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Benton completes drilling at Far Lake Iron Oxide Copper Gold Project near Thunder Bay

Nov 20, 2020

Benton Resources Inc. has completed the maiden drill program on its Far Lake Iron Oxide Copper Gold project located 80km west of Thunder Bay. The drill program consisted of 12 holes totalling approximately 2,000m (BTW diamond drill core), ten of which focused on various Cu targets within a large felsic intrusive package of rocks plus two drill holes spaced approximately 4km apart targeting airborne EM conductive anomalies within metavolcanic rocks of the Shebandowan greenstone belt. In addition, the Company has confirmed the presence of anomalous Rare Earth Elements ("REE") and uranium associated with the large felsic intrusive complex being targeted. REE's and uranium are common, characterizing minerals of IOCG deposits around the world. Benton's anomalous REE/Uranium samples were taken within a highly magnetic granitic body (near a 500m long REE soil anomaly) and within a hematite breccia located approximately 500m southwest of the Far Lake main zone. The Company considers these occurrences to be important in helping target the potential core of a large tonnage IOCG deposit.

The exploratory drill program was successful in confirming and expanding the Company's knowledge of a very large alteration system (mainly sericite, epidote and hematite) that correlates with known surface copper mineralization and has been discovered within and around the large magnetic felsic intrusion. In addition, the drilling has identified new sulphide mineralization associated with epithermal style veining associated with intense, widespread epidote alteration. Preliminary details of the drill holes are as follows:

Drill holes FL-20-01 to FL-20-05 were drilled over a 200m strike length into the main Far Lake copper zone. FL-20-03 intersected some of the best coarse chalcopyrite over narrow widths. Assays are pending. 

Drill hole FL-20-06 intersected a silicified breccia over several metres with trace sulphide mineralization. Assays are pending. 

Drill hole FL-20-09 and 10 were drilled as a fence to test 250-300m width of the Two Pond structural zone that contains chalcopyrite and abundant silicification on surface. Both holes intersected intense alteration and fine chalcopyrite, mineralized in small quartz veinlets flooded throughout a metasediment over several metres. Core is being logged, cut and sent for assays. 

Drill hole FL-20-11 was designed to test Cu mineralization below Benton trenches dug in 2020, coincident with the highest copper assay values in soils. The hole was drilled approximately 100m south of the widest soil anomaly and cut large silicified zones and breccias with epithermal style veining. The surrounding core is described as a moderate to highly altered (epidote and sericite) intrusive with a small section (1-3m) containing coarse chalcopyrite. The core is being logged, cut and sent for assay. 

Drill hole FL-20-12 was drilled below the highest Cu-in-soil anomaly on the property plus chalcopyrite (with malachite and azurite) in outcrop. This hole was the deepest of the drill program which ended at 297m in a rusty red magnetic granite. The magnetite is often associated with fine chalcopyrite. The hole is currently being logged, sampled and sent for assays. 

In addition, and outside of the IOCG targets, diamond drill hole FL-20-07 was drilled approximately 2km south of the main Far Lake copper zone. The location of the hole was designed to test two parallel conductors on the northern edge of the Shebandowan Greenstone belt. The hole cut several sections of graphitic argillite believed to be the source of the conductive anomaly, it also intersected multiple porphyritic zones and multiple sericite altered and silicified zones hosting pyrite and fuchsite. Assays are pending.

Drill hole FL-20-08 was drilled approximately 4km west of FL-20-07 and was designed to test a new gold occurrence (trace to 970ppb Au) which was identified by Benton along the north shore of Kabigon Lake. Similar mineralized zones were intersected over various widths with assays pending. 

The Company would also like to announce that, subject to all regulatory approvals, it intends to complete a non-brokered private placement of flow-through and non flow-through units (the "Private Placement"). The Private Placement is expected to close on or before December 15, 2020.


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