Overview
The prospect generator mannequin has turn into one of many useful resource business’s greatest methods for minimizing dangers related to exploration-stage initiatives. With the intent to maximise rewards, this mannequin combines numerous portfolios, robust partnerships and capital buildings that cut back dilution. Due to this, buyers get a chance to capitalize on among the most potential exploration and mining firms on the earth underneath extremely favorable circumstances.
The prospect generator mannequin is a novel tackle exploration. Analysts level out that a lot of the worth in potential firms is the staff’s mental capital and skills moderately than its property. With the precise staff, buyers might see substantial returns and publicity to potential discoveries that some firms solely dream of.
Benton Assets (TSXV:BEX) is a mission generator and mineral exploration firm centered on base and valuable metallic exploration. The corporate’s numerous property portfolio consists of a number of extremely potential Canadian initiatives that leverage mining-friendly judicial circumstances, robust partnerships and great infrastructure for mining success. Lots of Benton’s high-grade initiatives can be found for choice and canopy varied mineral property, together with gold, silver, nickel, copper and platinum group metals (PGMs).
Benton’s key initiatives and fairness positions are in partnership with a few of Canada’s largest mining and exploration gamers. For instance, Rio Tinto Canada at the moment operates its Bark Lake mission and Baril Lake West PGM mission. In January 2021, Benton introduced it had obtained the second-anniversary choice fee of C$25,000 from Rio Tinto Canada for the Baril Lake West mission. This mission is especially thrilling attributable to 2018 discoveries of great mineralization grading 4.78 % nickel and 0.43 % copper over 2.08 m on Rio’s neighboring declare.
Benton’s numerous portfolio presents buyers with great close to and long-term upside. The corporate at the moment has over 34 million mixed shares in a few of Canada’s most enjoyable mining and exploration initiatives and jurisdictions. This consists of 24.6 million shares of Clear Air Metals (TSXV:AIR), which is advancing the high-grade Thunder Bay North and Escape Lake PGM initiatives; 4.0 million shares of Quadro Assets (TSXV:QRO), which is advancing the Staghorn Gold mission in Central Newfoundland close to Marathon Gold’s multi-million ounce gold discovery; 1.38 million shares of Metallica Metals (CSE:MM), which is engaged on the Saganaga Gold (now Starr) mission; and three.6 million shares of Maxtech Ventures (TSXV:MVT), which is advancing the corporate’s Panama Lake gold mission within the prolific Pink Lake District.
Partnerships like these present Benton with glorious mission era and growth alternatives whereas giving buyers publicity to different thrilling initiatives inside Benton’s portfolio, similar to its extremely potential Far Lake and Iron Duke gold initiatives. Benton hosts different important investor alternatives, and the corporate focuses on retaining internet smelter royalties (NSR) when attainable for potential long-term money move.
The corporate’s high-quality property portfolio is matched with a world-class administration staff. In 2007, administration members obtained the PDAC Invoice Dennis Award and later the NWOPA Discovery of the 12 months Award in each 2015 and 2017.
Benton’s Key Tasks
Far Lake Venture
Benton acquired the Far Lake mission from White Metallic Assets (TSXV:WHM) with the choice to earn as much as 70 % curiosity. The mission has robust infrastructure, together with entry to logging roads beginning on the Trans-Canada Freeway, the CN rail and environment friendly energy.
In 2017, WHM found the first copper-sulfide prevalence on the property. Additional soil geochemical sampling recognized glorious copper zone targets, which poses thrilling potential discoveries as prospecting and mapping buildings and mission geology proceed. Trenching and sampling applications on the Far Lake supplied outcomes that embrace a 0.7 m channel pattern that assayed 22.0 % copper, 30.2 g/t silver and 0.25 g/t gold.
The primary section drilling has found vast zones of copper mineralization together with 0.15 % copper (Cu) over 60.4 m, 0.35 % Cu over 15.6 m and 1.43 % Cu over 2.6 m in FL-20-11, and additional samples have been submitted as present outcomes resulted in copper mineralization. Drill gap FL-20-11 is situated roughly 1,900 m NW alongside the identical construction because the Far Lake primary zone which additionally produced important outcomes, together with 0.19% Cu over 34.6m together with 0.89% Cu 1.08g/t Ag over 4.0m in FL-20-03. It ought to be famous that drilling in holes FL-20- 01 to FL-20-05 within the Far Lake primary zone was interrupted by a collection of diabase dykes, and additional deeper drilling is being deliberate to intersect the zones additional away from the dykes.
