Business
Puget Ventures Inc. Moves Forward with Benton Resources Option in Werner Lake/Rex Lake; Will Not Acquire 1592129 Ontario Inc. At this Time
THUNDER BAY, ON, Oct. 27 /CNW/ - Benton Resources Corp. (TSXV:BTC) and Puget Ventures Inc. (TSXV:...
About this update from Silver Valley Metals Corp
[{"type":"text","content":"\n\n\n\nTHUNDER BAY, ON, Oct. 27 /CNW/ - Benton Resources Corp. (TSXV:BTC) and\nPuget Ventures Inc. (TSXV:PVS) announced today that Puget is proceeding with\nthe transaction to earn up to a 60% interest in the Werner Lake/Rex Lake\nclaims currently held by Benton Resources Corp. previously announced on\nAugust 14, 2008. Work will begin on these highly prospective copper and other\nbase metals showings over the next few months.\n\n\nPuget Ventures also announced that due to market conditions it has\nelected, by mutual consent of both parties, to not proceed at this time with\nthe acquisition of 1592129 Ontario Inc., announced on July 8, 2008. Puget\nVentures will resume trading immediately.\n\n\n"Our company feels at this time that the prudent course of action would\nbe to proceed with the smaller claim package until such time that conditions\nimprove," said Erin Airton, President. "We feel strongly that the Werner Lake\nArea has excellent potential and we will be examining other opportunities for\nacquisitions both there and elsewhere in Northwestern Ontario."\n\n\nAbout Werner Lake/Rex Lake Acquisition from Benton\n\n\nThe eight claim group that Puget is acquiring covers approximately 1,237\nhectares at the east end of the Werner Lake-Rex Lake Mineral Belt. Historical\nshallow diamond drilling on the project completed by Eastern Mining and\nSmelting in 1956 intersected 23.9m (metres) grading 1.02% Cu and 15.1gpt (gram\nper tonne) combined precious metal (interpreted as silver) at approximately\n60m vertically below surface.\n\n\nDiamond drilling completed by Falconbridge Nickel Mines Limited during\nthe late 1980s intersected 1.17% Cu and 9.5gpt Ag over 29.5m (at approximately\n50m vertical) that included 2.04% Cu and 5.3gpt Ag over 11.95m. An undercut\ndrill hole intersected a metamorphosed ultramafic (peridotite) that yielded\n22.8m grading 0.1% Cu and 0.31% Ni (at 140m vertical), suggesting better\npotential for nickel mineralization. All intervals are core lengths and true\nthicknesses are currently unknown. Surface channel sampling completed by\nAtikwa Minerals Limited in 2003 returned anomalous levels of platinum and\npalladium values (0.09 to 0.145gpt).\n\n\nClinton Barr (P.Geo.), V.P. Exploration for Benton Resources Corp. is the\nqualified person responsible for this release on behalf of Benton.\n\n...