Provides Update on Equity Holdings and Exploration Plans
Thunder Bay, Ontario--(Newsfile Corp. - July 23, 2020) - Benton Resources Inc. (TSXV: BEX) ('Benton' or 'the Company') is pleased to announce it has completed and received data from its recently flown Heliborne High-Resolution Magnetic and Time-Domain Electromagnetic Survey at the Far Lake project (the "Project") located 80km west of Thunder Bay, Ontario. A preliminary examination of the data has identified several high-priority targets associated with known Cu sulphide mineralization as well as other targets outside the main zones currently being explored within the Project. Survey data on the southern portion of the Project exhibits multiple sub-parallel conductive zones associated with gabbro, ultramafic and volcanic rocks and will be the subject of further exploration.
Results from a 5km2 soil and rock geochemistry sampling program completed over the central Cu targets have also been received and analyzed interpreted by the Company. The soil survey in particular has provided a number of Cu anomalies adjacent or along strike of the Far Lake #1 and #2 structures, which have been shown to contain abundant chalcopyrite, intense silicification and often brecciation in previous work completed. In addition to Cu, there are areas of anomalous values of Mo, Ni, Pb, U and Zn in soil which will be used to target field work and help to define a geological model for the Project. The Company has initiated infill soil sampling to delineate the anomalies in greater detail and plans to expose outcrop in these new areas by mechanical stripping in the coming weeks. To date, highlights on the Far Lake #1 structure include a 0.7m channel sample across massive sulphide that assayed 22.0% Cu, 30.2 g/t Ag, and 0.25 g/t Au and another channel containing 3.54% Cu over 3.0m, including 4.96% Cu over 1.0m. Far Lake #2 is a wider structure, exhibits silicification and brecciation and contains chalcopyrite. It has seen no stripping or channel sampling and these activities will also be completed this field season.
Certain mineralization (chalcopyrite ± bornite, covellite, magnetite) and alteration (silicification, carbonate, sericite) identified to date at Far Lake displays characteristics suggestive of multiple mineralizing events and resemble certain aspects of porphyry and IOCG style alteration and mineralization. Other evidence for these models at Far Lake includes elevated rare earth and uranium geochemistry over 500m within the centre of the main magnetic high (granitic intrusive) and a moderate Zn soil geochemical anomaly surrounding the periphery of the soil survey. Benton is encouraged to have a number of additional targets resulting from systematic geochemical surveying and looks forward to continuing its exploration efforts and evaluating the potential for the discovery of a large copper system. Maps displaying the results can be viewed on the Company's website.
Benton would also like to announce that it has selected locations for 6 short diamond drill holes at the Iron Duke gold project located 20km east of the past producing Mattabi/Sturgeon Lake base metal deposits and 30km south of the past producing St. Anthony gold mine in Northwestern Ontario. These will be drilled in conjunction with Benton's next drill contract.
Benton would also like to update its shareholders on the progress of Clean Air Metals Inc. ("Clean Air"), in which Benton holds approximately 24.6 million shares. Clean Air has recently added a second drill to the Thunder Bay North and Escape Lake project and has released excellent drill results from its ongoing drill campaign (see Clean Air PR dated July 15, 2020). Benton anticipates ongoing success for Clean Air and looks forward to future drill results.
Benton also holds 4.2 million shares of Quadro Resources Ltd, which is advancing various projects in Newfoundland and Ontario. Additionally, Benton holds 2 million shares of Maxtech Ventures Inc.. Maxtech has an Option and Joint Venture agreement on Benton's Panama Lake gold project in the Red Lake mining region. Further, Benton holds 1 million shares of Sokoman Minerals Corp. which has recently released excellent drill results from its Moosehead Project in Newfoundland. Benton has two NW Ontario projects optioned to Rio Tinto Exploration Canada (the Bark Lake and Baril Lake Copper-Nickel PGE projects).
Nathan Sims (P.Geo.), Senior Exploration Manager 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.
On behalf of the Board of Directors of Benton Resources Inc.,
Stephen Stares, President
About Benton Resources Inc.
Benton Resources 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 website. Most projects have an up-to-date NI43-101 Report available.
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
Cathy Hume, CHF Capital Markets
Phone: 416-868-1079 x 231
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