Benton Encouraged By Clean Air Metals Latest Drill Results and Advancement Plans; Provides Great Burnt Update and Grants Options

Rhea-AI Summary

Benton Resources Inc. (TSXV: BEX) reports encouraging drill results from Clean Air Metals Inc.'s Thunder Bay North project. Benton holds approximately 24.6 million shares of Clean Air and retains a 0.5% net smelter return royalty on parts of the project. Highlights include:

- 51.79m of 4.92 g/t Pt, 4.66 g/t Pd, 1.07% Cu, and 0.55% Ni in hole CL24-001
- 31.40m of 4.22 g/t Pt, 4.04 g/t Pd, 0.95% Cu, and 0.56% Ni in hole CL24-003

Clean Air Metals is focusing on advancing the Thunder Bay North project, targeting near-surface high-grade zones. The company is considering moving to advanced exploration, including a potential bulk sample extraction from the Bridge zone at the Current deposit.

Benton also provides an update on its Great Burnt project, with Phase 4 diamond drilling underway and surface exploration ongoing. The company has granted 3.75 million stock options to various stakeholders at $0.12 per share for five years.

Positive

• Exceptional drill results from Clean Air Metals' Thunder Bay North project, including high-grade PGM, copper, and nickel intercepts
• Benton holds 24.6 million shares of Clean Air Metals and retains a 0.5% NSR on parts of the project
• Clean Air Metals is advancing the Thunder Bay North project, potentially improving project economics
• Benton's Phase 4 diamond drill program at Great Burnt is progressing with 4 holes completed and the 5th underway

Negative

• None.

Thunder Bay, Ontario--(Newsfile Corp. - September 16, 2024) - Benton Resources Inc. (TSXV: BEX) ("Benton" or the "Company") was very encouraged by recent drill recent results and advancement plans of Clean Air Metals Inc. ("Clean Air"). Benton still holds approximately 24.6 million shares of Clean Air and also retains a 0.5% net smelter return royalty from production on the Escape Lake Deposit and a 0.5% net smelter return royalty from production on any mineral claims comprising the Thunder Bay North portion of the project that a net smelter royalty has not previously been granted. Benton's 0.5% NSR includes the Beaver and Cloud Zones plus portions of the Bridge Zone, each being part of the Current Lake Deposit. Clean Air recently announced exciting drill results (See News Release dated 2024-09-10) with exceptional intercepts of PGM's along with copper and nickel values.

Highlights from the first holes released:

• 51.79 metres of 4.92 grams per tonne platinum, 4.66 g/t palladium, 1.07 per cent copper and 0.55 per cent nickel from 86 metres downhole in hole CL24-001, including:
  
  
  • 11.51 g/t Pt, 10.64 g/t Pd, 2.61 per cent Cu and 1.25 per cent Ni over 9.29 m from 128 m
  • 25.82 g/t Pt, 24.50 g/t Pd, 6.94 per cent Cu and 3.87 per cent Ni over 0.97 m from 136.3 m (massive sulphides)
    
    
• 31.40 m of 4.22 g/t Pt, 4.04 g/t Pd, 0.95 per cent Cu and 0.56 per cent Ni from 118 m downhole in hole CL24-003, including:
  
  
  • 12.25 m of 5.56 g/t Pt, 5.48 g/t Pd, 1.19 per cent Cu and 0.70 per cent Ni, from 123 m

The Company is encouraged that the new management team at Clean Air is focused on advancing the Thunder Bay North project which is growing in size and potential grade.

Excerpts from Clean Air's latest news release (see below) have outlined the path forward for this excellent project:

"The recently completed summer drilling program targeted near-surface high-grade zones within the Current deposit to better define their lateral continuity and tonnage potential. These initial results confirm that high-grade mineralization extends beyond what was outlined in the last resource model for this area (National Instrument 43-101 technical report on the Thunder Bay North project, Ontario, Canada, SLR Consulting Canada Ltd., June 19, 2023). Results from hole CL24-003, along with adjacent holes, outline a potentially larger high-grade core within this section of the intrusion than previously evaluated."

