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Trading Symbol: TSXV: BMC
Shares Outstanding: 150,898,545
WINDSOR, NS, Oct. 3, 2011 /CNW/ - Buchans Minerals Corporation (TSXV: BMC) ("Buchans Minerals") and Benton Resources Corp. (TSXV: BTC) ("Benton") or the "Companies" are pleased to announce drilling has commenced on their "Goldquest" gold prospect located within the Long Range 50/50 Joint Venture property in central Newfoundland. The program is anticipated to include 875 metres of drilling in eight holes and is designed to test mineralized quartz veins in bedrock and float associated with the Goldquest Trend, an open-ended 750 metre long trend defined by anomalous gold in bedrock and float.
Drilling will focus on two key locations along the trend: the Goldquest South area, where prospecting and trenching have identified additional high-grade mineralized float 50 metres east of high-grade float discovered in late 2010; and the Goldquest North area, where mineralization has been located in bedrock.
At the Goldquest South area, results to date suggest this location may represent a high priority target for discovery of a high-grade, vein-hosted, gold deposit. Among these results is the discovery of abundant gold-bearing quartz float in till, including partially disaggregated slabs measuring up to 10 m x 0.5 m, with smaller angular blocks measuring up to 25 cm in diameter. Samples recently collected from float in this area (August 18, 2011 release) return assays up to 123.81 g/t gold and 414.2 g/t silver as well as 104.10 g/t gold and 425.7 g/t silver, located approximately 50 metres east of previously discovered surface float in till assaying up to 106.38 g/t gold and 364.3 g/t silver (January 10, 2011 release). Glacial transport directions recently identified in nearby trenched bedrock exposures suggest the float was likely derived from a nearby source located east of recently completed trenches, where thick overburden prevented exaction of bedrock.
At the Goldquest North area, recent work has uncovered steeply to sub-vertical to west dipping gold-bearing quartz veins in bedrock over a minimum strike length of 35 metres and varying in width between 0.20 m and 0.45 m. Recent sampling of trenched bedrock exposures (August 18, 2011 release) has returned channel samples assaying 0.064 g/t Au over 0.22 m, 0.81 g/t Au over 0.40 m, and 5.5 g/t Au over 0.45 m respectively. Excessive overburden prevented further excavation of the vein which remains open in both strike directions.
Warren MacLeod, President of Buchans Minerals states that "we look forward to results of our initial drill program, as this will be the first drill test of this exciting new gold prospect …based on current results, we believe there is excellent potential for the discovery of a high-grade, vein hosted, gold deposit."
Goldquest Background
First discovered in December of 2010, work to date consisting of
prospecting and trenching along the Goldquest Trend has returned assays
collected form quartz in bedrock and float ranging between 0.005 g/t
and 123.81 g/t Au. Of a total of 52 samples collected from mineralized
quartz float and bedrock in 2010 and 2011, assays for gold and silver
range between 0.005 g/t and 123.8 g/t gold (average 12.8 g/t, median
0.82 g/t) and between 0.2 g/t and 425.7 g/t silver (average 75.9 g/t,
median 4.2 g/t). A map showing the property location, assay sample
locations and highlights is presented on Buchans Minerals' website at http://www.buchansminerals.com . The prospect is located less than 10 kilometres from a paved highway
and power lines.
Qualified Person:
Paul Moore, M.Sc., P.Geo., (NL), Buchans Mineral's Vice President of
Exploration, is acting as Qualified Person in compliance with National
Instrument 43-101 with respect to this release and has reviewed the
contents for accuracy. Reported assays are derived from samples
collected by Buchans Minerals staff. All assays were completed by
Eastern Analytical Limited of Springdale, Newfoundland by the ICP
(Inductively Coupled Plasma Optical Emission Spectroscopy) method
(ICP-11) and Ore Grade Assay for Ag by the atomic absorption (AA)
method. Gold assays were completed by standard ½ assay ton fire assay
using the AA method.
Buchans Minerals would like to acknowledge financial support to be received from the Junior Exploration Assistance (JEA) Program of the Province of Newfoundland and Labrador in carrying out a portion of their work on the Long Range Nickel joint venture in 2011.
About Buchans Minerals:
Buchans Minerals is an Atlantic Canada based resource company that is
focused on exploring and developing mineral properties in New Brunswick
and the historic Buchans mining camp in central Newfoundland, Canada.
About Benton Resources:
Benton is a Canadian based junior with multiple joint ventures and a
diversified property portfolio in Gold, Nickel, Copper, and Platinum
group elements. The Company currently has approximately $11.5 million
in cash, owns approximately 57.9 million shares in Coro Mining Corp.
(TSX.COP), holds approximately 348,000 shares of Stillwater Mining
Company (NYSE.SWC), holds 782,500 shares in Marathon Gold Corp.
(TSX.MOZ), holds 1.6 million shares in Puget Ventures (TSX-V.PVS),
holds 6.5 million shares of Mineral Mountain Resources Ltd.
(TSX-V.MMV), and holds 815,000 shares of Bell Copper Corporation
(TSX-V.BCU) holds 1.2 million shares of Trillium North Minerals
(TSX-V.TNM), holds 1.5 million shares of Golden Dory Resources
(TSX-V.GDR) and 3.0 million shares Parkside Resources (currently
private). Benton is currently in the process of spinning out the
majority of its assets by a plan of arrangement into a new listed
company in order to separate its approximate 42% investment in Coro
Mining from its cash, equities and exploration assets. Benton
shareholders will receive a pro-rata interest in this new company on a
one-for-one share basis and pursuant to regulatory approval.
Forward Looking Statements:
Certain information contained herein may constitute forward-looking
statements within the meaning of applicable securities laws.
Forward-looking statements may include estimates, plans, expectations,
opinions, forecasts, projections, guidance or other statements that are
not statements of fact. Although Buchans Minerals and Benton (the
"Companies") believe that the expectations reflected in such
forward-looking statements are reasonable, they can give no assurance
that such expectations will prove to have been correct. The Companies
caution that actual performance will be affected by a number of
factors, many of which are beyond their control, and that future events
and results may vary substantially from what the Companies currently
foresee. The Companies' forward-looking statements are expressly
qualified in their entirety by this cautionary statement.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.