Thunder Bay, Ontario--(Newsfile Corp. - January 19, 2021) - White Metal Resources Corp. (TSXV:WHM) ("White Metal") is pleased to announce that it has received an update from Benton Resources Inc. ("Benton") regarding its first phase drilling program and ongoing 3D IP survey at the Far Lake IOCG Project (aka Far Lake Copper-Gold Project). The Far Lake IOCG Project is currently under option to Benton whereby Benton can earn up to a 70% interest in the Project (see White Metal news release dated May 20, 2020). The news release, which was issued by Benton earlier today, is reproduced below:
Benton Confirms Widespread Copper Mineralization at Far Lake IOCG Project;
3D IP Survey Identifies Large Chargeability Targets for Drilling
Thunder Bay, Ontario--(Newsfile Corp. - January 19, 2021) - Benton Resources Inc. ('Benton' or 'the Company') (TSX-V: BEX) is pleased to announce that it has discovered wide zones of mineralization at the Company's Far Lake IOCG project ("Far Lake") including 0.15% Cu and 0.15 g/t Ag over 60.4 m, including 0.35% Cu and 0.51 g/t Ag over 15.6 m and 1.08% Cu and 1.63 g/t Ag over 2.6 m in drill hole FL-20-11. Drill hole FL-20-11 is located approximately 1,800 m NW along the same structure as the Far Lake discovery zone where surface sampling produced Cu grades up to 22% over 0.7 m. Drill holes FL-20-01 to FL-20-05 completed in the discovery zone yielded results including 0.19% Cu and 0.34 g/t Ag over 33.6 m, including 1.11% Cu and 1.33 g/t Ag over 3.1 m (FL-20-03). The Far Lake project, pursuant to which the Company currently holds under option from White Metal Resources Corp. (TSX-V: WHM) (see Company PR dated May 20, 2020), is located 80km west of Thunder Bay, Ontario.
FL-20-01 to FL-20-05 were shallow holes and mineralized targets were interrupted by a series of diabase dykes and sills. Future drilling in this area will therefore be deeper to avoid intersecting these younger mafic intrusions. The Company is very encouraged by the Cu mineralization intersected in almost every hole and confirms that there is a direct correlation between Cu-sulphides and the two NW trending structures that cross the property.
In December 2020, the Company hired Abitibi Geophysics ("Abitibi") to complete a 3D DasVision IP survey which is nearing completion. Preliminary data has identified chargeability targets between 350-800 m in depth that coincide with the FL#1 and FL#2 structures which contain and appear to be controlling the Cu mineralization discovered to-date. The DasVision, distributed array survey, is designed for deep mineral exploration, up to 1,000m depth. Benton will rely on this new dataset to expand its exploration at depth.
President and CEO of the Company Stephen Stares stated: "The exploration steps taken thus far to advance and understand the Far Lake project have delivered valuable information about the system, and the results from the maiden drill program have confirmed that Benton has indeed discovered an extremely large copper system. The new deep IP data received from Abitibi has now identified large chargeability anomalies on the same structures and in close proximity to that of the new copper discoveries, so we believe this next drill program could deliver very promising results."
Results of the first drilling program are as follows:
|Hole ID||From (m)||To (m)||Interval (m)||Cu (%)||Ag (g/t)||Au (g/t)|
* No Significant Assays
** Additional sampling above and below this interval is being completed
Drill holes FL-20-01 to FL-20-05 were shallow holes drilled over a 200m strike length into the Far Lake discovery zone and were all interrupted by diabase dykes/sills.
Drill hole FL-20-06 intersected a silicified breccia in and E-W interpreted structure with no significant Cu results.
FL-20-07 was drilled approximately 2 km south of the main Far Lake copper zone. The hole was designed to test two parallel EM conductive anomalies on the northern edge of the Shebandowan greenstone belt. Alteration and pyrite mineralization were abundant, but no significant results were received.
Drill hole FL-20-08 was drilled to test a new gold occurrence (trace to 970 ppb Au) which was identified by Benton along the north shore of Kabaigon Lake. Drill results included 0.23g/t Au over 1.6m.
Drill hole FL-20-09 and FL-20-10 were drilled as a fence to test a 250-300 m width of the Two-Pond structural zone that contains chalcopyrite and abundant silicification on surface. Both holes intersected intense epidote alteration and fine chalcopyrite, mineralized in small quartz veinlets flooded throughout a metasediment over several metres.
Drill hole FL-20-11 was designed to test Cu mineralization below the trenches dug by Benton in 2020, along strike of the discovery zone. This area contained the highest Cu-in-soil assay values with coincident anomalous Cu in trench sampling. The hole was drilled approximately 100m south of the widest soil anomaly and intersected large, silicified zones, breccias, epithermal style veining and intense sericite and epidote alteration. Highlights include 0.15% Cu and 0.15g/t Ag over 60.4m, including 0.35% Cu and 0.51 g/t Ag over 15.6 m and 1.08% Cu and 1.63 g/t Ag over 2.6m.
Drill hole FL-20-12 was drilled below the highest Cu-in-soil anomaly on the property located along the FL#1 structure plus outcrop containing chalcopyrite (with malachite and azurite). This hole was the deepest of the drill program which ended at 297 m in a rusty red highly magnetic granite. Abundant magnetite is often associated with fine-grained, disseminated chalcopyrite.
Benton continues to be very encouraged by the progress made by Clean Air Metals Inc. ("Clean Air"), in which Benton holds 24.6 million shares. Clean Air has two drill rigs operating on the Thunder Bay North and Escape Lake Copper-Nickel-PGM project and has released excellent drill results from its ongoing drill campaign. Benton looks forward to receiving ongoing encouraging drill results and future project advancement.
Benton also holds 3,940,000 shares of Quadro Resources Ltd, which is advancing various projects in Newfoundland and Ontario. Additionally, Benton holds 3.6 million shares of Maxtech Ventures Inc. Maxtech has an Option and Joint Venture agreement on Benton's Panama Lake gold project in the Red Lake mining region. Further, Benton holds 1.0 million shares of Sokoman Minerals Corp. (TSX-V: SIC) which has recently released excellent drill results from its Moosehead Project in Newfoundland, and 1.36 million shares of Metallica Metals (CNQ: MM) advancing Benton's Saganaga Gold project. Benton also has two NW Ontario projects optioned to Rio Tinto Exploration Canada (the Bark Lake and West Baril Lake Copper-Nickel PGE projects).
Nathan Sims (P.Geo.), Senior Exploration Manager for Benton Resources Inc., the 'Qualified Person' under National Instrument 43-101, has approved the scientific and technical disclosure in this news release and prepared or supervised its preparation.
On behalf of the Board of Directors of Benton Resources Inc.,
Stephen Stares, President
About Benton Resources Inc.
Benton Resources is a well-funded 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 43-101 Report available.
Parties interested in seeking more information about properties available for option can contact Mr. Stares at the number below.
For further information, please contact:
Stephen Stares, President & CEO
CHF Capital Markets
Cathy Hume, CEO
Phone: 416-868-1079 x231
About White Metal Resources Corp (TSXV: WHM):
White Metal Resources Corp. is a junior exploration company exploring in Canada. For more information in regards to White Metal Resources Corp. you can visit the company's Web Page at www.whitemetalres.com.
On behalf of the Board of Directors of White Metal Resources Corp.
President & CEO, Director
For further information contact:
President & CEO, Director
684 Squier Street
Thunder Bay, Ontario, Canada, P7B 4A8
Phone: (807) 358-2420
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
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/72345