In December 2020, the corporate employed Abitibi Geophysics to finish an in depth 12 km2 DasVision 3D Induced Polarization (IP), which recognized excessive precedence targets for the Part II drill program that’s at the moment underway.
Outcomes of the primary drill program are as follows:
Thunder Bay North (TBN) and Escape Lake Venture
On July 2, 2019, Benton Assets introduced that it had executed two separate binding buy agreements with Rio Tinto Exploration Canada (RTEC) and Panoramic Assets (PAN) (ASX:PAN) to buy 100% curiosity within the TBN and Escape Lake deposits situated solely 50 km from the corporate’s workplace in Thunder Bay and roughly 60 km south of Impala Canada’s Lac des Iles Mine.
Below the agreements, Benton paid RTEC C$3 million on signing with additional C$3 million paid over 3 years. RTEC retained a 1 % Internet Smelter Royalty (NSR) on the Escape Lake claims. Below the PAN Settlement, Benton would purchase PAN’s wholly owned Canadian subsidiary, Panoramic PGMs Canada Ltd., which holds the Thunder Bay North Venture (the ‘TBN Venture’) for $9 million CAD.
Subsequently Benton entered into an settlement with Regency Gold, which later modified its title to Clear Air Metals (TSXV:AIR). Clear Air would pay all remaining funds and full all commitments underneath the agreements. Benton obtained 24.6 million shares of AIR and retains a 0.5 % internet smelter return royalty from manufacturing on the Escape Lake Deposit and a 0.5 % internet smelter return royalty from manufacturing on any mineral claims comprising the TBN portion of the mission the place a internet smelter royalty has not beforehand been granted, which incorporates the Beaver and Cloud Zones plus parts of the Bridge Zone, every being a part of the Present Lake deposit excluding the northern portion of the TBN deposit underneath Present Lake, the place there’s an current 3 % NSR.
Because the closing of the transaction, and in a brief time period, Clear Air has aggressively and effectively superior the mission with a current new mineral useful resource estimate ready by Nordmin Engineering. It was based mostly on an underground ramp-access constrained useful resource mannequin with a cut-off worth equating to 1.56 g/tonne PdEq (2.56 g/t PtEq) utilizing 3 12 months trailing common metallic costs for all metals besides cobalt, which used a 2 12 months trailing common.
The Present Lake deposit accommodates an Indicated Mineral Useful resource of 11,999,177 tonnes grading 3.44 g/t PdEq and an Inferred Mineral Useful resource of 6,406,960 tonnes grading 2.02 g/t PdEq. The Escape Lake deposit accommodates an Indicated Mineral Useful resource of 4,286,220 tonnes grading 3.67 g/t PdEq and an Inferred Mineral Useful resource of three,445,179 tonnes grading 2.23 g/t PdEq equating to 1,834,158 ounces PdEq indicated and a complete Inferred Useful resource of 663,660 ounces PdEq.
The TBN mission is situated 40 km north of the Metropolis of Thunder Bay, Ontario and 65 km south of the Lac des Iles palladium mine owned by Impala Canada. Two drills proceed to show, and Clear Air is predicted to ship a PEA within the second quarter of 2021.
Bark Lake and Baril Lake West Tasks
Benton has executed an choice to three way partnership settlement with Rio Tinto Exploration Canada Inc. on the Bark Lake mission. Below the phrases of the Choice, Rio Tinto can earn a 70 % curiosity by incurring C$3 million in exploration expenditures and by paying Benton C$50,000 money over 5 years (the “First Choice”). After the First Choice interval, RTEC might both type a three way partnership with Benton on a 70/30 foundation or, at its election, improve its curiosity to 80 % (the “Second Choice”) by spending an extra C$5 million in exploration expenditures over 4 years and by paying Benton C$100,000 money inside 30 days after electing to train the Second Choice. Upon exercising the Second Choice, RTEC might elect to type a three way partnership with Benton on an 80/20 foundation.
