TSX-V: BTC
THUNDER BAY, ON,
Nov. 1, 2012 /CNW/ - Benton
Capital Corp. (TSXV: BTC) is pleased to announce that Coro
Mining Corp. (TSX: COP) ("Coro") has completed surface
exploration and an 8 hole 2,290m reverse circulation (RC) drilling
program at Coro's El Desesperado copper project, located 7 km NW of
the city of Calama in the II Region of Chile, and immediately west of Codelco's Toki
Cluster deposits.
The drill program was designed to provide an
initial test of an ~ 4km2 prospective area of porphyry copper style
alteration and anomalous copper geochemistry resulting from Coro's
mapping and sampling program completed earlier this year. This
prospective area includes the El D Norte target, where leached cap,
porphyry style alteration and anomalous geochemistry have been
defined over an area of 1,500m x 700m, partially covered by
landslips, extending WSW from the eastern property boundary and
encompassing the old Quetena open pit workings. It also includes
the El D Sur target where scattered outcrops of leached cap,
porphyry style alteration and anomalous geochemistry, largely
covered by overburden, occur over an area of 1,400 x 500m. The
target extends NNE from the southern property boundary, is limited
by the property boundary to the east, and is open to the north
under cover.
A total of 5 RC holes (1,544m) were completed in
the El D Norte target and 3 RC holes (746m) in the El D Sur;
several holes did not reach their planned 400m depths due to
drilling difficulties caused by the presence of water. Drillhole
locations are shown on Table 1 and Figure 1.
Alan Stephens,
President and CEO of Coro commented, "We are pleased with the
progress of our exploration at El Desesperado. All 8 holes
intersected porphyry copper style mineralization and alteration
over significant widths beneath a leached cap, and we look forward
to receiving the assay results in due course."
About El Desesperado
Coro believes there is good potential on the El
Desesperado property to host mineralization of similar style to the
adjacent Toki Cluster deposits (Toki, Quetena, Genoveva, Opache,
Miranda and Pulucktur). These are associated with swarms of NNE
oriented Eocene age porphyry dykes and stocks, intruded into both
Paleozoic volcanics and precursor Tertiary plutons. Zones of low
grade copper mineralization associated with potassic alteration are
related to the porphyries and higher copper grades occur where this
has been overprinted by sericite alteration, or where later veining
is present. The Toki Cluster deposits have been oxidized to depths
in excess of 100m beneath the gravel cover which overlays all of
them, and host major copper oxide resources, as well as significant
underlying primary sulphide mineralization, and in the case of
Opache and Pulucktur, secondary enrichment blankets.
Small scale open pit mining and leaching of
copper oxide bearing breccias, took place at the old Quetena Mine
on the property during the 1960-70's, and it was subsequently
explored by two major mining companies, firstly in 1997-98 prior to
the discovery of the Toki Cluster; and secondly in 2004. The first
company completed wide spaced reverse circulation and diamond
drilling (11 holes, 2,582m), mostly aimed at testing geophysical
targets, while the second company completed vertical reverse
circulation drilling (2 holes, 700m) which tested two conceptual
targets. In neither case, was significant mineralization
intersected.
In December 2011,
Codelco initiated the permitting process for production of cathode
copper from the combined Quetena and Genoveva deposits. According
to the publicly available Environmental Impact Study, this will
involve an open pit at each of the deposits, the trucking of
30,000tpd of higher grade ore to the existing SXEW facilities at
Chuquicamata, and 60,000tpd of Run of Mine dump leaching at the
project site, followed by pumping of solution to Chuquicamata.
Planned production is 528,000 tonnes of cathode copper over the 10
year life of the project, with an average production of 62,000 tpy
Cu in the first five years. Capital investment is estimated to be
US$244,000,000.
Genoveva is located ~1km E of the El Desesperado
property, Opache ~2km to the ESE, and Pulucktur, ~1.5km to the SSW
(Figure 1).
Sergio Rivera,
Coro's Vice-President of Exploration, a geologist with more than 30
years of experience and a member of the Colegio de Geologos de
Chile and of the Instituto de
Ingenieros de Minas de Chile, was
responsible for the design and execution of the exploration program
and is the Qualified Person for the purposes of NI 43-101.
Alan Stephens, FIMMM, President and
CEO, of Coro, a geologist with more than 36 years of experience,
and a Qualified Person for the purposes of NI 43-101, is
responsible for the contents of this news release.
CORO MINING CORP.
"Alan Stephens"
Alan Stephens
President and CEO
About Coro Mining Corp.:
Coro was founded with the goal of building a
mining company focused on medium-sized base and precious metals
deposits in Latin America. Coro
intends to achieve this through the exploration for, and
acquisition of, projects that can be developed and placed into
production. Coro's properties include the advanced San Jorge
copper-gold project in Argentina,
and the Berta, El Desesperado, Payen, El Inca, Chacay, Llancahue,
and Celeste copper properties located in Chile.
About Benton Capital Corp.:
Benton Capital Corp. is a Canadian based junior
which holds the Goodchild Copper-Nickel-PGM project located 5km NE
of Stillwater Mining's Marathon
Copper-PGM deposit currently being permitted for production and
holds a 41.84% interest in Coro Mining Corp.
This news release includes certain
"forward-looking statements" under applicable Canadian securities
legislation. Such forward-looking statements or information,
including but not limited to those with respect to potential
mineralization and geological comparisons involve known and unknown
risks, uncertainties, and other factors which may cause the actual
results, performance or achievements of the Company to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements or information. Such factors include, among others, the
actual prices of copper, the factual results of current
exploration, development and mining activities, changes in project
parameters as plans continue to be evaluated, as well as those
factors disclosed in the Company's documents filed from time to
time with the securities regulators in the Provinces of
British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, New
Brunswick, Nova Scotia,
Prince Edward Island and
Newfoundland and Labrador.
Table 1; El Desesperado Drillhole locations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hole |
|
|
East |
|
|
North |
|
|
Elev |
|
|
Az |
|
|
Dip |
|
Depth |
CED-R-1 |
|
|
501095 |
|
|
7520550 |
|
|
2493 |
|
|
330 |
|
|
-60 |
|
396 |
CED-R-2 |
|
|
501098 |
|
|
7520543 |
|
|
2493 |
|
|
150 |
|
|
-60 |
|
144 |
CED-R-3 |
|
|
501691 |
|
|
7520895 |
|
|
2475 |
|
|
330 |
|
|
-60 |
|
400 |
CED-R-4 |
|
|
501087 |
|
|
7520448 |
|
|
2516 |
|
|
0 |
|
|
-90 |
|
204 |
CED-R-5 |
|
|
500913 |
|
|
7520659 |
|
|
2523 |
|
|
135 |
|
|
-70 |
|
400 |
CED-R-6 |
|
|
500957 |
|
|
7517855 |
|
|
2232 |
|
|
0 |
|
|
-90 |
|
270 |
CED-R-7 |
|
|
500867 |
|
|
7517977 |
|
|
2247 |
|
|
90 |
|
|
-70 |
|
208 |
CED-R-8 |
|
|
500857 |
|
|
7518180 |
|
|
2254 |
|
|
90 |
|
|
-70 |
|
268 |
On behalf of the Board of Directors of Benton Capital 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.
For further information contact Stephen Stares @:
3250 Highway 130,
Rosslyn, ON P7K 0B1
Phone (807)475-7474
Fax (807)475-7200
www.bentonresources.ca
Investor Relations
Clair Calvert: @ 204-799-2086
SOURCE Benton Capital Corp.