Business
Benton Options New Silver Project to Quadro Resources
Thunder Bay, Ontario--(Newsfile Corp. - July 9, 2018) - Benton Resources Inc. (TSXV: BEX) ("Be...
About this update from Benton Resources, Inc.
[{"type":"text","content":"Benton Options New Silver Project to Quadro ResourcesThunder Bay, Ontario--(Newsfile Corp. - July 9, 2018) - Benton Resources Inc. (TSXV: BEX) (\"Benton\" or \"the Company\") and Quadro Resources Inc (TSXV: QRO) (\"Quadro\") are pleased to announce that they have entered into an option agreement (the \"Option\") pursuant to which Quadro has acquired the right to earn Benton's 33.33% interest in the recently staked Conche Property (see Benton PR dated June 22, 2018) on Newfoundland's Great Northern Peninsula. In order to exercise the Option, Quadro is required to issue 1 million Quadro shares to the Company over an eighteen month period with 200,000 shares owed upon receipt of regulatory approval, a further 300,000 shares to be issued within six months of receipt of regulatory approval and the final 500,000 shares within eighteen months of receiving regulatory approval. Upon completion of the share payments, Benton will retain a 1% NSR with Quadro having the right to purchase 50% of the NSR for $500,000. The Option remains subject to approval by the TSX Venture Exchange.With Benton's already substantial share position in Quadro, the Company believes this was the best path forward to both preserve capital and be in a position to leverage the upside through this share position and retained NSR should the project advance towards development. Recent grab sample samples taken from the newly discovered zone returned values up to 15.5% Lead (pb) and 192 grams per tonne (g/t) silver. Below is a table of assay results:Sample NumberLead (%)Silver (g/t)Copper (ppm)Zinc (ppm)3099101.9930.73954403099115.3013.41409030991215.5044400943099131.7426.62142730991410.2070.7458126003099151.3814.6485383099166.3086.211885203099170.080.511183099185.071922372344 The property is located approximately 7km from the southeast boundary of Altius Minerals Corporation's (\"Altius\") new Sail Pond discovery, where Altius obtained grab samples up to 2,030 g/t Ag, 7.08% Cu, 9.40% Pb, 2.54% Sb, 0.46 g/t Au and 944 g/t Ag, 5.24% Cu, 7.6% Pb, 2.32% Zn, 0.30g/t Au (South Zone) and 803 g/t Ag, 3.58% Cu, 0.11% Pb, 1.04% Zn, 0.92% Sb, 0.17 g/t Au (North Zone)(see Altius web site). The surface grab samples mentioned in this release are selective by nature and are unlikely to represent average grades of the property.Wayne Reid, P. Geo., a Qualified Person as defined in...