The Bark Lake property hosts widespread greenstone and granitic rock protection alongside the Quetico Fault. It’s roughly 100 km west of the Escape Lake and Thunder Bay North initiatives. The Bark Lake property is host to a lot of platinum (Pt), palladium (Pd), gold (Au), copper (Cu) and nickel (Ni) showings contained in mineralized ultramafic rock both in outcrop or dozens of mineralized boulders. The mineralized occurrences are located alongside the Quetico Fault, a serious crustal-scale east west oriented construction. Seize samples collected by Hackl Prospecting have returned grades as much as 4.35 g/t Pd, 2.64 g/t Pt, 0.74 g/t Au, 1.2 % Cu and 0.5 % Ni. Samples collected by Benton personnel have confirmed important valuable and base metals throughout the mission space. More moderen sampling has returned particular person assays grading as much as 1.5 % Ni, 1.2 % Cu, 2.6 g/t Pt, 1.4 g/t Pd and 0.7 g/t Au. Twelve out of the 16 samples taken from the realm returned outcomes greater in Platinum than Palladium. Additionally of explicit curiosity was the invention of a number of semi-massive, net-textured sulphide boulders, with one measuring round 1 cubic metre in dimension and assaying 1.5 % Ni. The boulders are angular in nature and believed to be situated very near the supply.
In an effort to decide the supply of the high-grade boulders, Benton carried out an intensive exploration program on the property together with line-cutting, floor magnetics, floor IP, geological mapping and prospecting. The Magazine and IP survey helped to outline an ultramafic intrusion to the north of the property. Drill targets have been outlined based mostly on the geophysical interpretation and Benton intersected the ultramafic intrusion in holes BL-08-04 and BL-08-05. Weak mineralization was current in these intersections however to not the identical diploma as within the boulders.
Subsequent drilling accomplished by RTEC in 2018 on the Bark Lake mission encountered mineralization of 0.31 % Cu and 0.72 g/t Pt + Pd over 19.2 m (see PR: Benton Receives Outcomes from Rio Tinto on Bark Lake Choice, dated Might 25, 2018).
Benton has additionally entered into an choice settlement with Rio Tinto Exploration Canada Inc. whereby RTEC may have the precise to earn a 100% curiosity in Benton’s Baril Lake West claims situated roughly 5 km west of Benton’s Bark Lake mission which is at the moment underneath choice to RTEC. Pursuant to the phrases of the settlement, RTEC can earn 100% of the Baril mission by paying Benton C$200,000 over 4 years and will RTEC obtain industrial manufacturing on the mission, pays Benton an extra C$1,000,000. The Firm can even retain a 2 % Internet Smelter Royalty (NSR), 1 % of which might be bought by RTEC for C$1,000,000. The Firm considers the Baril Lake mission to be a beneficial setting to probably host copper-nickel and platinum group metals. Drilling accomplished by RTEC on it 100% owned Baril Lake Venture situated roughly 700 m east of Benton’s Baril Lake West had found a brand new important mineralized zone grading 4.78 % Ni and 0.43 % Cu over 2.08 m in 2018 (Ontario ENDM Evaluation File: 200000017073).
Saganaga Gold-Silver Venture (now Starr Property)
Benton introduced on August 11, 2020 that it had entered into an Choice Settlement with 2752300 Ontario Inc., a non-public Ontario firm, which has now been acquired by Metallica Metals Corp. (by way of its possession of 2752300 Ontario Inc.). The corporate can earn as much as a 100% curiosity within the Venture by finishing the next:
- paying the corporate $50,000 in money (paid) and issuing the larger of 1,000,000 Cameo widespread shares or 3 % of the issued and excellent widespread shares of Metallica to the corporate upon execution of the Settlement; (1,380,000 shares issued)
- paying the corporate $50,000 in money and issuing the larger of 1,000,000 Metallica widespread shares or 2 % of the then issued and excellent widespread shares of Metallica to the corporate and incurring a minimal of $200,000 in certified exploration expenditures on or earlier than the primary anniversary of the efficient date of the Settlement; and,
- paying the corporate $50,000 in money and issuing the larger of 1,000,000 Metallica widespread shares or 1.5 % of the then issued and excellent widespread shares of Metallica to the Firm and having accomplished an extra $200,000 in certified exploration expenditures on or earlier than the second anniversary of the efficient date of the Settlement.
