Benton Advises Homeland Nickel That It Has Completed Earn-In for 70% Interest in Great Burnt; Releases Further Phase 3 Drill Results That Continue To Expand The Great Burnt Copper Deposit Down Plunge

Rhea-AI Summary

Benton Resources Inc. (TSXV: BEX) has completed its $2.5 million earn-in for a 70% interest in the Great Burnt Copper project in Newfoundland. The company has temporarily paused drilling while awaiting Homeland Nickel Inc.'s formal acceptance of expenditures and decision on future participation. Benton plans to continue aggressive exploration with 10,000-15,000 meters of additional drilling.

Recent Phase Three drill results have expanded the Great Burnt Deposit down plunge and along strike, with high-grade copper intersections and significant zinc, silver, cobalt, and gold content. Highlights include:

• GB-24-38: 5.00m at 1.68% Cu, including 1.00m at 3.26% Cu
• GB-24-39: 11.50m at 1.10% Cu, including 1.00m at 5.70% Cu
• GB-24-40: 5.70m at 2.34% Cu, including 1.00m at 4.52% Cu

The deposit remains open for expansion, with further assay results pending.

Positive

• Completed $2.5 million earn-in for 70% interest in Great Burnt Copper project
• Phase Three drill results show high-grade copper intersections with significant zinc, silver, cobalt, and gold content
• Great Burnt Deposit expanded down plunge and along strike
• Plans for aggressive exploration with 10,000-15,000 meters of additional drilling

Negative

• Temporary pause in drilling pending Homeland Nickel's formal acceptance of expenditures
• Uncertainty regarding Homeland's future participation in joint venture

Thunder Bay, Ontario--(Newsfile Corp. - July 17, 2024) - Benton Resources Inc. (TSXV: BEX) ("Benton" or the "Company") is pleased to announce that it has advised Homeland Nickel Inc. ("Homeland") (formerly Spruce Ridge Resources Ltd.) that it has now fulfilled its required $2.5 million in exploration expenditures pursuant to the option agreement dated September 20, 2023, between the companies resulting in Benton vesting its 70% ownership interest in the Great Burnt Copper project in Newfoundland. As per the earn-in completion notice, Benton has temporarily paused drilling until Homeland formally accepts the expenditures completed to date by Benton.

Additionally, the Company awaits notice as to whether or not Homeland will participate at a 30% joint venture level on future exploration program expenditures as well as fund its share of actual expenditures incurred by Benton beyond the $2.5 million earn-in. Benton is proposing to continue with its aggressive exploration plan which includes a further 10,00-15,000 metres ("m") of drilling along with regional targeting of new deposits and further delineation of the Great Burnt Deposit and South Pond Deposit. Benton's field exploration crew will continue regional exploration as the companies enter the joint venture agreement on a 70% Benton / 30% Homeland basis.

The also Company announces that it has received more high-grade results from the first three drill holes in its Phase Three drill program (see Table 1). These new results expand the Great Burnt Deposit further down plunge and along strike to the south, with additional significant metal content of zinc, silver, cobalt and gold adding to the value of the Great Burnt Deposit at depth. Further assay results of wider and deeper intersections of massive sulphides are expected in the coming weeks, leaving the deposit completely open for expansion. The Company has completed 3,840 m in ten holes along with multiple trenches and continuous channel samples from which it is also expecting results in the coming weeks. Extensive regional infill soil sampling and prospecting is still underway with results pending.

Company President and CEO, Stephen Stares states, "The Great Burnt Deposit continues to demonstrate its enormous potential that lies at depth and along strike, which remains completely open. Our next steps are to aggressively step out with four deeper drill holes to expand the deposit a further 200 m down plunge and along strike beyond hole GB-24-45 which cut 11.50 m of massive sulphide. In addition, we will be testing other targets around the main zone including the North Stringer area and a parallel EM conductor along with other distinct targets. Outside of the Great Burnt Deposit area, we continue to gather and compile important data to understand the other historic zones of interest to the north. We have a significant number of channel samples pending which will assist in targeting for that area in the next few weeks ahead."

Table 1: Highlights of assays in first 3 holes received in phase 3 program include:

DDH #		From (m)	To (m)	Length (m)	Cu (%)	Ag (g/t)	Co (%)	Zn (%)	Au (g/t)
GB-24-38		344.40	349.40	5.00	1.68	3.94	0.01	0.68	0.05
	incl	345.40	349.40	4.00	2.10	4.93	0.01	0.84	0.06
	incl	345.40	348.40	3.00	2.76	6.57	0.02	1.10	0.08
	incl	345.40	346.40	1.00	3.26	8.60	0.04	1.68	0.16
GB-24-39		320.90	332.40	11.50	1.10	1.86	0.01	0.65	0.05
	incl	328.50	330.40	1.90	4.06	6.32	0.02	1.72	0.16
	incl	328.50	329.50	1.00	5.70	12.00	0.04	1.60	0.18
GB-24-40		293.00	297.40	4.40	1.09	0.72	0.01	0.02	0.02
	incl	294.70	295.25	0.55	3.18	2.60	0.02	0.05	0.02
	and	328.87	334.57	5.70	2.34	5.14	0.02	1.61	0.12
	incl	329.54	333.13	3.59	3.47	6.71	0.03	2.34	0.18
	incl	330.13	331.13	1.00	4.52	11.60	0.03	2.45	0.21

 

