Benton Resources is a well-funded Canadian-based project generator with a diversified property portfolio in multiple commodities: gold, silver, nickel, copper and platinum group elements. The Company is currently advancing its 100%-owned projects in Ontario, highlighted by the Panama Project in the prolific Red Lake District with the geology similar to that of the Great Bear Resources’ Red Lake discovery. Benton is a resilient junior and has survived bad markets thanks to well-timed financings and the strategic sale of projects including the Bermuda Property to Sillwater Mining in 2008 and Cape Ray Gold project to Matador Capital in 2018.
Benton also has multiple projects being advanced by its partners through option agreements, including two with Rio Tinto Exploration Canada.
-Projects:
THUNDER BAY NORTH & ESCAPE LAKE:
Benton Resources to Acquire High Grade PGM Deposits: Panoramic’s Thunder Bay North Deposit and Rio Tinto’s Escape Lake Discovery
Highlights:
High-grade, near-surface Platinum Group Metals (PGM) deposits with a historic resource.
Excellent infrastructure, with a paved highway and established logging roads.
Drilling highlights on the 30,000 hectare Thunder Bay North (TBN) Property include historic high-grade intercepts of 46.65 m @ 10.1 g/t Platinum+Palladium+Gold (5.267g/t Pt + 4.555g/t Pd + 0.324g/t Au) with 1.62% Copper+Nickel (1.154% Cu + 0.465% Ni), incl. 13.0 m @ 33.2 g/t Pt+Pd+Au (17.305g/t Pt + 14.817g/t Pd + 1.061g/t Au) and 4.91% Cu+Ni (3.755% Cu + 1.308g/t Ni), incl. a spectacular intercept of 2.6 m @ 97.9 g/t Pt+Pd+Au (52.769g/t Pt + 41.538g/t Pd + 3.630g/t Au) and 14.9% Cu+Ni (11.599% Cu + 3.289% Ni) in drill hole BL 10-197.
Drilling highlights on the 220 hectare Escape Lake Property include 121.6 m @ 2.49 g/t Pt+Pd+Au (1.04g/t Pt + 1.37g/t Pd + 0.07g/t Au) and 0.86% Cu+Ni (0.52% Cu + 0.34% Ni), incl. 33.4 m of 7.28 g/t Pt+Pd+Au (3.01g/t Pt + 4.08g/t Pd + 0.19g/t Au) and 2.26% Cu+Ni (1.49% Cu + 0.77% Ni) in drill hole 12CL0009, and 162 m @ 1.42 g/t Pt+Pd+Au (0.61g/t Pt + 0.76g/t Pd + 0.06g/t Au) and 0.47% Cu+Ni (0.28% Cu + 0.19% Ni), incl. 40.67 m 4.5 g/t Pt+Pd+Au (1.92g/t Pt + 2.48g/t Pd + 0.18g/t Au) and 1.26% Cu+Ni (0.89% Cu + 0.36% Ni) in drill hole 11CL0005.
Thunder Bay, ON, July 2, 2019 – Benton Resources Inc. (‘Benton’ or ‘the Company’) (TSX-V: BEX) today announced that it has executed two separate binding purchase agreements with Rio Tinto Exploration Canada Inc. (‘RTEC’) (the ‘RTEC Agreement’) and Panoramic Resources ILimited (‘PAN’) (the ‘PAN Agreement’) (together the “PGM Project”).
Stephen Stares, President and CEO, stated: “Our team has been searching for an exciting PGM project in the market that possesses what we feel are essential project qualities: a high-grade, near-surface deposit containing a historical resource and located near existing infrastructure in a mining-friendly jurisdiction. These projects satisfy those criteria. Coupled with the high-grade discovery drilling completed at Escape Lake, the Company feels that the opportunity to delineate further resources exists. Located only 50 km from the Company’s office in Thunder Bay, the projects are well-situated to aggressively move them forward. In addition, the projects lie approximately 60 km south of North American Palladium’s (NAP) Lac des Illes Mine and 10 km east of NAP/Transition Metals’ Sunday Lake Intrusion”.
