Mr. Stephen Stares of Benton reports
BENTON FILES EXECUTED OPTION AGREEMENT FOR GREAT BURNT COPPER-GOLD OPTION AND EXPANDS DISCLOSURE OF JOIT-VENTURE NET SMELTER RETURNS
Further to the Aug. 17, 2023, and Aug. 30, 2023, news releases, Benton Resources Inc. has signed an option agreement with Spruce Ridge Resources Ltd., whereby Benton can earn an undivided 70-per-cent interest in Spruce's Newfoundland properties, including the Great Burnt copper deposit and the South Pond gold and copper zones. The Company has received conditional approval by the TSX Venture Exchange (the "Exchange") for the Option.
Highlights of the Option
Under the terms of the Option, Benton can earn a 70% undivided interest in the Property by:
making a $40,000 cash payment to Spruce upon receipt of final Exchange approval;
issuing to Spruce 15 million common shares in the capital of Benton ("Benton Shares") as follows:
5,000,000 Benton Shares subject to a four-month regulatory trading restriction;
5,000,000 Benton Shares subject to a four-month regulatory trading restriction plus an additional eight-month trading restriction;
5,000,000 Benton Shares subject to a four-month regulatory trading restriction plus an additional twenty-month trading restriction; and
completing $2.5 million in exploration expenditures on the Property within 36 months of the date of the LOI, of which $1.0 million must be expended by the first anniversary of the LOI, subject to the right of Benton to accelerate the completion of such expenditures and share issuances at its election.
Once a 70% interest in the Property is earned by Benton, the Property will be operated as a participating joint venture. In the event a joint venture is formed, if either party has its interest in the Property diluted to less than 10%, such interest will be converted to a net smelter royalty of 2% less any existing royalties that the Property is subject to.
Great Burnt Copper-Gold Project
The Great Burnt Main Zone has an NI 43-101 compliant resource prepared in 2022 for Spruce by P&E Mining Consultants Inc. of 667,000 Tonnes (47.2 Mlb) Cu at 3.21% (indicated) and 482,000 Tonnes (25.0 Mlb) Cu at 2.35% (inferred) contained within mining lease 211(10210M). The Copper resource remains open to the south and at depth. Highlights of the drill programs to date include:
GB20-05: 27.20 m of 8.06% Cu, including 7.75 m of 16.88% Cu
GB20-20: 22.75 m of 6.89% Cu, including 12.55 m of 10.59% Cu
GB18-05: 20.94 m of 6.21% Cu, including 6.98 m of 10.71% Cu
GB18-06: 9.97 m of 7.45% Cu, including 5.03 m of 11.42% Cu
GB16-08: 7.50 m of 9.45% Cu, including 3.00 m of 19.30% Cu
GB16-09: 5.75 m of 6.68% Cu, including 1.50 m of 11.70% Cu
Exploration at the South Pond Zone has identified potential for both copper and gold along several kilometers of strike. Highlights of the 2021 drill program include:
SP21-01: 1.69g/t Au over 51.00 m, including 3.19g/t Au over 11.00 m, within 10 m of surface
SP21-03: 2.36g/t Au over 15.00 m, including 11.33g/t Au over 1.00 m
SP21-08: 1.75g/t Au over 21.20 m, including 2.82g/t Au over 10.20 m
SP21-11: 1.34g/t Au over 17.60 m, including 2.48g/t Au over 4.20 m
SP21-14: 2.06g/t Au over 21.00 m
SP21-16: 1.72g/t Au over 10.00 m
Note: Widths quoted are true core length, true widths are estimated at approximately 70% of core lengths
Stephen House (P.Geo.), Vice President of Exploration 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.
About Benton Resources Inc.
Benton Resources is a well-financed mineral exploration company listed on the TSX Venture Exchange under the symbol BEX. Following a project generation business model, Benton has a diversified, highly prospective property portfolio of gold, silver, nickel, copper, platinum group elements and, most recently, lithium and cesium assets. In addition, it currently holds large equity positions in other mining companies that are advancing high-quality assets. Whenever possible, BEX retains net smelter return (NSR) royalties with potential long-term cash flow.
Benton is also a 50/50 partner in a strategic alliance with Sokoman Minerals Corp. through three large-scale joint-venture properties, including Grey River Gold, Golden Hope, and Kepenkeck in Newfoundland.
We seek Safe Harbor.
© 2023 Canjex Publishing Ltd. All rights reserved.