Benton Resources Starts Exploration at Staghorn Gold and Provides Update
THUNDER BAY, ONTARIO--(Marketwired - May 26, 2015) - Benton Resources Inc. (TSX VENTURE:BEX) ("Benton" or "the Company") is pleased to announce that the Company has commenced its exploration program on the Staghorn Gold Property located in west-central Newfoundland which is under option from Metals Creek Resources Corp. (TSX VENTURE:MEK) ("Metals Creek") (see Benton press release dated November 18, 2014). Under the option agreement, Benton can earn up to a 70% interest in the project. To earn the initial 60%, the Company must make cash payments of $50,000 over three years (includes $10,000 paid on signing) and issue 500,000 common shares of the Company (includes 100,000 issued on signing) and incur work expenditures in the amount of $500,000 over three years with $50,000 in work expenditures required by the first anniversary. Once a 60% interest is earned, either a 60/40 joint venture will be formed or Benton may elect to earn an additional 10% interest (70% in aggregate) by paying Metals Creek $50,000 and issue 500,000 common shares of the Company within 60 days of the third anniversary, and incur an additional $500,000 in expenditures on the property by the fifth anniversary.
Benton will focus its current efforts on discovering the source of the Ryan's Hammer ("RH") boulder train along the Cape Ray/Victoria Lake Fault Zone whereby Metals Creek discovered a high grade gold-bearing, granitic boulder train with assays ranging from trace to 32.15g/t Au. Benton will also follow up on a large high grade soil geochemical anomaly grading from trace amounts to 1690 parts per billion gold (ppb Au) in samples approximately 2.8km west of the RH area.
The Cape Ray/Victoria Lake regional fault zone hosts a number of gold deposits including Marathon Gold's Valentine Lake deposit, located 30km to the northeast and Benton's Cape Ray gold deposits approximately 100km to the southwest. The Staghorn Gold property covers a 29km strike length of the mineralized trend. Previous work had outlined a number of gold showings in the central and southwestern part of the property. This latest discovery is located in the northeast part of the property, in an area that has seen minimal previous exploration work and opens up a new prospective area for further exploration.
The RH boulders are angular to sub-angular altered and foliated granite containing variable amounts of pyrite and arsenopyrite. A total of 30 samples were collected from the numerous boulders which varied in size from 0.10m to 0.75m and have been traced over a 175m length. Assay results ranged from 11 ppb Au to 32,152 ppb Au (see Metals Creek press release dated November 18, 2014). In addition, Benton plans to complete metallurgical testing, prospecting, mapping, trenching and diamond drilling on the Woods Lake zone located 8km southwest of the RH showing where previous drilling intersected up to 2.14gpt Au over 16.1m including 6.18gpt over 5.11m (see Metals Creek press release December 3, 2009).
In addition, the Company would like to inform its shareholders that Nordmin Engineering has made its second cash payment of $125,000 to the Company pursuant to the option and joint venture agreement on the Cape Ray gold deposits and has now earned its initial 5% interest in the project.
About Benton Resources Inc. (TSX VENTURE:BEX)
Benton Resources Inc. is a Canadian-based junior with a diversified property portfolio in Gold-Silver, Nickel, Copper, and Platinum group elements. The Company is well funded with approximately $5.2 million in cash and $0.5 million in marketable securities.
Clinton Barr (P.Geo.), V.P. Exploration for Benton Resources Inc., is the qualified person responsible for this release.
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
Contact
Benton Resources Inc.
Stephen Stares
3250 Highway 130,
Rosslyn, ON P7K 0B1
(807) 475-7200
Phone: (807) 475-7474
www.bentonresources.ca
