Benton Advised That Metallica Metals Has Identified Numerous Drill Targets for Starr Project, Thunder Bay Mining District and Grants Stock Options
Thunder Bay, Ontario--(Newsfile Corp. - July 28, 2021) - Benton Resources Inc. (TSXV: BEX) ('Benton') is pleased to report that Metallica Metals Corp. (CSE: MM ("Metallica") issued a news release earlier today whereby they have identified numerous drill targets on their Starr gold-silver project (formerly known under Benton as the Saganaga gold project) located in the Thunder Bay Mining District of Ontario.
Metallica has the option to earn 70% interest in the Starr project by making certain cash and share payments to Benton along with exploration work commitments and has an option to earn the remaining 30% interest by completely further cash and share payments along with further work commitments (see Benton news release dated August 11, 2020) over the term of the agreement. Benton currently holds 1.38 million shares of Metallica and is expecting a further annual payment in the coming weeks.
Metallica's news release of earlier today is reproduced below.
Metallica Metals Identifies Numerous Drill Targets for Its Starr Project, Thunder Bay Mining District
VANCOUVER, British Columbia, July 28, 2021 - Metallica Metals Corp. (CSE: MM) (OTC :MTALF) (FWB: SY7P) (the "Company" or "Metallica Metals") is pleased to announce that it has completed its review of a recently completed airborne MobileMT geophysical survey over its Starr gold-silver project ("Starr" or the "Project") located in the Thunder Bay Mining District of Ontario. The Project, which the Company has the right to earn up to a 100% interest, covers a large land position of 5,991 hectares that includes several high-grade gold and silver occurrences within a 20 km long segment of the southwestern section of the Shebandowan Greenstone Belt. The Project is accessible year-round by highway and logging roads and is located in close proximity to the Moss Lake gold deposit owned by Goldshore Resources Inc. and the Huronian Gold Property owned by Kesselrun Resources Ltd. as shown in Figure 1.
The adjacent Moss Lake gold deposit hosts an Indicated Mineral Resource of 39,797,000 tonnes grading 1.1 g/t Au for 1,377,300 contained ounces of gold and an Inferred Mineral Resource of 50,364,000 tonnes grading 1.1 g/t Au for 1,751,600 contained ounces of gold, and is currently under care and maintenance (source: NI 43-101 Technical Report and PEA for the Moss Lake Project with an effective date of May 31, 2013 and filed on SEDAR under Moss Lake Gold Mines Ltd., now Wesdome Gold Mines Ltd.). Readers are cautioned that mineralization and mineral resource estimates on adjacent and/or nearby properties are not necessarily indicative of mineralization on the Starr Project (please refer to additional cautionary statements below).
Paul Ténière, CEO and Director of Metallica Metals, commented, "Metallica Metals is very pleased with the results of the structural and geophysical interpretation on the Starr Project, which sets the stage for our upcoming maiden drilling program. We have identified a significant amount of drill targets that are both significantly advanced with known surface gold occurrences as well as grassroots targets that have never been tested. With the increase in drilling activity in the area, namely Goldshore Resource's maiden 100,000 metre drilling program announced on June 22, 2021, Metallica Metals is positioned to generate significant shareholder returns with success at the drill bit."
Starr Geophysical and Structural Interpretation, and Drill Targeting
An advanced structural and geophysical interpretation was completed over the entirety of Starr by MB Geosolutions as shown in Figure 2. This work involved the compilation of the recently completed airborne MobileMT and magnetics survey data, two historical VTEM surveys, a fixed-wing MAG/VLF-EM survey, and four ground-based Induced Polarization (IP) surveys. A structural map was generated, which identified interpreted 1st, 2nd, and 3rd order structures. Many of the historical gold occurrences on the Project occur at or around the intersections of these primary and secondary/tertiary structures. Drill targeting was completed through a combination of these structures as well as IP and EM data and proximity to known mineralization. In total, 17 drill target areas were established across the Project. Metallica Metals will utilize these targets as well as existing targets located below known high-grade surface gold occurrences to finalize its upcoming diamond drilling program.