Thunder Bay North:
The TBN Project contains the Current, Bridge and Beaver zones of which the following Historical Estimates* are defined:
Historical Estimate:
*Historical Estimate from Thomas, D. et al. 2011: Magma Metals Limited, Thunder Bay North Polymetallic Project Ontario, Canada, NI 43-101 Technical Report on Preliminary Assessment
Mineral Resources at the Thunder Bay North project are considered by Benton to be historic in nature. No qualified person as defined by NI 43-101 has done sufficient work for Benton to classify the historical estimates at Thunder Bay North as current. The Company believes that the historical estimates at both deposits can be used as a guide in determining future exploration drilling and the Company will need to undertake a comprehensive review of available data which may include further drilling to verify the historic estimates at either property in order to reclassify them as current mineral resources. The Company’s QP has verified the data but no resampling of core or any other tests on the analytical procedures has been performed by the Company to-date. Verification of results will be a top priority for Benton.
Escape Lake:
The 220 hectare Escape Lake property is located within the TBN Project claim block and along the interpreted conduit system which contains/controls the Pt-Pd-Base Metal mineralization on the TBN Project. RTEC staked the Escape Lake block in 2006 and performed successive rounds of limited diamond drilling between 2010 and 2012, the results of which until now had not been released publicly. These programs yielded impressive drill intercepts highlighted by drill holes 12CL0009 and 11CL0005.
Note: Reported intercepts are core lengths may not be true widths.
A map of the PGM Projects and drill hole locations can be viewed on the Company’s web site. In addition, the Company has made available its updated corporate presentation covering these prospective PGM Projects on its web site at www.bentonresources.ca.
Purchase Agreements
Pursuant to the RTEC Agreement, Benton will purchase a 100% interest in RTEC’s Escape Lake property for $6 million CAD (the “Escape Lake Purchase Price”), subject to obtaining financing and receipt of regulatory approval. The Company is to obtain commitments for $4 million of the Escape Lake Purchase Price within 90 days of execution of the RTEC Agreement and closing of the acquisition and payment off the $6 million Escape Lake Purchase Price is to take place within 10 days of securing financing. RTEC will retain a 1% Net Smelter Royalty (‘NSR’) on the Escape Lake portion of the PGM Project.
Under the PAN Agreement, the Company will acquire PAN’s wholly-owned Canadian subsidiary, Panoramic PGMs Canada Ltd., which holds the Thunder Bay North Project (the ‘TBN Project’) for $9 million CAD. The Company will have 60 days upon signing to complete a final purchase and sale agreement plus an additional 60 days to obtain financing and receive all requisite regulatory approvals for the transaction. Upon signing the final purchase and sale agreement, Benton will pay PAN a $250,000 deposit which will be offset against the purchase price. The TBN Project has an existing 3% NSR on a number of claims located within the claims package.
Closing of the purchase of the PGM Project is also contingent upon both RTEC and PAN mutually releasing each other from all future obligations from the earn-in with option to joint venture agreement that was in place.
Benton is currently considering several strategic options for financing that best serves shareholders of the Company and aggressively moves the PGM Project forward.
ABERNETHY PROJECT:
The Abernethy Project is located 10km southwest of Kenora, Ontario. Acquired by staking, Benton has 100% ownership in this property which consists of 9 claims totaling 67 units. It covers a historically defined 640 metre long and up to 210 metre wide electromagnetic conductor outlined by Hudson Bay Exploration and Development Co. Ltd in 1974. The anomaly was tested by Hudson Bay with a single drill hole and intersected anomalous gold throughout the hole including one section that returned 17.8 gpt gold over 1.52 metres. Subsequently in 1987 the project was acquired by Mingold Resources Inc. who further tested the same zone with two diamond drill holes spaced at 61 metres apart. This drilling also intersected significant anomalous gold throughout both drill holes including 6.30 gpt gold over 6.1 metres in drill hole ABE-1 and 1.62 gpt gold over 6.7 metres (including 10.0 gpt gold over 0.61 metres) in drill hole ABE-3.
Research of historical assessment work filed with the provincial government indicate there are only three historical drill holes in the electromagnetic conductor suggesting the zone is open at depth and along strike in both directions. Recent forestry logging operations have opened access to several areas within the claim group providing good infrastructure.
