Benton Purchases Strategic Ground Directly Along Strike of the South Pond Gold Deposit from Noble Minerals
Executive Summary
- Benton Resources entered a purchase agreement to acquire 100 % of the Island Pond Property from Noble Mineral Exploration for CAD 30,000 cash plus 1,000,000 common shares.
- The acquisition expands Benton’s land position north of its South Pond Gold Zone, potentially adding >1,000 m to the existing 2.7 km mineralized trend and consolidates control of the northern extension of the Great Burnt Copper‑Gold Project.
- The transaction includes a 2 % Net Smelter Royalty (NSR) assumed by Benton (with a buy‑back right for $1.5 M) and a 1 % NSR retained by Noble, plus a four‑month hold period on the issued shares pending TSXV approval.
Key Details
- Purchase Consideration:
- CAD 30,000 cash (one‑time).
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Issuance of 1,000,000 Benton common shares (subject to a standard four‑month hold period from TSXV approval date).
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Royalty Structure:
- Benton assumes the original 2 % NSR on the property and obtains an option to repurchase it for $1.5 M.
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Noble retains a 1 % NSR; Benton receives a Right of First Refusal (ROFR) on this royalty.
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Strategic Rationale:
- Island Pond lies directly north of the South Pond Gold Zone within the Great Burnt Copper‑Gold Project area.
- Geological and geophysical similarities suggest continuation of significant Au‑Cu mineralization along the same structural trend.
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Expected to extend the known mineralized corridor by >1,000 m beyond the current 2.7 km strike length.
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Planned Activities:
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Immediate prospecting and geophysical work to evaluate the newly acquired land package.
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Recent Drilling Highlights (South Pond Gold Zone):
- SP‑24‑01: 18.80 m @ 1.13 g/t Au; 5.96 m @ 2.06 g/t Au.
- SP‑24‑03: 43.75 m @ 1.62 g/t Au (incl. 4.00 m @ 3.99 g/t Au).
- SP‑24‑07: 74.20 m @ 1.43 g/t Au (incl. 8.00 m @ 2.94 g/t Au).
- SP‑24‑08: 14.00 m @ 1.23 g/t Au (incl. 4.00 m @ 2.33 g/t Au).
- SP‑24‑09: 24.00 m @ 1.48 g/t Au (incl. 7.00 m @ 2.03 g/t Au).
- SP‑24‑10: 20.00 m @ 1.04 g/t Au; 25.00 m @ 1.54 g/t Au.
- SP‑24‑12: 27.07 m @ 1.08 g/t Au (incl. 5.00 m @ 2.11 g/t Au).
- SP‑24‑13: 19.75 m @ 1.42 g/t Au (incl. 4.00 m @ 3.08 g/t Au).
- SP‑24‑15: 22.50 m @ 1.24 g/t Au (incl. 4.00 m @ 2.08 g/t Au).
- SP‑24‑23: 6.75 m @ 2.90 g/t Au.
- SP‑24‑28: 27.40 m @ 1.00 g/t Au (incl. 3.00 m @ 2.92 g/t Au).
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SP‑24‑30: 8.00 m @ 2.07 g/t Au (incl. 2.00 m @ 4.83 g/t Au).
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Qualified Person: Stephen House, P.Geo., Vice President of Exploration, approved the scientific and technical disclosure under NI 43‑101.
Notable Quotes
“By securing 100 % ownership of Island Pond, Benton has effectively expanded its land position and consolidated control over the northern extension of the South Pond trend.” – Stephen Stares, President & CEO
All forward‑looking statements are subject to risks and uncertainties detailed in the release.