Metallica, at its election, might then present the corporate with the discover that it intends to earn an extra 30 % curiosity (taking its curiosity to 100%, topic to underlying NSRs) within the Venture by:
- paying the corporate $50,000 money and issuing 2,000,000 Cameo widespread shares to the corporate and finishing additional $400,000 in certified exploration expenditures on the mission
- within the occasion that Metallica completes a useful resource calculation for the mission in accordance with NI 43-101, Metallica will difficulty to the corporate 1,000,000 widespread shares.
Drilling highlights embrace 5.36 g/t gold over 20m on the Starr zone and 32.0 g/t on the Powel zone.
Panama Lake Gold Venture
The Panama Lake gold mission is hosted within the prolific Pink Lake Mining District and stands 55 km northeast of Ear Falls Township. The property has a restricted exploration historical past with minimal drilling performed by Noranda Exploration in 1988. The drill marketing campaign yielded outcomes of as much as 2.8 g/t gold grades over 4.5 m in a 20 to 30 m vast mineralized shear zone.
Benton’s main focus is on the extremely potential Panama gold zone on the property. In 2018, a drill marketing campaign opened seven new potential drill holes for testing and mapping functions. Indicated gold grades from an adjoining mineralized zone confirmed 6.17 g/t gold floor sampling with the potential for even greater grades with extra drilling.
Ongoing exploration for the mission consists of high-resolution heliborne magnetic surveying over the whole Panama mission. Knowledge from this program will assist add extra exploration targets for additional prospecting and probably drilling.
On October 24, 2019, Benton entered into an choice settlement with Maxtech Ventures (MVT), pursuant to which MVT may have the choice to earn as much as a 100% curiosity in Benton’s 100% owned Panama gold mission. Below the phrases of the Choice Settlement, topic to regulatory approval, Maxtech shall be required to finish the next:
- Problem 2,000,000 Maxtech widespread shares to Benton on signing at an underlying value of C$0.05 per share;
- Pay Benton C$100,000 in money or share equal on the primary anniversary, based mostly upon a ten day VWAP on the time of the share issuance and full C$200,000 in exploration expenditures on the mission;
- Pay Benton C$100,000 in money or share equal on the second anniversary, based mostly upon a ten day VWAP on the time of the share issuance and full C$250,000 in exploration expenditures on the mission at which level a 50 % possession curiosity will vest to MVT;
- Pay Benton C$100,000 in money or share equal on the third anniversary, based mostly upon a ten day VWAP on the time of the share issuance and full C$250,000 in exploration expenditures on the mission at which level a 70 % possession curiosity will vest to MVT; and
- Pay Benton C$300,000 in money or share equal on the fourth anniversary, based mostly upon a ten day VWAP on the time of the share issuance and full C$300,000 in exploration expenditures on the mission at which level a 100% possession curiosity will vest to MVT.
The Choice Settlement accommodates a 2 km space of affect clause that covers the mission’s declare boundary. Benton will retain a 2 % NSR on the mission with MVT having the choice to purchase again 1 % for C$1 million. As well as, MVT will difficulty to Benton an extra 1 million MVT widespread shares upon completion of its preliminary NI 43-101 compliant useful resource calculation as outlined within the Choice Settlement. Ought to Maxtech earn a 50 % curiosity however elect to earn no extra curiosity, a 50 % MVT-50 % Benton three way partnership would then be fashioned. Alternatively, ought to Maxtech earn a 70 % curiosity within the mission however not elect to earn any additional curiosity, a 70 % MVT and 30 % Benton three way partnership would then be fashioned in keeping with the phrases of the Choice Settlement.
Staghorn Gold Venture
The Staghorn gold mission is in proximity to Marathon Gold’s flagship Newfoundland mission and is being superior by Quadro Assets. Benton at the moment has 4.2 million shares of Quadro Assets.
The property has 160 declare items masking 4,000 hectares. With fieldwork already underway, Quadro has the potential to develop exploration efforts on the three not too long ago recognized gold-rich methods, which require follow-up drilling. In December 2020, the newest drill marketing campaign totaled 1,696 m with 13 accomplished drill holes. The thrilling discovery of a brand new gold zone at Marks Pond noticed 3.22 g/t gold over 5 m.
