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Puget Ventures Inc. and Benton Resources Corp. Sign Letter of Intent for Werner Lake-Rex Lake Area Claims
Puget Ventures Inc. and Benton Resources Corp. Sign Letter of Intent for Werner Lake-Rex Lake Ar...
About this update from Silver Valley Metals Corp
[{"type":"text","content":"Puget Ventures Inc. and Benton Resources Corp. Sign Letter of Intent for\nWerner Lake-Rex Lake Area Claims\n\n\n\nPuget Ventures Inc. and Benton Resources Corp. Sign Letter of Intent for\nWerner Lake-Rex Lake Area Claims\n\n\nThunder Bay, Ontario and Vancouver, British Columbia CANADA, August 14, 2008 /FSC/ - Benton Resources Corp. (BTC - TSX Venture, BNRJF - OTCBB_Pink_Sheets), and Puget Ventures Inc. (TSXV:PVS), (\"Puget Ventures\"), announced today that they have entered into a Letter of Intent for Puget Ventures to acquire an option to earn an initial 50% interest and a further 10% interest in Benton's interest in eight claims in the Werner Lake-Rex Lake area in North Western Ontario. Benton has the right to earn a 100% interest in the eight claims from the underlying owner, subject to a 2% NSR, 50% of which can be purchased for $1 million.\n\n\"Puget Ventures is currently working to consolidate the Werner Lake-Rex Lake Mineral Belt (the \"Belt\") and with these additional claims, Puget now has access to a significant majority of the land position in the Belt and most of the historically recorded mineral occurrences,\" said Erin Airton, President of Puget Ventures. \"Puget expects to move quickly to commence exploration operations in the Belt, especially focused on the Nickel-PGE and Copper-Cobalt mineralized trends and showings.\"\n\n\"Benton is pleased that Puget Ventures has signed the Letter of Intent regarding the Werner Lake-Rex Lake properties. We look forward to significant work being completed on these properties of interest,\" said Stephen Stares, President and CEO of Benton.\n\nThe eight claim group covers approximately 1,237 hectares at the east end of the Werner Lake-Rex Lake Mineral Belt. Historical shallow diamond drilling on the project completed by Eastern Mining and Smelting in 1956 intersected 23.9m (metres) grading 1.02% Cu and 15.1gpt (gram per tonne) combined precious metal (interpreted as silver) at approximately 60m vertically below surface. \n\nDiamond drilling completed by Falconbridge Nickel Mines Limited during the late 1980s intersected 1.17% Cu and 9.5gpt Ag over 29.5m (at approximately 50m vertical) that included 2.04% Cu and 5.3gpt Ag over 11.95m. An undercut drill hole intersected a metamorphosed ultramafic (peridotite) that yielded 22.8m...