The Kingurutik Lake project is located 60km north of the world class Voisey’s 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% Cu and 1.7% Ni. Benton and Teck entered into a Participation Agreement whereby Benton and Teck formed the Kingurutik Lake Project by amalgamating and jointly exploring their land position in Labrador. The project originally consisted of 488 claim units held by Benton and 266 claim units held by Teck. Benton and Teck have completed an initial airborne electromagnetic and magnetic 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 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 will contribute their respective properties and will each own an 50% interest in the Project.
• Teck completed a $700,000 financing into Benton priced at $0.70 per share.
• Benton funded the initial $600,000 in exploration.
The project was drilled at the end of the 2010 field season and some highlights are found on the map below.