Thunder Bay, Ontario--(Newsfile Corp. - November 19, 2020) - Benton Resources Inc. (TSXV: BEX) ('Benton' or 'the Company') is pleased to announce that it has completed the maiden drill program on its Far Lake Iron Oxide Copper Gold ("IOCG") project located 80km west of Thunder Bay, Ontario. The drill program consisted of 12 holes totalling approximately 2,000m (BTW diamond drill core), ten of which focused on various Cu targets within a large felsic intrusive package of rocks plus two drill holes spaced approximately 4km apart targeting airborne EM conductive anomalies within metavolcanic rocks of the Shebandowan greenstone belt. In addition, the Company has confirmed the presence of anomalous Rare Earth Elements ("REE") and uranium associated with the large felsic intrusive complex being targeted. REE's and uranium are common, characterizing minerals of IOCG deposits around the world. Benton's anomalous REE/Uranium samples were taken within a highly magnetic granitic body (near a 500m long REE soil anomaly) and within a hematite breccia located approximately 500m southwest of the Far Lake main zone. The Company considers these occurrences to be important in helping target the potential core of a large tonnage IOCG deposit.
The exploratory drill program was successful in confirming and expanding the Company's knowledge of a very large alteration system (mainly sericite, epidote and hematite) that correlates with known surface copper mineralization and has been discovered within and around the large magnetic felsic intrusion. In addition, the drilling has identified new sulphide mineralization associated with epithermal style veining associated with intense, widespread epidote alteration. Preliminary details of the drill holes are as follows:
Drill holes FL-20-01 to FL-20-05 were drilled over a 200m strike length into the main Far Lake copper zone. FL-20-03 intersected some of the best coarse chalcopyrite over narrow widths. Assays are pending.
Drill hole FL-20-06 intersected a silicified breccia over several metres with trace sulphide mineralization. Assays are pending.
Drill hole FL-20-09 and 10 were drilled as a fence to test 250-300m width of the Two Pond structural zone that contains chalcopyrite and abundant silicification on surface. Both holes intersected intense alteration and fine chalcopyrite, mineralized in small quartz veinlets flooded throughout a metasediment over several metres. Core is being logged, cut and sent for assays.
Drill hole FL-20-11 was designed to test Cu mineralization below Benton trenches dug in 2020, coincident with the highest copper assay values in soils. The hole was drilled approximately 100m south of the widest soil anomaly and cut large silicified zones and breccias with epithermal style veining. The surrounding core is described as a moderate to highly altered (epidote and sericite) intrusive with a small section (1-3m) containing coarse chalcopyrite. The core is being logged, cut and sent for assay.
Drill hole FL-20-12 was drilled below the highest Cu-in-soil anomaly on the property plus chalcopyrite (with malachite and azurite) in outcrop. This hole was the deepest of the drill program which ended at 297m in a rusty red magnetic granite. The magnetite is often associated with fine chalcopyrite. The hole is currently being logged, sampled and sent for assays.
In addition, and outside of the IOCG targets, diamond drill hole FL-20-07 was drilled approximately 2km south of the main Far Lake copper zone. The location of the hole was designed to test two parallel conductors on the northern edge of the Shebandowan Greenstone belt. The hole cut several sections of graphitic argillite believed to be the source of the conductive anomaly, it also intersected multiple porphyritic zones and multiple sericite altered and silicified zones hosting pyrite and fuchsite. Assays are pending.
Drill hole FL-20-08 was drilled approximately 4km west of FL-20-07 and was designed to test a new gold occurrence (trace to 970ppb Au) which was identified by Benton along the north shore of Kabigon Lake. Similar mineralized zones were intersected over various widths with assays pending.
The Company would also like to announce that, subject to all regulatory approvals, it intends to complete a non-brokered private placement of flow-through and non flow-through units (the "Private Placement"). The Private Placement is expected to close on or before December 15, 2020.
On receipt of all regulatory approvals, the Company intends to issue up to 3,000,000 flow-through units at a price of $0.20 per flow-through unit, each consisting of 1 flow-through common share of the Company and ½ (one half) of a common share purchase warrant, with each full warrant entitling the holder to acquire an additional common share of the Company at $0.30 for a period of 24 months from the date of issue, and up to 2,353,041 non flow-through units at a price of $0.17 per unit each consisting of 1 common share of the Company and 1 common share purchase warrant, with each warrant entitling the holder to acquire an addition common share of the Company at $0.30 for 24 months from the date of issue, for aggregate gross proceeds of up to $1 million. The flow-through shares will entitle the holder to receive the tax benefits applicable to flow-through shares, in accordance with provisions of the Income Tax Act (Canada).
In connection with the private placement, the Company may pay finders' fees in cash or securities or a combination of both, as permitted by the policies of the TSX Venture Exchange. All securities issued pursuant to the private placement will be subject to a four-month hold period.
The proceeds of the financing will be used to advance Benton's Far Lake IOCG project and its various early-stage Ontario-based exploration projects, and for working capital purposes.
Benton continues to be very encouraged by the progress made by Clean Air Metals Inc. ("Clean Air"), in which Benton holds 24.6 million shares. Clean Air has two drill rigs operating on the Thunder Bay North and Escape Lake Copper-Nickel-PGM project and has released excellent drill results from its ongoing drill campaign. Benton looks forward to receiving ongoing encouraging drill results and future project advancement.
Benton also holds 3,940,000 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 43-101 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
CHF Capital Markets
Cathy Hume, CEO
Phone: 416-868-1079 x231
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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