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Benton Resources Inc.
Summary
| Project: | Cape Ray | |
|---|---|---|
| Deposit: | Cape Ray | |
| Location: | Canada | |
| Commodities: | Gold-Silver | |
| Date: | 11/4/2016 | |
| Report Code: | NI43-101 | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Pre-Feasibility Study | |
| Report details: | 4-11-2016: Benton Resources Inc. announces an Exploration/Drilling Update report for its Cape Ray deposit at the Cape Ray project. Drilling results incl. 2.2m @ 22.50g/t Au from 138.6m. Thunder Bay, Ontario: Benton Resources Inc. (TSXV: BEX) (“Benton” or | |
| Resources: | (not mentioned in this report) | |
| CP/QP: | [Overall Report]: Clinton Barr (Internal) | |
| ABSTRACT: | Thunder Bay, Ontario: Benton Resources Inc. (TSXV: BEX) (“Benton” or “the Company”) is pleased to announce that the Company and its joint venture partner Nordmin Engineering Ltd. (“Nordmin”) have received gold assays from the first 16 of 29 drill holes from the recently completed 5000m diamond drill program on the Cape Ray Property, located along the Cape Ray fault in southwest Newfoundland. Highlights include 2.8m grading 16.68gpt gold in DDH 21, 2.2m grading 22.5gpt gold in DDH 32 and 4.1m grading 5.01gpt gold in DDH 34. These new results are encouraging and will be brought into the ongoing mining model in preparation for the upcoming prefeasibility study. Complete results for silver has not been received for these drill holes but will be released when available. More drill results are expected shortly. Nordmin is earning up to a 50% interest in 4 of the 6 deposits (see Benton PR January 20, 2015) owned by Benton by completing various work programs and project milestones as well as carrying Benton to a full feasibility study and arranging 50% of project financing to production. In March of this year the companies released the results of a positive preliminary economic assessment (“PEA”) for their Cape Ray Gold Project (see PR March 07, 2016). The results of the PEA include a pre-tax net present value (“NPV”) at a 7% discount rate of $48.4 million with a pre-tax internal rate of return (“IRR”) of 29% and a post-tax NPV at a 7% discount rate of $32.6 million with a post-tax IRR of 24%. The reader should be cautioned that the PEA is preliminary in nature. It contains inferred mineral resources that are considered too speculative to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. The current drill campaign will help bring some of the inferred resources into indicated which will help with the confidence level of the project as we move towards the feasibility study. | |
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