Benton Resources Mobilizes Drill to Bolton Bay and Amends Bedivere Option
TSX VENTURE: BEX
Thunder Bay, Ontario--(Newsfile Corp. - November 13, 2018) - Benton Resources Inc. (TSXV: BEX) ("Benton" or "the Company") is pleased to announce that it has commenced diamond drilling on its Bolton Bay gold project located in northwestern Ontario. The program will consist of approximately 400m and is designed to test several areas on the project including two holes that will target the projected down plunge mineralization envelope of the historical 'West Zone" where recent Benton sampling returned grades of up to 145 grams per ton (g/t) gold (Au) in selective surface grab samples as well as 0.90g/t Au over 17m in channel sampling. Recent stripping of overburden at the West Zone uncovered an outcrop which could be the surface expression of a vertical, quartz breccia pipe hosting gold. A third hole will test a newly discovered deformation/shear zone containing green mica (fuchsite or roscoelite), quartz and quartz carbonate within a silicified volcanic which graded 0.42g/t Au over 7.5m including 1.2g/t Au over 1m. A fourth hole will test a copper-nickel-platinum-palladium target where anomalous mineralization was discovered at surface. Recent logging in the area is providing excellent access to the mineralized zones, which historically were only accessible by water or air.
Benton would also like to announce that it has renegotiated the terms of the Bedivere Lake option agreement (see Benton PR dated November 1, 2016 for original terms), subject to TSX Venture Exchange approval, and has made the amended third anniversary payment to the vendors in the amount of $35,000 and will issue 300,000 common shares of the Company upon regulatory approval. The amended option payment schedule is as follows:
- $35,000 and 300,000 common shares on or before October 31, 2018 (Paid)
- $50,000 and 300,000 common shares on or before October 31, 2019
- $65,000 and 400,000 common shares on or before October 31, 2020
- $80,000 and 500,000 common shares on or before October 31, 2021
- $90,000 and 600,000 common shares on or before October 31, 2022.
Highlights from the 2017-2018 diamond drilling completed by the company include 1.5g/t Au over 14.0m including 6.43gpt over 2.0m in BED-17-001 and 37.3gpt Au over 1.0m in BED-17-003, 3.09g/t Au over 4.0m including 11.2g/t Au over 1.0m and a second parallel zone of 4.04g/t over 1.0m in BED-17-13, 7.87gpt gold over 2.1m in drill hole BED-17-016 and 2.73gpt gold over 4.0m in BED-17-019 and the deepest hole to date on the Traxxin zone, which assayed 1.61g/t over 20.0m including 3.43g/t over 7.4m and 9.11g/t over 1.0m and 7.65g/t over 1.0m in BED-18-022. In addition, the most southerly hole completed, approximately 1km south of the Traxxin zone has identified highly prospective rocks within the mineralized structure. Drilling in this area intersected wide zones of anomalous gold including an altered quartz breccia that graded 0.21g/t gold over 42m, with locally higher grades up to 1.7gpt gold over 1.0m.
Finally, the Company would like to acknowledge and thank the Ontario Prospector's Association and the Northern Ontario Heritage Fund Corporation for approving the Company's participation in the Junior Exploration Assistance Program. Benton recently received a grant under the program in the amount of $100,000 based upon the Company's 2017 diamond drilling program at Bedivere.
Nathan Sims, P.Geo., Senior Exploration Manager for Benton Resources Inc., is the qualified person responsible for this release and has prepared or supervised the preparation of or reviewed and approved the scientific and technical disclosure in this news release.
About Benton Resources Inc. (TSXV: BEX)
Benton Resources Inc. is a well-funded Canadian-based project generator with a diversified property portfolio in Gold-Silver, Nickel, Copper, and Platinum group elements. Benton holds multiple high grade projects 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 using the contact information found below.
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.
For further information contact Stephen Stares @:
684 Squier Street,
Thunder Bay, ON
Phone (807) 475-7474
Cell (807) 474-9020
Fax (807) 475-7200