02:16:01 EDT Thu 25 Apr 2024
Enter Symbol
or Name
USA
CA



Benton Resources Inc
Symbol BEX
Shares Issued 83,868,531
Close 2018-07-09 C$ 0.055
Market Cap C$ 4,612,769
Recent Sedar Documents

Benton options Conche to Quadro Resources

2018-07-09 11:46 ET - News Release

Mr. Stephen Stares reports

BENTON OPTIONS NEW SILVER PROJECT TO QUADRO RESOURCES

Benton Resources Inc. has entered into an option agreement pursuant to which Quadro has acquired the right to earn Benton's 33.33-per-cent interest in the recently staked Conche property (see Benton press release dated June 22, 2018) on Newfoundland's Great Northern Peninsula. In order to exercise the option, Quadro is required to issue one million Quadro shares to the company over an 18-month period with 200,000 shares owed upon receipt of regulatory approval, a further 300,000 shares to be issued within six months of receipt of regulatory approval and the final 500,000 shares within 18 months of receiving regulatory approval. Upon completion of the share payments, Benton will retain a 1-per-cent net smelter returns royalty with Quadro having the right to purchase 50 per cent of the NSR for $500,000. The option remains subject to approval by the TSX Venture Exchange.

With Benton's already substantial share position in Quadro, the company believes this was the best path forward to both preserve capital and be in a position to leverage the upside through this share position and retained NSR should the project advance toward development.

Recent grab sample samples taken from the newly discovered zone returned values up to 15.5 per cent lead (Pb) and 192 grams per tonne (g/t) silver. Attached is a table of assay results.


Sample No.       Lead (%)  Silver (g/t)  Copper (ppm)   Zinc (ppm)

309910              1.99          30.7         3,954           40
309911              5.30          13.4           140           90
309912             15.50            44           400           94
309913              1.74          26.6           214           27
309914             10.20          70.7         4,581        2,600
309915              1.38          14.6           485           38
309916              6.30          86.2         1,188          520
309917              0.08           0.5            11           18
309918              5.07           192         2,372          344

The property is located approximately seven km from the southeast boundary of Altius Minerals Corp.'s new Sail Pond discovery, where Altius obtained grab samples up to 2,030 g/t silver, 7.08 per cent copper, 9.40 per cent lead, 2.54 per cent antimony, 0.46 g/t gold and 944 g/t silver; 5.24 per cent Cu, 7.6 per cent Pb, 2.32 per cent zinc and 0.30 g/t Au (South zone); and 803 g/t Ag, 3.58 per cent Cu, 0.11 per cent Pb, 1.04 per cent Zn, 0.92 per cent Sb and 0.17 g/t Au (North zone) (see Altius's website).

The surface grab samples mentioned in this release are selective by nature and are unlikely to represent average grades of the property.

Wayne Reid, PGeo, a qualified person as defined in National Instrument 43-101, was involved in the collection of the samples, supervised the analytical program, and approved the scientific and technical disclosure in the news release.

Analysis reported in this release were completed by Eastern Analytical in Springdale, Nfld., with ISO 17025 accreditation. Samples were transported, by the qualified person, in sealed bags to Eastern and all samples were analyzed using an Au plus-34-element ICP procedure. Overlimits for base metals and silver were assayed using industry-standard assay techniques.

The option will be effected with Quadro of which Benton is an insider and as such the transaction is a "related party transaction" as such term is defined under Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. The company is relying on exemptions from the formal valuation and minority approval requirements set out in MI 61-101. The company is exempt from the formal valuation requirement of MI 61-101 under sections 5.5(a) and (b) of MI 61-101 in respect of the transaction as the fair market value of the transaction, insofar as it involves the interested parties, is not more than 25 per cent of the company's market capitalization. Additionally, the company is exempt from minority shareholder approval under sections 5.7(1)(a) and (b) of MI 61-101 as, in addition to the foregoing, (i) neither the fair market value of the transaction nor the consideration to be provided to the interested parties exceeds $2.5-million, (ii) the company has one or more independent directors who are not employees of the company, and (iii) all of the independent directors have approved the transaction.

About Benton Resources Inc.

Benton Resources is a well-financed Canadian-based project generator with a diversified property portfolio in gold-silver, nickel, copper and platinum group elements. Benton holds multiple high-grade projects available for option which can be viewed on the company's website. Most projects have an up-to-date National Instrument 43-101 report available.

We seek Safe Harbor.

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