Phase 1 Program Approximately 2,000 metres
Thunder Bay ON, October 12, 2021 – Benton Resources Inc. (TSXV: BEX) (“Benton”) and Sokoman Minerals Corp. (TSXV: SIC) (OTCQB: SICNF) (“Sokoman”) (together, “the Alliance”) are pleased to announce that Phase 1 diamond drilling has commenced at the Grey River JV gold project (the “Project”) on the south coast of Newfoundland. The Project is targeting high-grade gold mineralization similar in style to the Pogo gold deposit in the Tintina Belt of Alaska.
The Project is centered on the community of Grey River, a deep-water, ice-free harbour on the south coast of the Island of Newfoundland, 32 km to the east of the town of Burgeo, and 38 km southeast of the Golden Hope JV gold project. The Alliance’s claims straddle a deep-seated, east-west trending, ductile shear zone that separates a large enclave of Late Precambrian amphibolite, gabbro, metasediments, felsic metavolcanics and mafic orthogneisses from a batholith-scale, syn-kinematic suite of Siluro-Devonian granitoid rocks. The east-west shear zone at Grey River, and parallel structures immediately offshore, are fundamental crustal breaks along which metal-rich, mid- to late-Devonian granites were emplaced, along the southern coast of the Island.
Rocks in this area of southwestern Newfoundland are unusually enriched in Au, Mo, Cu, W, F and Bi. A 5 km- by 10 km-long area within, and adjoining the property, is particularly metal-rich, hosting:
- multiple mesothermal/intrusion-related Au-rich (+/- Bi-Ag-Sb-Pb-Zn) quartz veins
- a porphyry Mo-Cu deposit (Moly Brook)
- a vein-type wolframite-rich W deposit (Grey River #10)
- a diffusely bounded, high-purity, locally auriferous, silica deposit (Gulch Cove)
Each appears to be associated with features in the regional aero magnetics and are also reflected in regional Government lake-sediment geochemistry coverage. The primary focus of the Alliance’s exploration is quartz-vein-hosted, structurally controlled / intrusion-related, high-grade Au (+/- Ag, Bi, Sb) in both the granitic and adjacent metamorphic terrains.
Previous exploration at Grey River has identified gold mineralization in several settings:
- in base-metal-rich and sulphide-poor, quartz veins and veinlets in the gneisses and related metamorphic rocks, including regional-scale silica bodies
- in quartz veins with coarse-grained sulphides in granite
- in sulphide-poor, quartz stock-works in sericitized granite
- in stockwork-style quartz and quartz-sulphide veinlets with or without pervasive silica replacement in granite
Gold grades reported from historic grab and channel samples range from less than 1 g/t to more than 225 g/t Au, locally with 200-300 g/t Ag, with or without anomalous Bi, Sb and W. The 225 g/t Au chip sample is from a 20-30 cm-wide zone of pyritic alteration immediately adjacent to an 8 km-long, diffusely-bounded, quartz-rich zone. The highly anomalous value coincides with the large, elongated, high-purity silica body (12M tonnes >95% SiO) which was drilled by the Newfoundland Government in 1967, as part of an Island-wide, silica-assessment program. The silica body lies in mica schists, along the boundary with amphibolite gneisses and mica-schists, and along the flank of a prominent aeromagnetic high. Its origin is unclear with past workers proposing different origins including meta-quartzite, quartz vein, silica replacement. The style, grades, setting and Au-Ag-Bi-W-Sb geochemical signature of the gold mineralization, have drawn comparisons with the high-grade Pogo gold mine in the Tintina Gold Belt of Alaska and Yukon which is gold in diffusely bounded quartz bodies in amphibolite grade gneisses. The Pogo mine has produced 3.9 million oz gold at 13.6 g/t gold (to end of 2019), with Mineral Reserves of more than 7 million oz gold.
