Benton Resources Acquires Strategic Claims Directly Along Strike From Equinox Gold's Valentine Gold Mine In Central Newfoundland
In accordance with the Agreement, the Company will pay Quest a one-time cash payment of $6,000 and issue 200,000 shares of the Company for a 100% interest in Quest's claims. Quest will retain a 2% Net Smelter Return ("NSR"), whereby Benton will have the right to buy back 1% for $1.5 million. In addition, the Company has granted Quest a 0.25% NSR on three of the Company's staked claims (Licences 039488M, 039556M, and 039560M) and on a portion of Licence 039590M.
A detailed compilation by Benton, using first-derivative magnetics and historical assessment work filed with the Government of Newfoundland, along with a public press release from Marathon Gold (see Marathon Gold Corporation Press Release dated March 06, 2023) shows that the favourable trend and gold structures continue south west towards Benton's new Victoria West Project (Figure 1). In particular, a soil sampling program completed and released by Marathon Gold highlighted this favourable contact trend with highly anomalous gold values up to 169 ppb Au in soils near the water's edge trending toward Benton's newly acquired claims (Figure 2).
Figure 1: Compilation on the Victoria West Project
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Figure 2: Western Peninsula Gold in Soils on the Victoria West Project
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Stephen Stares, Company President and CEO, commented, "This is yet another fantastic opportunity for Benton and its shareholders as it strategically complements our prospective gold and base metal project portfolio in Newfoundland, one of the world's top-ranked mining jurisdictions. We are pleased to have cost-effectively acquired an excellent land position directly along strike from one of Canada's newest and continually growing gold mines. These opportunities are rare and truly hold significant discovery potential. The Company is currently looking at its options for drill targeting on the project."
QP
Stephen House (P.), Vice President of Exploration for Benton Resources Inc., the 'Qualified Person' under National Instrument 43-101, has approved the scientific and technical disclosure in this news release and prepared or supervised its preparation.
QA/QC Protocols
Core and rock samples, including standards, blanks and duplicates, are submitted to Eastern Analytical Ltd., Springdale, Newfoundland for preparation and analysis. All samples were acquired by saw-cut (channels/drill core) with one-half submitted for assay and one-half retained for reference, or hand (rocks) and delivered, by Benton personnel, in sealed bags, to the Springdale lab of Eastern Analytical, which is an accredited assay lab that conforms to the requirements of ISO/IEC 17025. Samples are analyzed using Eastern's Au (Fire assay) @ 30g + ICP-34 method that delivers a 34-element package utilizing a 200 mg subsample totally dissolved in four acids and analyzed by ICP-OES analytical technique. Overlimits are analysed with Eastern's atomic absorption method, using a 0.200 g to 2.00 g of sample, digested with three acids. All reported assays are uncut. Eastern Analytical Ltd. achieved ISO 17025 accreditation in February 2014 (for more details on the scope of accreditation visit the CALA website). Grab samples are selective in nature and may not represent the average mineralization of a bedrock exposure.
About Benton Resources Inc.
Benton Resources is a well-financed mineral exploration company listed on the TSX Venture Exchange under the symbol BEX. Benton has a diversified, highly prospective property portfolio and holds large equity positions in other mining companies that are advancing high-quality assets. Whenever possible, BEX retains net smelter return (NSR) royalties with potential long-term cash flow.
Benton is focused on advancing its high-grade Copper-Gold Great Burnt Project in central Newfoundland, which has a Mineral Resource estimate of 667,000 tonnes @ 3.21% Cu Indicated and 482,000 @ 2.35% Cu Inferred. The Project has an excellent geological setting covering 25km of strike and boasts six known Cu-Au-Ag zones over 15km that are all open for expansion. Further potential for discovery is excellent given the extensive number of untested geophysical targets and Cu-Au soil anomalies. Phase 1 and 2 drill programs returned impressive results including 25.42 m of 5.51% Cu, including 9.78 m of 8.31% Cu, and 1.00 m of 12.70% Cu. Drilling at the South Pond Gold Zone, approximately 7.5 km north of the Great Burnt Copper-Gold Zone, has confirmed a robust gold-mineralized system over 2.5 km with results of 74.20 m of 1.43g/t Au and 43.75 m of 1.62g/t Au and is open for expansion in all directions.
On behalf of the Board of Directors of Benton Resources Inc.,
"Stephen Stares"
Stephen Stares, President
Parties interested in seeking more information about properties available for option can contact Mr. Stares at the number below.
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