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Thunder Bay ON, May 27, 2020 – Benton Resources Inc. (‘Benton’ or ‘the Company’) (TSX-V: BEX) is pleased to provide an update on its current plans for its project portfolio as well as highlight current strategic equity positions held by the Company.
Clean Air Metals Inc.
As previouslyannounced by the Company on May 22, 2020, Clean Air Metals Inc. (“CAM”) (TSX-V:AIR) received all regulatory approvals related to its option to acquireBenton’s option on the Escape Lake and Thunder Bay North properties (collectivelythe “TBN Project”) and resumed active trading on the TSX Venture Exchange withstrong momentum. Benton holds 24.6million shares of CAM as well as a 0.5% net smelter returnroyalty from production on the Escape Lake Property and a 0.5% net smelterreturn royalty from production on any mineral claims comprising the Thunder BayNorth Project over which a net smelter royalty has not previously been granted. CAMhas announced that it has initiated its first phase diamond drill campaign consisting of 10,000mof drilling at the Escape Lake intrusion portion of its TBN Project located 40kilometres northeast of Thunder Bay, Ontario. This first phase of drillingwill consist of approximately 15 to 20 holes of 500-600m each, nominally on 50mcentres and is designed to test the Escape Lake high-grade zone targetdiscovered in six holes by the previous project operator. CAM’s qualifiedperson is in the process of validating the historical drilling data at EscapeLake including relogging and resampling of selected core intercepts andperforming quality assurance/quality control checks on original certifiedanalytical data. The target area islocated at approximately 350m to 450m vertical depth. The objective of theprogram is to better define the full geological extent of the mineralized areaas a precursor to eventual preparation of a mineral resource estimate whenwarranted.
Quadro Resources Inc.
The Company currentlyholds 4.2 million shares of Quadro Resources Inc. (“Quadro”) (TSX-V: QRO). Quadro has provided an updateon its projects in Newfoundland and Labrador as well as Ontario. During thepast six months, Quadro has added two significant properties to its portfolio,the Long Lake gold project in central Newfoundland and the Seagull Lake PGEproperty in northwestern Ontario. These new additions, along with its Staghorngold property in Newfoundland provide Quadro with exceptional exposure to twoof the most exciting exploration regions in Canada which contain three of themost highly valued and in-demand commodities: gold, platinum and palladium.Staged work programs are planned for both project areas, and fieldwork,including possible drilling, will commence shortly.
Maxtech Ventures Inc.
The Companycurrently holds 2 million shares of Maxtech Ventures Inc. (“Maxtech”) (CSE: MVT). As announced on October 24, 2019, the Company optioned its Panama Lake goldproject located in the prolific Red Lake gold mining district to Maxtech. Maxtech has recently commenced its initialdiamond drill program at Panama with the first two holes targetingthe area immediately up-ice from the location of the pristine gold grains that weredocumented in glacial till in 1999 by the Geological Survey of Canada. Concurrently, a prospecting-exploration teamis assembling at the Maxtech’s field headquarters in Ear Falls and will beginfield operations shortly. The field team will follow up on previouslydocumented locations and gold prospects on the property to better define themalong with carrying out geological and prospecting traverses across unchartedportions of the property.
SokomanMinerals Corp.
The Companycurrently holds 1 million shares of Sokoman Minerals Corp. (“Sokoman”) (TSX-V:SIC) that were acquired through Benton’s option/sale of its Alder East Project. Sokoman has concluded its phase 5 drillingprogram at its flagship Moosehead gold property located in central Newfoundland,including an additional 1,390m in four holes, bringing the phase 5 total to4,619m in 17 holes. The drilling, which was focused onthe lower high-grade zone at an approximate vertical depth of 200m, extendedthe gold mineralization 75m to the north with the zone remaining open. Thislower high-grade shoot has given some of the highest-grade results atMoosehead, including MH-19-62 (7.2m at 22.35g/t Au) and MH-19-81 (6.4m at17.34g/t Au). MH-20-98, the final hole in the program, cut the Eastern trendstructure at a down hole depth of 296m (200m vertical) intersecting a 4.6m corelength (true width estimated at 75 to 90 per cent of core length) of visiblegold-bearing quartz veining and quartz breccia. MH-20-98 intersected the zone75 m to the northeast of MH-19-81 and 27 m to the northeast of MH-20-97, whichencountered visible gold-bearing quartz veining over a 2m core length. MH-20-98is the northernmost hole drilled on the lower main zone, and it appears tosuggest a flattening or possible folding of the high-grade shoot, as theintersection is approximately 20 m deeper than the intersection in MH-19-81.
