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Benton Resources signs LOI to option a 60% interest in Golden Harp's Copper Hill Block A gold property
VANCOUVER and THUNDER BAY, ON, March 12 /CNW/ - Golden Harp Resources Inc. (TSXV:GHR) "Golden Har...
About this update from Silver Valley Metals Corp
[{"type":"text","content":"\n\n\n\nVANCOUVER and THUNDER BAY, ON, March 12 /CNW/ - Golden Harp Resources\nInc. (TSXV:GHR) "Golden Harp" and Benton Resources Corp. (TSXV:BTC) "Benton"\ntoday announced they have signed a Letter of Intent (LOI) granting Benton the\noption to earn a 60% interest in Block A of Golden Harp's 100%-owned 145 sq.\nkm Copper Hill Property. The claims included under the Block A option\nagreement represent 351 claim units of Golden Harp's 855 claim units covering\nseveral historic gold occurrences including the Cook Zone and the newly\ndiscovered MC Zone. The terms of the agreement call for Benton to expend $2\nmillion in work commitments, make $75,000 in cash payments and issue 550,000\ncommon shares; payable over a three year period according to the schedule\nbelow. The option does not vest until all commitments have been made. The\nproperty is located approximately 100 km south of Timmins, Ontario, along\nHighway 560 between Shining Tree and Gowganda, within the southern Abitibi\nGreenstone belt, along what is believed by many to represent the western\nextension of the prolific Kirkland Lake-Larder Lake break. A map showing the\narea subject to this option is available at www.goldenharpresources.com and\nwww.bentonresources.ca.\n\n\nThe Cook Zone, first discovered in the 1930's, is hosted within\nsilicified and carbonate altered mafic and ultramafic volcanic rocks that have\nbeen intruded by altered felsic porphyry dykes. The zone has been subject to\nseveral diamond drilling campaigns which have intersected significant gold\nmineralization from several sub-parallel zones. Some of the better down hole\ndrill intersections include 54.2 gpt Au (gram per tonne gold) over 4.0m\n(metres) (hole B-04) and 5.71 gpt Au over 4.6m (hole B-06) drilled in 1952 by\nBessey Mining Syndicate; 5.4 gpt Au over 7.6m (hole T-14) drilled in 1953 by\nTenendo Mining and 10.6 gpt Au over 3.1m (hole ORC-01) drilled by Orcana in\nthe 1980's; and 2.7 gpt Au over 13m (KC-12) drilled by KRL Resources in 1995.\nThe MC Zone, discovered by Golden Harp in 2008, located 1.3 km east southeast\nof the Cook Zone, is hosted in a thick package of pyritic, green carbonate,\nalbite and hematite altered ultramafic and mafic volcanic rocks. To date, five\nholes have tested the MC Zone over a strike length of 220m. All holes\nintersected widespread anomal...