Benton Receives $100,000 Option Payment from Rio Tinto Exploration for Baril Lake West Project
Thunder Bay, Ontario--(Newsfile Corp. - January 11, 2023) - Benton Resources Inc. (TSXV: BEX) ("Benton" or the "Company") is pleased to announce it has received the final option payment of CAD$100,000 from Rio Tinto Exploration Canada ("RTEC") for the Baril Lake West project (see press release dated January 2, 2019). Pursuant to the terms of the Option to Purchase Agreement dated December 21, 2018 between the Company and RTEC, RTEC has now earned the right to acquire 100% of the Baril Lake West project. Should RTEC achieve commercial production at the Baril Lake West project, it will pay Benton an additional CAD$1,000,000 in cash. Benton will also retain a 2% net smelter return (NSR) royalty, half of which (1%) can be purchased by RTEC for CAD$1,000,000.
Baril Lake West is situated approximately four km west of Benton's 100%-owned Bark Lake project and immediately adjacent to RTEC's Baril Lake Project where RTEC discovered significant mineralization grading 4.78% Ni and 0.43% Cu over 2.08 m in 2018 (Ontario ENDM Assessment File: 200000017073).
These projects are approximately 100 km west of the Escape Lake and Thunder Bay North (TBN) projects, along the major crustal-scale, east-west oriented, Quetico fault, in which the Escape Lake and TBN deposits held by Clean Air Metals Inc. are situated. Benton currently holds 24.6 million shares of Clean Air Metals Inc. and retains a 0.5% NSR royalty on the Escape Lake Deposit and a 0.5% NSR royalty on a large portion of the TBN deposit (see press release dated May 15, 2020).
While the Baril Lake West and Bark Lake projects are early stage in nature, the Company believes they have the potential to contain a magmatic conduit system that could host Cu-Ni-PGEs. At Bark Lake, numerous mineralized boulders near the Quetico Fault contain anomalous Cu-Ni-PGEs with grades up to 4.35 gpt Pd, 2.64 gpt Pt, 0.74 gpt Au, 1.2% Cu and 1.5% Ni. Drilling completed by RTEC in 2018 on the Bark Lake project encountered mineralization of 0.31% Cu and 0.72 gpt Pt + Pd over 19.2 m (see press release dated May 25, 2018). A map showing the location of the Baril West and Bark Lake projects appears on the Benton website (www.bentonresources.ca).
Stephen House (P.Geo.), 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.
About Benton Resources Inc.
Benton Resources is a well-financed 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 and cesium 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.
Benton is also a 50/50 partner in a strategic alliance with Sokoman Minerals Corp. through three large-scale joint-venture properties, including Grey River Gold, Golden Hope, and Kepenkeck in Newfoundland.
On behalf of the Board of Directors of Benton Resources Inc.,
Stephen Stares, President
Parties interested in seeking more information about properties available for option can contact Mr. Stares at the number below.
For further information, please contact:
Stephen Stares, President & CEO
CHF Capital Markets
Thomas Do, IR Manager
Phone: 416-868-1079 x232
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
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