Benton Stakes position East of Hemlo Gold Mine
Benton Resources Inc. has staked a 100% interest in 145 single-cell mining claims, 5km east of Barrick Gold Corporation's Hemlo Gold Mine and north of MetalCorp Limited's Hemlo East project. According to MetalCorp's news announcement dated November 20, 2020, it completed an option agreement with Barrick to acquire up to 80% of the Hemlo East project with Barrick making an initial payment of $3.0 million along with other commitments. Benton has acquired its land position with the strategic objective of attracting interested partners to this world-class mining jurisdiction.
In addition, Benton would like to announce it has received the first-year anniversary payment for the Panama Lake Gold Project located in the Red Lake Gold Belt from Maxtech Ventures Inc. (CSE: MVT). The Company received 1.67 million shares at an average price of $0.06 in lieu of a cash payment of $100,000 which was in accordance with the option agreement with Maxtech. Maxtech is currently compiling final reports related to exploration work at Panama thus far and making further plans for the project.
Equity Holdings
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 3.67 million shares of Maxtech Ventures Inc. (CSE: MVT). 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 million shares of Sokoman Minerals Corp. which has recently released excellent drill results from its Moosehead Project in Newfoundland. Benton has two NW Ontario projects optioned to Rio Tinto Exploration Canada (the Bark Lake and Baril Lake Copper-Nickel PGE projects).
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