Benton Resources (BEX-V) Aug 25, '16 is pleased to provide shareholders with an update on its ongoing exploration and plans.
As previously announced, the Company and its joint venture partner Nordmin Engineering Ltd. ("Nordmin") have mobilized a drill to the Cape Ray project to commence a 5,000 metre drill program. The current drill program is designed to infill and expand the 51 and 41 deposits to provide greater confidence in the current resource as the partners advance the project towards feasibility.
In March of this year (see PR March 07, 2016) the companies released the results of a positive preliminary economic assessment ("PEA") for Cape Ray. The results of the PEA include a pre-tax net present value ("NPV") at a 7% discount rate of $48.4 million with a pre-tax internal rate of return ("IRR") of 29% and a post-tax NPV at a 7% discount rate of $32.6 million with a post-tax IRR of 24%. The reader should be cautioned that the PEA is preliminary in nature. It contains inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves.
The Company would like to remind its shareholders of the current equities positions and projects retained by Benton including 1.3 million shares of Mineral Mountain Resources Ltd., 1.0 million shares of Alset Energy Corp., 191,500 shares of Alabama Graphite Corp. and other small equity holdings.
Projects held by the Company include:
Iron Duke (Gold)
Acquired by staking this winter and located in the Sturgeon Lake district
Trenching to begin shortly on historical gold zones and followed by diamond drilling if warranted
Recent selective grab samples have returned significant gold grades of up to 20.4gpt gold (grams per tonne).
Panama (Gold)
Located in the Red Lake mining district
Project is host to limited historical diamond drilling with results up to 1.2gpt Au over 15m including 2.8gpt Au over 4.5m
Claims cover the highest gold grain count found by a regional till sampling program published by the Geological Survey of Canada (OF 3038) in 1999
Benton is planning further till sampling, prospecting and trenching to commence this fall to be followed by diamond drilling if warranted
Abernethy (Gold)
Located 10km southwest of Kenora, Ontario
Currently under option to Element 79 Capital Inc. whom is expected to commence drilling shortly after they close their financing in September 2016
Benton completed nine drill holes on the project in 2011 to follow up on a historical drill hole which graded 6.3gpt Au over 6.1m. The nine hole drill program intersected gold mineralization over a strike length of 450m and is open in all directions
Saganaga (Gold)
Located in the Shebandowan Greenstone belt with a large land position hosting multiple gold zones
Highlights from drilling include 5.0gpt Au over 20.6m in the Star Zone and 32.0gpt over 5.9m on the Powell Zone.
Mealy Lake (Copper-Nickel-PGE)
Located in a under-explored region of Labrador
Multiple new showings of greater than 1% copper from net-textured magmatic sulphide mineralization that is coincident with electromagnetic anomalies recently determined from a new airborne magnetic - electromagnetic airborne survey
The targets are ready for drill testing
Providence (Copper-Nickel-PGE)
Located in the Northwest Territories
Existing camp in place and included with the project
Previous drill intercepts of 5.1m grading 1.73% nickel with 1.75% copper and 0.17% cobalt
Grades in excess of 8.0gpt platinum have also been obtained over 2.0m in drilling and is open for expansion
Kingurutik (Copper-Nickel-Cobalt)
Located 65km north of Voisey Bay, Labrador
Under partnership with Teck Resources Limited
Drill intercepts include 10.2m grading 0.54% Cu, 0.49% Ni and 0.08% Co
Bark Lake (Copper-Nickel-PGE)
Located in northern Ontario; possible western extension of the Mid Continent Rift system which contains the Eagle Mine (Lundin Mining Corp.) and Thunder Bay North Deposit (Panoramic Resources Ltd.)
Boulders grading up to 4.35gpt Pd, 2.64gpt Pt, 0.74gpt Au, 1.2% Cu and 0.5% Ni
Individual assays from selective grab samples include 1.5% Nickel, 1.2% Copper, 2.6 gpt Pt, 1.4gpt Pd and 0.7gpt Au.
Armit Lake (Copper-Nickel-Cobalt-Gold)
Located in northern Ontario
Benton drill highlights include 1.57% Ni and 0.08% Co over 7.8m including 3.7% Ni and 0.2% Co over 2.55m
DC Creek showing - 4.2% Ni; other sampling includes 25.4gpt Au
Benton is currently seeking partners for many of these projects and interested parties are encouraged to contact the Company for further details and reports. More information can be found on Benton's web site at www.bentonresources.ca.
In addition, the Company is pleased announce that it has retained the services of Renmark Financial Communications Inc. to handle its investor relations activities.
"We are pleased to announce that we have selected Renmark to reinforce Benton's profile in the financial community and enhance the visibility of our project portfolio. We choose Renmark because its standards and methodologies fit best with the message we wish to communicate to the investing public," noted Stephen Stares, President of Benton Resources Inc.
In consideration of the services to be provided, the Company has agreed to pay a monthly retainer of $4,000 starting September 1st, 2016 to Renmark Financial Communications Inc.
Renmark Financial Communications does not have any interest, directly or indirectly, in Benton Resources Inc. or its securities, or any right or intent to acquire such an interest.
About Benton Resources Inc. (TSX VENTURE:BEX)
Benton Resources Inc. is a well-funded Canadian-based junior with a diversified property portfolio in Gold-Silver, Nickel, Copper, and Platinum group elements.
Clinton Barr (P.Geo.), V.P. Exploration for Benton Resources Inc., is the qualified person responsible for this release.
On behalf of the Board of Directors of Benton Resources Inc.,
Stephen Stares, President
Benton Resources Inc.
Stephen Stares
(807) 475-7200
(807) 475-7474
www.bentonresources.ca
Renmark Financial Communications Inc.
Bettina Filippone
(416) 644-2020 or (514) 939-3989
bfilippone@renmarkfinancial.com
www.renmarkfinancial.com |
