Benton Resources Hits Earn-In Target For 70% Ownership In Great Burnt Copper Project
Benton Resources (TSXV: BEX) has confirmed this morning that it has completed the required expenditures to obtain a 70% interest in the Great Burnt Copper project in Newfoundland. The earn-in follows over $2.5 million being spent in exploration on the project.
Presently, the company has paused exploration on site until Homeland Nickel (TSXV: SHL), formerly known as Spruce Ridge Resources, confirms that the expenditures have been met. As per the terms of the option agreement, the two parties are now expected to enter into a joint venture for the project, which would see Homeland retain a 30% interest in the project, and cover the same percentage of costs for further exploration.
Whether Homeland can fund its percentage of exploration however remains to be seen. As of January 31, the company held $621,000 in cash and $9.5 million in marketable securities. Those securities however amount to interests in other explorers obtained through option agreements, and largely consist of holdings in Canada Nickel Company (TSXV: CNC). Benton has indicated it intends to proceed with an aggressive exploration plan that includes between 10,000 and 15,000 metres in additional drill testing of the project, along with regional targeting of new deposits and delineation of the Great Burnt and South Pond deposits.
Separately, the company released results from three additional drill holes conducted at Great Burnt. Highlights from those results include:
- GB-24-38: 1.68% copper, 3.94 g/t silver over 5.0 metres from 344.40 metres
- GB-24-39: 1.10% copper, 1.86 g/t silver over 11.50 metres from 320.90 metres
- GB-24-40: 1.09% copper, 0.72 g/t silver over 4.40 metres from 293.0 metres
- And 2.34% copper, 5.14 g/t silver over 5.70 metres from 328.87 metres
“The Great Burnt Deposit continues to demonstrate its enormous potential that lies at depth and along strike, which remains completely open. Our next steps are to aggressively step out with four deeper drill holes to expand the deposit a further 200 m down plunge and along strike beyond hole GB-24-45 which cut 11.50 m of massive sulphide,” commented CEO Stephen Stares.
Benton Resources last traded at $0.15 on the TSX Venture.
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