The Kingurutik Lake (previously known as “King Lake”) project is located 60km north of the world class Voisey Bay nickel-copper-cobalt deposit and was restricted from mineral exploration by Inuit land claims prior to staking by Benton. The property hosts several large gossans mapped by the government in 2000 and past work in the area had identified high-grade copper and nickel with grades up to 6.8% copper and 1.7% nickel. Recently Benton and Teck Cominco Limited (“Teck Cominco”) entered into a Participation Agreement (the “Agreement”) whereby Benton and Teck Cominco will form the Kingurutik Lake project (the “Project”) by amalgamating and jointly exploring their land position in Labrador. The Project consists of 488 claim units held by Benton, (previously NBK property), and 266 claim units held by Teck Cominco. Benton and Teck Cominco have completed an initial airborne electromagnetic and magnetic geophysical survey to help identify potential economic grades of nickel and copper. A field program in mid-June 2007 identified several gossanous areas with elevated Ni-Cu-Co values coincident with large conductive zones. Benton management is excited to have joined forces with Teck Cominco on this project and look forward to the search for a major ore-body.
The specific terms of the Agreement are as follows:
- Benton and Teck Cominco will contribute their respective properties and will each own an initial 50% interest in the Project.
- Teck Cominco has completed a $700,000 financing into Benton priced at $0.70 per share.
- Benton has funded the initial $600,000 in exploration.
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