Benton Resources Inc. (TSXV: BEX) ('Benton' or 'the Company') is pleased to announce that it has, subject to approval by the TSX Venture Exchange (the "Exchange"), optioned the KM 67 Volcanic Massive Sulphide (VMS) base metal and gold project (the "Project") located in central Newfoundland from Kevin Keats, Alan Keats, and David MacDonald (the "Optionors"). The Optionors, who have advanced the Project, are a team of experienced prospectors and a geologist that possesses a track record of success in Newfoundland and eastern Canada.
The Company acquired the Project due to compelling data compiled by the Optionors that demonstrates prospective potential of VMS and gold presence on the Project. Historical work on the Project has identified large VMS boulders grading up to 37.8% lead-zinc as well as others that assayed 13.56% copper-lead-zinc (Cu-Pb-Zn) and 8.76% Cu-Pb-Zn. In addition, quartz boulders grading up to 7.1gpt gold and historical soil sampling showing geochemistry highs of 1870parts per billion (ppb) 1421ppb, 1360ppb, 300ppb and 279ppb gold. The Company believes this represents a great addition to its project portfolio and will immediately apply for exploration work permits including a detailed Airborne Electromagnetic (AEM) and Magnetic survey to be followed by prospecting, mapping and diamond drilling.
In order to earn a 100% interest in the Project, the Company must complete the following obligations:
- $10,000 and 200,000 common shares on signing the option agreement and Exchange approval;
- $20,000 and 200,000 common shares on or before November 28, 2022;
- $20,000 and 200,000 common shares on or before November 28, 2023; and
- $40,000 and 400,000 common shares on or before November 28, 2024.
The Optionors will retain a 2% Net Smelter Return royalty (NSR) whereby Benton, at its election, will have the right to buy back 1% NSR for $1 million.
On behalf of the Board of Directors of Benton Resources Inc.,
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 in Gold, Silver, Nickel, Copper, Platinum Group Elements and Lithium and currently holds large equity positions in other mining companies that are advancing high-quality assets. Whenever possible, BEX retains Net Smelter Return (NSR) royalties for potential long-term cash flow. Benton has also recently entered into a 50/50 strategic alliance with Sokoman Minerals Corp. (TSXV: SIC) through three large-scale joint venture properties including Grey River Gold, Golden Hope and Kepenkeck in Newfoundland that are now being explored.
For further information, please contact:
CHF Capital Markets
Cathy Hume, CEO
Phone: 416-868-1079 x 251
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.
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