Rainbow marks the pot of gold over a Benton mining camp.
Benton Resources Corp. (TSXV: BTC) announce that the Company has intersected high grade silver along with its previously announced gold intercepts on the Elizabeth Anne gold project.
Highlights of the new zones include 60.06 grams per tonne (gpt) silver (Ag) and 10.92 gpt gold (Au) over 15.24 metres (m) in hole EA-12C-05 known as the Mega-Breccia Zone, and 9.42gpt Ag and 5.55gpt Au over 4.58m in hole EA-12C-01 along with 9.55gpt Ag and 5.55gpt Au over 6.1m at the C1 zone. The C1 and Mega-Breccia zones are northeast striking, subparallel, and approximately 375m apart. Several other zones were also encountered in the drilling indicating the possibility of a large low grade shell around the higher grade zones. The Company believes that the Property lies within the southern extension of the Walker Lane Gold Belt which hosts several multi-million ounce precious metal deposits. This first phase drill program has given the Company confidence that they are within a geological system that could contain a possible gold and silver discovery similar to other deposits hosted within the Walker Lane trend.
The Project is located approximately 19km west of the Mountain Pass rare earth mine in San Bernardino County, California and being less than 4km from a paved highway and 10km to the town of Baker, California, has excellent infrastructure. Benton is currently compiling and modeling the results of the first phase of drilling and has applied for additional permits for new drill sites which are expected to be received in due course. The Company can earn a 100% interest in the Property by paying $1.2 million over 13 years subject to a 3% Net Smelter Royalty (NSR) of which Benton has the right to purchase 50% of the NSR (1.5%) for $1.5 million and holds a Right of First Refusal to match any offer on the other 1.5% NSR. Complete assays appear in the following table:
|DDH||From (m)||To (m)||Interval (m)||Au (gpt)||Ag (gpt)|
Note: intervals represent core length
* No significant assays but low anomalous gold values over long intervals
** Results pending
The samples were collected from HQ-size core that was cut in half and sent to ALS Minerals in Reno, Nevada. The samples were analyzed for gold using fire assay with an atomic absorption finish on 30 gram pulp with gravimetric analysis on results grading greater than 10 gram per tonne gold. Multi-element analysis was completed using aqua regia and ICP (induced coupled plasma) techniques.
In addition, Benton has terminated its joint venture with Buchans Minerals Corporation on the Long Range project located in central Newfoundland and as such will be diluted from its current 50%-50% interest using the industry standard formula as Buchans proceeds with work on the project.
Finally, the Company has scheduled Wednesday, July 18, 2012 for the closing of its previously announced spin-out transaction. Management is in the process of effecting all corporate and securities laws steps necessary in order to complete the closing on or about July 18, 2012. The common shares of the two companies resulting from the spin-out transaction are expected to commence trading on the TSX Venture Exchange shortly after this closing date.
Clinton Barr (P.Geo.), V.P. Exploration for Benton Resources Corp., is the qualified person responsible for this release.
Benton is a Canadian based junior with multiple joint ventures and a diversified property portfolio in Gold, Nickel, Copper, and Platinum group elements. The Company currently has approximately $6.7 million in cash, owns approximately 57.87 million shares in Coro Mining Corp. (TSX.COP), holds approximately 348,000 shares of Stillwater Mining Company (NYSE:SWC), holds 782,500 shares in Marathon Gold Corp. (TSX.MOZ), holds 1.6 million shares in Puget Ventures (TSX-V.PVS), holds approximately 8.5 million shares of Mineral Mountain Resources Ltd. (TSX-V.MMV), and holds 815,000 shares of Bell Copper Corporation (TSX-V.BCU) holds 1.67 million shares of Trillium North Minerals (TSX-V.TNM), holds 1.55 million shares of Golden Dory Resources (TSX-V.GDR) and 3.0 million shares Parkside Resources (currently private) Benton is currently in the process of spinning out the majority of its assets by a plan of arrangement into a new listed company in order to separate its 41.85% investment in Coro Mining from its cash, equities and exploration assets. Benton shareholders will receive one share in this new company for each share of Benton held pursuant to regulatory approval.
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We acknowledge the [financial] support of the Government of Canada.