In August 2023, Benton entered into a binding letter of intent (LOI) with Spruce Ridge Resources Ltd. (TSXV: SHL), whereby Benton can earn an undivided 70% interest in Spruce’s Newfoundland properties including the Great Burnt Copper deposit and South Pond Gold and Copper zones (together, “the Great Burnt Copper-Gold Project”).

The Project has an excellent geological setting covering 25 km of strike and boasts six known Cu-Au-Ag zones over 15 km that are all open for expansion.

The Great Burnt Main Zone has an NI 43-101 Compliant Resource prepared in 2022 for Spruce Ridge by P&E Mining Consultants Inc.: 667,000 Tonnes (47.2 Mlb) Cu at 3.21% Indicated and 482,000 Tonnes (25.0 Mlb) Cu at 2.35% Inferred, contained within the mining lease. The resource remains open to the south and at depth. 

An extensive number of untested conductors and Copper–Gold soil anomalies has been identified. Prospecting and compilation are ongoing.

South Pond Gold Zone

Exploration at the South Pond Gold Zone has identified potential for both copper and gold along several kilometres of strike. 

Highlights of the 2021 drill program at South Pond include:

• SP21-01: 1.69 g/t Au over 51.00 m, including 3.19 g/t Au over 11.00 m, within 10 m of surface
• SP21-03: 2.36 g/t Au over 15.00 m, including 11.33 g/t Au over 1.00 m
• SP21-08: 1.75 g/t Au over 21.20 m, including 2.82 g/t Au over 10.20 m
• SP21-11: 1.34 g/t Au over 17.60 m, including 2.48 g/t Au over 4.20 m
• SP21-14: 2.06 g/t Au over 21.00 m
• SP21-16: 1.72 g/t Au over 10.00 m

Note: Widths quoted are true core lengths, true widths are estimated at approximately 70% of core lengths.

Great Burnt Main Deposit

Highlights of the previous drill programs by Spruce Ridge at the Main Zone:

• GB20-05: 27.20 m of 8.06% Cu, including 7.75 m of 16.88% Cu
• GB20-20: 22.75 m of 6.89% Cu, including 12.55 m of 10.59% Cu
• GB18-05: 20.94 m of 6.21% Cu, including 6.98 m of 10.71% Cu
• GB18-06: 9.97 m of 7.45% Cu, including 5.03 m of 11.42% Cu
• GB16-08: 7.50 m of 9.45% Cu, including 3.00 m of 19.30% Cu
• GB16-09: 5.75 m of 6.68% Cu, including 1.50 m of 11.70% Cu

Benton’s Phase 1 drill program of 5,700 metres in 2023 was extremely successful, and the results indicate that historic drilling may be significantly undervaluing the deposit. 

Benton drilling in 2022-2023: 

• GB23-02: 13.00m of 8.31% Cu, incl 3.00m of 12.80% Cu
• GB23-04: 26.87m of 7.18% Cu, incl 11.16m of 10.28% Cu
• GB23-07: 12.30m of 7.20% Cu, incl 7.00m 10.60% Cu
• GB23-12: 25.42m of 5.51% Cu, incl 1.00m of 8.77%Cu, 82.00g/t Ag, 4.43g/t Au
• GB23-15: 22.59m of 5.03% Cu, incl 0.50m of 20.00% Cu
• GB23-16: 13.67m of 5.80% Cu, incl 1.00m of 20.60% Cu
• GB23-18: 8.17m of 4.22% Cu, incl 7.05m of 4.11% Cu  
• GB23-21: 24m of 5.81% Cu, incl 7.00m of 11.47% Cu 
• GB23-22: 21.68m of 3.59% Cu, incl 2.00m of 15.3% Cu 

Phase 2 drilling started in March 2024 to expand the deposit and confirmed resources.