Thunder Bay, Ontario--(Newsfile Corp. - January 30, 2018) - Benton Resources Inc. (TSXV: BEX) ("Benton" or "the Company") would like to announce that it has acquired the Cape Eagle project on the Great Northern Peninsula by staking 4 licenses containing 228 claim units which covers similar geology to that of the Company's GNP project and that of White Metal Resources Corp's new black shale discovery of anomalous gold values over approximately a 15 square kilometer area (see White Metal Resources Corp. PR dated November 20, 2017). Benton's management believes this gold-enriched black shale model exhibits many similarities to that of the large Sukhoi Log deposit located in Russia. The Company intends to immediately apply for a permit to conduct an electro-magnetic (EM) airborne survey which could be completed concurrently with that being completed at the Company's new black shale GNP project located 26 km to the north. The new property may also have base metal potential as it surrounds Altius Minerals Corporation's Sail Pond project which is host to high grade silver, copper, lead and zinc mineralization.
In addition, Benton has been creating ice pads at their Bedivere Lake gold project in preparation for the upcoming third phase of diamond drilling. The Bedivere gold project is located 130km west of Thunder Bay in northwest Ontario and strategically located between the multi-million ounce Hammond Reef gold deposit located 43km to the west and the Moss Lake gold deposit located 37km to the east. Highlights from 2017 drilling at Bedivere include 6.43grams per tonne ("gpt") over 2.0m in BED-17-001 and 37.3gpt gold ("Au") over 1.0m in BED-17-003, 3.09gpt Au over 4.0m and 11.2gpt Au over 1.0m in BED-17-13, 7.87gpt over 2.1m in BED-17-16 and 2.73gpt over 4.0m in BED-17-20. The Company is now starting to see distinctive plunges of higher grades within the wide alteration zones and will target these areas in the upcoming drill program as well as attempt to extend the main Traxxin Zone mineralization along strike to the north. In addition drilling has identified highly prospective areas to the south where wide zones of highly anomalous gold have been intersected in the last hole completed, BED-17-021, including 42.0m of altered quartz breccias that grade 0.21gpt Au with locally higher grades up to 1.7gpt Au over 1.0m.
The Company continues to evaluate the best strategy to build shareholder value from the current deposits outlined at the Cape Ray gold project and believes the property is significantly undervalued compared to similarly advanced properties in the industry. The Cape Ray gold property is located on the west coast of Newfoundland and host to six gold deposits. Four of these deposits were the basis for last year's Preliminary Economic Assessment ("PEA") that defined 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%. 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 holds multiple high grade gold projects available for option which can be viewed on the Company's web site. Most projects have an up to date NI 43-101 report available. Interested parties can contact Stephen Stares using the contact information below.
About Benton Resources Inc. (TSXV: BEX) Benton Resources Inc is a well-funded Canadian-based junior with a diversified property portfolio in both base and precious metals.
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
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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