Thunder Bay, Ontario--(Newsfile Corp. - February 27, 2018) - Benton Resources Inc. (TSXV: BEX) ("Benton" or "the Company") would like to announce that it has acquired by staking an additional 131 claim units to cover the 22km south west extension of the Cape Ray Fault. This new ground encompasses highly favorable geology and structure in addition to several significant gold showings including Benton's 2017 sampling where selective grab samples returned trace to 4.2gpt (grams per tonne) gold. The new package of land covers historical zones where selective grab samples graded up to 7.7%% copper with 69.9gpt silver at the Stackhouse showing and 4.9% copper, 51gpt silver and 13.2gpt gold at the Cape Ray Copper #1 showing (Newfoundland Mineral Occurrence Database System). The geological description of the historic mineral occurrences is similar to that found at the Company's Cape Ray deposits and indicates potential to make further discoveries along the large land package controlled by Benton.
The Cape Ray Gold Project is located on the west coast of Newfoundland and is host to 6 gold deposits, 4 of which have NI 43-101 compliant resources totaling 313,000 ounces gold Indicated and 96,000 ounces gold Inferred at a 1.5gpt gold cutoff. A recently released PEA include a pre-tax net present value ("NPV") at a 7% discount rate of $48.5 million with a pre-tax internal rate of return ("IRR") of 31% and a post-tax NPV at a 7% discount rate of $32.4 million with a post-tax IRR of 25% and a net revenue of $397.5 million over a 9-year life-of-mine. The reader should be cautioned that the PEA is preliminary in nature. It contains inferred mineral resources that are considered too speculative to have the economic considerations applied to them that would enable them to be categorized as mineral reserves.
In addition, Benton continues its drill program on its Bedivere gold project located 130km west of Thunder Bay strategically located between Agnico Eagle's multi-million ounce Hammond Reef deposit located 43km to the west and Wesdome's Moss Lake deposit located 37km to the east. Highlights from 2017 drilling on Bedivere include 6.43gpt gold over 2m in BED-17-001 and 37.3gpt gold over 1m in BED-17-003, 3.09gpt gold over 4m and 11.2gpt gold over 1m in BED-17-13, 7.87gpt gold over 2.1m in BED-17-16 and 2.73gpt gold over 4m in BED-17-20. The Company is now starting to see distinctive plunges of higher grades within the intrusive body containing mineralization and will target these areas in future work. In addition, drilling has identified areas to the south where wide zones of anomalous gold have been intersected including 42m grading 0.21gpt gold in altered quartz breccia with locally higher grades up to 1.7gpt gold over 1m.
Benton also holds multiple high grade gold and base metal projects available for option which can be viewed on the Company's web site. Most projects have up-to-date NI 43-101 reports available. Interested parties can contact Stephen Stares from the contact below.
About Benton Resources Inc. (TSXV: BEX) Benton Resources Inc is a well-funded Canadian-based junior with a diversified property portfolio in Gold-Silver, Nickel, Copper, and Platinum group elements.
Clinton Barr (P.Geo.), V.P. Exploration for Benton Resources Inc., is the qualified person responsible for this release has prepared, supervised the preparation or approved the scientific and technical disclosure in the news 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