THUNDER BAY,
ON, Nov. 16, 2012 /CNW/ -
Benton Resources Inc. (TSXV: BEX) ("Benton" or the
"Company") announces that the Company has received assay results
from the newly identified PW Zone where re-sampling of two
historical holes drilled in 1979 has confirmed the presence of bulk
tonnage type gold grades and thicknesses in these drill
holes. The two holes were drilled approximately 150 meters
apart and show good continuity of gold associated with a granitic
intrusive unit interpreted to be the possible extension of the
Windowglass Hill (WGH) deposit located 1.2km to the
southwest. Drill hole PB79-128 intersected 2 separate
mineralized zones grading 1.64 gpt gold over 28.96m (including 4.68
gpt gold over 6.25m) and 1.18 gpt gold over 21.34m. Drill
hole PB79-133, located approximately 150m along strike to the NE
returned 1.38 gpt gold over 20.73m including 7.86 gpt gold over
2.44m.
A table comparing the composited assay results
for historic and current re-sampling is provided below:
Hole |
From (m) |
To (m) |
Interval (m) |
1979 Au gpt |
Re-sampled Au gpt |
PB79-128 |
24.38 |
107.29 |
82.91 |
0.91 |
0.86 |
incl |
24.38 |
53.34 |
28.96 |
1.64 |
1.59 |
incl |
24.38 |
30.63 |
6.25 |
4.68 |
5.30 |
incl |
27.43 |
28.96 |
1.53 |
16.46 |
19.50 |
and |
80.77 |
102.11 |
21.34 |
1.18 |
1.13 |
PB79-133 |
73.15 |
93.88 |
20.73 |
1.38 |
1.53* |
incl. |
91.44 |
93.88 |
2.44 |
7.86 |
10.36* |
incl. |
92.87 |
93.33 |
0.46 |
39.43 |
39.43* |
* Includes interval from 1979 sampling (92.87 to
93.33 meters - 0.34% of core) which is now missing from core
storage
The two holes, which are stored at the
Newfoundland and Labrador government core storage facility
located in Pasadena, were quarter
cut and submitted to Eastern Analytical Laboratories located in
Springdale, Newfoundland.
The Company plans to re-log and re-sample the remaining two holes
associated with the PW Zone as soon as possible. In addition,
the company has commenced the rehabilitation of the access road to
the property, which should be completed in approximately 2 weeks
and will provide easy and cost effective access for upcoming
exploration programs.
Benton recently
announced an option agreement with Cornerstone Capital Resources
Inc (TSXV: CGP) ("Cornerstone") to acquire up to a 75% interest in
Cornerstone's Cape Ray project
which hosts the Windowglass Hill (WGH) and the 51 Zone ("51")
deposits. The 51 deposit has a NI 43-101 compliant inferred
resource of 530,000 tonnes grading 6.10 gpt gold and 15.86 gpt
silver containing 103,943 ounces of gold and 270,253 ounces of
silver and the Windowglass Hill Deposit has a NI 43-101 compliant
inferred resource of 1,810,000 tonnes grading 1.77 gpt gold and
11.28 gpt silver containing 103,001 ounces of gold and 656,415
ounces of silver (see Benton N.R. dated September 20, 2012). Both deposits have
excellent potential for expansion as well as for new discoveries as
has been demonstrated in the newly identified PW zone. The
deposits are located on the west coast of Newfoundland, are situated on or near the Cape
Ray Fault and are contiguous to Benton's large 100% owned Cape Ray East
project. Benton has recently
completed a compilation of all available historical data and has
identified several high priority targets which will be drill-tested
after the road and drilling grids have been re-established.
Benton Resources Inc. would like to acknowledge
and thank the government of Newfoundland and Labrador for the $100,000 Junior Exploration Assistance ("JEA")
grant to assist in exploration of Benton's 100% owned Cape Ray East project.
Clinton Barr (P.Geo.), V.P.
Exploration for Benton Resources Inc., is the qualified person
responsible for this release.
The Company currently has approximately
$13.1 million in combined cash and
investments but a market capitalization of only $7.25 million (based on the November 15, 2012 closing market price of
$0.095 per share). In addition
to the large discount to its cash and investments, the Company has
an excellent portfolio of prospective exploration projects.
On behalf of the Board of Directors of Benton Resources Inc.
"Stephen Stares"
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.