Business
Benton Increases Land Package at Cape Ray
Thunder Bay, Ontario--(Newsfile Corp. - February 27, 2018) - Benton Resources Inc. (TSXV: BEX)...
About this update from Benton Resources, Inc.
[{"type":"text","content":"Benton Increases Land Package at Cape RayThunder Bay, Ontario--(Newsfile Corp. - February 27, 2018) - Benton Resources Inc. (TSXV: BEX) (\"Benton\" or \"the Company\") would like to announce that it has acquired by staking an additional 131 claim units to cover the 22km south west extension of the Cape Ray Fault. This new ground encompasses highly favorable geology and structure in addition to several significant gold showings including Benton's 2017 sampling where selective grab samples returned trace to 4.2gpt (grams per tonne) gold. The new package of land covers historical zones where selective grab samples graded up to 7.7%% copper with 69.9gpt silver at the Stackhouse showing and 4.9% copper, 51gpt silver and 13.2gpt gold at the Cape Ray Copper #1 showing (Newfoundland Mineral Occurrence Database System). The geological description of the historic mineral occurrences is similar to that found at the Company's Cape Ray deposits and indicates potential to make further discoveries along the large land package controlled by Benton.The Cape Ray Gold Project is located on the west coast of Newfoundland and is host to 6 gold deposits, 4 of which have NI 43-101 compliant resources totaling 313,000 ounces gold Indicated and 96,000 ounces gold Inferred at a 1.5gpt gold cutoff. A recently released PEA include a pre-tax net present value (\"NPV\") at a 7% discount rate of $48.5 million with a pre-tax internal rate of return (\"IRR\") of 31% and a post-tax NPV at a 7% discount rate of $32.4 million with a post-tax IRR of 25% and a net revenue of $397.5 million over a 9-year life-of-mine. The reader should be cautioned that the PEA is preliminary in nature. It contains inferred mineral resources that are considered too speculative to have the economic considerations applied to them that would enable them to be categorized as mineral reserves.In addition, Benton continues its drill program on its Bedivere gold project located 130km west of Thunder Bay strategically located between Agnico Eagle's multi-million ounce Hammond Reef deposit located 43km to the west and Wesdome's Moss Lake deposit located 37km to the east. Highlights from 2017 drilling on Bedivere include 6.43gpt gold over 2m in BED-17-001 and 37.3gpt gold over 1m in BED-17-003, 3.09gpt gold over 4m and 11.2gpt gold over 1m in BED-17-13, 7.87gpt gold over 2.1m in BED-17-16 and ...