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Benton Resources Inc. (TSXV: BEX) ("Benton" or "the Company") is pleased to announce the expansion of its Long Range Gold JV project in central Newfoundland. The Long Range project, a 51:49 per cent Joint Venture between Buchans Minerals Corporation ("Buchans") and Benton (jointly "the Companies"), has been expanded from 3,750 hectares to 11,050 hectares through the recent acquisition of additional properties covering multiple early-stage gold prospects. The Companies intend to undertake a targeted prospecting program commencing in June that will include prospecting and investigation of the recently acquired gold prospects as well as follow-up prospecting of the JV's high-grade Goldquest prospect, originally discovered in 2010 and last explored by the JV in 2011.
The 2021 program will be operated by Benton, a company known for its superior prospecting abilities and long history exploring in Newfoundland. The 2021 program will include a minimum initial expenditure of $150,000 and may be further expanded as warranted by results. As the majority interest holder in the JV, Buchans retains rights to resume operatorship of the project in 2022 and is pleased to bring Benton's prospecting talents to bear on this underexplored project which had seen almost no previous gold exploration prior to the JV discovering the Goldquest prospect while exploring for nickel in 2010.
The expanded Long Range project is located approximately 25 km west of Marathon Gold's Valentine project and hosts multiple orogenic quartz vein-hosted gold in bedrock prospects akin to other high-profile gold discoveries in central Newfoundland including New Found Gold's Queensway Project (i.e., Keats and Lotto gold prospects) and Marathon Gold's Valentine project.
Stephen Stares, President and CEO of Benton, said: "We are delighted to get back to exploring the Long Range project and believe this year's exploration program could lead us to the source of the high-grade boulders discovered in 2010. In addition, the new, larger land package with additional historical gold showings will provide excellent targeting to follow along trend. Exploration is expected to begin in late June or early July."
"We look forward to resuming work with Benton and believe our joint venture has excellent potential to deliver significant shareholder value though prospecting of our project's multiple underexplored bedrock gold prospects akin to gold projects being advanced by New Found Gold and Marathon in this emerging district," added John Kearney, President and CEO of Buchans.
Goldquest Prospect
The Goldquest prospect was discovered in 2010 when prospecting discovered two clusters of mineralized float spaced 700 m apart along two excavated logging roads that exposed mineralized gold-bearing quartz float over road sections measuring in excess of 500 m in length. Grab samples collected from these float clusters returned assays of up to 18.2 g/t Au and 87.1 g/t Ag from the northern float cluster and 123.8 g/t Au and 414 g/t Ag from the southern float cluster (see Buchans Minerals' press release dated November 25, 2011).
Limited follow-up trenching returned quartz veins in bedrock assaying up to 8.5 g/t Au and 31 g/t Ag (grab samples) while an initial drill test returned intercepts of up to 5.5 g/t Au over 0.30 m(core length) beneath the northern float cluster. Trenching and drilling at the southern cluster failed to intersect gold-bearing quartz veins in bedrock and the source of float assaying up to 123.8 g/t Au and 414 g/t Ag remains unknown. Given the abundance, size and angularity of float identified within the southern cluster, the Companies are optimistic that additional prospecting may yet discover the source of this high-grade gold mineralization in close proximity to the float cluster (see Buchans Minerals' press release dated November 25, 2011).
Additional Gold in Bedrock Prospects (Expanded JV Property)
Among areas to be explored within the newly expanded JV property are several gold-in-bedrock prospects discovered by past explorers that received minimal follow-up exploration. Among these are the Little Barachois Brook prospect where Teck Exploration reported outcrop grab samples returning assays of 112 g/t Au and 363 g/t Ag in 1994, the Abbot's Brook prospect where Marathon Gold reported outcrop grab sample assaying up to 7.01 g/t Au and 9.02 g/t Ag in 2011, and the Silver Pond prospect where Metals Creek Resources reported outcrop grab samples assaying up to 21.42 g/t Au and 60 g/t Ag in 2012.
Long Range JV Background
The Long Range Joint Venture is a 51:49 joint venture between Buchans and Benton. The Joint Venture controls over 10,000 hectares (100 km2) in a relatively unexplored part of Newfoundland. The JV was initially created in 2008 to explore for magmatic nickel sulphide deposits and expanded its land position and commodity focus as a result of the JV's discovery of several prospecting gold discoveries in 2010 and 2011. Buchans and Benton have initiated expansion and reactivation of this project in response to the recent recognition of central Newfoundland as an emerging gold district capable of hosting multi-million-ounce gold deposits. Recognition of this potential has been largely underpinned by Marathon Gold's ability to advance its Valentine gold project through the feasibility stage and New Found Gold's early-stage exploration success on its Queensway project.
The Long Range project is well situated as it is traversed by paved highway (Route 480), power lines and a network of gravel logging roads. Located less than 30 kilometres east of the town of Stephenville, the project has ready access to excellent infrastructure including scheduled air services and nearby port facilities.
QP
Nathan Sims (P.Geo., PEGNL Member 09409), 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"
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
Phone: 807-475-7474
Email:sstares@bentonresources.ca
CHF Capital Markets
Cathy Hume, CEO
Phone: 416-868-1079 x251
Email:cathy@chfir.com
Website: www.bentonresources.ca
Twitter: @BentonResources
Facebook: @BentonResourcesBEX
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/83904
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