Benton completed a Phase I drill program that identified a large gold system of multiple gold-rich horizons that measures more than 500m in strike length and up to 77m core length in width. The system is open in all directions. Notably, the hole furthest to the west (ABE 11-07) cut multiple gold horizons that averaged 0.53gpt Au over 77.1 meters with several higher grade sections listed in the table below. Visible gold is noted in the section 162.5m–164m. Hole ABE 11-07 was collared more than 200m west of two historical drill holes that returned gold grades of 17.8 gpt gold over 1.52 metres and 6.30 gpt gold over 6.1 metres.
ARMIT LAKE:
Initial prospecting at Benton’s 100% owned Armit Lake property resulted in the discovery of high-grade nickel mineralization (4.2% Ni) at the DC Creek showing. The mineralization is associated with serpentinized ultramafics and sulphide facies iron formation, a similar geological environment encountered at the Thompson nickel belt in Manitoba. A separate occurrence of gold grading 25.4 grams per tonne was also uncovered several kilometers to the northwest in chert-sulphide iron formation. Nearby boulders grading up to 1.24% Cu and 1.6gpt Au were also uncovered. A program consisting of line cutting, ground geophysics, mapping and prospecting has been completed as well as drilling of priority targets.
To date, three significant zones have been discovered in this exciting early stage project. The significant results include a mineralized zone in Hole 08 that assayed 1.57% nickel (Ni) and 0.08% cobalt (Co) over 7.8 metres (m) from 32.0m to 39.8m down hole in an altered ultramafic rock unit. Within this intersection, was a narrower but higher grading material of 3.7% Ni and 0.2% Co over 2.55m. Hole 08 was drilled under the DC Creek nickel showing where selected surface grab samples returned up to 4.17% Ni. The second significant intersection is a new gold (Au) discovery which comes from Hole 07, drilled 800m to the east of Hole 08, this zone intersected 23.03grams per tonne (gpt) Au over 1.5m at 100m down hole. The newest intersection comes from hole 12 located 1400 metres SW of hole 07 which intersected 10.58gpt gold and 0.30% copper over 0.8 metres within altered volcanics associated with quartz veining, quartz carbonate and 2-3% sulfides at 40m down hole.
BARK LAKE:
Benton is pleased to announce that it has executed an option to joint venture agreement with Rio Tinto Exploration Canada Inc. on the Bark Lake project. Under the terms of the Option, Rio Tinto can earn a 70% interest by incurring $3 million in exploration expenditures and by paying Benton $50,000 cash over 5 years (the “First Option”). After the First Option period, RTEC may either form a joint venture with Benton on a 70/30 basis or, at its election, increase its interest to 80% (the “Second Option”) by spending an additional $5 million in exploration expenditures over 4 years and by paying Benton $100,000 cash within 30 days after electing to exercise the Second Option. Upon exercising the Second Option, RTEC may elect to form a joint venture with Benton on an 80/20 basis.
Property Location and Regional PGE Activity:
INTRODUCTION:
The Bark Lake property is host to a number of platinum (Pt), palladium (Pd), gold (Au), copper (Cu) and nickel (Ni) showings contained in mineralized ultramafic rock either in outcrop or dozens of mineralized boulders. The mineralized occurrences are situated along the Quetico Fault, a major crustal-scale east west oriented structure. Grab samples have returned grades up to 4.35gpt Pd, 2.64gpt Pt, 0.74gpt Au, 1.2% Cu, 0.5% Ni by Hackl Prospecting. Samples collected by Benton personnel have confirmed significant precious and base metals across the project area. More recent sampling has returned individual assays grading up to 1.5% Nickel, 1.2% Copper, 2.6 gpt Pt, 1.4gpt Pd and 0.7gpt Au. Twelve out of the 16 samples taken from the area returned results higher in Platinum than Palladium. Also of particular interest was the discovery of several semi-massive, net-textured sulphide boulders, with one measuring around 1 cubic metre in size and assaying 1.5% Ni. The boulders are angular in nature and believed to be located very close to source. In order to determine the source of the high grade boulders, Benton carried out an extensive exploration program on the property including linecutting, ground magnetics, ground IP, geological mapping and prospecting. The Mag and IP survey helped to define an ultramafic intrusion to the north of the property. Drill targets were defined based on the geophysical interpretation and Benton intersected the ultramafic intrusion in holes BL-08-04 and BL-08-05. Mineralization was present in these intersections but not to the same degree as in the boulders. Intersections were as follows:
The Bark Lake property consists of mining claims in the Boot Bay Area, Northwestern Ontario all of which are wholly owned by Benton.
