Trading Symbol: TSXV: BMC
Shares Outstanding: 150,898,545
WINDSOR, NS, April 20 /CNW/ - Buchans Minerals Corporation (TSXV: BMC) ("Buchans Minerals") and Benton Resources Corp. (TSXV: BTC) ("Benton") or the "Companies" are pleased to announce results from their recently completed drilling program testing select base metal targets on the Long Range 50/50 joint venture property in central Newfoundland, Canada. Drilling included 1,386 metres in nine holes at the Portage Nickel prospect and a further three holes at the Range Copper prospect.
Range Prospect:
The Companies are pleased to announce that drilling at the Range prospect extended copper-bearing sulphide mineralization over a minimum strike length of 200 metres, with the zone open in both strike directions and at depth. New assays suggest the overall sulphide abundance, thickness and copper grades may be increasing to the north. Assays from new drilled intersections include hole LR-11-17 that returned 12.9 metres (estimated true width) averaging 0.48% Copper and 0.023% Cobalt, including 0.91 metres averaging 2.24% Copper and 0.011% Cobalt. Given the positive nature of these results, the Companies are planning additional geophysical surveys and diamond drilling to test the Range prospect in 2011. This work will focus on extending the zone to the north and down dip, where potential exists for the zone to expand into a significant copper sulphide deposit. Maps showing drilling locations and results are available at http://www.buchansminerals.com.
| Hole |
Length |
Intercept
Width (m) |
Estimated
True Width
(m) |
Cu % |
Co % |
Comments |
| From (m) |
To (m) |
| LR-11-017 |
171.30 |
185.50 |
14.20 |
12.9 |
0.48 |
0.023 |
Northern limit |
| including |
174.50 |
175.50 |
1.00 |
0.91 |
2.24 |
0.011 |
|
| including |
174.50 |
184.80 |
10.30 |
9.36 |
0.53 |
0.021 |
|
| |
|
|
|
|
|
|
|
| LR-09-02 |
92.00 |
129.80 |
37.80 |
13.10 |
0.37 |
0.031 |
Drilled 2009 |
| including |
96.00 |
120.00 |
24.00 |
8.30 |
0.42 |
0.022 |
|
| including |
118.0 |
119.0 |
1.00 |
0.35 |
1.44 |
0.08 |
|
| |
|
|
|
|
|
|
|
| LR-11-015 |
52.00 |
60.50 |
8.50 |
7.60 |
0.48 |
0.017 |
|
| including |
55.00 |
59.00 |
4.00 |
3.58 |
0.66 |
0.021 |
|
| including |
57.00 |
58.00 |
1.00 |
0.89 |
1.00 |
0.022 |
|
| |
|
|
|
|
|
|
|
| LR-11-016 |
70.45 |
80.30 |
9.85 |
8.10 |
0.13 |
0.009 |
Southern limit |
Assay highlights for the Range Copper prospect. Results in Italics are from drilling completed and announced in 2009 (true widths estimates based upon revised geometry determined by 2011 drilling as well as observed contacts in drill core).
Portage Prospect:
Previous drilling at the discovery trench in 2009 intersected mineralized gabbro assaying 0.44% nickel, 0.22% copper and 0.016% cobalt in what appeared to be a 12 metre thick undulating layer just below surface. Unfortunately, the 2011 drilling designed to test the extent of this layer indicate that the mineralization may be discontinuous or have a limited strike extent, with the best intersection returned from the drill program assaying 0.07% Ni, 0.03% Cu and 0.007% Co over 17.6 metres core length in hole LR-11-13, including 1.09% Ni, 0.46% Cu and 0.05% Co over 0.30 metres. Given results of the 2011 drill program, the Companies now believe minimal residual exploration potential exists for discovery of a large, potentially significant, near-surface, nickel-copper resource at this location.
String Anomaly:
As announced on February 24, 2011, the Companies intended to drill a conductive anomaly located approximately four kilometres southwest of the Portage Nickel prospect known as the String Anomaly; however, due to the fact the anomaly lies beneath a lake and the ice conditions were poor, the Companies were unable to mobilize the drill to test this target. The String anomaly was detected by previous airborne and ground geophysical surveys, and may be located on strike of the Portage Nickel prospect. The Companies believe this anomaly may be associated with similar, but more concentrated, gabbro-hosted nickel sulphide mineralization and will assess other means to test this anomaly in 2011 or early 2012.
Goldquest Update:
Following on the success of the Joint Venture's discovery of the Goldquest prospect as announced on the 10th of January 2011, the Companies have expanded previous soil geochemical surveys over the prospect to cover an expanded area measuring 1.5 x 2.0 kilometres. The surveys were undertaken to further define the open-ended, one kilometre long, prospective trend detected as anomalous gold in soils, bedrock and float by surveys completed in December of 2010. Approximately 1,150 soil samples have been submitted for assaying and results are expected to be available within three weeks.
2011 Plans:
The Companies are preparing a budget for the remainder of 2011 and anticipate programs will focus on further follow-up of the Goldquest gold discovery as well as select base metal targets including the Range Copper prospect and String anomaly. The Companies anticipate initiating further field work after spring breakup.
Junior Exploration Assistance Program:
Buchans Minerals would like to gratefully acknowledge financial support received from the Junior Exploration Assistance (JEA) Program of the Province of Newfoundland and Labrador in carrying out a portion of their work on the Long Range Joint Venture Property.
Qualified Person:
Paul Moore, M.Sc., P.Geo., (NL), Buchans Mineral's Vice President of Exploration, is acting as Qualified Person in compliance with National Instrument 43-101 with respect to this release and has reviewed the contents for accuracy. Quoted assays and QAQC procedures are described in detail in previous press releases dated November 3 and November 18, 2009.
About Buchans Minerals:
Buchans Minerals is an Atlantic Canada based resource company that is focused on exploring and developing mineral properties in New Brunswick and the historic Buchans mining camp in central Newfoundland, Canada.
About Benton Resources:
Benton is a Canadian based junior with multiple joint ventures and a diversified property portfolio in Gold, Nickel, Copper, and Platinum group elements. The Company currently has approximately $15.5 million in cash, owns approximately 55.4 million shares and 2.43 million warrants in Coro Mining Corp. (TSX.COP), holds approximately 348,000 shares of Stillwater Mining Company (NYSE:SWC), holds 782,500 shares in Marathon Gold Corp. (TSX.MOZ), holds 1.6 million shares in Puget Ventures (TSX-V.PVS), holds 4.43 million shares of Mineral Mountain Resources Ltd. (TSX-V.MMV), and holds 815,000 shares of Bell Copper Corporation (TSX-V.BCU). Benton is currently in the process of spinning out the majority of its assets by a plan of arrangement into a new listed company in order to separate its 41.6% investment in Coro Mining from its cash, equities and exploration assets. Benton shareholders will receive a pro-rata interest in this new company at a ratio as yet to be determined and pursuant to regulatory approval.
Forward Looking Statements:
Certain information contained herein may constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Although Buchans Minerals and Benton (the "Companies") believe that the expectations reflected in such forward-looking statements are reasonable, they can give no assurance that such expectations will prove to have been correct. The Companies caution that actual performance will be affected by a number of factors, many of which are beyond their control, and that future events and results may vary substantially from what the Companies currently foresee. The Companies' forward-looking statements are expressly qualified in their entirety by this cautionary statement.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
