Benton Advises Homeland Nickel That It Has Completed Earn-In for 70% Interest in Great Burnt; Releases Further Phase 3 Drill Results That Continue To Expand The Great Burnt Copper Deposit Down Plunge
Benton Advises Homeland Nickel That It Has
Completed Earn-In for 70% Interest in Great
Burnt; Releases Further Phase 3 Drill Results
That Continue To Expand The Great Burnt
Copper Deposit Down Plunge
Thunder Bay, Ontario--(Newsfile Corp. - July 17, 2024) - Benton Resources Inc. (TSXV: BEX) ("Benton"
or the "Company") is pleased to announce that it has advised Homeland Nickel Inc. ("Homeland")
(formerly Spruce Ridge Resources Ltd.) that it has now fulfilled its required $2.5 million in exploration
expenditures pursuant to the option agreement dated
September 20, 2023
, between the companies
resulting in Benton vesting its 70% ownership interest in the Great Burnt Copper project in
Newfoundland.
As per the earn-in completion notice, Benton has temporarily paused drilling until
Homeland formally accepts the expenditures completed to date by Benton.
Additionally, the Company awaits notice as to whether or not Homeland will participate at a 30% joint
venture level on future exploration program expenditures as well as fund its share of actual expenditures
incurred by Benton beyond the $2.5 million earn-in. Benton is proposing to continue with its
aggressive
exploration plan
which includes a further 10,00-15,000 metres ("m") of drilling along with regional
targeting of new deposits and further delineation of the Great Burnt Deposit and South Pond Deposit.
Benton's field exploration crew will continue regional exploration as the companies enter the joint venture
agreement on a 70% Benton / 30% Homeland basis.
The also Company announces that it has received more high-grade results from the first three drill holes
in its Phase Three drill program (see Table 1). These new results expand the Great Burnt Deposit further
down plunge and along strike to the south, with additional significant metal content of zinc, silver, cobalt
and gold adding to the value of the Great Burnt Deposit at depth. Further assay results of wider and
deeper intersections of massive sulphides are expected in the coming weeks, leaving the deposit
completely open for expansion. The Company has completed 3,840 m in ten holes along with multiple
trenches and continuous channel samples from which it is also expecting results in the coming weeks.
Extensive regional infill soil sampling and prospecting is still underway with results pending.
Company President and CEO, Stephen Stares states, "The Great Burnt Deposit continues to
demonstrate its enormous potential that lies at depth and along strike, which remains completely open.
Our next steps are to aggressively step out with four deeper drill holes to expand the deposit a further
200 m down plunge and along strike beyond hole GB-24-45 which cut 11.50 m of massive sulphide. In
addition, we will be testing other targets around the main zone including the North Stringer area and a
parallel EM conductor along with other distinct targets. Outside of the Great Burnt Deposit area, we
continue to gather and compile important data to understand the other historic zones of interest to the
north. We have a significant number of channel samples pending which will assist in targeting for that
area in the next few weeks ahead."