REGIONAL GEOLOGY:
The Bark Lake Property is underlain by ca. 2.690 – 2.698 Ga Archean Greenstone and Granitic rocks of the Quetico Subprovince and the Quetico Fault bounding the Wabigoon Subprovince to the north and Quetico Subprovince to the South (Percival and Easton, 2007). The Quetico Subprovince consists predominantly of meta-sedimentary rocks, derived migmatite and granite with a suite of Alaskan type mafic-ultramafic intrusions. These intrusions, called Quetico Intrusions, are commonly associated with the narrow meta-sedimentary belt that is wedged between the Quetico Batholith to the south and the Quetico Fault Zone to the north (MacTavish, 1999).
An early penetrative D1 fabric is prominent throughout the belt and predates emplacement of the Quetico Intrusions and calc-alkaline plutons (Percival and Easton, 2007). Subsequent deformation events were followed by low-pressure, high-temperature metamorphism that reached upper amphibolite to granulite facies at the center of the belt, and greenschist facies on the periphery (Percival and Easton, 2007). The belt was then intruded by late, crust derived granitic plutons and pegmatite dykes (Percival and Easton, 2007).
PROPERTY GEOLOGY:
During the Phase I drill program, three primary lithologies were encountered. Greenschist facies metamorphism is the predominant grade with a moderate penetrative fabric host in the meta-sediments and a weak fabric in the ultramafic rocks. Minor sulphide mineralization was encountered in drilling, However high grade mafic-ultramafic boulders hosting massive magmatic sulphide were observed during surface mapping. Property geology is as follows:
Greywacke/Meta-Sediments
This unit is light to medium grey-brown in colour, fine grain and exhibits a moderate to strong foliation. Foliation measurements taken during property mapping consistently gave an east-west strike, with dips ranging from nearly horizontal to vertical.
Mafic-Ultramafic Rocks (Quetico Intrusion)
Ultrmafic rocks were typically coarse grained pyroxenites with the occasional presence of biotite. Pyrrhotite was the most dominant sulphide mineral seen within the ultramafics with often lesser amounts of chalcopyrite and pyrite. This unit usually exhibited random grain orientation.
Orthogneiss:
An orthogneissic unit was observed both in the field and in drill core. This unit ranged from fine grained up to pegmatitic. Composition consisted primarily of plagioclase with quartz, biotite and minor potassic feldspar. Sulphide mineralization was not seen in this unit. No mineral alignment was observed in most cases, although a weak foliation was occasionally observed.
Pegmatite Dykes:
Pegmatite dykes were observed cutting the meta-sediment unit within drill core and in mapping. This unit is composed of large euhedral to subhedral crystals (1-10 cm) of hornblende, biotite, potassic feldspar with minor amounts of magnetite, quartz and carbonate.
BARIL LAKE WEST:
In January 2019, Benton announced that it entered into a option to purchase agreement with Rio Tinto Exploration Canada Inc. (RTEC) whereby RTEC will have the right to earn a 100% interest in Benton’s Baril Lake West claims located approximately 5km west of Benton’s Bark Lake project which is also currently under option to RTEC (see Benton PR dated October 25, 2016). Pursuant to the terms of the agreement, RTEC can earn 100% of the Baril project by paying Benton $200,000 over 4 years and should RTEC achieve commercial production at the project, will pay Benton an additional $1,000,000. The Company will also retain a 2% Net Smelter Royalty (NSR), half of which (1%) can be purchased by RTEC for $1,000,000. The Company considers the Baril Lake project to be a favorable setting to potentially host copper-nickel and platinum group metals. Drilling completed by RTEC in 2017 on the Bark Lake project encountered mineralization of 0.31% copper and 0.72g/t Platinum + Palladium over 19.2m (see Benton PR dated May 25, 2017).
