Benton Resources Completes Option to Purchase Deal with Rio Tinto on Baril Lake Project and Plans January Drilling on Panama Project in Red Lake Mining District
TSX VENTURE: BEX
Thunder Bay, Ontario--(Newsfile Corp. - January 2, 2019) - Benton Resources Inc. (TSXV: BEX) ("Benton" or "the Company") is pleased to announce that it has entered into a option to purchase agreement (the "Agreement") with Rio Tinto Exploration Canada Inc. (RTEC) whereby RTEC will have the right to earn a 100% interest in Benton's Baril Lake claims located approximately 5km west of Benton's Bark Lake project which is currently under option to RTEC (see Benton PR dated October 25, 2016). Pursuant to the terms of the agreement, RTEC can earn 100% of the Baril project by paying Benton $200,000 over 4 years and should RTEC achieve commercial production at the project, will pay Benton an additional $1,000,000. The Company will also retain a 2% Net Smelter Royalty (NSR), half of which (1%) can be purchased by RTEC for $1,000,000. The Company considers the Baril Lake project to be a favorable setting to potentially host copper-nickel and platinum group metals. Drilling completed by RTEC in 2017 on the Bark Lake project encountered mineralization of 0.31 copper and 0.72gpt (grams per tonne) Platinum + Palladium over 19.2meters (see Benton PR dated May 25, 2017).
Benton is also pleased to announce that it will initiate an approximate 1000m diamond drill program on the Panama Lake gold project located in Red Lake Mining district in early January. The Panama project is located approximately 50km along strike of Great Bear Resources Ltd.'s discovery at their Dixie project. The drilling will focus on Benton's new surface sampling discovery from prospecting completed earlier this year grading from trace to 6.17gpt gold located on the north shore of Slate Lake and only approximately 120m north of the area where glacial till sampling survey by the Geological Survey of Canada, 1999 (Open File 3038) identified 107 pristine gold grains in till sampling, the highest count in the survey. A second series of holes will test the Panama Zone where historical diamond drilling completed by Noranda Exploration Ltd. in 1988 yielded results of up to 2.8g/t Au over 4.5m within a 20-30m wide mineralized shear zone. The Company's management views the project as having many geophysical and lithological similarities to that of Great Bear Resources Ltd.'s discovery in the Red Lake district (see Great Bear Resources Ltd. PR dated August 22, 2018).
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. Many projects have an up to date NI43-101 report available. Interested parties can contact Stephen Stares from the contact below.
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.
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