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Benton Advises Homeland Nickel That It Has Completed Earn-In for 70% Interest in Great Burnt; Releases Further Phase 3 Drill Results That Continue To Expand The Great Burnt Copper Deposit Down Plunge
Thunder Bay, Ontario--(Newsfile Corp. - July 17, 2024) - Benton Resources Inc. (TSXV: BEX) ("Bent...
About this update from Benton Resources, Inc.
[{"type":"text","content":"\nBenton Advises Homeland Nickel That It Has Completed Earn-In for 70% Interest in Great Burnt; Releases Further Phase 3 Drill Results That Continue To Expand The Great Burnt Copper Deposit Down PlungeThunder Bay, Ontario--(Newsfile Corp. - July 17, 2024) - Benton Resources Inc. (TSXV: BEX) (\"Benton\" or the \"Company\") is pleased to announce that it has advised Homeland Nickel Inc. (\"Homeland\") (formerly Spruce Ridge Resources Ltd.) that it has now fulfilled its required $2.5 million in exploration expenditures pursuant to the option agreement dated September 20, 2023, between the companies resulting in Benton vesting its 70% ownership interest in the Great Burnt Copper project in Newfoundland. As per the earn-in completion notice, Benton has temporarily paused drilling until Homeland formally accepts the expenditures completed to date by Benton.Additionally, the Company awaits notice as to whether or not Homeland will participate at a 30% joint venture level on future exploration program expenditures as well as fund its share of actual expenditures incurred by Benton beyond the $2.5 million earn-in. Benton is proposing to continue with its aggressive exploration plan which includes a further 10,00-15,000 metres (\"m\") of drilling along with regional targeting of new deposits and further delineation of the Great Burnt Deposit and South Pond Deposit. Benton's field exploration crew will continue regional exploration as the companies enter the joint venture agreement on a 70% Benton / 30% Homeland basis. The also Company announces that it has received more high-grade results from the first three drill holes in its Phase Three drill program (see Table 1). These new results expand the Great Burnt Deposit further down plunge and along strike to the south, with additional significant metal content of zinc, silver, cobalt and gold adding to the value of the Great Burnt Deposit at depth. Further assay results of wider and deeper intersections of massive sulphides are expected in the coming weeks, leaving the deposit completely open for expansion. The Company has completed 3,840 m in ten holes along with multiple trenches and continuous channel samples from which it is also expecting results in the coming weeks. Extensive regional infill soil sampling and prospecting is still underway with results pending. Company President and CEO...