COLDWELL WEST:
The Coldwell West property encompasses the western margin of the Proterozoic Coldwell alkaline complex, located on the north shore of Lake Superior. The Coldwell Complex is part of the Keweenawan igneous rocks that were emplaced around and adjacent to the Mid-continent Rift (MCR) system. The MCR system hosts several Ni-Cu-PGE deposits including, Tamarack, Eagle, The Duluth Complex, Crystal Lake, Thunder Bay North and the Marathon-PGM deposit which is hosted by the Two Duck Lake gabbro along the eastern margin of the Coldwell complex. The western margin of the Coldwell complex, which this property encompasses has been identified to host Ni-Cu-PGE mineralization in the historic Renshaw-Tripp and Moneta occurrences which are located within and adjacent to southern portion of the property respectively. The majority of Ni-Cu-PGE mineralization identified in the Coldwell complex is hosted by the Eastern Gabbro which rings the eastern and northern margins of the complex. Within the underexplored western margin of the complex is the Western Gabbro which is under documented but has the potential to host significant Ni-Cu-PGE mineralization as the eastern gabbro and is the main target for exploration. The Coldwell complex also has the potential to host REE in syenite rocks that form the bulk of the interior of the complex and historically these syenites have been quarried for building stone.
Latest News
Benton Confirms Widespread Copper Mineralization at Far Lake IOCG Project; 3D IP Survey Identifies Large Chargeability Targets for Drilling
January 19, 2021
Benton Initiates Deep IP and Ground Gravity Surveys on Its Far Lake IOCG Project
December 22, 2020
Benton Closes $421,600 Non-Brokered Private Placement and Announces Results of Annual General and Special Meeting of Shareholders
FAR LAKE:
Thunder Bay ON, May 20 2020 – Benton Resources is pleased to announce that the Company has entered into a binding Letter Of Intent (“LOI”) with White Metal Resources Corp (TSX-V: WHM) (“WHM”) whereby Benton can earn up to a 70% interest in WHM’s Far Lake project located 80km west of Thunder Bay, Ontario.
Recent exploration completed by WHM led to the discovery of a high-grade, semi-massive sulphide copper occurrence. Recent trenching and sampling programs at the Far Lake copper-silver-gold project provided results that include a 0.7m channel sample across massive sulphide that assayed 22.0% Cu, 30.2 g/t Ag, and 0.25 g/t Au as well as another channel sample that graded 3.54% Cu over 3m, including 4.96% Cu over 1m. Mineralization is located within a northwest-southeast trending, brecciated and silicified structure that bisects a regional granitic pluton. Sulphide mineralization in the structure has been delineated for approximately 400m and remains open in all directions. In addition, a parallel zone 2.1km west of the copper occurrence was located in the spring of 2020 and exhibits a similar intense brecciation and silicification. This second structure has been traced intermittently over a 5km strike length with chalcopyrite (copper sulphide) mineralization occurring throughout. The new zone is highly silicified and exhibits brecciation and an abundance of quartz veining with local silicified areas measuring up to 200m wide. Mineralization identified to-date on the Property displays characteristics suggestive of multiple mineralizing events, at both the property and regional scale.
Beyond the large silicified zones, the project also contains a boulder that was assayed by WHM and contained 0.293% Cu, 1.71g/t Pd, 0.3g/t Pt and 0.219g/t Au. Locating the source of this boulder will be an important activity to prove that Far Lake has the potential to also not only host copper-silver-gold, but also PGE’s. The appearance of the boulder suggests the bedrock source is not far and only traveled a short distance during glaciation.
While the project is very early stage and has little historical exploration, there are a number of exciting targets that can be efficiently explored. The Project has excellent infrastructure with multiple logging roads accessing the property via the Trans-Canada Highway. Surprisingly, prior to the work completed by WHM in 2017, the Far Lake area as seen no documented historical exploration and its strategically located along the Quetico Fault and between Benton’s Bark and Baril Lake projects (currently under option to Rio Tinto Exploration Canada) and the Escape Lake and Thunder Bay North deposits which Benton recently sold its option rights on to Clean Air Metals Inc.
Pursuant to the LOI, the Company can acquire from WHM an initial 60% interest in the Property (the “Initial Option”) followed by a second option to acquire an additional 10% interest (the “Second Option”) in the Property.