Tim Froude, President and CEO of Sokoman, says: “We are very pleased to begin this program at Grey River, which will be the first drilling program directed at the gold potential of the large quartz zones or bodies in the eastern portion of the property. Historical sampling results include chip/channel samples of 225 g/t Au, and widespread grab-sample values from less than detection to 3.8 g/t Au. None of the gold enriched areas, which occur over an 8 km strike length of the silica body, have been drill tested. We are focusing on areas of anomalous gold with 8 to 10 reconnaissance holes using data from the recently-completed, high-resolution, magnetic/electromagnetic airborne survey that identified potential structures correlating with the gold enriched areas.”
Steve Stares, President and CEO of Benton, says: “With the rapid pace in which the Alliance has advanced the Grey River project to its inaugural drill program, I’m very excited to see what this large silica system might hold as we carry out this first phase of drilling.”
QP
This news release has been reviewed and approved by Timothy Froude, P. Geo., a “Qualified Person” under National Instrument 43-101 and President and CEO of Sokoman Minerals Corp.
COVID-19 Protocols
To ensure a working environment that protects the health and safety of the staff and contractors, Sokoman is operating under federally and provincially mandated and recommended guidelines during the current COVID-19 alert level.
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 Return (NSR) royalties for potential long-term cash flow. Benton has also recently entered into a 50/50 strategic alliance with Sokoman Minerals Corp. (TSXV: SIC) through three large-scale joint venture properties including Grey River, Golden Hope and Kepenkeck in Newfoundland that are now being explored.
About Sokoman Minerals Corp.
Sokoman Minerals Corp. is a discovery-oriented company with projects in the province of Newfoundland and Labrador, Canada. Sokoman’s primary focus is its portfolio of gold projects; flagship, advanced-stage Moosehead, Crippleback Lake (optioned to Trans Canada Gold Corp.) and East Alder (optioned to Canterra Minerals Corporation) along the Central Newfoundland Gold Belt, and the district-scale Fleur de Lys project in northwestern Newfoundland, that is targeting Dalradian-type orogenic gold mineralization similar to the Curraghinalt and Cavanacaw deposits in Northern Ireland. Sokoman also recently entered into a strategic alliance with Benton Resources Inc. through three, large-scale joint-venture properties including Grey River, Golden Hope and Kepenkeck in Newfoundland.
Sokoman now controls, independently and through the Benton alliance, over 150,000 hectares (>6,000 claims – 1500 sq. km), making it one of the largest landholders in Newfoundland, in Canada’s newest and rapidly-emerging gold districts. The Company also retains an interest in an early-stage antimony/gold project (Startrek) in Newfoundland, optioned to White Metal Resources Inc., and in Labrador, the Company has a 100% interest in the Iron Horse (Fe) project which has Direct Shipping Ore (DSO) potential.
Mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on Sokoman’s property.
Sokoman would like to thank the Government of Newfoundland and Labrador for financial support of the Fleur de Lys Project through the Junior Exploration Assistance Program.
For further information, please contact:
Benton Resources Inc.
Stephen Stares, President & CEO
Phone: 807-475-7474
Email: sstares@bentonresources.ca
Sokoman Minerals Corp.
Timothy Froude, P.Geo., President & CEO
Phone: 709-765-1726
Email: tim@sokomanmineralscorp.com
CHF Capital Markets
Cathy Hume, CEO
Phone: 416-868-1079 x251
Email: cathy@chfir.com
Website: www.bentonresources.ca, www.sokomanmineralscorp.com
Twitter: @BentonResources, @SokomanMinerals
Facebook: @BentonResourcesBEX, @SokomanMinerals
LinkedIn: @BentonResources, @SokomanMinerals
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 Alliance’s expectations; risks related to gold price and other commodity price fluctuations; and other risks and uncertainties related to the Alliance’s prospects, properties and business detailed elsewhere in the Alliance’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 Alliance 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 Alliance’s expectations or projections.