Benton Receives $100,000 Option Payment from Rio Tinto Exploration for Baril Lake West Project
Benton Receives $100,000 Option Payment
from Rio Tinto Exploration for Baril Lake West
Project
Thunder Bay, Ontario--(Newsfile Corp. - January 11, 2023) - Benton Resources Inc. (TSXV: BEX)
("Benton" or the "Company") is pleased to announce it has received the final option payment of
CAD$100,000 from Rio Tinto Exploration Canada ("RTEC") for the Baril Lake West project (
see press
release dated January 2, 2019
). Pursuant to the terms of the Option to Purchase Agreement dated
December 21, 2018 between the Company and RTEC, RTEC has now earned the right to acquire
100% of the Baril Lake West project. Should RTEC achieve commercial production at the Baril Lake
West project, it will pay Benton an additional CAD$1,000,000 in cash. Benton will also retain a 2% net
smelter return (NSR) royalty, half of which (1%) can be purchased by RTEC for CAD$1,000,000.
Baril Lake West is situated approximately four km west of Benton's 100%-owned Bark Lake project and
immediately adjacent to RTEC's Baril Lake Project where RTEC discovered significant mineralization
grading 4.78% Ni and 0.43% Cu over 2.08 m in 2018 (Ontario ENDM Assessment File:
200000017073).
These projects are approximately 100 km west of the Escape Lake and Thunder Bay North (TBN)
projects, along the major crustal-scale, east-west oriented, Quetico fault, in which the Escape Lake and
TBN deposits held by Clean Air Metals Inc. are situated. Benton currently holds 24.6 million shares of
Clean Air Metals Inc. and retains a 0.5% NSR royalty on the Escape Lake Deposit and a 0.5% NSR
royalty on a large portion of the TBN deposit (
see press release dated May 15, 2020
).
While the Baril Lake West and Bark Lake projects are early stage in nature, the Company believes they
have the potential to contain a magmatic conduit system that could host Cu-Ni-PGEs. At Bark Lake,
numerous mineralized boulders near the Quetico Fault contain anomalous Cu-Ni-PGEs with grades up
to
4.35 gpt Pd, 2.64 gpt Pt, 0.74 gpt Au, 1.2% Cu and 1.5% Ni
. Drilling completed by RTEC in 2018
on the Bark Lake project encountered mineralization of 0.31% Cu and 0.72 gpt Pt + Pd over 19.2 m (
see
press release dated May 25, 2018
). A map showing the location of the Baril West and Bark Lake
projects appears on the Benton website (
www.bentonresources.ca
).
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:
CHF Capital Markets
Thomas Do, IR Manager
Phone:
416-868-1079 x232
Email:
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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