Benton Resources (BEX-V) March 12, '14 has regained a 100-per-cent interest in the Onion Lake copper-nickel-platinum-group-element project located 30 kilometres north of Thunder Bay, Ont. The project was under option to Glory Resources Limited ("Glory"), an Australian-based junior currently being acquired by Eldorado Gold Corp. ("Eldorado"). Due to assessment deficiencies, Benton will receive an $80,000 payment in lieu and the return of a 100% interest in the project from Eldorado.
Benton considers the Onion Lake project to be highly prospective for the discovery of Platinum (Pt), Palladium (Pd), Copper (Cu), and Nickel (Ni) mineralization. The property abuts the potential western strike extent of Panoramic Resources Ltd's Thunder Bay North deposit which has an Indicated mineral resource of 9.83 million tonnes grading 2.34g/t Pt-Eq for 741,000 Pt-Eq ounces and a further Inferred mineral resource of 0.53 million tonnes at 2.87g/t Pt-Eq for 49,000 Pt-Eq ounces (2011 JORC compliant mineral resource estimate, see www.panoramicresources.com). In addition, the Onion Lake property also borders the recently announced discovery of 20.2m grading 3.22gpt Pt+Pd+Au, 0.25% Cu and 0.11% Ni made by partners Transition Metals (XTM-V) and Impala Platinum Holdings Limited on their Sunday Lake project.
In the last four years, Glory has expended more than $1.2 million in exploration on the Onion Lake project and identified multiple highly prospective targets that Benton plans to follow up this year.
Clinton Barr (P.Geo.), V.P. Exploration for Benton Resources Inc., is the qualified person responsible for this release. |
