THUNDER BAY, ON, Jan. 10, 2013 /CNW/ - Benton Resources Inc. (TSXV: BEX) ("Benton" or "the Company") is pleased to announce the discovery of several new high grade gold and silver showings at the Elizabeth Anne Gold Project. To date the company has completed and received results from a total of 562 surface grab and chip samples over a large area measuring approximately 40 square kilometres. The results are very encouraging and include highlights ranging from trace to 89.3g/t gold and trace to 1955g/t silver. In addition to the new high grade gold and silver showings, several localized areas show highly anomalous amounts of copper up to 12.15%, lead up to 3.13% and bismuth up to 0.23% in surface sampling.
Much of the new surface sampling has identified two new areas of interest that require follow-up exploration work. One area situated to the north west of the Central (C1) zone is defined by copper-gold-silver mineralization occurring over an area greater than 2km long by 500m wide. The mineralization is predominantly associated with aplitic dyke swarms in a quartz monzonite intrusion and as a result, additional ground has been staked to cover this new anomalous area. A second area of new mineralization has been uncovered approximately 3km due east of the C1 zone and consists of highly anomalous gold-silver mineralization spread over a 200x200m area.
The company anticipates the current mapping and prospecting program to be completed shortly with further results being released once they are received and compiled. A follow-up ground geophysical survey, including detailed magnetometer and Induced Polarization (I.P.), will be integrated with the geological mapping and surface sampling results to delineate and prioritize future diamond drill targets. Drilling is expected to commence in the coming months.
Benton's management continues to be very encouraged by the results and in less than 12 months, the Company has identified multiple new high grade gold and silver zones, completed 4153 meters of drilling in 13 holes with significant previously released results of:
- 10.92gpt gold and 60.1g/t Ag over 15.24m in hole EA12C-05,
- 5.55gpt Au and 9.55g/t Ag over 6.1m in EA12C-03,
- 5.54gpt Au and 14.74g/t Ag over 4.58m in EA-12-01 and
- 11.9gpt Au and 381g/t Ag over 1.5m in EA12C-12
(see Benton N.R. dated October 12, 2012)
A complete range for the 562 surface samples is listed below:
Highest silver assay = 1955 gram/tonne Ag (approx. 57oz/ton)
- 6.5% or 37 samples assayed ≥100g/t Ag
- 10% or 57 samples assayed ≥50g/t Ag
- 14% or 79 samples assayed ≥30/t Ag
- 24% or 134 samples assayed ≥10g/t Ag
- 50% or 282 samples assayed ≥1g/t Ag
Highest gold assay = 89.3 gram/tonne Au (approx. 2.6 oz/ton)
- 8.5% or 48 samples assayed ≥2g/t Au
- 10% or 58 samples assayed ≥1g/t Au
- 17% or 97 samples assayed ≥0.5g/t Au
- 24% or 136 samples assayed ≥0.25g/t Au
- 37% or 209 samples assayed ≥0.1g/t Au
Stephen Stares, the Company's President and CEO commented "we are very pleased with the results of the ground work completed to date on this project and anxiously anticipate the completion of the geological, geophysical and prospecting program in order to delineate additional drill targets for our next phase of drilling. We believe that the project lies in a setting that has the potential to host an economic resource and we will continue to work diligently to advance this project".
The Elizabeth Anne gold property is located approximately 19 miles (30km) west of the Mountain Pass rare earth mine in San Bernardino County, California. The Company believes that the Property lies within the southern portion of the Walker Lane Gold Belt which hosts several multi-million ounce gold deposits. The Company can earn a 100% interest in the Property by paying $1.2 million over 13 years subject to a 3% Net Smelter Royalty (NSR) of which Benton has the right to purchase 50% of the NSR (1.5%) for $1.5 million and holds a Right of First Refusal to match any offer on the other 1.5% NSR.
About Benton Resources Inc. (TSXV: BEX)
Benton Resources Inc is newly listed Canadian based junior with multiple joint ventures and a diversified property portfolio in Gold-Silver, Nickel-Copper, and Platinum group elements. The Company is well-funded with approximately $5.27 million in cash and $7.0 million in marketable securities.
Clinton Barr (P.Geo.), V.P. Exploration for Benton Resources Inc., is the qualified person responsible for this 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
SOURCE: Benton Resources Inc.
For further information:
For further information contact Stephen Stares @:
3250 Highway 130,
Rosslyn, ON P7K 0B1
Clair Calvert: @ 204-219-4546