THUNDER BAY, ON, June 6, 2012 /CNW/ - Benton Resources Corp. (BTC: TSX.V, "Benton" or "the Company") is pleased to announce that the Company has intersected several high grade gold zones from its first diamond drill campaign on the Elizabeth Anne gold project (the "Property"). Highlights of the new zones include 10.92 grams per tonne (gpt) gold (Au) over 15.24 metres (m) in hole EA-12C-05 in the mega-breccia zone, and in the C1 zone hole EA-12C-03 intersected 5.56gpt over 6.1m and 5.54gpt over 4.58m in EA-12C-01. The C1 Zone is located approximately 375m west across strike from the mega-breccia zone. Several other zones were also encountered in the drilling indicating the possibility of a large low grade shell around the higher grade zones. This first phase drill program consisted of 1456m in five holes to test areas of highly anomalous gold and silver values in selected surface samples that returned values of up to 73gpt gold and 416gpt silver. Silver values from the drilling will be reported as they are received.
Stephen Stares, Company President and CEO commented "Given the rate of success in these first five holes and the grades and widths of the new zones, management is hopeful that this is a large gold system with extraordinary potential. We look forward to compiling all of the data from this phase of drilling and initiating a second phase of drilling throughout the summer".
The Elizabeth Anne gold project is located approximately 19km west of the Mountain Pass rare earth mine in San Bernardino County, California and being less than 4km from a paved highway and 10km to the town of Baker, California, has excellent infrastructure. Benton is currently planning additional ground work including geophysical surveys, further mapping and prospecting pending approval of new drill permits to follow up on this exciting new discovery. The Company believes that the Property lies within the southern part 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.
|DDH||From (m)||To (m)||Interval (m)||Au (gpt)|
Note: intervals represent core length
* No significant assays but low anomalous gold values over long intervals
The samples were collected from HQ-size core that was cut in half and sent to ALS Minerals in Reno, Nevada. The samples were analyzed using fire assay with an atomic absorption finish on 30 gram pulp with gravimetric analysis on results grading greater than 10 gram per tonne gold.
Clinton Barr (P.Geo.), V.P. Exploration for Benton Resources Corp., is the qualified person responsible for this release.
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 $7.0 million in cash, owns approximately 57.87 million shares 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 approximately 8.5 million shares of Mineral Mountain Resources Ltd. (TSX-V.MMV), and holds 815,000 shares of Bell Copper Corporation (TSX-V.BCU) holds 1.67 million shares of Trillium North Minerals (TSX-V.TNM), holds 1.55 million shares of Golden Dory Resources (TSX-V.GDR) and 3.0 million shares Parkside Resources (currently private) Benton is currently in the process of spinning out the majority of its assets by a plan of arrangement into a new listed company in order to separate its 41.85% investment in Coro Mining from its cash, equities and exploration assets. Benton shareholders will receive one share in this new company for each share of Benton held pursuant to regulatory approval.
On behalf of the Board of Directors of Benton Resources Corp.,
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:
Clair Calvert: @ 204-799-2086