Benton and Sokoman Receive Explorer of the Year Award for the Killick/Kraken Lithium Project from the Canadian Institute of Mining, Metallurgy and Petroleum Newfoundland and Labrador Branch

Rhea-AI Summary

Benton Resources Inc. and Sokoman Minerals Corp., collectively known as the Alliance, have been awarded the 'Explorer of the Year' award at the annual CIM Mineral Resource Review in Newfoundland. The award recognizes their success at the Killick and Kraken Lithium discovery, which has produced significant surface sampling and drill results. The Alliance also executed a $24 million option agreement with Piedmont Lithium Inc., further endorsing the potential of the project.

Thunder Bay, Ontario--(Newsfile Corp. - November 2, 2023) -  Benton Resources Inc. (TSXV: BEX) ("Benton") and Sokoman Minerals Corp. (TSXV: SIC) (OTCQB: SICNF) ("Sokoman") together, (the "Alliance") is pleased to announce that it has received the "Explorer of the Year" award at the annual CIM Mineral Resource Review in Newfoundland. The award was presented by the Newfoundland and Labrador branch of the Canadian Institute of Mining, Metallurgy and Petroleum. The award is presented to a prospector, exploration team, or company that has made a recent and significant mineral discovery; or significantly enhanced a prospect or deposit; or identified a previously unrecognized prospective geological environment in Newfoundland and Labrador. The Alliance has received the award due to the ongoing success at its Killick and Kraken Lithium discovery (formerly the Golden Hope Property) which has produced significant surface sampling and drill results up to 1.04% Li₂O over 15.23 m in GH-22-27, 1.08% Li₂O over 9.50 m in GH-22-26, 1.22% Li₂O over 13.37 m in GH-23-45, 0.81% Li₂O over 21.00 m, and 0.99% Li₂O over 10.16 m in GH-23-46. In addition, the Alliance recently executed a $24 million option agreement with Piedmont Lithium Inc. further endorsing the potential of this prospective lithium project. (see news release dated October 11, 2023).

Stephen Stares, President and CEO of Benton stated: "We are truly thrilled to have been chosen to receive this prestigious award and thank the CIM in Newfoundland and Labrador for this distinct honour. We are excited about the potential of this great Lithium project and look forward to seeing it aggressively advanced by Vinland Lithium."

From Left: Stephen Stares (Benton Resources), Timothy Froude (Sokoman Minerals Corp.), Amy Copeland (CIM NL Branch)

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Piedmont transaction highlights:

• Piedmont is one of North America's leading lithium companies
• Newfoundland is ranked in the top jurisdictions to explore and develop mineral potential
• Benton and Sokoman incorporated Vinland Lithium Inc. ("Vinland") and its wholly-owned subsidiary Killick Lithium Inc. ("Killick"), into which they transferred the Golden Hope Project
• Piedmont has vast technical and geological knowledge in similar geology to that of Killick pegmatites
• Piedmont financed Vinland CAD$2.0M @ CAD$1.00 per share to hold 19.9%
• Piedmont will have the option to earn up to a 62.5% direct interest in Killick by spending an aggregate CAD$12.0M in exploration and development during the option period
• Upon Piedmont completing all earn-in options, Piedmont will have paid Benton and Sokoman up to a total of CAD$10.0M in Piedmont shares
• Benton and Sokoman to retain a 2% royalty on the net returns of precious metals and the value of lithium received from Killick

Figure 1: Killick Lithium Project relative to Piedmont's asset portfolio

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The Company would also like to correct disclosure of the terms presented in its press release dated October 30, 2023 of the option agreement with Stephen Stockley Agriculture and Fabrication Inc. ("SSAF"). The Company will pay SSAF $30,000 and issue 300,000 common shares of the Company on the third anniversary of the effective date, not the first anniversary as was erroneously reported.

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 it's preparation.

About Benton Resources Inc.