Clean Air Metals' chief executive officer, Mike Garbutt, commented: "We are encouraged by this program's first set of results. These exceptional grades, minable widths and near-surface location support the future development of this buildable asset. We are focused on significantly improving the TBN project economics by fully defining the highest value mineralization within the Current and Escape deposits. The initial results from this program have exceeded our expectations."

The goal of the program is to target near-surface, high-grade zones of mineralization and improve both the continuity and total mineral resource within these zones. The remaining eight holes of the drill program have been completed, and all have intersected mineralization in four separate targets. The assays on these holes are pending and will be released when received.

Early drill results outline improved continuity

The new technical expertise brought to the project and led by Dr. Lionnel Djon resulted in a revised geological template for the high-grade areas at Thunder Bay North that mirrors flow processes similar to those associated with alluvial gold processes. In employing this template, the first two holes expanded the zone of thick, high-grade pods along strike in the Lower Current zone. They also provide early proof of concept that increasing data density with tighter drilling could further extend the continuity of the high-grade mineralized zones within the deposit and contribute to increased tonnage and grade.

Following results from the remaining drill holes of the summer 2024 campaign, the company will develop an exploration program designed to discover new high-grade zones within the Current and Escape deposits and a resource delineation program to increase the resources contained in the additional high-grade areas that occur at both the Current and Escape deposits.

The presence of massive sulphides is significant

Hole CL24-001 intersected 0.97 m of massive sulphides near the base of the intrusion, in a zone where reduced magma flow and cooling conditions promoted sulphide settling and metal concentration, leading to the formation of high-grade mineralization. Past drilling at the Current and Escape deposits has also intersected pockets of high-grade massive sulphides in similar embayments in the intrusion. These occurrences demonstrate the potential for these deposits to host additional massive sulphide, and continued exploration work is needed to identify the feeder zone for this material.

Drill results support the strategy for Thunder Bay North project development

The positive results from this program support the company's view that both deposits together can support a smaller-tonnage, high-grade and low-capital-cost mine plan. The higher-grade mineralization is spatially distributed in distinct and separable zones that allow for targeted extraction using traditional open stope mining methods. This approach will form the foundation for a future technical study, following the results of the next phase of drilling.

To further derisk that project, the company is contemplating a move to advanced exploration that is highlighted by the potential extraction of a bulk sample from the Bridge zone at the Current deposit. The goal for the bulk sample will be to validate the high-grade mining approach outlined above, as well as quantify the metallurgical performance of a toll milling scenario on a larger scale."

Great Burnt Update:

Benton is well into its Phase 4 diamond drill program with 4 drill holes completed and the 5th drill hole underway. In excess of 300 samples have been cut and sent for analysis with results expected in the coming weeks. Surface exploration continues with various new discovery areas requiring follow-up. A comprehensive news release will be distributed as the Company compiles all new and ongoing data.

The Company would also like to announce that, subject to regulatory approval, the Board of Directors has approved the grant of 3.75 million incentive stock options to directors, officers, employees, advisors and consultants of the Company at an exercise price of $0.12 for a period of five years from the date of grant. The options are subject to the vesting provisions contained within the Company's stock option plan.

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 alysed 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/223460

FAQ

What were the key drill results from Clean Air Metals' Thunder Bay North project?

Key results include 51.79m of 4.92 g/t Pt, 4.66 g/t Pd, 1.07% Cu, and 0.55% Ni in hole CL24-001, and 31.40m of 4.22 g/t Pt, 4.04 g/t Pd, 0.95% Cu, and 0.56% Ni in hole CL24-003.

How many shares of Clean Air Metals does Benton Resources (TSXV: BEX) hold?

Benton Resources holds approximately 24.6 million shares of Clean Air Metals.

What is the status of Benton Resources' Great Burnt project as of September 16, 2024?

Benton is conducting a Phase 4 diamond drill program at Great Burnt, with 4 drill holes completed and the 5th underway. Over 300 samples have been sent for analysis.

How many stock options did Benton Resources grant and at what price?

Benton Resources granted 3.75 million stock options at an exercise price of $0.12 per share for a period of five years.