Benton's Elizabeth Anne hosts high grade silver and gold
July 02 2012 - 11:34PM
PR Newswire (Canada)
TSX-V: BTC THUNDER BAY, ON, July 4, 2012 /CNW/ - Benton
Resources Corp. ("Benton" or "the Company") is pleased to announce
that the Company has intersected high grade silver along with its
previously announced gold intercepts on the Elizabeth Anne gold
project (the "Property") (see Benton PR dated June 6, 2012).
Highlights of the new zones include 60.06 grams per tonne (gpt)
silver (Ag) and 10.92 gpt gold (Au) over 15.24 metres (m) in hole
EA-12C-05 known as the Mega-Breccia Zone, and 9.42gpt Ag and
5.55gpt Au over 4.58m in hole EA-12C-01 along with 9.55gpt Ag and
5.55gpt Au over 6.1m at the C1 zone. The C1 and Mega-Breccia
zones are northeast striking, subparallel, and approximately 375m
apart. Several other zones were also encountered in the drilling
indicating the possibility of a large low grade shell around the
higher grade zones. The Company believes that the Property lies
within the southern extension of the Walker Lane Gold Belt which
hosts several multi-million ounce precious metal deposits.
This first phase drill program has given the Company confidence
that they are within a geological system that could contain a
possible gold and silver discovery similar to other deposits hosted
within the Walker Lane trend. The 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 compiling and modeling the
results of the first phase of drilling and has applied for
additional permits for new drill sites which are expected to be
received in due course. 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. Complete
assays appear in the following table:
________________________________________________________ |DDH |From
(m)|To (m) |Interval (m)|Au (gpt)|Ag (gpt)|
|________|________|_______|____________|________|________|
|EA12C-01|73.15 |184.4 |111.25 |0.55 |** |
|________|________|_______|____________|________|________| |incl
|117.35 |146.3 |28.95 |1.42 |3.46 |
|________|________|_______|____________|________|________| |
|138.68 |143.26 |4.58 |5.54 |9.42 |
|________|________|_______|____________|________|________|
|EA12C-02|18.29 |21.34 |3.05 |1.02 |** |
|________|________|_______|____________|________|________|
|EA12C-03|82.3 |137.16 |54.86 |0.86 |1.69 |
|________|________|_______|____________|________|________| | |97.54
|135.64 |38.1 |1.16 |2.07 |
|________|________|_______|____________|________|________| |
|128.02 |137.16 |9.14 |3.84 |6.87 |
|________|________|_______|____________|________|________| |
|129.54 |135.64 |6.1 |5.55 |9.55 |
|________|________|_______|____________|________|________|
|EA12C-04| | | |* |** |
|________|________|_______|____________|________|________|
|EA12C-05|217.93 |243.84 |25.91 |6.58 |36.87 |
|________|________|_______|____________|________|________| |
|227.076 |242.316|15.24 |10.92 |60.06 |
|________|________|_______|____________|________|________| Note:
intervals represent core length * No significant assays but low
anomalous gold values over long intervals ** Results pending 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 for gold 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. Multi-element analysis
was completed using aqua regia and ICP (induced coupled plasma)
techniques. In addition, Benton has terminated its joint venture
with Buchans Minerals Corporation on the Long Range project located
in central Newfoundland and as such will be diluted from its
current 50%-50% interest using the industry standard formula as
Buchans proceeds with work on the project. Finally, the Company has
scheduled Wednesday, July 18, 2012 for the closing of its
previously announced spin-out transaction. Management is in
the process of effecting all corporate and securities laws steps
necessary in order to complete the closing on or about July 18,
2012. The common shares of the two companies resulting from
the spin-out transaction are expected to commence trading on the
TSX Venture Exchange shortly after this closing date. Clinton Barr
(P.Geo.), V.P. Exploration for Benton Resources Corp., is the
qualified person responsible for this release. About Benton 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 $6.7 million in cash, owns approximately 57.87
million shares in Coro Mining Corp. (TSX.COP), holds approximately
348,000 shares of Stillwater Mining Company , 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" 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 Benton Resources Corp. CONTACT:
contact Stephen Stares @:3250 Highway 130,Rosslyn, ON P7K 0B1Phone
(807)475-7474Fax (807)475-7200www.bentonresources.caInvestor
RelationsClair Calvert: @ 204-799-2086
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