Trading Symbol: TSXV: BMC
Shares Outstanding: 150,898,545
WINDSOR, NS, Feb. 24 /CNW/ - Buchans Minerals Corporation (TSXV: BMC) ("Buchans Minerals") and Benton Resources Corp. (TSXV: BTC) ("Benton") or the "Companies" are pleased to announce plans
to commence drilling several base metal targets on the Long Range 50/50
joint venture property in the next few weeks. The program is expected
to include approximately 1,000 metres of drilling in ten holes testing
three priority targets including:
The Portage Nickel prospect, where previously trenched bedrock exposures
yielded grab samples assaying up to 2.70% nickel, 0.58% copper and
0.24% cobalt, and limited drilling intersected mineralized gabbro,
including a section assaying 0.44% nickel, 0.22% copper and & 0.016%
cobalt over 12.0 metres core length, including 1.36% nickel, 0.36%
copper and 0.039% cobalt over a 1 metre core length. This prospect will
be further tested as a near surface bulk tonnage target.
The Range Copper prospect, where previous drilling returned an
intersection of semi-massive to massive sulphides averaging 0.39%
copper and 0.032% cobalt over a core length of 37.8 metres. Drilling
will test the zone over a minimum strike length of 160 m, to a depth of
150 metres, as predicted from recent interpretation of geophysical data
collected in 2010. It is hoped that the new holes will better
characterize the grade and geometry of the zone, which is considered to
have good potential to host higher base metal grades within what may be
a large, zoned, sulphide body.
The String anomaly, an untested conductive anomaly located approximately
four kilometres southwest of the Portage Nickel prospect and
potentially on strike and associated with similar, but more
concentrated, gabbro-hosted nickel sulphide mineralization.
A drilling contract has been awarded to Logan Drilling of Stewiacke,
Nova Scotia and drilling is expected to commence within the next few
weeks and take four weeks to complete. A map showing the location of
the proposed drilling is available at http://www.buchansminerals.com.
Following the discovery of the Goldquest prospect at the end of 2010,
the Joint Venture is currently evaluating snow conditions with a view
to commencing additional work over the prospect later this month to
expand the soil geochemical survey covering an expanded area measuring
1.5 x 2.0 kilometres. This survey is to be undertaken to further extend
and define an open-ended, one kilometre long, prospective trend
detected as anomalous gold in soils and float by preliminary surveys
completed in December of 2010.
Paul Moore, M.Sc., P.Geo., (NL), Buchans Mineral's Vice President of
Exploration, is acting as Qualified Person in compliance with National
Instrument 43-101 with respect to this release and has reviewed the
contents for accuracy. Quoted assays and QAQC procedures described in
detail in previous Company press releases dated November 3 and November
About Buchans Minerals:
Buchans Minerals is an Atlantic Canada based resource company that is
focused on exploring and developing mineral properties in New Brunswick
and the historic Buchans mining camp in central Newfoundland, Canada.
About Benton Resources:
Benton is a Canadian based junior with multiple joint ventures and a
diversified property portfolio in Gold, Nickel, Copper, and Platinum
group elements. The Company currently has approximately $17 million in
cash, owns approximately 55.4 million shares and 2.43 million warrants
in Coro Mining Corp. (TSX.COP), holds approximately 348,000 shares of
Stillwater Mining Company (NYSE: SWC), holds 782,500 shares in Marathon
Gold Corp. (TSX.MOZ), holds 1.6 million shares in Puget Ventures
(TSX-V.PVS), holds 4 million shares of Mineral Mountain Resources Ltd.
(TSX-V.MMV), and holds 815,000 shares of Bell Copper Corporation
Forward Looking Statements:
Certain information contained herein may constitute forward-looking
statements within the meaning of applicable securities laws.
Forward-looking statements may include estimates, plans, expectations,
opinions, forecasts, projections, guidance or other statements that are
not statements of fact. Although Buchans Minerals and Benton (the
"Companies") believe that the expectations reflected in such
forward-looking statements are reasonable, they can give no assurance
that such expectations will prove to have been correct. The Companies
caution that actual performance will be affected by a number of
factors, many of which are beyond their control, and that future events
and results may vary substantially from what the Companies currently
foresee. The Companies' forward-looking statements are expressly
qualified in their entirety by this cautionary statement.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
SOURCE BUCHANS MINERALS CORP.
For further information:
|Buchans Minerals Corporation. |
Warren MacLeod, President & CEO
Ph: (902) 472-3520
Windsor, Nova Scotia
| || || ||Benton Resources Corp.|
Stephen Stares, President & CEO
Ph: (807) 475-7474
Thunder Bay, Ontario