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Benton Resources Inc.
Summary
| Project: | Cape Ray | |
|---|---|---|
| Deposit: | Cape Ray | |
| Location: | Canada | |
| Commodities: | Gold-Silver | |
| Date: | 2/9/2017 | |
| Report Code: | NI43-101 | |
| Report Type: | PEA | |
| Project Stage: | Pursuing Feasibility Study | |
| Report details: | 9-2-2017: Benton Resources Inc. announces a PEA report for its Cape Ray deposit at the Cape Ray project. Updated PEA results incl. post-tax NPV (7%) of $32.4M, IRR of 25.1%. This Preliminary Economic Assessment (PEA) was prepared for Benton Resources and | |
| Resources: | (Resource, Ind): 4.148Mt @ 2.75g/t Au for 367koz Au contained at project (1.0g/t Au cut-off) | |
| CP/QP: | [Resources]: Marc Jutras (Ginto Consulting Inc.) | |
| ABSTRACT: | This Preliminary Economic Assessment (PEA) was prepared for Benton Resources and Nordmin Engineering Ltd. for the Cape Ray Gold-Silver Property, located in southwestern Newfoundland, Canada. This report focuses on the deposits within the joint venture agreement known as Cape Ray 04, 41, 51 and Windowglass Hill. Benton acquired 100% interest in the Cape Ray Property on October 3, 2014 and entered in to a joint venture agreement with Nordmin on January 20, 2015. The property includes historical royalty agreements which are outlined in Section 4 “Property Description and Location”. This PEA is based on an updated mineral resource estimate completed by Marc Jutras, P.Eng. The mineral resource estimate of the Cape Ray project was developed using 1 m capped composited assays, and a geology model developed from first principles. The potential minable resource (PMR) for this PEA was estimated at 2.94MT averaging a combined grade of 2.5 g/t gold and 8.1 g/t silver. Open pit minable resource consists of 2.79MT tonnes with anticipated dilution of 10% and mining loss of 5%. The remaining 151,000 minable resource tonnes from underground include a dilution of 20%. It is proposed that a three phase approach be implemented such that results from Phase 1 can be the baseline for Phase 2, and Phase 2 can be the baseline for Phase 3. Phase 1 consists of upgrading the on-site camp facilities, site LIDAR survey, infill and exploration drilling to convert additional resources from inferred to indicated and to expand the resource. Concurrent with drilling, desk top environmental studies hydrology and surface water baseline studies and geotechnical studies would be conducted to move the data to a feasibility level. The location of diamond drill holes that meet the requirements of the geotechnical study would be incorporated into the overall diamond drilling program. | |
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