(MENAFN - Newsfile Corp) Benton Receives Final Payment of 500,000 Shares from Sokoman Iron and Releases Assays from Bolton Bay Drilling
Thunder Bay, Ontario--(Newsfile Corp. - January 9, 2019) - Benton Resources Inc. (TSXV: BEX) ("Benton" or "the Company") is pleased to announce that it has received the final payment of 500,000 shares from Sokoman Iron Corp. ("Sokoman") pursuant to an option to purchase agreement for the Alder East gold project located in Central Newfoundland (see Benton PR dated December 16, 2016). In accordance with the option agreement, Benton may also receive further future payments should various defined project resource estimate milestones be achieved by Sokoman and will also retain a 2% NSR on the Alder East project with Sokoman having the right to buy back 1% NSR for $1 million.
Benton would also like to announce the results from three of the four drill holes completed during a recent drill campaign at the Bolton Bay project. Anomalous gold values over significant widths were intersected in the first three drill holes while the results from a fourth hole, testing a 10m thick ultramafic unit prospective for base metal and PGE mineralization, are still pending. While the results prove that the Bolton Bay project has potential for widespread gold mineralization, the drilling failed to intersect a higher grade, sulphide-rich 'pocket' from which Benton surface samples returned up to 145g/t Au this past summer.
Results from the three drill holes appear below:
From (m) To (m) Interval (m) Grade (g/t Au)
BB-18-01 7.6 43.6 36.0 0.30
Incl. 39.6 43.6 4.0 0.83
Incl. 40.6 41.6 1.0 2.55
BB-18-02 23.4 67.4 44.0 0.36
Incl. 23.4 41.4 18.0 0.54
Incl. 23.4 34.4 11.0 0.74
Incl. 23.4 24.4 1.0 3.37
Incl. 33.4 34.4 1.0 3.77
BB-18-03 53.0 56.0 3.0 0.42
Note: Reported intercepts are core lengths not true widths
Finally, the Company has executed a contract with diamond drill contractor Rugged Aviation Inc. of Thunder Bay for the upcoming drill program on the Panama Lake Gold project in Red Lake Mining district located approximately 50km along strike from Great Bear Resources Ltd.'s recent Dixie Lake discovery (see the Great Bear Resources Ltd. press release dated August 22, 2018). The drill program will commence in approximately 10 days with a focus on the Company's new surface discovery (see Benton PR dated September 18, 2018) from the previously announced grab samples grading up to 6.17g/t Au located on Slate Lake and only approximately 120m north of the area where glacial till sampling survey by the Geological Survey of Canada, 1999 (Open File 3038) identified 107 gold grains in till sampling, the highest count in the survey. A second series of holes will test the Panama Zone where historical diamond drilling completed by Noranda Exploration Company Ltd. in 1988 yielded results of up to 2.8g/t Au over 4.5m within a 20-30m wide mineralized shear zone. Benton views the project as having many similarities in geology and structure to that of the Great Bear discovery in the Red Lake district noted above.
Nathan Sims (P.Geo.), Senior Exploration manager for Benton Resources Inc., is the qualified person responsible for this release and has prepared or supervised the preparation of or reviewed and approved the scientific and technical disclosure in this news release.
About Benton Resources Inc. (TSXV:BEX)
Benton Resources Inc is a well-funded Canadian-based project generator with a diversified property portfolio in Gold-Silver, Nickel, Copper, and Platinum group elements. Benton holds multiple high grade projects available for option which can be viewed on the company's web site. Most projects have an up to date NI 43-101 report available. Interested parties can contact Stephen Stares using the contact details below.
On behalf of the Board of Directors of Benton Resources Inc.,
Stephen Stares, President
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
The information contained herein contains "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be "forward-looking statements."
Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: risks related to failure to obtain adequate financing on a timely basis and on acceptable terms; risks related to the outcome of legal proceedings; political and regulatory risks associated with mining and exploration; risks related to the maintenance of stock exchange listings; risks related to environmental regulation and liability; the potential for delays in exploration or development activities or the completion of feasibility studies; the uncertainty of profitability; risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; results of prefeasibility and feasibility studies, and the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; risks related to gold price and other commodity price fluctuations; and other risks and uncertainties related to the Company's prospects, properties and business detailed elsewhere in the Company's disclosure record. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from the Company's expectations or projections
For further information contact Stephen Stares @:
684 Squier Street,
Thunder Bay, ON