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Royal Roads And Benton Resources Increase Interest In Long Range Nickel Joint Venture, Newfoundland
Royal Roads And Benton Resources Increase Interest In Long Range Nickel Joint Venture, Newfoundland
About this update from Silver Valley Metals Corp
[{"type":"text","content":"\nRoyal Roads And Benton Resources Increase Interest In Long Range Nickel Joint Venture, Newfoundland\n\n\n May 8, 2009 (Baystreet.ca) -- Royal Roads Corp. (RRO-TSX-V) (\"Royal Roads\") and Benton Resources Corp. (BTC-TSX-V)\n(“Benton”) are pleased to announce that both companies have increased their respective interests in the Long\nRange Nickel joint venture in central Newfoundland to 50% as a result of the departure of Golden Dory\nResources Ltd. who formerly held a 20% interest. Each of Royal Roads and Benton will increase its share of\nfunding by $25,000 to maintain the previously budgeted program of $250,000 on this highly prospective\nnickel-copper project.\nThe Long Range project consist claims totaling 222 km2 in central Newfoundland and covers a 5 x 20 km\ngabbroic complex, recently recognized as being prospective for nickel-copper-sulphides. The 2009 program\nincludes prospecting, ground geophysical surveys and diamond drilling designed to follow-up conductive\nanomalies identified by airborne geophysical surveys completed by Geotech Ltd. in 2008. Among the targets\nto be evaluated is a 600 metre long VTEM conductive anomaly described by Geotech Ltd. as “a relatively\nstrong conductor consistent with massive sulphides”. This target has been selected for testing by diamond\ndrilling late this summer and it is anticipated that additional drill targets may be developed from results of\nprospecting and ground geophysical surveys to be completed in advance of the drill program.\nApproximately 30 conductive anomalies have been selected for ground follow-up, including anomalies\nidentified near a recently discovered nickel-copper sulphide showing where prospecting identified gabbro\ncontaining disseminated, magmatic-textured, pentlandite, chalcopyrite and pyrrhotite. Assays from the\nshowing yielded anomalous nickel and copper values of up to 0.28% Ni and 0.36% Cu. Based on these\nresults, it is postulated that any potential nearby massive sulphide accumulation could host nickel and copper\ngrades comparable to other magmatic nickel sulphide deposits in North America including Vale-Inco’s\nVoisey’s Bay mine in Labrador and Kennecott’s Eagle deposit in northern Michigan.\nThe property is located close to infrastructure including a 15 MW hydroelectric facility 25 km northeast of...