Benton hits high grade gold on optioned property from Golden Harp
Thu Jun 18, 9:00 AMTSX-V: BTC
THUNDER BAY, ON, June 18 /CNW/ - Benton Resources Corp (BTC: TSX.V, "Benton" or "the Company") is pleased to announce that it has received results for drill holes GH09-02 and GH09-03 of a seven hole, 1625 metre drilling program recently completed on the Golden Harp Block A option located 30 km west of Gowganda, Ontario. The purpose of the drill program was to verify gold mineralization intersected in historic drilling on the Cook Zone as well as to test the continuity of the mineralization at depth and on strike. The Company is awaiting several in-fill samples from drill hole GH09-01 that should be received shortly. Most encouraging to date is hole GH09-02 which intersected several parallel zones of gold mineralization including a down hole intercept of 5.5 metres grading 11.9gpt. Drill hole GH09-03 was drilled below GH09-02 and cut two zones of gold mineralization, the deepest of which appears to have been displaced by a late gabbroic intrusion. Drill hole GH09-03 will be deepened in the next drill program in an attempt to drill through the gabbro body. In addition to the diamond drill program, a surface exploration program is well underway with a 41 km grid established and ground geophysics (magnetics and induced polarization) and soil sampling in progress is to be followed by prospecting and geological mapping. The new grid extends southeast from the Cook Zone through to the MC Zone discovered by Golden Harp in 2008. The MC Zone, located 1.3 kilometres east-southeast of the Cook Zone, is hosted in a thick package of pyritic, green carbonate, albite and hematite altered ultramafic and mafic volcanic rocks. To date five holes have tested the MC Zone over a strike length of 220m. All holes intersected widespread anomalous gold mineralization with some of the better down hole mineralized intervals returning 44.0m of 0.89 gpt Au (including 2.0m of 4.01 gpt Au) from hole GH-025 and 9.0m of 3.6 gpt Au (including 2.0m grading 14.29 gpt Au) from hole GH-019. The results of the current exploration program will be followed up by a second phase diamond drill program after the current ground work program is completed and compiled. Benton is earning up to a 70% interest in the project by spending $3.0 million on exploration along with issuing cash and shares (Benton P.R March 12, 2009). Benton is encouraged by the initial assays and awaits the results from the remaining five drill holes.
Table of assay composites for the first holes received is as follows:
-------------------------------------------------------------------------
DDH From (m) To (m) Length (m)(xx) Au (gpt)
-------------------------------------------------------------------------
GH09-02 114.7 117.7 3.0 2.40
-------------------------------------------------------------------------
130.4 135.9 5.5 11.97
-------------------------------------------------------------------------
152.0 157.3 5.3 3.04
-------------------------------------------------------------------------
GH09-03* 138.3 139.8 1.5 2.79
-------------------------------------------------------------------------
217.6 220.1 2.5 2.50
-------------------------------------------------------------------------
* DDH GH09-03 to be deepened
(xx) Length is down hole length
The Company also wishes to announce that in the Marathon area, a second phase diamond drilling program has recently started on the Goodchild Ni-Cu property to drill test previously untested VTEM anomalies. The program is funded by Benton's joint venture (J.V.) partner Stillwater Mining Corp ("Stillwater"). Benton has, subject to regulatory approval, granted Stillwater a two month extension to September 10, 2009 to the warrant exercise term of the Series B Warrant issued to Stillwater in July, 2007. Pursuant to the Series B Warrant Stillwater has the right to subscribe for that number of common shares of the Company determined by dividing $2,400,000 by the number which is equal to 150% of the 20 day volume weighted average price (VWAP) on the Series B Warrant expiry date. The extension is to allow Stillwater time to review all the data collected to date on the property including the results of the current diamond drill program.
Benton currently has approximately $13.5 million in cash, owns a 34.3% interest in Coro Mining Corp (TSX.COP), holds an approximate 5% interest in Marathon PGM Corp (TSX.MAR) and retains a 2% Net Smelter Royalty on the northern portion of the Marathon PGM deposit.
Clinton Barr (P.Geo.), V.P. Exploration for Benton Resources Corp., is the qualified person responsible for this release.
On behalf of the Board of Directors of Benton Resources Corp.,
"Stephen Stares"
Stephen Stares, President
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties.
ContactsStephen Stares @: 611 Montreal StreetThunder Bay
ON
P7E 3P2
Phone (807) 475-7474
Fax (807) 475-7200
www.bentonresources.com Investor relations: In Canada: First Canadian Capital
Daniel Boase
Phone (416) 742-5600
Fax (416) 742-6410