Benton Resources Inc. is a well-funded mineral exploration company listed on the TSX Venture Exchange under the symbol BEX. Following a project generation business model, Benton has a diversified, highly prospective property portfolio of Gold, Silver, Nickel, Copper, Platinum Group Elements, and most recently Lithium and Cesium assets. In addition, it currently holds large equity positions in other mineral exploration companies that are advancing high-quality assets. Whenever possible, BEX retains net smelter return (NSR) royalties with potential long-term cash flow.

Benton also entered into a 50/50 strategic alliance with Sokoman Minerals Inc. (TSXV: SIC) through three large-scale joint-venture properties including Grey River Gold, Golden Hope, and Kepenkeck in Newfoundland.

About Sokoman Minerals Corp.

Sokoman Minerals Corp. is a discovery-oriented company with projects in Newfoundland and Labrador, Canada. The company's primary focus is its portfolio of gold projects: flagship, 100%-owned Moosehead, Crippleback Lake, and East Alder (optioned to Canterra Minerals Corporation) along the Central Newfoundland Gold Belt, and the district-scale Fleur de Lys project near Baie Verte in northwestern Newfoundland, that is targeting Dalradian-type orogenic gold mineralization similar to the Curraghinalt and Cavanacaw deposits in Northern Ireland, and Cononish in Scotland. The company also entered into a strategic alliance with Benton Resources Inc. through three large-scale joint-venture properties including Grey River Gold, Golden Hope, and Kepenkeck in Newfoundland. Sokoman now controls independently and through the Benton alliance over 150,000 hectares (>6,000 claims - 1,500 sq. km), making it one of the largest landholders in Newfoundland, Canada's newest and rapidly emerging gold districts. The company also retains an interest in an early-stage antimony/gold project (Startrek) in Newfoundland, optioned to Thunder Gold Corp (formerly White Metal Resources Inc.), and in Labrador, the Company has a 100% interest in the Iron Horse (Fe) project that has Direct Shipping Ore (DSO) potential.

For further information, please contact:

Benton Resources Inc.
Stephen Stares, President & CEO
Phone: 807-475-7474
Email: sstares@bentonresources.ca

Sokoman Minerals Corp.
Timothy Froude, P.Geo., President & CEO
Phone: 709-765-1726
Email: tim@sokomanmineralscorp.com

CHF Capital Markets
Cathy Hume, CEO
Phone: 416-868-1079 x 251
Email: cathy@chfir.com

Website: www.bentonresources.ca, www.sokomanmineralscorp.com
Twitter: @BentonResources, @SokomanMinerals
Facebook: @BentonResourcesBEX, @SokomanMinerals
LinkedIn: @BentonResources, @SokomanMinerals

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 Alliance's expectations; risks related to gold price and other commodity price fluctuations; and other risks and uncertainties related to the Alliance's prospects, properties and business detailed elsewhere in the Alliance'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 Alliance 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 Alliance's expectations or projections.

East Dyke and Killick Dyke Area Drill Plan - Golden Hope JV

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Hydra Drill Plan - Golden Hope JV

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Soil Sampling Program - Golden Hope JV

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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/186107

FAQ

Who received the 'Explorer of the Year' award at the CIM Mineral Resource Review in Newfoundland?

Benton Resources Inc. and Sokoman Minerals Corp., collectively known as the Alliance, received the award.

What did the award recognize?

The award recognized the Alliance's success at the Killick and Kraken Lithium discovery.

What were some of the significant results achieved at the Killick and Kraken Lithium discovery?

Significant results include drill results of up to 1.04% Li2O over 15.23 m in GH-22-27, 1.08% Li2O over 9.50 m in GH-22-26, 1.22% Li2O over 13.37 m in GH-23-45, and surface sampling results of 0.81% Li2O over 21.00 m and 0.99% Li2O over 10.16 m in GH-23-46.

What endorsement did the Alliance receive for their lithium project?

The Alliance executed a $24 million option agreement with Piedmont Lithium Inc., which further endorses the potential of the project.