Benton Options Great Burnt Copper-Gold Deposits from Spruce Ridge Resources in Newfoundland
Benton Options Great Burnt Copper-Gold Deposits from Spruce
Ridge Resources in Newfoundland
Thunder Bay, ON, August 17, 2023 – Benton Resources Inc. (“Benton” or the “Company”) (TSXV:
BEX) is pleased to announce that on August 15, 2023, it entered into a binding letter of intent (LOI) with
Spruce Ridge Resources Ltd. (“Spruce”) (TSXV: SHL), whereby Benton can earn an undivided 70%
interest in Spruce’s Newfoundland properties including the Great Burnt Copper deposit and South Pond
Gold and Copper zones (the “Property”). The Option Agreement is subject to due diligence by both parties,
which is ongoing and is subject to approval by the TSX Venture Exchange (the “Exchange”).
Highlights of the Option Agreement
Under the terms of the Option Agreement, Benton can earn an undivided 70% interest in the Property by:
• Making a $40,000 cash payment to Spruce upon receipt of 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; and
o 5,000,000 Benton Shares subject to a four-month regulatory trading restriction plus an
additional twenty-month trading restriction
• 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
• Once a 70% interest in the Property is earned by Benton, the Property will be operated as a
participating joint venture
Benton President and CEO Stephen Stares states: “This project gives Benton another excellent opportunity
in central Newfoundland, which is ranked one of the best mining jurisdictions worldwide. We’re excited to
be building off a great land position with many known zones that are open for expansion and the potential
for new discoveries bodes well for success. Benton will plan an aggressive exploration program that will
start as soon as possible.”
Commenting on the Option Agreement, interim Spruce President and CEO Steve Balch explained that
“Spruce is very pleased to be partnering with Benton, a well-known exploration company with deep roots
in Newfoundland. This agreement forms part of our plan to diversify our property obligations while acquiring
additional critical mineral resources through a combination of expertise and leverage of our security
portfolio, including our 5.7 million common shares of Canada Nickel Company Inc. We see this as a good
time to expand and diversify our asset base.”
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 Gold Zone has identified potential for both copper and gold along several
kilometres of strike. Highlights of the 2021 drill program include:
• SP21-01: 1.69 g/t Au over 51.00 m, including 3.19 g/t Au over 11.00 m, within 10 m
of surface
• SP21-03: 2.36 g/t Au over 15.00 m, including 11.33 g/t Au over 1.00 m
• SP21-08: 1.75 g/t Au over 21.20 m, including 2.82 g/t Au over 10.20 m
• SP21-11: 1.34 g/t Au over 17.60 m, including 2.48 g/t Au over 4.20 m
• SP21-14: 2.06 g/t Au over 21.00 m
• SP21-16: 1.72 g/t Au over 10.00 m
Note: Widths quoted are true core lengths, 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, Benton 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 & CEO
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
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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
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Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results
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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 pot ential 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.
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