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Benton Resources Inc. (TSXV: BEX) ("Benton") is pleased to report that Clean Air Metals Inc. ("Clean Air"), of which Benton has a substantial shareholding, has announced new assay results from the 2022 drill campaign from the Escape PGE-Cu-Ni Deposit at the Company's Thunder Bay North Project near Thunder Bay, Ontario, Canada (the "Project").
As reported by Clean Air, highlights from the Escape South deposit area includes:
- Hole ELR22-137 which intersected 39.0 m grading 1.17g/t Platinum (Pt), 1.47g/t Palladium (Pd), 0.49% Copper (Cu) and 0.27% Nickel (Ni) from 361.0 m-400.0 m downhole.
- Hole ELR22-139 which intersected 16.0 m grading 1.83g/t Platinum (Pt), 2.38g/t Palladium (Pd), 0.88% Copper (Cu) and 0.51% Nickel (Ni) from 383.0 m-399.0 m downhole including 6.0 m grading 2.63 g/t Platinum (Pt), 3.48g/t Palladium (Pd), 1.28% Copper (Cu) and 0.75% Nickel (Ni) from 385.0-391.0 m downhole.
- Hole ELR22-140 which intersected 25.0 m grading 2.01g/t Platinum (Pt), 2.57g/t Palladium (Pd), 0.94% Copper (Cu) and 0.52% Nickel (Ni) from 325.7 m-373.0 m downhole.
The Escape Deposit underwent 37,000 m of expansion drilling in 2021, which Clean Air expects to add materially to the maiden Indicated Mineral Resource of 849,481 ounces PtEq (6.16 g/t PtEq in 4.28 million tonnes) reported January 20, 2021. The Current Deposit 2.5 km to the east has a well-defined Indicated Mineral Resource of 2,233,575 PtEq ounces (5.79 g/t PtEq in 11.99 million tonnes).
The Escape Deposit also underwent an additional 37,000 m of expansion drilling in 2021, which has established continuity between the Escape South HGZ and the Escape North Zone and may add materially to the total Thunder Bay North Project Indicated insitu mineral resource (effective November 1, 2021) of 8.12 g/t PtEq in 14,553,324 million tonnes (reported December 1, 2021).
Mineral resource endowment and platinum-equivalents are quoted pursuant to the Technical Report and Mineral Resource Estimate for the Thunder Bay North Project, Thunder Bay, Ontario, with an effective date of January 20, 2021 (the "Technical Report"). The Technical Report was posted to SEDAR on March 4, 2021 and prepared by Nordmin Engineering Ltd.- QP Glen Kuntz, P.Geo. Ontario. Nordmin as QP utilized 2-year trailing average metal price assumptions for the updated mineral resource as a basis for the Preliminary Economic Assessment reported on December 1, 2021 and filed January 12, 2022.
Clean Air also advised that it has paid Panoramic Resources Limited ('Panoramic') the second deferred consideration instalment payment of C$1.5 million from the sale of the Thunder Bay North PGM Project. The sale of the Thunder Bay North Project was completed via a Share Purchase Agreement in the 2020 financial year (refer to Clean Air Announcement May 14, 2020) whereby Panoramic's wholly-owned subsidiary Magma Metals Pty Limited sold all shares it held in Panoramic PGMs Canada Limited to Clean Air Metals Inc for total consideration of C$9.0 million. Inclusive of this latest instalment (C$1.5 million), Panoramic has received sale proceeds totaling C$7.5 million to date. The final deferred consideration payment of C$1.5 million is due to be received by May 13, 2023. A related transaction with Rio Tinto Exploration Canada for the purchase of the Escape Property for C$6.0 million has been paid in full. Both transactions fall under an Option-Purchase Agreement with Benton.
Finally, Clean Air advises that DRA AMERICAS INC ("DRA") is the successful bid under a request for proposal (RFP) for Pre-feasibility Metallurgical Testing and Process Plant Design for the Thunder Bay North Project. The DRA team has reviewed the existing and historical metallurgical testing results and marketing studies culminating in the Preliminary Economic Assessment (PEA) by Nordmin Engineering, the technical report of which was filed on SEDAR on January 12, 2022. DRA will leverage existing knowledge on standard crush, grind, flotation process design and smelter payabilities into the next phase of testing and metallurgical optimization, including amenability to hydrometallurgical recoveries of the main platinum, palladium, copper, nickel commodity suite with rhodium cobalt, gold and silver byproducts.
Readers are encouraged to view the Clean Air announcement in its entirety at:
Benton continues to hold approximately 24.6 million shares in Clean Air Metals Inc. and holds a 0.5% net smelter return royalty ("NSR") from production on the Escape Lake portion of the project and a 0.5% NSR from production on any mineral claims comprising the original Thunder Bay North portion of the project on which an NSR has not previously been granted.
On behalf of the Board of Directors of Benton Resources Inc.,
"Stephen Stares"
Stephen Stares, President
About Benton Resources Inc.
Benton Resources Inc. is a well-funded mineral exploration company listed on the TSX Venture Exchange under the symbol BEX. Following a project generation business model, Benton has a diversified, highly-prospective property portfolio of Gold, Silver, Nickel, Copper, Platinum Group Elements and most-recently Lithium assets. In addition, it currently holds large equity positions in other mining companies that are advancing high-quality assets. Whenever possible, BEX retains Net Smelter Royalties (NSR) with potential long-term cash flow.
Benton also recently entered into a 50/50 strategic alliance with Sokoman Minerals through three large-scale joint venture properties including Grey River, Golden Hope and Kepenkeck in Newfoundland that are now being explored. Most advanced projects have an up-to-date NI 43-101 Report available.
For further information, please contact:
CHF Capital Markets
Thomas Do, IR Manager
Phone: 416-868-1079 x 232
Email: thomas@chfir.com
Benton Resources Inc.
Stephen Stares, President & CEO
Phone: 807-475-7474
Email: sstares@bentonresources.ca
Website: www.bentonresources.ca
Twitter: @BentonResources
Facebook: @BentonResourcesBEX
LinkedIn: @BentonResources
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/125419
