Benton Resources to Release PEA for Cape Ray Gold in March and Stakes Champion Graphite Project
THUNDER BAY, ONTARIO--(Marketwired - Feb 17, 2016) - Benton Resources Inc. (TSX VENTURE:BEX) ("Benton" or "the Company") would like to update the shareholders on the progress of the upcoming Cape Ray Gold Preliminary Economic Assessment Report (PEA). The Company and its partner Nordmin Engineering Ltd. ("Nordmin") have been working closely together to ensure the best possible approach to determine the most viable, profitable and sustainable plan to move the project towards a bankable feasibility study. Benton and Nordmin are planning to release the findings and results of the PEA by the first week of March, 2016, with the final report issued within 45 days per regulation.
Under the Cape Ray Option and Joint Venture agreement, Nordmin can earn up to a 50% interest in the four deposits that define the Cape Ray deposits (04, 41, 51, and WGH deposits, see January 20, 2015 news release) through a series of work commitments and milestones that include completing the PEA and bankable feasibility study on the project.
Benton and Nordmin have recently filed a new NI 43-101 report on SEDAR which can also be found on the Company website. Highlights of the new NI 43-101 report are listed in the table below. The resources remain open for expansion through further drilling.
Table 1: Summary of Mineral Resources for the 51, 41, 04 and Windowglass Hill deposits on the Cape Ray Project
| Deposit | Classifi- cation | Cutoff (g/t) | Tonnes (Mt) | Au (g/t) | Ag (g/t) | Cu % | Pb % | Zn % | Contained Au (oz) | Contained Ag (oz) | |
| Indicated | 0.7 | 6.68 | 17.13 | 0.08 | 0.45 | 0.37 | 152,000 | 389,000 | |||
| "04" | 2.5 | ||||||||||
| Inferred | 0.3 | 4.47 | 7.04 | 0.04 | 0.35 | 0.25 | 40,000 | 64,000 | |||
| Indicated | 0.2 | 5.07 | 18.77 | 0.1 | 0.3 | 0.19 | 35,000 | 130,000 | |||
| "41" | 2.5 | ||||||||||
| Inferred | 0.1 | 5.01 | 13.08 | 0.08 | 0.34 | 0.25 | 10,000 | 27,000 | |||
| "51" | Inferred | 2.5 | 0.6 | 7.12 | 14.41 | 0.03 | 0.09 | 0.05 | 132,000 | 267,000 | |
| WGH | Inferred | 0.8 | 1.1 | 1.83 | 9.48 | 66,000 | 344,000 | ||||
| Total Indicated | 187,000 | 519,000 | |||||||||
| Total Inferred | 248,000 | 702,000 | |||||||||
The Cape Ray deposits are hosted within the Cape Ray/Victoria Lake regional fault zone which hosts numerous gold showings and deposits including Benton's 100% owned Isles aux Morts and Big Pond gold deposits, Marathon Gold's Valentine Lake deposits and the Benton/Metals Creek Staghorn J.V project.
In addition to the PEA update, the Company would like to announce that it has acquired by staking a 100% interest in the Champion Graphite project located north of Kenora, Ontario. The project consists of 29 staked claims and hosts a large concentration of airborne electromagnetic conductors. Historical trenching uncovered graphite occurrences where channel samples returned weighted average grades of up to 1.76% carbon over 25 metres (source: MNDM assessment files). The Company will seek a partner to advance the property.
As well, the results of the remaining 7 drill holes at the Staghorn gold property (under option from Metals Creek Resources Corp., see Benton press release dated November 18, 2014) did not return any significant gold values from the mineralization intersected. The diamond drill program consisted of 1,322m in eleven diamond drill holes of which two were lost in deep overburden. The first four holes were reported on December 9, 2015 and consisted of thick intervals of low grade gold values in an altered intrusive host with and arsenopyrite with pyrite mineralization. As the diamond drilling for the first three holes collared in the mineralized rock the true thickness of the host currently remains unknown. The remaining holes had targeted overburden-covered moderate to strong induced polarization (IP) geophysical anomalies and intersected graphite with pyrite in sedimentary rocks. All assays were completed by Eastern Analytical of Springdale, NL using fire assay.
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.
On behalf of the Board of Directors of Benton Resources Inc.,
"Stephen Stares"
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
Contact
Stephen Stares
3250 Highway 130,
Rosslyn, ON P7K 0B1
(807) 475-7474
(807) 475-7200
www.bentonresources.ca