Benton Files executed Option Agreement for Great Burnt Copper- Gold Option and Expands Disclosure of Joit-Venture Net Smelter Returns
Benton Files executed Option Agreement for Great Burnt Copper-
Gold Option and Expands Disclosure of Joit-Venture Net Smelter
Returns
Thunder Bay, ON, September 25, 2023 – Benton Resources Inc. (“Benton” or the “Company”) (TSXV:
BEX) further to the August 17, 2023 and August 30, 2023 news releases, the Company announces that it
has signed an Option Agreement (“Agreement”) with Spruce Ridge Resources Ltd. (“Spruce”) (TSXV:
SHL), whereby Benton can earn an undivided 70% interest in Spruce’s Newfoundland properties (the
“Property”) including the Great Burnt Copper deposit and South Pond Gold and Copper zones (the “Option”).
The Company has received conditional approval by the TSX Venture Exchange (the “Exchange”) for the
Option.
Highlights of the Option
Under the terms of the Option, Benton can earn a 70% undivided interest in the Property by:
• making a $40,000 cash payment to Spruce upon receipt of final Exchange approval;
• issuing to Spruce 15 million common shares in the capital of Benton (“Benton Shares”) as follows:
o 5,000,000 Benton Shares subject to a four-month regulatory trading restriction;
o 5,000,000 Benton Shares subject to a four-month regulatory trading restriction plus an
additional eight-month trading restriction;
o 5,000,000 Benton Shares subject to a four-month regulatory trading restriction plus an
additional twenty-month trading restriction; and
• completing $2.5 million in exploration expenditures on the Property within 36 months of the date
of the LOI, of which $1.0 million must be expended by the first anniversary of the LOI, subject to
the right of Benton to accelerate the completion of such expenditures and share issuances at its
election.
Once a 70% interest in the Property is earned by Benton, the Property will be operated as a participating
joint venture. In the event a joint venture is formed, if either party has its interest in the Property diluted
to less than 10%, such interest will be converted to a net smelter royalty of 2% less any existing royalties
that the Property is subject to.
Great Burnt Copper-Gold Project
The Great Burnt Main Zone has an NI 43-101 compliant resource prepared in 2022 for Spruce by P&E
Mining Consultants Inc. of 667,000 Tonnes (47.2 Mlb) Cu at 3.21% (indicated) and 482,000 Tonnes (25.0
Mlb) Cu at 2.35% (inferred) contained within mining lease 211(10210M). The Copper resource remains
open to the south and at depth. Highlights of the drill programs to date include:
• GB20-05: 27.20 m of 8.06% Cu, including 7.75 m of 16.88% Cu
• GB20-20: 22.75 m of 6.89% Cu, including 12.55 m of 10.59% Cu
• GB18-05: 20.94 m of 6.21% Cu, including 6.98 m of 10.71% Cu
• GB18-06: 9.97 m of 7.45% Cu, including 5.03 m of 11.42% Cu
• GB16-08: 7.50 m of 9.45% Cu, including 3.00 m of 19.30% Cu
• GB16-09: 5.75 m of 6.68% Cu, including 1.50 m of 11.70% Cu
Exploration at the South Pond Zone has identified potential for both copper and gold along several
kilometers of strike. Highlights of the 2021 drill program include:
• SP21-01: 1.69g/t Au over 51.00 m, including 3.19g/t Au over 11.00 m, within 10 m of
surface
• SP21-03: 2.36g/t Au over 15.00 m, including 11.33g/t Au over 1.00 m
• SP21-08: 1.75g/t Au over 21.20 m, including 2.82g/t Au over 10.20 m
• SP21-11: 1.34g/t Au over 17.60 m, including 2.48g/t Au over 4.20 m
• SP21-14: 2.06g/t Au over 21.00 m
• SP21-16: 1.72g/t Au over 10.00 m
Note: Widths quoted are true core length, true widths are estimated at approximately 70% of core
lengths
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. Following a project generation business model, Benton has a diversified, highly
prospective property portfolio of gold, silver, nickel, copper, platinum group elements and, most recently,
lithium and cesium assets. In addition, it currently 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 also a 50/50 partner in a strategic alliance with Sokoman Minerals Corp. through three large-
scale joint-venture properties, including Grey River Gold, Golden Hope, and Kepenkeck in Newfoundland.
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: 807-475-7474
Email: [email protected]
CHF Capital Markets
Cathy Hume, CEO
Phone: 416-868-1079 x 251
Email: [email protected]
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.