Benton Drilling Expands Great Burnt Copper Deposit, Arranges $3 Million Private Placement

Rhea-AI Summary

Benton Resources Inc. announces high-grade copper results expanding the Great Burnt Copper Deposit. Ongoing geophysical program identifies conductive massive sulphides, leading to selection of new drilling targets. Infill drill holes confirm significant Cu mineralization, potentially upgrading the resource. The company also plans a non-brokered private placement for up to $3 million.

Thunder Bay, Ontario--(Newsfile Corp. - April 3, 2024) - Benton Resources Inc. (TSXV: BEX) ("Benton" or the "Company") is pleased to announce that it has received further high-grade copper results which expand the Great Burnt Copper Deposit a further 50 m down plunge. In addition to the expansion of the deposit, the Company's ongoing down-hole geophysical program has identified that the massive sulphides associated with the deposit are highly conductive, and additional priority targets have been selected for drilling in the next phase. The survey's success will assist in identifying and prioritizing other targets on a regional scale as the summer exploration season ramps up.

Holes GB-24-23 through to GB-24-28 and GB-24-31 were completed in the upper part of the deposit and have been successful in confirming historic deposit limits and grade/width characteristics including 2.02% Cu over 7.00 m in GB-24-23. Hole GB-24-23 also confirms that the deposit extends to surface, and this will define where trenching and detailed mapping will occur during the summer field program.

Holes GB-24-32, GB-24-30 and GB-24-33 were infill drill holes that have confirmed significant Cu mineralization in the Main Zone. GB-24-33 returned 2.26% Cu and 0.37% Zn over 20.92 m and GB-24-32 returned 3.10% Cu and 0.28% Zn over 11.29 m and will upgrade the resource in this area.

GB-24-29 intersected a 1.80 m massive sulphide interval assaying 1.00% Cu approximately 30 m below and down dip of the 25.42 m intercept grading 5.51% Cu from GB-23-12. It's important to note that the presence of massive sulphides shows that the system is open down dip.

GB-24-34 intersected 1.75% Cu and 0.81% Zn over 5.00 m, including 4.02% Cu and 1.68% Zn over 1.00 m. With the increase in Zn, Benton could potentially be progressing to the Cu-Zn portion of this VMS system. This hole successfully expands the deposit 50 m down plunge and remains open for expansion.

Table 1

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Figure 1

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Additionally, the Company announces that, subject to regulatory approval, it is conducting a non-brokered private placement with participation from strategic investors for proceeds of up to $3 million on a best effort basis. The private placement is priced at $0.15 per unit with each unit consisting of one common share and one-half of one common share purchase warrant, each full warrant entitling the holder thereof to acquire an additional common share of the Company for $0.22 for a period of 24 months from the date of issuance.

President and CEO Stephen Stares stated, "We continue to be extremely excited about the Great Burnt Deposit and the potential of the project as a whole. We have secured significant interest in the financing and look forward to closing the placement as soon as possible. Our team is confident that we'll have continued success in expanding the Great Burnt Deposit down plunge and along strike along with additional discoveries as we progress with the upcoming programs along the favourable 25 km volcanic-sedimentary belt at Great Burnt."

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 analysed using Eastern's Au (Fire assay) @ 30g + ICP-34 method that delivers a 35-element package utilizing a 200mg subsample totally dissolved in four acids and analysed by ICP-OES analytical technique. Overlimits are analysed with Eastern's atomic absorption method, using a 0.200g to 2.00g 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 ("Updated Mineral Resource Estimate and Preliminary Economic Assessment of the Great Burnt Copper-Gold Property, Central Newfoundland" by P&E Mining Consultants Inc., April 7, 2022). 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. The Phase 1 drill program consisting of over 5,650m, completed in November, returned impressive results including 25.42m of 5.51% Cu, including 9.78 m of 8.31% Cu, and 1.00 m of 12.70% Cu from hole GB-23-12.

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

Iryna Zheliasko, Investor Relations
Phone: 647-249-9298 ext. 322
Email: iryna@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.

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FAQ

What are the recent developments announced by Benton Resources Inc.?

Benton Resources Inc. announced high-grade copper results expanding the Great Burnt Copper Deposit and identified conductive massive sulphides for new drilling targets.

What were the significant findings from the infill drill holes?

The infill drill holes confirmed significant Cu mineralization, with GB-24-33 returning 2.26% Cu and 0.37% Zn over 20.92 m and GB-24-32 returning 3.10% Cu and 0.28% Zn over 11.29 m.

What is the private placement plan by Benton Resources Inc.?

Benton Resources Inc. plans a non-brokered private placement for up to $3 million priced at $0.15 per unit, with each unit consisting of one common share and one-half of one common share purchase warrant.