Benton and Sokoman Initiate Drill Program at the Kraken Lithium Prospect on the Golden Hope JV; Spodumene-bearing Pegmatite Encountered in First Hole
Thunder Bay, Ontario--(Newsfile Corp. - January 21, 2022) - Benton Resources Inc. (TSXV: BEX) ("Benton") and Sokoman Minerals Corp. (TSXV: SIC) (OTCQB: SICNF) ("Sokoman") together, (the "Alliance") are pleased to announce that the Alliance has commenced the Phase 1 diamond drilling program at the Kraken Lithium prospect on the Golden Hope JV project located in southwest Newfoundland near the village of Burgeo. The diamond drilling program is expected to consist of 1,000 to 2,000 metres of diamond drill core in 4-6 holes designed to test an extensive system of spodumene- bearing dykes which have been sampled over a strike length of two kilometres within a corridor measuring 1,000 metres in apparent width and open in all directions. The Alliance is also pleased to announce that the first hole, with planned drill depth of 350 m-400 m across stratigraphy, has intercepted several spodumene-bearing (an important source of lithium) dykes near surface and the hole continues. Pictures of the core will be posted on both Benton's and Sokoman's websites in order to keep shareholders engaged in its progress at the Kraken dyke swarm. The Alliance is very pleased with the progress thus far and is in the process of logging, cutting and sampling the core to be submitted for assay as soon as possible. Kraken is the first-ever high-grade lithium discovery in Newfoundland and Labrador, with surface grab samples returning grades from trace to 2.37% Li2O (see Alliance joint press release dated August 16, 2021). This is also the first Newfoundland drilling program designed to target lithium.
The Kraken Pegmatites are highly evolved, pegmatite swarms similar to the geological environment and setting of other large systems in the Appalachian belt, including the important deposits held by Piedmont Lithium Inc. in the Carolinas, eastern US, as well as in the geologically equivalent Avalonia Project being advanced by Ganfeng Lithium in the Caledonides of Ireland. All samples will be submitted to Actlabs in Ancaster, Ontario for analysis by Sodium Peroxide Fusion ICPOES + ICPMS.
Stephen Stares, President and CEO of Benton stated: "We were very excited to conduct the first-ever drill program targeting lithium in Newfoundland and Labrador, Canada and are thrilled that we have intercepted spodumene in pegmatites in our maiden drill hole. This confirms that the dykes continue to depth. Collectively, our teams are confident that our Alliance has discovered something very special and we look forward to our initial drilling assay results."
Timothy Froude, President and CEO of Sokoman stated: "With the first hole we have confirmed a potentially significant lithium prospect on the Golden Hope Property. The presence of both fine-grained and coarse-grained spodumene identical in habit and mode of occurrence as our high-grade surface showings is very reassuring, and detailed core logging and core sampling is underway. The weather has been challenging and we appreciate the efforts of our drill contractor, Springdale Forest Resources. With spodumene-bearing pegmatite dykes now in drill core, we have no doubt the Kraken dyke swarm will be a significant development moving forward for shareholders of Sokoman and Benton."
This news release has been reviewed and approved by Timothy Froude, P.Geo., President and CEO of Sokoman Minerals Corp., a 'Qualified Person' under National Instrument 43-101.
To ensure a working environment that protects the health and safety of the staff and contractors, Benton and Sokoman are operating under federally and provincially mandated and recommended guidelines during the current COVID-19 alert level.
About Benton Resources Inc.
Benton Resources Inc. is a well-funded mineral exploration company listed on the TSX Venture Exchange under the symbol BEX. Following a project generation business model, Benton has a diversified, highly-prospective property portfolio of Gold, Silver, Nickel, Copper, Platinum Group Elements and most-recently Lithium assets. In addition, it currently 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 value. Benton also recently entered into a 50/50 strategic alliance with Sokoman Minerals Corp. (TSXV: SIC) through three large-scale joint-venture properties including Grey River, Golden Hope, and Kepenkeck in Newfoundland and Labrador, Canada that are now being explored.
About Sokoman Minerals Corp.
Sokoman Minerals Corp. is a discovery-oriented company with projects in Newfoundland and Labrador, Canada. The company's primary focus is its portfolio of gold projects: flagship, 100%-owned Moosehead, Crippleback Lake (optioned to Trans Canada Gold Corp.) and East Alder (optioned to Canterra Minerals Corporation) along the Central Newfoundland Gold Belt, and the district-scale Fleur de Lys project in northwestern Newfoundland, which is targeting Dalradian-type orogenic gold mineralization similar to the Curraghinalt and Cavanacaw deposits in Northern Ireland, and Cononish in Scotland. The company also recently entered into a strategic alliance with Benton Resources Inc. through three large-scale joint-venture properties including Grey River , Golden Hope, and Kepenkeck in Newfoundland. Sokoman now controls independently and through the Benton alliance over 150,000 hectares (>6,000 claims - 1,500 sq. km), making it one of the largest landholders in Newfoundland, Canada's newest and rapidly-emerging gold districts. The company also retains an interest in an early-stage antimony/gold project (Startrek) in Newfoundland, optioned to White Metal Resources Inc., and in Labrador, the company has a 100% interest in the Iron Horse (Fe) project that has Direct Shipping Ore (DSO) potential.
Mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on the company's property.
For further information, please contact:
CHF Capital Markets
Cathy Hume, CEO
Phone: 416-868-1079 x251
Benton Resources Inc.
Stephen Stares, President & CEO
Sokoman Minerals Corp.
Timothy Froude, P.Geo., President & CEO
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 Alliance's expectations; risks related to gold price and other commodity price fluctuations; and other risks and uncertainties related to the Alliance's prospects, properties and business detailed elsewhere in the Alliance'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 Alliance 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 Alliance's expectations or projections.
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