THUNDER BAY, ONTARIO–(Marketwired – April 12, 2017) – Benton Resources Inc. (TSX VENTURE:BEX) (“Benton”) and Metals Creek Resources Corp. (TSX VENTURE:MEK) (“Metals Creek”) are pleased to announce that they have jointly executed a letter of intent (the “Agreement”) with a Newfoundland prospector (the “Vendor”) pursuant to which Metals Creek and Benton have been granted the option to acquire a 100% interest (50% each) in 22 claim units (the “Property”) located in the Victoria Lake area, Central Newfoundland.
Under the Agreement, Benton and Metals Creek will make staged payments to the Vendor totaling $45,000 ($5,000 on signing) and 425,000 common shares (50,000 on signing) over a three year period. All cash and share payments will be split 50% Benton and 50% Metals Creek. The Vendor will retain a 2% net smelter return (“NSR”) on the Property. Benton and Metals Creek will have the right to buy back 1% of the NSR for $1,000,000. This transaction is subject to TSX Venture Exchange approval as well as a due diligence period expiring June 15, 2017.
The optioned property will be folded into the Staghorn Project in which Benton is earning a 60% interest. The Staghorn Project covers a portion of the regional Cape Ray Fault Zone that hosts a number of significant gold deposits including Marathon Gold’s Valentine Lake deposit, located 30km to the northeast and Benton’s Cape Ray gold deposits approximately 100 km to the southwest. The optioned property is contiguous with the northeast boundary of the Staghorn Gold Project. Recent prospecting by the Vendor resulted in the discovery of several areas of mineralized outcrop and float along a 1.6 kilometer strike length on the Property. Selective grab samples submitted by the vendor returned gold values up to 18.86 grams per tonne (“gpt”), 61gpt silver, 1.7% copper, 0.59% lead, 0.15% antimony, and 2.76% zinc (not all in same sample). Most of the gold-bearing samples are described as quartz-carbonate material with varying amounts of pyrite, chalcopyrite, arsenopyrite and galena. Highlights from the most recent samples collected from an outcropping area of a gossanous felsic volcanic unit cut by numerous quartz veins where three of these samples returned assays of 18gpt, 7gpt and 1gpt gold. The mineralization appears to be related to an east-west fault that traverses the property and may be a splay off the auriferous Cape Ray Fault system
In addition, Benton and Metals Creek have staked an additional 30 claim units to the north and west of the optioned claims.
Benton and Metals Creek plan on a completing a property review once spring breakup is over and weather conditions allow for additional sampling. This new acquisition enhances the value of the Staghorn Gold Project and adds a number of new untested gold targets to the project.
About Benton Resources Inc. (TSX VENTURE: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
Stephen Stares
President
(807)475-7474
(807)475-7200 (FAX)
www.bentonresources.ca