Data Verification and Cautionary Statements
A Qualified Person has not fully verified the historical results disclosed in this news release including any sampling, analytical, and test results underlying this information, other than reviewing the geological information and exploration results disclosed in the Ontario Mineral Deposit Inventory assessment files from previous operators referenced above for the Starr Project, and any other available public information including NI 43-101 technical reports. The Company and a Qualified Person plan to complete a detailed review and verify the available scientific and technical information on the Starr Project as part of its exploration planning over the next several months. However, based on a preliminary assessment of this historical information it appears recent drilling and analytical results by Teck Cominco and Benton Resources were completed using mining industry best practices and QAQC protocols at the time. The historical scientific and technical information disclosed in this news release provides an indication of the exploration potential of the Starr Project but may not be representative of expected results once the Company completes its own exploration and drilling programs on the Starr Project.
This news release also contains scientific and technical information with respect to adjacent or similar mineral properties to the Starr Project, which the Company has no interest in or rights to explore. Readers are cautioned that information regarding mineral resources, geology, and mineralization on adjacent or similar properties is not necessarily indicative of the mineralization on the Company's properties.
Qualified Person Statement
All scientific and technical information contained in this news release was prepared and approved by Paul Ténière, M.Sc., P.Geo., CEO and Director of Metallica Metals Corp., who is a Qualified Person as defined in NI 43-101.
On behalf of the Board of Directors
METALLICA METALS CORP.
Paul Ténière, M.Sc., P.Geo.
CEO and Director
info@metallica-metals.com
Head Office:
Suite 810 - 789 West Pender StreetVancouver, BC V6C 1H2 Canada
Ph: (604) 687-2038
Toronto Office:
Suite 401 - 217 Queen Street West
Toronto, ON M5V 0R2 Canada
About Metallica Metals Corp.
Metallica Metals Corp. is a Canadian junior mining company listed on the Canadian Securities Exchange ("CSE") and its common shares trade under the ticker symbol "MM". The Company is focused on acquiring and exploring gold-silver and platinum group metal (PGM) properties across Canada. The Company is currently exploring and developing its Starr gold-silver project, and Sammy Ridgeline and Richview Pine PGM projects, which are all located adjacent to advanced mining projects in the Thunder Bay Mining District of Ontario.
For more information, please visit the Company's website at https://metallica-metals.com.
Benton also announces that it has granted 2.4 million incentive stock options to directors, officers, employees, advisors and consultants of the Company at an exercise price of $0.20 for a period of five years from the date of grant. The options are subject to vesting provisions contained within the Company's stock option plan.
On behalf of the Board of Directors of Benton Resources Inc.,
"Stephen Stares"
Stephen Stares, President
About Benton Resources Inc.
Benton Resources Inc. is a well-funded mineral exploration company listed on the TSX Venture Exchange under the symbol BEX. Following a project generation business model, Benton has a diversified, highly-prospective property portfolio in Gold, Silver, Nickel, Copper, and Platinum Group Elements and currently holds large equity positions in other mining companies that are advancing high-quality assets. Whenever possible, BEX retains Net Smelter Royalties (NSR) for potential long-term cash flow.
Benton also recently entered into a 50/50 strategic alliance with Sokoman Minerals (TSXV: SIC) through three large-scale joint venture properties including Grey River, Golden Hope and Kepenkeck in Newfoundland that are now being explored.
For further information, please contact:
Stephen Stares, President & CEO
Phone: 807-475-7474
Email: sstares@bentonresources.ca
CHF Capital Markets
Cathy Hume, CEO
Phone: 416-868-1079 x251
Email: cathy@chfir.com
Website: www.bentonresources.ca
Twitter: @BentonResources
Facebook: @BentonResourcesBEX
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
The information contained herein contains "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be "forward-looking statements."
Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: risks related to failure to obtain adequate financing on a timely basis and on acceptable terms; risks related to the outcome of legal proceedings; political and regulatory risks associated with mining and exploration; risks related to the maintenance of stock exchange listings; risks related to environmental regulation and liability; the potential for delays in exploration or development activities or the completion of feasibility studies; the uncertainty of profitability; risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; results of prefeasibility and feasibility studies, and the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; risks related to gold price and other commodity price fluctuations; and other risks and uncertainties related to the Company's prospects, properties and business detailed elsewhere in the Company's disclosure record. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from the Company's expectations or projections.
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