.png)
Thunder Bay ON, May 20 2020 – Benton Resources Inc. (‘Benton’ or ‘the Company’) (TSX-V: BEX) is pleased to announce that the Company has entered into a binding Letter Of Intent (“LOI”) with White Metal Resources Corp (TSX-V: WHM) (“WHM”) whereby Benton can earn up to a 70% interest in WHM’s Far Lake project (the “Property”) located 80km west of Thunder Bay, Ontario.
Recent exploration completed by WHM led to the discovery of ahigh-grade, semi-massive sulphide copper occurrence. Recent trenching and sampling programs at theFar Lake copper-silver-gold project provided results that include a 0.7mchannel sample across massive sulphide that assayed 22.0% Cu, 30.2 g/t Ag, and0.25 g/t Au as well as another channel sample that graded 3.54% Cu over 3m,including 4.96% Cu over 1m. Mineralization is located within anorthwest-southeast trending, brecciated and silicified structure that bisectsa regional granitic pluton. Sulphide mineralizationin the structure has been delineated for approximately 400m and remains open inall directions. In addition, a parallelzone 2.1km west of the copper occurrence was located in the spring of 2020 andexhibits a similar intense brecciation and silicification. This second structure has been tracedintermittently over a 5km strike length with chalcopyrite (copper sulphide)mineralization occurring throughout. The new zone is highly silicified andexhibits brecciation and an abundance of quartz veining with local silicified areasmeasuring up to 200m wide. Mineralizationidentified to-date on the Property displays characteristics suggestive ofmultiple mineralizing events, at both the property and regional scale.
Beyond the large silicified zones, the project also contains aboulder that was assayed by WHM and contained 0.293% Cu, 1.71g/t Pd, 0.3g/t Ptand 0.219g/t Au. Locating the source ofthis boulder will be an important activity to prove that Far Lake has thepotential to also not only host copper-silver-gold, but also PGE’s. Theappearance of the boulder suggests the bedrock source is not far and onlytraveled a short distance during glaciation.
While the project is very early stage and has little historicalexploration, there are a number of exciting targets that can be efficientlyexplored. The Project has excellentinfrastructure with multiple logging roads accessing the property via theTrans-Canada Highway. Surprisingly,prior to the work completed by WHM in 2017, the Far Lake area as seen nodocumented historical exploration and its strategically located along theQuetico Fault and between Benton’s Bark and Baril Lake projects (currently underoption to Rio Tinto Exploration Canada) and the Escape Lake and Thunder BayNorth deposits which Benton recently sold its option rights on to Clean AirMetals Inc. (see the location map included below or on www.bentonresources.ca)
Pursuantto the LOI, the Company can acquire from WHM an initial 60% interest in theProperty (the “Initial Option”) followed by a second option to acquire anadditional 10% interest (the “Second Option”) in the Property.
TheCompany may, subject to regulatory approval, exercise the Initial Option bypaying $205,000, issuing 1.6 million common shares and completing $1 million inexploration expenditures over four years as follows:
- Paying $25,000 and issuing 300,000 common shares to WHM withinthree days of receipt of TSX Venture Exchange (the “Exchange”) approval for theLOI;
- Completing $200,000 of exploration expenditures on the Property onor before the first anniversary of execution of this LOI;
- Paying $30,000 and issuing 400,000 common shares to WHM on orbefore the first anniversary of execution of this LOI;
- Completing an additional $200,000 of exploration expenditures onthe Property on or before the second anniversary of execution of this LOI;
- Paying $50,000 and issuing 400,000 common shares to WHM on orbefore the second anniversary of execution of this LOI;
- Completing an additional $300,000 of exploration expenditures onthe Property on or before the third anniversary of execution of this LOI;
- Paying $100,000 and issuing 500,000 common shares to WHM on orbefore the third anniversary of execution of this LOI; and
- Completing an additional $300,000 of exploration expenditures onthe Property on or before the fourth anniversary of execution of this LOI.
Within 90 days of completing the Initial Option, the Company mayat its election exercise the Second Option by:
- Issuing 500,000 common shares to WHM; and
- Completing an additional $1 million of exploration expenditures on the Property on or before the fifth anniversary of the agreement.
QP
NathanSims (P.Geo.), Senior Exploration Manager for Benton Resources Inc., the‘Qualified Person’ under National Instrument 43-101, has approved the scientificand technical disclosure in this news release and prepared or supervised itspreparation.
On behalf of the Board of Directors of BentonResources Inc.,
"Stephen Stares"
StephenStares, President
About Benton Resources Inc.
BentonResources is a well-funded Canadian-based project generator with a diversifiedproperty portfolio in Gold, Silver, Nickel, Copper, and Platinum groupelements. Benton holds multiple high-grade projects available for option whichcan be viewed on the Company's website. Most projects have an up-to-date 43-101Report available.
Partiesinterested in seeking more information about properties available for optioncan contact Mr. Stares at the number below.
For further information, please contact:
Stephen Stares,President & CEO
Phone: 807-475-7474
Email: sstares@bentonresources.ca
Website: www.bentonresources.ca
Twitter: @BentonResources
Facebook: @BentonResourcesBEX
THE TSX VENTURE EXCHANGE HAS NOTREVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OFTHIS RELEASE.
The informationcontained herein contains "forward-looking statements" within themeaning of applicable securities legislation. Forward-looking statements relateto information that is based on assumptions of management, forecasts of futureresults, and estimates of amounts not yet determinable. Any statements thatexpress predictions, expectations, beliefs, plans, projections, objectives,assumptions or future events or performance are not statements of historicalfact and may be "forward-looking statements."
Forward-looking statements are subject to a variety of risksand uncertainties which could cause actual events or results to differ fromthose reflected in the forward-looking statements, including, withoutlimitation: risks related to failure to obtain adequate financing on a timelybasis and on acceptable terms; risks related to the outcome of legalproceedings; political and regulatory risks associated with mining andexploration; risks related to the maintenance of stock exchange listings; risksrelated to environmental regulation and liability; the potential for delays inexploration or development activities or the completion of feasibility studies;the uncertainty of profitability; risks and uncertainties relating to theinterpretation of drill results, the geology, grade and continuity of mineraldeposits; risks related to the inherent uncertainty of production and costestimates and the potential for unexpected costs and expenses; results ofprefeasibility and feasibility studies, and the possibility that futureexploration, development or mining results will not be consistent with theCompany's expectations; risks related to gold price and other commodity pricefluctuations; and other risks and uncertainties related to the Company'sprospects, properties and business detailed elsewhere in the Company'sdisclosure record. Should one or more of these risks and uncertaintiesmaterialize, or should underlying assumptions prove incorrect, actual resultsmay vary materially from those described in forward-looking statements.Investors are cautioned against attributing undue certainty to forward-lookingstatements. These forward looking statements are made as of the date hereof andthe Company does not assume any obligation to update or revise them to reflectnew events or circumstances. Actual events or results could differ materiallyfrom the Company's expectations or projections.