Apr. 20, 2011 (Canada NewsWire Group) --
Trading Symbol: TSXV: BMC
Shares Outstanding: 150,898,545
WINDSOR, NS, April 20 /CNW/ - Buchans Minerals Corporation (TSXV: BMC) ("Buchans Minerals") and Benton Resources Corp. (TSXV: BTC) ("Benton") or the "Companies" are pleased to announce results from their recently completed drilling program testing select base metal targets on the Long Range 50/50 joint venture property in central Newfoundland, Canada. Drilling included 1,386 metres in nine holes at the Portage Nickel prospect and a further three holes at the Range Copper prospect.
Range Prospect:
The Companies are pleased to announce that drilling at the Range
prospect extended copper-bearing sulphide mineralization over a minimum
strike length of 200 metres, with the zone open in both strike
directions and at depth. New assays suggest the overall sulphide
abundance, thickness and copper grades may be increasing to the north.
Assays from new drilled intersections include hole LR-11-17 that
returned 12.9 metres (estimated true width) averaging 0.48% Copper and 0.023% Cobalt, including 0.91 metres averaging 2.24% Copper and 0.011% Cobalt. Given the positive nature of these results, the Companies are planning
additional geophysical surveys and diamond drilling to test the Range
prospect in 2011. This work will focus on extending the zone to the
north and down dip, where potential exists for the zone to expand into
a significant copper sulphide deposit. Maps showing drilling locations
and results are available at http://www.buchansminerals.com.
| Hole | Length |
Intercept Width (m) |
Estimated True Width (m) |
Cu % | Co % | Comments | |
| From (m) | To (m) | ||||||
| LR-11-017 | 171.30 | 185.50 | 14.20 | 12.9 | 0.48 | 0.023 | Northern limit |
| including | 174.50 | 175.50 | 1.00 | 0.91 | 2.24 | 0.011 | |
| including | 174.50 | 184.80 | 10.30 | 9.36 | 0.53 | 0.021 | |
| LR-09-02 | 92.00 | 129.80 | 37.80 | 13.10 | 0.37 | 0.031 | Drilled 2009 |
| including | 96.00 | 120.00 | 24.00 | 8.30 | 0.42 | 0.022 | |
| including | 118.0 | 119.0 | 1.00 | 0.35 | 1.44 | 0.08 | |
| LR-11-015 | 52.00 | 60.50 | 8.50 | 7.60 | 0.48 | 0.017 | |
| including | 55.00 | 59.00 | 4.00 | 3.58 | 0.66 | 0.021 | |
| including | 57.00 | 58.00 | 1.00 | 0.89 | 1.00 | 0.022 | |
| LR-11-016 | 70.45 | 80.30 | 9.85 | 8.10 | 0.13 | 0.009 | Southern limit |
Assay highlights for the Range Copper prospect. Results in Italics are from drilling completed and announced in 2009 (true widths estimates based upon revised geometry determined by 2011 drilling as well as observed contacts in drill core).
Portage Prospect:
Previous drilling at the discovery trench in 2009 intersected
mineralized gabbro assaying 0.44% nickel, 0.22% copper and 0.016%
cobalt in what appeared to be a 12 metre thick undulating layer just
below surface. Unfortunately, the 2011 drilling designed to test the
extent of this layer indicate that the mineralization may be
discontinuous or have a limited strike extent, with the best
intersection returned from the drill program assaying 0.07% Ni, 0.03% Cu and 0.007% Co over 17.6 metres core length in hole LR-11-13, including 1.09% Ni, 0.46% Cu and 0.05% Co over 0.30 metres. Given results of the 2011 drill program, the Companies now believe
minimal residual exploration potential exists for discovery of a large,
potentially significant, near-surface, nickel-copper resource at this
location.
String Anomaly:
As announced on February 24, 2011, the Companies intended to drill a
conductive anomaly located approximately four kilometres southwest of
the Portage Nickel prospect known as the String Anomaly; however, due
to the fact the anomaly lies beneath a lake and the ice conditions were
poor, the Companies were unable to mobilize the drill to test this
target. The String anomaly was detected by previous airborne and ground
geophysical surveys, and may be located on strike of the Portage Nickel
prospect. The Companies believe this anomaly may be associated with
similar, but more concentrated, gabbro-hosted nickel sulphide
mineralization and will assess other means to test this anomaly in 2011
or early 2012.
Goldquest Update:
Following on the success of the Joint Venture's discovery of the
Goldquest prospect as announced on the 10th of January 2011, the Companies have expanded previous soil geochemical
surveys over the prospect to cover an expanded area measuring 1.5 x 2.0
kilometres. The surveys were undertaken to further define the
open-ended, one kilometre long, prospective trend detected as anomalous
gold in soils, bedrock and float by surveys completed in December of
2010. Approximately 1,150 soil samples have been submitted for assaying
and results are expected to be available within three weeks.
2011 Plans:
The Companies are preparing a budget for the remainder of 2011 and
anticipate programs will focus on further follow-up of the Goldquest
gold discovery as well as select base metal targets including the Range
Copper prospect and String anomaly. The Companies anticipate initiating
further field work after spring breakup.
Junior Exploration Assistance Program:
Buchans Minerals would like to gratefully acknowledge financial support
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 Joint Venture Property.
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. Quoted assays and QAQC procedures are described
in detail in previous press releases dated November 3 and November 18,
2009.
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 $15.5 million
in cash, owns approximately 55.4 million shares and 2.43 million
warrants 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 4.43 million shares of Mineral Mountain
Resources Ltd. (TSX-V.MMV), and holds 815,000 shares of Bell Copper
Corporation (TSX-V.BCU). 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 41.6% investment in Coro
Mining from its cash, equities and exploration assets. Benton
shareholders will receive a pro-rata interest in this new company at a
ratio as yet to be determined 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.
| Buchans Minerals Corporation. Warren MacLeod, President & CEO Ph: (902) 472-3520 Windsor, Nova Scotia www.buchansminerals.com | Benton Resources Corp. Stephen Stares, President & CEO Ph: (807) 475-7474 Thunder Bay, Ontario www.bentonresources.ca |