The Company may, subject to regulatory approval, exercise the Initial Option by paying $205,000, issuing 1.6 million common shares and completing $1 million in exploration expenditures over four years as follows:
Paying $25,000 and issuing 300,000 common shares to WHM within three days of receipt of TSX Venture Exchange (the “Exchange”) approval for the LOI;
Completing $200,000 of exploration expenditures on the Property on or before the first anniversary of execution of this LOI;
Paying $30,000 and issuing 400,000 common shares to WHM on or before the first anniversary of execution of this LOI;
Completing an additional $200,000 of exploration expenditures on the Property on or before the second anniversary of execution of this LOI;
Paying $50,000 and issuing 400,000 common shares to WHM on or before the second anniversary of execution of this LOI;
Completing an additional $300,000 of exploration expenditures on the Property on or before the third anniversary of execution of this LOI;
Paying $100,000 and issuing 500,000 common shares to WHM on or before the third anniversary of execution of this LOI; and
Completing an additiolcopyrite mineralization (DDH FL-20-11 Sample 163134: 3.87% Cu over 0.5m)
High Priority Proposed Hole for Phase II Drilling
Highlights from Phase I Drillingnal $300,000 of exploration expenditures on the Property on or before the fourth anniversary of execution of this LOI.
Within 90 days of completing the Initial Option, the Company may at its election exercise the Second Option by: Issuing 500,000 common shares to WHM; and Completing an additional $1 million of exploration expenditures on the Property on or before the fifth anniversary of the agreement.
FORESTER LAKE GOLD:
The Forester Lake project is 100% owned by Benton Resources Corp and was obtained by staking. The Property is located approximately 100km north of Pickle Lake, ON and roughly 25km southeast of GoldCorp’s Musselwhite Gold Mine. It is positioned at the southeast extent of the North Caribou Greenstone Belt.
The ground was acquired due to its location and geophysical similarities to the Musselwhite Gold mine located 25 km northwest of the property. Historic drilling intersected gold mineralization grading up to 16.2 g/t over 0.5m, 12.3 g/t over 1.5m and 13 g/t over 0.9m. Benton hired Universal Wing Geophysics to conduct an 897 line kilometer airborne magnetic survey.
In early 2011, Benton optioned the Forester project to Parkside Resources Corp. who has the right to earn up to 70% through cash payments totaling $50,000 and exploration commitments of $1,000,000.
GOODCHILD:
-Project contains a portion of a large ultramafic intrusion containing high grade nickel up to 12.6%, cobalt up to 0.3%, and PGE’s up to 1.8g/t in sulphide breccia (historic prospecting samples).
-Potential for high grade Ni, Cu, Co, and PGE mineralization at untested keel of the ultramafic intrusion
-The presence of high grade Nickel could be an indicator that the sulphides were remobilized from a massive sulphide source, located at depth below the occurrence, similar to the Great Lakes Nickel PGM deposit
Intrusion contains fine-to-medium grained Awaruite, a native Ni-Fe alloy similar to stainless steel (discovered in Benton drilling)
-Excellent infrastructure nearby; less than 7km from the Marathon Palladium deposit and 15km from the Trans-Canada Highway
-No deep (300+ metre) drilling has been completed to test the keel of the Goodchild ultramafic intrusion
IRON DUKE:
Through staking, Benton acquired a 100% interest in the Iron Duke gold project located 20km east of the past producing Mattabi/Sturgeon Lake base metal deposits and 30km south of the past producing St. Anthony gold mine in Northwestern Ontario. The project is comprised of 47 units in 3 claims and covers the Quill Lake gold zone which has undergone limited exploration efforts. Historical diamond drilling (6 holes) for gold in the early 1990s by Noranda Exploration Inc. (Ontario MNDM assessment files) tested anomalous gold- and arsenic–in-soil geochemical samples and returned from trace to 2.2gpt gold over narrow widths of 0.91 metres or less. A second company, Excalibur Resources Ltd., drilled three more holes 5-6km along strike to the east from the Noranda drilling while exploring for base metals (Ontario MNDM assessment files). Excalibur’s drilling also encountered anomalous gold values, the best being 11.8 metres grading 0.19gpt gold and 0.5m grading 1.07gpt gold. Selective sampling in historical trenches by Benton has returned gold grades up to 64.1g/t. Given the widespread anomalous gold values the Company believes this to be an iron formation horizon prospect. Benton believes there is merit to follow-up previous exploration on the Quill Lake gold zone and within the immediate region.
Benton Resources Inc. is traded on the OTC under the ticker symbol BNTRF. This is not investment advice. Please view the disclaimer found on this website.
