Benton Resources acquires four licences in Newfoundland

Executive Summary

• Benton Resources acquired four new licences (108 claim units) and purchased two additional licences (33 claim units) from Quest Inc., expanding its Victoria Lake land package to 141 claims directly along strike from Equinox Gold’s Valentine mine.
• The transaction includes a $6,000 cash payment plus issuance of 200,000 Benton shares for a 100 % interest in the acquired claims, with Quest retaining a 2 % NSR and Benton holding an option to repurchase a 1 % royalty for $1.5 M.
• Benton's president/CEO highlighted the strategic fit of the new land package within Newfoundland’s high‑grade gold corridor and indicated that drill targeting options are now being evaluated.

Key Details

• Licences Staked: 4 licences totaling 108 claim units (newly staked).
• Licences Purchased: 2 licences from Quest Inc., covering 33 claim units.
• Total Victoria Lake Package: 141 claims after acquisition.
• Purchase Consideration:
• Cash payment of $6,000 to Quest.
• Issuance of 200,000 Benton shares for a 100 % interest in the purchased licences.
• Royalty Structure:
• Quest retains a 2 % Net Smelter Return (NSR) on the acquired claims.
• Benton holds an option to repurchase a 1 % royalty for $1.5 million.
• Benton granted Quest a 0.25 % NSR on three of Benton's staked licences (039488M, 039556M, 039560M) and part of licence 039590M.
• Geological Context: Magnetics and historical data indicate a favorable gold trend extending southwest toward Benton’s newly acquired Victoria West project; Marathon Gold soil sampling reported anomalous gold values up to 169 ppb near the water’s edge adjacent to Benton's claims.
• Management Comment (Stephen Stares, President & CEO): Emphasized strategic complementarity of the land package, cost‑effective acquisition, and significant discovery potential; noted that drill targeting options are under review.
• Qualified Person: Stephen House, P.Geo., VP Exploration, Benton Resources – NI 43‑101 qualified.
• QA/QC Protocols: Core/rock samples processed by Eastern Analytical Ltd. (ISO/IEC 17025 accredited) using fire assay and ICP‑OES methods; all assays reported uncut.

Notable Quotes

“This is yet another fantastic opportunity for Benton and its shareholders as it strategically complements our prospective gold and base metal project portfolio in Newfoundland… We are pleased to have cost‑effectively acquired an excellent land position directly along strike from one of Canada’s newest and continually growing gold mines.” – Stephen Stares, President & CEO, Benton Resources.