Business
Regency Reaches Definitive Agreement with Benton Resources on the Thunder Bay North and Escape Lake Platinum Group Metal Properties, Advances its Application for Change of Business, Proposes a Change of Name to "Clean Air Metals Inc." and Initiates a $10M Brokered Private Placement
Vancouver, British Columbia--(Newsfile Corp. - January 10, 2020) - Regency Gold Corp. (TSXV: R...
About this update from Benton Resources, Inc.
[{"type":"text","content":"Regency Reaches Definitive Agreement with Benton Resources on the Thunder Bay North and Escape Lake Platinum Group Metal Properties, Advances its Application for Change of Business, Proposes a Change of Name to \"Clean Air Metals Inc.\" and Initiates a $10M Brokered Private PlacementVancouver, British Columbia--(Newsfile Corp. - January 10, 2020) - Regency Gold Corp. (TSXV: RAU.H) (\"Regency\" or the \"Company\") is pleased to announce that it has entered into a definitive option agreement (the \"Option Agreement\") with Benton Resources Inc. (\"Benton\") (TSXV: BEX) whereby Regency has acquired an option to acquire a 100% right, title and interest in the Escape Lake Property (the \"Escape Lake Property\"), subject to a 1.0% net smelter return royalty to be retained by Rio Tinto Exploration Canada Inc. (\"RTEC\"), from Benton with such option to be conditional on Benton exercising its pre-existing option to acquire the Escape Lake Property from RTEC. In addition, Benton also assigned to Regency its rights under a letter of intent previously entered into with Panoramic Resources Inc. (\"PAN\") pursuant to which Benton acquired the right to acquire 100% of PAN's subsidiary, Panoramic PGM (Canada) Ltd. (the \"Pan Subsidiary\") which owns the Thunder Bay North Project (the \"TBN Project\").The TBN Project is located approximately 50km northeast of Thunder Bay within the Thunder Bay Mining Division in north-west Ontario, Canada, in the northern part of the Proterozoic Midcontinent Rift region, an important emerging Ni-Cu-PGM province. The TBN Project consists of 219 unpatented mining claims (2,551 claim units of 16 hectares) covering approximately 40,816 hectares. The 220 hectare Escape Lake Property is located within the TBN Project claim block and along the interpreted magma conduit system which controls the Pt-Pd-Base Metal mineralization on the TBN Project.Mr. Jim Gallagher, former CEO of North American Palladium and Executive Chairman-designate of Clean Air Metals Inc. stated, \"The recent acquisition of the Lac des Iles Mine by Impala Platinum underscores the globally recognized significance of the PGE-rich Thunder Bay North region. Clean Air Metals has consolidated two prospective PGE properties with a significant amount of historical exploration drilling with some impressive PGE-Ni-Cu intercepts in North America and is focuse...