Quadro commenced follow-up drilling in February 2021, emphasizing the Marks Pond space. Soil anomalies and superb winter mining circumstances make this subsequent step in exploring the Staghorn mission a really promising one.
Iron Duke Gold Venture
The Iron Duke gold mission is situated 20 km east of the past-producing Mattabi/Sturgeon Lake base metallic deposits and 30 km south of the past-producing St. Anthony gold mine in Northwestern Ontario. Benton has 100% curiosity within the mission by way of staking.
The property hosts restricted exploration historical past and includes 47 items in three claims. Previous property homeowners have engaged in some diamond drilling and base metallic exploration with reported grades of 0.19 g/t gold at 11.8 m and 1.07 g/t gold at 0.5 m.
The property’s widespread anomalous gold values and probably distinctive iron formation horizon advantage selecting up exploration efforts from previous property possession. The corporate expects drilling graduation in August 2021 to check beforehand obtained high-grade trenching pattern outcomes.
Benton Assets’ Firm Highlights
- Over C$11 million in equities inside the corporate and about C$2.5 million in money.
- Over 33 million mixed shares in established and high-quality mining firms all through North America. These firms embrace Clear Air Metals, Quadro Assets, Sokoman Minerals, Metallica Metals and Maxtech Ventures.
- Core property for the corporate embrace the high-grade TBN and Escape Lake PGM initiatives, Panama gold mission, Staghorn gold mission, Bark Lake and Baril Lake PGM initiatives, Far Lake copper-gold-silver mission and Iron Duke gold mission. Benton holds giant fairness positions with respective mission operators/firms.
- The corporate’s high-profile administration staff primes it for distinctive development and financial success. The relationships constructed from the world-class staff has allowed Benton discovery publicity to quite a few potential valuable metallic initiatives and first-mover alternatives.
- Members of Benton administration have been awarded the PDAC Invoice Dennis Award in 2007 and the NWOPA Discovery of the 12 months Award in 2000, 2015 and 2017.
Benton Assets’ Administration Workforce
Stephen Stares — President & Director
Stephen Stares is a profitable enterprise entrepreneur with over 25 years of mineral exploration expertise. His first seven years have been spent with Noranda Exploration on such initiatives because the Hemlo gold mines, Eagle River gold deposit and the Geco and Mattabi base metallic camps. The following 10 years of Stares’ profession have been spent managing Stares Contracting Corp’s operations, a profitable mineral exploration providers firm in Thunder Bay, Ontario.
Since founding the corporate in 2004, Stares has been president of Benton Assets. He has been immediately concerned within the start-up of 10 publicly traded firms on the TSX Enterprise Trade by assembling initiatives of advantage and elevating hundreds of thousands of {dollars} for these junior exploration firms. All through his profession, Stares has found a number of main mineral occurrences in Canada which have been the topic of intensive exploration applications.
In March of 2007, Stephen and Michael Stares, together with the remainder of the Stares/Keats household, have been the proud recipients of the Prospectors and Builders Affiliation (PDAC) Invoice Dennis Prospector of the 12 months Award. This award was given to acknowledge the household’s contributions to the business for the previous 40 years.
Evan Asselstine, CPA, CA — CFO
Evan Asselstine obtained his Honours Bachelor of Commerce Diploma from Lakehead College and is a member of the Institute of Chartered Skilled Accountants of Ontario. Asselstine has been the CFO of Benton Assets Inc. since its inception in 2012. Prior, he has been the controller after which CFO for Alset Vitality Corp. (previously Benton Capital Corp.) and has served as controller for Metals Creek Assets Corp., a public exploration firm, since its inception in January 2008. Prior, Asselstine spent over 4 years in finance positions in personal business, together with over two years as controller for a non-public land growth agency and over seven years working in public accounting, and obtained his Chartered Accountant designation with Ernst & Younger LLP in 2002.
Nathan Sims, P.GEO — Senior Exploration Supervisor
Nathan Sims has stuffed varied technical roles at Benton since 2006. A graduate of Lakehead College (HBSc) and Sir Sandford Fleming Faculty (GIS-AS), Sims is the Certified Individual for Benton’s disclosure necessities and is a present member of each the Affiliation of Skilled Geoscientists of Ontario (#2009) and the Skilled Engineers and Geoscientists Newfoundland & Labrador (#9409).