Table 1: Highlights of assays in first 3 holes received in phase 3 program include:
DDH #
From (m)
To (m)
Length (m)
Cu (%)
Ag (g/t)
Co (%)
Zn (%)
Au (g/t)
GB-24-38
344.40
349.40
5.00
1.68
3.94
0.01
0.68
0.05
incl
345.40
349.40
4.00
2.10
4.93
0.01
0.84
0.06
incl
345.40
348.40
3.00
2.76
6.57
0.02
1.10
0.08
incl
345.40
346.40
1.00
3.26
8.60
0.04
1.68
0.16
GB-24-39
320.90
332.40
11.50
1.10
1.86
0.01
0.65
0.05
incl
328.50
330.40
1.90
4.06
6.32
0.02
1.72
0.16
incl
328.50
329.50
1.00
5.70
12.00
0.04
1.60
0.18
GB-24-40
293.00
297.40
4.40
1.09
0.72
0.01
0.02
0.02
incl
294.70
295.25
0.55
3.18
2.60
0.02
0.05
0.02
and
328.87
334.57
5.70
2.34
5.14
0.02
1.61
0.12
incl
329.54
333.13
3.59
3.47
6.71
0.03
2.34
0.18
incl
330.13
331.13
1.00
4.52
11.60
0.03
2.45
0.21
Figure 1: Great Burnt Copper Deposit Generalized Longitudinal Section
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3657/216804_4c73d8fdc45c69da_002full.jpg
Highlights from the Benton's first 2 phases at the Great Burnt Deposit include:
GB-23-02:
13.00 m of 8.31% Cu, incl 3.00 m of 12.80% Cu
GB-23-04:
26.87 m of 7.18% Cu, incl 11.16 m of 10.28% Cu
GB-23-07:
12.30 m of 7.20% Cu, incl 7.00 m 10.60% Cu
GB-23-12:
25.42 m of 5.51% Cu, incl 1.00 m of 8.77% Cu, 82.00g/t Ag, 4.43g/t Au
GB-23-15:
22.59 m of 5.03% Cu, incl 0.50 m of 20.00% Cu
GB-23-16:
13.67 m of 5.80% Cu, incl 1.00 m of 20.60% Cu
GB-23-18:
8.17 m of 4.22% Cu, incl 7.05 m of 4.11% Cu
GB-23-21:
24.00 m of 5.81% Cu, incl 7.00 m of 11.47% Cu
GB-23-22:
21.68 m of 3.59% Cu, incl 2.00 m of 15.3% Cu
GB-24-23:
7.00 m of 2.02% Cu, incl 4.00 m of 3.01% Cu
GB-24-32:
11.29 m of 3.10% Cu, incl 6.63 m of 5.57% Cu
GB-24-33:
20.92 m of 2.26% Cu, incl 2.98 m of 4.17% Cu
GB-24-37:
18.10 m of 1.99% Cu, incl 4.50 m of 7.24% Cu
Note: Widths quoted are true core length, true widths are estimated at approximately 70% of core
lengths
QA/QC Protocols
Core and rock samples, including standards, blanks and duplicates, are submitted to Eastern Analytical
Ltd., Springdale, Newfoundland for preparation and analysis. All samples were acquired by saw-cut
(channels/drill core) with one-half submitted for assay and one-half retained for reference, or hand (rocks)
and delivered, by Benton personnel, in sealed bags, to the Springdale lab of Eastern Analytical, which is
an accredited assay lab that conforms to the requirements of ISO/IEC 17025. Samples are analyzed
using Eastern's Au (Fire assay) @ 30g + ICP-34 method that delivers a 34-element package utilizing a
200 mg subsample totally dissolved in four acids and analyzed by ICP-OES analytical technique.
Overlimits are analysed with Eastern's atomic absorption method, using a 0.200 g to 2.00 g of sample,
digested with three acids. All reported assays are uncut. Eastern Analytical Ltd. achieved ISO 17025
accreditation in February 2014 (for more details on the scope of accreditation visit the CALA website).
QP
Stephen House (P.Geo.), Vice President of Exploration 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.
About Benton Resources Inc.
Benton Resources is a well-financed mineral exploration company listed on the TSX Venture Exchange
under the symbol BEX. Benton has a diversified, highly prospective property portfolio and holds large
equity positions in other mining companies that are advancing high-quality assets. Whenever possible,
BEX retains net smelter return (NSR) royalties with potential long-term cash flow.
Benton is focused on advancing its high-grade Copper-Gold Great Burnt Project in central
Newfoundland, which has a Mineral Resource estimate of 667,000 tonnes @ 3.21% Cu Indicated and
482,000 @ 2.35% Cu Inferred. The Project has an excellent geological setting covering 25km of strike
and boasts six known Cu-Au-Ag zones over 15km that are all open for expansion. Further potential for
discovery is excellent given the extensive number of untested geophysical targets and Cu-Au soil
anomalies. Phase 1 and 2 drill programs returned impressive results including 25.42 m of 5.51% Cu,
including 9.78 m of 8.31% Cu, and 1.00 m of 12.70% Cu.
On behalf of the Board of Directors of Benton Resources Inc.,
"Stephen Stares"
Stephen Stares, President
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:
807-474-9020
Email:
Nick Konkin, Investor Relations
Phone
: 647-249-9298 ext. 322
:
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.
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