Benton Resources Signs LOI to Acquire up to 75% Interest in Cape Ray Gold Deposits

By Midnight Trader,  September 20, 2012, 09:23:36 AM EDT

Benton Resources Inc. (BEX.V) has signed a binding Letter of Intent ("LOI") with Cornerstone Capital Resources Inc. to acquire up to a 75% interest in Cornerstone's Windowglass Hill and the 51 Zone deposit in southwestern Newfoundland.

The property consists of a single 183-claim mineral license which covers an area of 4,575 ha including a 22 km-long strike length of the Cape Ray Fault Zone, a significant gold-bearing structure.

Cornerstone recently announced the results of an initial National Instrument 43-101 compliant mineral resource estimate for the WGH and 51 Zone deposits.

Highlights:

51 Zone -- Inferred resources of 530,000 tonnes grading 6.10 g/t Au and 15.86 g/t Ag containing 103,943 ounces of gold and 270,253 ounces of silver

Windowglass Hill - Inferred resources of 1,810,000 tonnes grading 1.77 g/t Au and 11.28 g/t Ag containing 103,001 ounces of gold and 656,415 ounces of silver

Mineralization is relatively shallow at a maximum of 270 metres vertically below surface for the 51 Zone and 140 m for Windowglass Hill




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

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