Benton Resources Inc. [BEX-TSXV] has, subject to TSX Venture Exchange approval, optioned the KM 67 Volcanic Massive Sulphide (VMS) base metal and gold project located in central Newfoundland from Kevin Keats, Alan Keats, and David MacDonald. The optionors, who have advanced the project, are a team of experienced prospectors and a geologist that possesses a track record of success in Newfoundland and eastern Canada.
Benton acquired the project due to compelling data compiled by the optionors that demonstrates prospective potential of VMS and gold presence on the Project. Historical work identified large VMS boulders grading up to 37.8% lead-zinc as well as others that assayed 13.56% copper-lead-zinc (Cu-Pb-Zn) and 8.76% Cu-Pb-Zn.
In addition, quartz boulders grading up to 7.1 g/t gold and historical soil sampling showing geochemistry highs of 1,870 parts per billion (ppb) 1,421 ppb, 1,360 ppb, 300 ppb and 279 ppb gold. The company believes this represents a great addition to its project portfolio and will immediately apply for exploration work permits including a detailed Airborne Electromagnetic (AEM) and Magnetic survey to be followed by prospecting, mapping and diamond drilling.
To earn a 100% interest in the property, Benton must pay $10,000 and issue 200,000 common shares on signing Exchange approval; pay $20,000 and issue 200,000 shares by November 28, 2022; pay $20,000 and issue 200,000 shares by November 28, 2023; and pay $40,000 and issue 400,000 shares by November 28, 2024. The optionors will retain and can buy back 1% NSR for $1 million.
Benton recently entered into a 50/50 strategic alliance with Sokoman Minerals Corp. [SIC-TSXV] through three large-scale joint venture properties including Grey River Gold, Golden Hope and Kepenkeck in Newfoundland that are now being explored.