Baril Lake is currently being advanced by Rio Tinto
Benton has also entered into an option to purchase agreement with Rio Tinto Exploration Canada Inc. whereby RTEC will have the right to earn a 100% interest in Benton’s Baril Lake West claims located approximately 5km west of Benton’s Bark Lake project which is currently under option to RTEC. Pursuant to the terms of the agreement, RTEC can earn 100% of the Baril project by paying Benton $200,000 over 4 years and should RTEC achieve commercial production at the project, will pay Benton an additional $1,000,000. The Company will also retain a 2% Net Smelter Royalty (NSR), half of which (1%) can be purchased by RTEC for $1,000,000. The Company considers the Baril Lake project to be a favourable setting to potentially host copper-nickel and platinum group metals. Drilling completed by RTEC on it 100%-owned Baril Lake Project located approximately 700m east of Benton’s Baril Lake West had discovered a new significant mineralized zone grading 4.78%Ni and 0.43% Cu over 2.08m in 2018 (Ontario ENDM Assessment File: 200000017073).
On January 11, 2023, Benton received the final option payment of CAD$100,000 from Rio Tinto Exploration Canada for the Baril Lake West project. 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.
