Benton has entered into an option to earn up to 100% of the high-grade Bedivere Gold Project. In 2016, the vendors of the project discovered spectacular visible gold near the shore of Bedivere Lake, now named the Traxxin Zone. Subsequent assays resulted in grades up to 41oz/t gold (1281g/t) in these grab samples. Benton acted quickly to acquire one of the newest discoveries in the region.
The Bedivere Project is located in Northwestern Ontario, within the Marmion batholith, between the 7.2M oz Hammond Reef Deposit and the 3.2M oz Moss Lake Deposit. Benton has increased its land package to over 4800 hectares to cover the prospective NE-oriented mineralized regional break/structure.
Since acquisition, Benton has prospected, completed over 1000 recce soil samples, flown a detailed Ariborne Mag survey and, most recently, established a trail to access the Traxxin Zone. Permits have been obtained from the government and the Company will commence trenching and diamond drilling in the spring. Benton is extremely excited about this new project and will focus most of the 2017 Exploration budget towards advancing the Bedivere Gold Project.
Under the terms of the Option and subject to regulatory approval, Benton can earn a 100% interest in the Property by paying Traxxin $450,000 and issuing 3,000,000 shares over a four year period on the following schedule:
- $45,000 and 300,000 Company common shares on signing the LOI;
- $85,000 and 600,000 Company common shares on first anniversary of signing the LOI;
- $95,000 and 600,000 Company common shares on second anniversary of signing the LOI
- $100,000 and 600,000 Company common shares on third anniversary of signing the LOI, and;
- $125,000 and 900,000 Company common shares on fourth anniversary of signing the LOI
The Property will be subject to a 3% NSR royalty in favour of Traxxin of which 1% can be purchased by Benton at the Company’s election for $1 million. In addition, the Company must spend a total of $1 million in exploration expenditures over the four year period with a minimum of $250,000 expended within the first year from the date of the LOI. The Company will also grant to Traxxin a 1% NSR on surrounding ground staked by the Company as long as the Company or any of its affiliates holds an interest in the optioned claims.