Benton Resources Inc. is pleased to provide a corporate update on the Company’s ongoing exploration efforts in Ontario and Newfoundland. The Far Lake Copper-Silver project, located 80 km west of Thunder Bay, Ontario, the focus of Benton’s exploration efforts since 2020, has undergone a detailed geological mapping campaign since the beginning of May. The area had never been mapped in detail, and the new structural …
The Far Lake Copper-Silver project, located 80 km west of Thunder Bay, Ontario, the focus of Benton’s exploration efforts since 2020, has undergone a detailed geological mapping campaign since the beginning of May. The area had never been mapped in detail, and the new structural and lithological information collected in the field will assist in all exploration work going forward. In addition, prospecting and soil sampling have been ongoing and are providing new targets for exploration.
In the area of drill hole FL-20-12, recent surface sampling has provided results including two samples grading 2.37% Cu and 2.80% Cu, further indicating the significant mineralization occurring along a 1,900 m length of the FL#1 structure. Hole FL-20-12 exhibited similar chemistry and texture to these new high-grade samples but did not contain the Cu mineralization, therefore this zone could be faulted or dipping in a different direction and will be re-evaluated by stripping or drilling in the next campaign.
In June, the Company collected nearly 3,500 soil samples in hopes of extending known mineralized trends as well as new untested areas of the project. To date, only 10% of the 2021 soil assays has been received and already there are some Cu and Au anomalies that correspond with prospective geology and geophysical (VLF) features known to contain mineralization. The Company looks forward to receiving the remaining results in the coming weeks and completing further mechanical stripping and drilling on the project.
Below are the copper results from Far Lake drilling to date:
|Hole ID||From||To||Interval||Cu (%)||Zone|
|FL-20-01||46.2||48||1.8||0.23||Discovery High-Grade Zone|
|FL-20-07||NSA*||Shebandowan Greenstone Belt (Volcaninc Sequence)|
|FL-20-11||82.8||147||64.2||0.15||FL#1 Structure (North)|
|FL-20-12||102.4||106.5||4.1||0.09||FL#1 Structure (Central)|
|FL-20-13||218||221||3||0.25||FL#1 Structure (North)|
|FL-20-16||414.2||428||13.8||0.022||NW Deep IP Target (FL#2)|
|FL-20-18||NSA*||Discovery Zone (adjacent)|
|FL-20-19||201||224||23||0.13||Discovery Zone at Depth|
*No significant assays
A map showing the location of each hole is available on the Company’s website (www.bentonresources.ca).
Grey River Sokoman/ Benton JV Project
Airborne geophysical surveying totalling 1,099 line-kilometres is about to begin at the 324-claim (8,100 hectares – 81 sq km) Grey River JV in southern Newfoundland and will consist of a Heliborne High-Resolution Magnetic and Matrix Digital VLF-EM Survey flown by Terraquest Ltd. The results of the survey will help define structural targets that may be associated with the gold mineralization at Grey River. The property is targeting high-grade gold mineralization similar to that currently being mined at Pogo, Alaska with published reserves of 6.9 million ounces at 9.4 g/t Au (Northern Star Resources website March 31, 2021), as well as other styles of gold mineralization including shear zone and intrusion-related gold.
Management of Benton and Sokoman Minerals Corp. (“Sokoman”) have visited the Grey River and the Golden Hope properties to establish priorities and to engage in sampling as many areas of known mineralization. The visit to Grey River was extremely successful in that sampling in the vicinity of the historical 225 g/t Au sample site resulted in the identification of visible gold in a portion of the mineralized zone. In addition, prospecting in the immediate area identified several other mineralized horizons that did not appear to be previously sampled. Assays are pending from a suite of samples collected from several locations on the property. The historical “Quartz Zone” reported by previous workers is impressive and extends for several kilometres in an east west direction (photos can be viewed on Sokoman’s website under the Grey River Project tab) and is up to 200-300 metres in width locally. Multiple gold showings are known along most of its length ranging from 100-200 ppb Au to 225 g/t Au, but no drilling has been carried out at any of the known gold occurrences. The companies have applied for drilling permits which will target these zones.
Golden Hope Benton/Sokoman JV Project
Exploration has also commenced on the 3,176-claim (79,400 hectares – 794 sq km) Golden Hope Property in southwestern Newfoundland, including a 5,709-line-kilometre Heliborne High-Resolution Aeromagnetic & Matrix Digital VLF-EM Survey being flown by Terraquest Ltd. The survey will help provide an overall structural picture of the property and identify extensions of known gold-bearing structures as well as any previously unrecognized structures on the property. An initial reconnaissance mission at Golden Hope was completed earlier this month by management of Benton and Sokoman in order to get a firsthand look at the ground and to obtain samples in as many areas as possible (photos can be viewed on Sokoman’s website under the Golden Hope Project tab). Mineralization observed included multiple occurrences of structurally controlled quartz veins with variable amounts of pyrite, as well as a previously unknown zone of locally significant arsenopyrite and pyrite (as stringers and veinlets comprising up to 10% of rock volume), that was noted to be several dozen metres in thickness and of unknown strike length. Overall, approximately 50 rock samples as well as seven stream sediment and four C-horizon till samples were collected and submitted for assaying/processing.
Kepenkeck Benton/Sokoman JV Project
The Company has informed Joint Venture partner Sokoman that a Heliborne High-Resolution Aeromagnetic & Matrix Digital VLF-EM Survey totaling 1,984 line-kilometres has been flown by Terraquest Ltd. A prospecting program has begun, and a detailed soil sampling program will commence shortly. The Kepenkeck property lies in east-central Newfoundland, along trend from Canstar Resources’ Golden Baie project and immediately east of New Found Gold’s Queensway project. The target is high grade and quartz veining, hosted in graphitic shales similar to that of the New Found Gold property.
Benton and Sokoman have received the first assay results from 24 samples submitted. Gold grading from >5 ppb to 5,340 ppb have been obtained from localized float and outcrops. The companies are very encouraged by these early results, and follow-up has been planned to further these discoveries.
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 projects 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 3.6 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 1.0 million shares of Sokoman Minerals Corp. which continues to release excellent drill results from its Moosehead Project in Newfoundland, and 1.36 million shares of Metallica Metals advancing Benton’s Saganaga (Starr) Gold project. Benton also has two NW Ontario projects optioned to Rio Tinto Exploration Canada (the Bark Lake and West 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 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, and Platinum Group Elements and currently holds large equity positions in other mining companies that are advancing high-quality assets. Whenever possible, BEX retains Net Smelter Royalties (NSR) for 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.
For further information, please contact:
Stephen Stares, President & CEO
CHF Capital Markets
Cathy Hume, CEO
Phone: 416-868-1079 x251
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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