Benton and Panoramic to Extend Terms for Agreement on Thunder Bay North Project
Thunder Bay, Ontario--(Newsfile Corp. - October 1, 2019) - Benton Resources Inc. (TSXV: BEX) ('Benton' or 'the Company') is pleased to announce that Panoramic Resources Inc. ('PAN') has agreed to extend the terms associated with the initial binding purchase agreement and amended binding purchase agreement (together the "Transaction") for an additional 30 days to November 3, 2019 (see PR's dated September 3, 2019 and July 2, 2019).
Under the Transaction, Benton has agreed to acquire all of Panoramic's shares in its 100%-owned subsidiary, Panoramic PGMs (Canada) Ltd. which holds the Thunder Bay North PGM Project for C$9 million as follows:
- C$4.5 million on the completion of the Transaction;
- C$1.5 million on the first anniversary of the completion of the Transaction;
- C$1.5 million on the second anniversary of the completion of the Transaction; and
- C$1.5 million on the third anniversary of the Transaction.
All other terms of the Transaction remain unchanged.
- High-grade, near-surface Platinum Group Metals (PGM) deposits with a historical resource.
- Excellent infrastructure, with a paved highway and established logging roads.
- Drilling highlights on the 30,000 hectare Thunder Bay North (TBN) Property include historic high-grade intercepts of 46.65 m @ 10.1 g/t Platinum+Palladium+Gold (5.267g/t Pt + 4.555g/t Pd + 0.324g/t Au) with 1.62% Copper+Nickel (1.154% Cu + 0.465% Ni), incl. 13.0 m @ 33.2 g/t Pt+Pd+Au (17.305g/t Pt + 14.817g/t Pd + 1.061g/t Au) and 4.91% Cu+Ni (3.755% Cu + 1.308g/t Ni), incl. a spectacular intercept of 2.6 m @ 97.9 g/t Pt+Pd+Au (52.769g/t Pt + 41.538g/t Pd + 3.630g/t Au) and 14.9% Cu+Ni (11.599% Cu + 3.289% Ni) in drill hole BL 10-197.
The TBN Project contains the Current, Bridge and Beaver zones of which the following Historical Estimates* are defined:
To view an enhanced version of Table 1, please visit:
*Historical Estimate from Thomas, D. et al. 2011: Magma Metals Limited, Thunder Bay North Polymetallic Project Ontario, Canada, NI 43-101 Technical Report on Preliminary Assessment
Mineral Resources and Mineral Reserves at the Thunder Bay North project are considered by Benton to be historic in nature. No qualified person as defined by NI 43-101 has done sufficient work to classify the historical estimates at Thunder Bay North as current. The Company believes that the historical estimates at both deposits can be used as a guide in determining future exploration drilling and the Company will need to undertake a comprehensive review of available data which may include further drilling to verify the historic estimates at either property in order to reclassify them as current mineral resources. The Company's QP has verified the data but no resampling of core or any other tests on the analytical procedures has been performed by the Company to-date.
A map of the PGM Projects and drill hole locations can be viewed on the Company's website along with the PEA provided by Panoramic Resources Inc. In addition, the Company has made available its updated corporate presentation covering these prospective PGM Projects on its web site at www.bentonresources.ca.
Nathan Sims (P.Geo.), Senior Exploration Manager 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.
On behalf of the Board of Directors of Benton Resources Inc.,
Stephen Stares, President
About Benton Resources Inc.
Benton Resources 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 website. Most projects have an up-to-date 43-101 Report available.
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
Cathy Hume, CEO
Phone: 416-868-1079 x231
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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