Benton Provides Drilling Update at Panama Project, Red Lake and Reports on Matador's Progress at Cape Ray Gold, Newfoundland
Thunder Bay, February 12, 2019 - Benton Resources Inc. (TSXV: BEX) ("Benton" or "the Company") is pleased to provide an update that diamond drilling is well underway on the Panama Lake Gold project in the Red Lake Mining district located approximately 50km along strike from Great Bear Resources Ltd.'s 2018 gold discovery where drilling is ongoing. To date, the Company has completed five of seven planned drill holes within the Panama Zone. Upon completion, the drill will move to the Slate Lake zone where earlier the Company had selective grab samples grading up to 6.17g/t Au. This new prospect is located approximately 120m north of the area where a glacial till sampling survey conducted by the Geological Survey of Canada in 1999 (Open File 3038) identified 107 gold grains in till sampling, the highest count in the survey. The current series of holes has successfully intercepted a 20-30m wide, mineralized shear identified by Noranda Exploration Co, Ltd. in 1988, which yielded results of up to 2.8g/t Au over 4.5m. Benton views the project as having many similarities in geology and structure to that of Great Bear Resources Ltd.'s discovery to the west (see Great Bear's press release dated August 22, 2018). Benton will release results from the current Panama property drill campaign as soon as they are received and compiled and will plan further exploration work accordingly.
Benton is also pleased to update shareholders on the recent advancements at the Cape Ray Gold deposits ("Cape Ray") in Newfoundland by Matador Mining Ltd. ("Matador"). Benton currently holds 8 million shares and 833,333 options of Matador. Matador has recently announced a significant increase to the mineral resource at Cape Ray. Details of the increased resource are contained on Matador's website (Matadormining.com.au) in the press release dated January 29, 2019.
Benton is pleased with Matador's progress to date and views its strategic share position in Matador as a key asset to Benton shareholders as Matador continues to advance the Cape Ray deposits.
Nathan Sims (P.Geo.), Senior Exploration manager for Benton Resources Inc., is the qualified person responsible for this release and has prepared or supervised the preparation of or reviewed and approved the scientific and technical disclosure in this news release.
About Benton Resources Inc. (TSXV: BEX)
Benton Resources Inc. is a well-funded Canadian-based project generator with a diversified property portfolio in Gold-Silver, Nickel, Copper, and Platinum group elements. Benton holds multiple high grade 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 from the contact below.
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
For further information contact Stephen Stares @:
684 Squier Street,
Thunder Bay, ON
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/42785