Benton’sExploration Activity – Far Lake Copper-Gold-Silver Project
The Company has now mobilized field crews tothe Far Lake Copper-Gold-Silver project. The Company recently executed a binding letter of intent with WhiteMetal Resources Corp. (“White Metal”) whereby the Company can earn up to a 70% interestin the project (see Company press release dated May 20, 2020). Benton has commencedgeological mapping, prospecting and soil sampling along the favourablestructures in addition to a large EM and Magnetic Airborne survey which willstart in the coming weeks. Recent exploration completed by White Metal led tothe discovery of a high-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. Sulphidemineralization in the structure has been delineated for approximately 400m andremains open in all directions. Inaddition, a parallel zone 2.1km west of the copper occurrence was located inthe spring of 2020 and exhibits a similar intense brecciation andsilicification. This second structurehas been traced intermittently over a 5km strike length with chalcopyritemineralization occurring throughout. The new zone is highly silicified and exhibitsbrecciation and an abundance of quartz veining with local silicified areasmeasuring up to 200m wide. Mineralization identified to-date on the propertydisplays characteristics suggestive of multiple mineralizing events, at boththe property and regional scale.
Beyond the large silicified zones, the project also contains aboulder that was assayed by White Metal and contained 0.293% Cu, 1.71g/t Pd,0.3g/t Pt and 0.219g/t Au. Locating thesource of this boulder will be an important activity to prove that Far Lake hasthe potential to host PGEs in addition to copper-silver-gold. The appearance ofthe boulder suggests the bedrock source is nearby and only travelled a shortdistance 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 White Metals in 2017, the Far Lake area saw nodocumented historical exploration even though it is strategically located alongthe Quetico Fault and between Benton’s Bark and Baril Lake projects (currentlyunder option to Rio Tinto Exploration Canada) and the Escape Lake and Thunder BayNorth deposits (see the location map included below or onwww.bentonresources.ca)
QP
NathanSims (P.Geo.), Senior Exploration Manager for Benton Resources Inc., the‘Qualified Person’ under National Instrument 43-101, has approved thescientific and technical disclosure in this news release and prepared orsupervised its preparation.
On behalf of the Board of Directors of BentonResources Inc.,
"Stephen Stares"
StephenStares, President
AboutBenton 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,details of which can be viewed on the Company's website. Most projects have anup-to-date NI 43-101 technical report 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 NOT REVIEWED AND DOES NOT ACCEPTRESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS 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 subjectto a variety of risks and uncertainties which could cause actual events orresults to differ from those reflected in the forward-looking statements,including, without limitation: risks related to failure to obtain adequatefinancing on a timely basis and on acceptable terms; risks related to theoutcome of legal proceedings; political and regulatory risks associated withmining and exploration; risks related to the maintenance of stock exchangelistings; risks related to environmental regulation and liability; thepotential for delays in exploration or development activities or the completionof feasibility studies; the uncertainty of profitability; risks anduncertainties relating to the interpretation of drill results, the geology,grade and continuity of mineral deposits; risks related to the inherentuncertainty of production and cost estimates and the potential for unexpectedcosts and expenses; results of prefeasibility and feasibility studies, and thepossibility that future exploration, development or mining results will not beconsistent with the Company's expectations; risks related to gold price andother commodity price fluctuations; and other risks and uncertainties relatedto the Company's prospects, properties and business detailed elsewhere in theCompany's disclosure record. Should one or more of these risks anduncertainties materialize, or should underlying assumptions prove incorrect,actual results may vary materially from those described in forward-lookingstatements. Investors are cautioned against attributing undue certainty toforward-looking statements. These forward looking statements are made as of thedate hereof and the Company does not assume any obligation to update or revisethem to reflect new events or circumstances. Actual events or results coulddiffer materially from the Company's expectations or projections.