Benton Resources Acquires Panama Gold Property in Red Lake District
3250 Hwy 130 Rosslyn, ON P7K 0B1 Tel: 807-475-7474 Fax: 807-475-7200 www.bentonresources.ca TSX-V: BEX
BENTON RESOURCES ACQUIRES PANAMA GOLD PROPERTY IN RED LAKE DISTRICT
March 14, 2016
Thunder Bay, Ontario: Benton Resources Inc. (TSXV: BEX) (“Benton” or “the Company”) is pleased to announce that the Company has acquired by staking a 100% interest in the Panama gold project adjoining claims held by Goldcorp Inc. in the Red Lake mining district, Northwestern Ontario. The project is located approximately 55km northeast of the town of Ear Falls and road accessible. It is comprised of 55 units in 4 claims and hosts the Slate Lake gold zone which has undergone limited work in recent years. During the late 1980’s Noranda Exploration Ltd uncovered a mineralized quartz-flooded shear zone that extends over 1.4km long by 20-25m wide. A total of 131 channel samples collected over approximately 200m of strike length along the zone returned an average grade of 3gpt gold with the highest being 10.3gpt over 1.1m. The last diamond drill campaign on the property was completed by Noranda Exploration Ltd in 1988 where eight widely spaced holes approximately 200-250m apart over a 1.4km strike length yielded results up to 1.2gpt gold over 15.0m that included 2.8gpt gold over 4.5m within a 20-25m wide mineralized shear zone. In addition, a glacial till geochemical sampling survey published in 1999 by the Geological Survey of Canada (Open File 3038) was completed over much of the Red Lake district including the Panama gold project. The survey reported 107 gold grains (104 pristine and 3 modified grains) contained in a 10 kilogram glacial till sample collected on the current Panama gold property. It is significant that this was the highest gold grain count of the entire survey and suggests that follow-up work on the existing Slate Lake zone as well as the surrounding area may result in additional gold mineralized zones. A map of the project can be viewed on the Company’s website shortly.
About Benton Resources Inc. (TSXV: BEX)
Benton Resources Inc is a well-funded Canadian-based junior with a diversified property portfolio in precious and base metals which including the advanced Cape Ray Gold project under Option and Joint Venture with Nordmin Engineering.
Benton and Nordmin recently released a positive PEA on the Cape Ray project and filed a new NI 43-101 on SEDAR and which is also posted on the Company web site (see also the Company press release dated March 7, 2016).
The Cape Ray deposits are hosted within the Cape Ray/Victoria Lake regional fault zone which hosts numerous gold showings and deposits including Benton's 100% owned Isles Aux Mort's and Big pond gold deposits, Marathon Gold's Valentine Lake deposits and the Benton/Metals Creek Staghorn J.V project.
Clinton Barr (P.Geo.), V.P. Exploration for Benton Resources Inc., is the qualified person responsible for this release.
On behalf of the Board of Directors of Benton Resources Inc., "Stephen Stares"
Stephen Stares, President
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
For further information contact Stephen Stares @:
3250 Highway 130, Rosslyn, ON P7K 0B1 Phone (807)475-7474 Fax (807)475-7200 www.bentonresources.ca