Benton Resources (TSXV: BEX) has made a gold discovery at a recently staked project in Newfoundland. The discovery has been made at the Dominion Lake Gold-Base Metal Project, following a small prospecting program that was completed this past summer.
A 50 metre wide sheared zone has been identified on the claims, which is in contact with a 12.0 metre wide exposed quartz-flooded and silicified zone. The new zone, referred to as Rickirb, has been traced for a total of 120 metres to date, with samples returning assay results as high as 4.6 g/t gold. In total, 30 grab samples have been collected from the zone, of which 7 returned values in excess of 0.5 g/t gold.
The new discovery is said to be located 21 kilometres north-northeast of Calibre Mining’s Marathon deposit.
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Following the discovery, Benton has entered into an option agreement to acquire further claims. With the additional claims, the Dominion Lake project now surrounds two known VMS deposits, which are currently held by Canterra Minerals.
Under the terms of the option agreement, a total of 440,000 common shares of Benton are to be issued and $54,000 in cash is to be paid over a four year period to the claimholder in exchange for a 100% interest. A 2% net smelter return royalty will remain on the claims, one half of which can be repurchased for $500,000.
Benton Resources last traded at $0.075 on the TSX Venture.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
