfolio. We choose Renmark because its standards and methodologies fit best with the message we wish to communicate to the investing public," noted Stephen Stares, President of Benton Resources Inc.
In consideration of the services to be provided, the Company has agreed to pay a monthly retainer of $4,000 starting September 1st, 2016 to Renmark Financial Communications Inc.
Renmark Financial Communications does not have any interest, directly or indirectly, in Benton Resources Inc. or its securities, or any right or intent to acquire such an interest.
About Benton Resources Inc. (TSX VENTURE: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.
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
Contact
Benton Resources Inc.
Stephen Stares
(807) 475-7474
(807) 475-7200
www.bentonresources.ca
Renmark Financial Communications Inc.
Bettina Filippone
(416) 644-2020 or (514) 939-3989
bfilippone@renmarkfinancial.com
www.renmarkfinancial.com