Figure 1: Great Burnt Copper Deposit Generalized Longitudinal Section

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3657/216804_4c73d8fdc45c69da_002full.jpg

Highlights from the Benton's first 2 phases at the Great Burnt Deposit include:

• GB-23-02: 13.00 m of 8.31% Cu, incl 3.00 m of 12.80% Cu
• GB-23-04: 26.87 m of 7.18% Cu, incl 11.16 m of 10.28% Cu
• GB-23-07: 12.30 m of 7.20% Cu, incl 7.00 m 10.60% Cu
• GB-23-12: 25.42 m of 5.51% Cu, incl 1.00 m of 8.77% Cu, 82.00g/t Ag, 4.43g/t Au
• GB-23-15: 22.59 m of 5.03% Cu, incl 0.50 m of 20.00% Cu
• GB-23-16: 13.67 m of 5.80% Cu, incl 1.00 m of 20.60% Cu
• GB-23-18: 8.17 m of 4.22% Cu, incl 7.05 m of 4.11% Cu
• GB-23-21: 24.00 m of 5.81% Cu, incl 7.00 m of 11.47% Cu
• GB-23-22: 21.68 m of 3.59% Cu, incl 2.00 m of 15.3% Cu
• GB-24-23: 7.00 m of 2.02% Cu, incl 4.00 m of 3.01% Cu
• GB-24-32: 11.29 m of 3.10% Cu, incl 6.63 m of 5.57% Cu
• GB-24-33: 20.92 m of 2.26% Cu, incl 2.98 m of 4.17% Cu
• GB-24-37: 18.10 m of 1.99% Cu, incl 4.50 m of 7.24% Cu

Note: Widths quoted are true core length, true widths are estimated at approximately 70% of core lengths

QA/QC Protocols

Core and rock samples, including standards, blanks and duplicates, are submitted to Eastern Analytical Ltd., Springdale, Newfoundland for preparation and analysis. All samples were acquired by saw-cut (channels/drill core) with one-half submitted for assay and one-half retained for reference, or hand (rocks) and delivered, by Benton personnel, in sealed bags, to the Springdale lab of Eastern Analytical, which is an accredited assay lab that conforms to the requirements of ISO/IEC 17025. Samples are analyzed using Eastern's Au (Fire assay) @ 30g + ICP-34 method that delivers a 34-element package utilizing a 200 mg subsample totally dissolved in four acids and analyzed by ICP-OES analytical technique. Overlimits are analysed with Eastern's atomic absorption method, using a 0.200 g to 2.00 g of sample, digested with three acids. All reported assays are uncut. Eastern Analytical Ltd. achieved ISO 17025 accreditation in February 2014 (for more details on the scope of accreditation visit the CALA website).

QP

Stephen House (P.Geo.), Vice President of Exploration for Benton Resources Inc., the 'Qualified Person' under National Instrument 43-101, has approved the scientific and technical disclosure in this news release and prepared or supervised its preparation.

About Benton Resources Inc.

Benton Resources is a well-financed mineral exploration company listed on the TSX Venture Exchange under the symbol BEX. Benton has a diversified, highly prospective property portfolio and holds large equity positions in other mining companies that are advancing high-quality assets. Whenever possible, BEX retains net smelter return (NSR) royalties with potential long-term cash flow.

Benton is focused on advancing its high-grade Copper-Gold Great Burnt Project in central Newfoundland, which has a Mineral Resource estimate of 667,000 tonnes @ 3.21% Cu Indicated and 482,000 @ 2.35% Cu Inferred. The Project has an excellent geological setting covering 25km of strike and boasts six known Cu-Au-Ag zones over 15km that are all open for expansion. Further potential for discovery is excellent given the extensive number of untested geophysical targets and Cu-Au soil anomalies. Phase 1 and 2 drill programs returned impressive results including 25.42 m of 5.51% Cu, including 9.78 m of 8.31% Cu, and 1.00 m of 12.70% Cu.

On behalf of the Board of Directors of Benton Resources Inc.,

"Stephen Stares"

Stephen Stares, President

Parties interested in seeking more information about properties available for option can contact Mr. Stares at the number below.

For further information, please contact:

Stephen Stares, President & CEO
Phone: 807-474-9020
Email: sstares@bentonresources.ca

Nick Konkin, Investor Relations
Phone: 647-249-9298 ext. 322
Email: nick@grovecorp.ca

Website: www.bentonresources.ca
Twitter: @BentonResources
Facebook: @BentonResourcesBEX

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/216804

FAQ

What percentage of the Great Burnt Copper project does Benton Resources (BNTRF) now own?

Benton Resources now owns a 70% interest in the Great Burnt Copper project after completing its $2.5 million earn-in requirement.

What were the key results from Benton Resources' (BNTRF) Phase Three drilling at Great Burnt?

Phase Three drilling expanded the Great Burnt Deposit, with highlights including 5.00m at 1.68% Cu in GB-24-38, 11.50m at 1.10% Cu in GB-24-39, and 5.70m at 2.34% Cu in GB-24-40.

How much additional drilling does Benton Resources (BNTRF) plan for the Great Burnt Copper project?

Benton Resources plans to continue aggressive exploration with an additional 10,000-15,000 meters of drilling at the Great Burnt Copper project.

Why has Benton Resources (BNTRF) temporarily paused drilling at Great Burnt?

Benton has temporarily paused drilling while awaiting Homeland Nickel's formal acceptance of expenditures and decision on future participation in the joint venture.