Benton Outlines Large Area of Gold-Silver Mineralization at Elizabeth Anne
February 13, 2013 (Source: CNW) Thunder Bay, ON — Benton Resources Inc. (TSXV: BEX) is pleased to announce that the ongoing exploration program has outlined extensive and significant gold (Au) and silver (Ag) mineralization in multiple areas at the Elizabeth Anne gold-silver project. Most encouraging is a new mineralized area west of the Central Zone termed the Rascal Showing where previous selective grab sampling returned up to 1955gpt Ag (see Benton NR January 10, 2013). Follow-up surface chip sampling has outlined widespread continuous mineralization that graded 0.50gpt Au and 13.2gpt Ag over 79.25m within a broader halo of 0.27gpt Au and 5.64gpt Ag over 247m. This longer interval contains a small 16m gap that was given the value of zero for the purposes of calculating these weighted averages and infill sampling has been completed with assay results pending. Another sub-parallel continuous chip sampling interval splayed off the first graded 0.29gpt Au and 30.47g/t Ag over 91.4m.
Approximately 1300m to the southeast of the Rascal Zone, several continuous chip sampling lines were completed over the North Mega-Breccia area to follow up a recent selective grab sample that graded 43gpt Au. The best continuous chip sample in this area returned a weighted average of 0.41gpt Au and 1.36gpt Ag over 33.5m. All lines of chip sampling at the Rascal and North Mega-Breccia zones were oriented in an east west direction in an attempt to cut across north and north east oriented mineralization that remains open in all directions. The chip sampling was conducted along the top of ridges where exposure is best and consisted of the collection of 3.048m (10 feet) long chip samples that ranged from 7-10kg per sample. All samples were sent to ALS Global in Reno Nevada and were analyzed for gold using fire assay and atomic absorption plus gravimetric finish for higher grade samples. Silver analysis was part of a multi-element, Aqua Regia package plus ICP for ore-grade samples.
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Given the effectiveness of the sampling programs the Company has completed to date, new sampling programs are currently being planned and are scheduled to start before the end of February. A map showing all samples taken to date will be placed on the Company’s website. The results to date appear to illustrate that a large gold-silver mineralizing system is unfolding on the Elizabeth Anne project. Stephen Stares, Benton’s President and CEO states “The alteration and silica textures found on the surface at Elizabeth Anne all suggest that the mineralization is associated with low temperature fluids and that better gold and silver precipitation should be associated with higher temperature boiling fluids below this. A detailed aeromagnetic survey at 50m centres should be completed within the next week or two and although we still have more ground work to complete we hope to start the next phase of diamond drilling by early April.”
The Elizabeth Anne gold property is located approximately 35km west of the Mountain Pass rare earth mine in San Bernardino County, California and the Company believes that the Elizabeth Anne project lies within the southern part of the Walker Lane Gold Belt which hosts several multi-million ounce gold deposits. The Company can earn a 100% interest in the Property by paying $1.2 million over 13 years subject to a 3% Net Smelter Royalty (NSR) of which Benton has the right to purchase 50% of the NSR (1.5%) for $1.5 million and holds a Right of First Refusal to match any offer on the other 1.5% NSR.
Benton Resources Inc is a newly listed Canadian based junior with multiple joint ventures and a diversified property portfolio in Gold-Silver, Nickel, Copper, and Platinum group elements. The Company is well funded with approximately $8.6 million in cash and $4.3 million in marketable securities.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. The information contained herein contains “forward-looking statements” within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be “forward-looking statements.”
Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: risks related to failure to obtain adequate financing on a timely basis and on acceptable terms; risks related to the outcome of legal proceedings; political and regulatory risks associated with mining and exploration; risks related to the maintenance of stock exchange listings; risks related to environmental regulation and liability; the potential for delays in exploration or development activities or the completion of feasibility studies; the uncertainty of profitability; risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; results of prefeasibility and feasibility studies, and the possibility that future exploration, development or mining results will not be consistent with the Company’s expectations; risks related to gold price and other commodity price fluctuations; and other risks and uncertainties related to the Company’s prospects, properties and business detailed elsewhere in the Company’s disclosure record. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from the Company’s expectations or projections.
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