Benton Resources Corp ("Benton") advised of latest drill results from Marathon's drill program on the BCF Property
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THUNDER BAY, ON, June 5 /CNW/ - Benton Resources Corp. ("Benton") has been notified by Marathon PGM Corporation ("Marathon") of the latest drill results from the BCF Property located north of Marathon, Ontario. Marathon is currently earning into the BCF Property under an option and joint venture agreement with Benton and is operator of the project. The following is Marathon's quoted press release:
"Marathon Hits Second 100+ m thick section of mineralization on Marathon/Benton JV Property
05-June-2008 - Toronto, Ontario: Marathon PGM Corporation ("Marathon" or "the Company", MAR-TSX) is pleased to announce the second phase of drilling results from the Bamoos-Claw Lake-Four Dams ("BCF") Property, which is being explored under an option and joint venture agreement with Benton Resources (TSX.v:BTC). The BCF property adjoins the Company's Marathon Project near Marathon, Ontario.
Marathon hole MB-08-10 hit mineralization 134m in thickness, on-strike and 125m southeast of Benton hole BO-06-20, which intersected 102m of mineralization grading 1.26 g/t PGM and gold and 0.58% copper. Exploration of this area is a priority for drilling, as no drilling has been conducted between these two drill holes. There is high potential to rapidly expand the size of the resource in this area. The northern end of the Marathon deposit has an overall higher than average grade compared to the rest of the Main Zone to the south. Marathon has a right to mine within 200m of the BCF boundary before the JV is completed.
Highlights:
hole MB-08-10 intersected 0.90 g/t PGM and Au and 0.27% Cu over 134m (from 146-280 m), 125m along strike from Benton hole B0-06-20 (1.26g/t PGM and Au and 0.58%Cu over 102m) hole MB-08-11 intersected 2.21 g/t PGM and Au and 0.54% Cu over 20m (from 126-146m) 100+ m thick intercepts added millions of tonnes during the growth of the Marathon resource
Phillip Walford, President and CEO noted, "Drilling results from the Benton JV ground are turning out to be a winning situation for both companies. These thick intersections will add tonnes quickly to the resource. Marathon has over 117 million tonnes in resource now and the results from the JV are adding to a world class PGM deposit."
Results from Marathon-Benton JV Drilling True Total PGM Hole From To Thickness Pd Pt Au and Au Cu (m) (m) (m) (g/t) (g/t) (g/t) (g/t) (%) MB-08-09 123 129 6 0.73 0.24 0.06 1.03 0.23 MB-08-09 141 155 14 1.70 0.38 0.15 2.22 0.33 MB-08-10 146 280 134 0.63 0.20 0.07 0.90 0.27 including 166 240 74 0.78 0.24 0.09 1.12 0.35 MB-08-11 126 146 20 1.55 0.51 0.15 2.21 0.54 including 138 144 6 3.08 1.15 0.28 4.51 0.65 MB-08-11 170 186 16 0.75 0.22 0.13 1.10 0.27 MB-08-12 146 208 62 0.56 0.18 0.07 0.81 0.17 MB-08-12 170 174 4 2.62 0.62 0.19 3.42 0.49 MB-08-12 186 208 22 0.73 0.21 0.08 1.02 0.11 MB-08-12 188 202 14 0.90 0.26 0.09 1.25 0.23 MB-08-13 112 118 6 1.19 0.28 0.11 1.58 0.35 MB-08-13 152 168 16 0.72 0.23 0.07 1.02 0.33 including 152 158 6 0.74 0.21 0.06 1.01 0.50 including 162 168 6 1.12 0.38 0.12 1.62 0.35 MB-08-14 122 128 6 1.04 0.34 0.12 1.51 0.20 MB-08-14 132 156 24 1.14 0.32 0.13 1.58 0.34 MB-08-16 38 62 24 1.08 0.33 0.16 1.57 0.39
Current Drilling
Marathon's drilling on the BCF property has yielded useful information regarding the geology and extent of mineralization. In particular, Marathon's drillholes have extended mineralization boundaries indicated by historical holes and recent drilling completed by Benton.
Hole MB-08-12 is located on section 6150, which represents the boundary between Marathon and Benton's properties. Elimination of the boundary pillar as a result of the JV enables complete extraction of resources, as the boundary pillar would have otherwise tied up substantial tonnes. Multiple wide intersections of mineralization in hole MB-08-12 extend the mineralization downdip.
Marathon holes MB08-09, -10, -11, -12, -13, -14 and -16 all intersected mineralization and have expanded the dimensions of the known mineralization.
Drilling on the BCF property is expected to resume in July. Marathon currently has two rigs drilling on the Marathon property extending the high-grade W horizon and filling in drilling gaps. Drilling of the Marathon and Benton JV properties will assist in expanding the resource.
All of the samples were sent to Accurassay, an accredited laboratory in Thunder Bay, Ontario, to be assayed using fire assay and other standard techniques.
David Good, P.Geo., VP of Exploration is Marathon's Qualified Person in compliance with National Instrument 43-101 with respect to this release. Dr. Good has reviewed the contents for accuracy and has approved this press release on behalf of Marathon.
About Marathon PGM Corporation:
Marathon is in the process of completing a definitive feasibility study on the Marathon PGM-Cu deposit. Marathon also has development and exploration stage properties in southeastern Manitoba and western Newfoundland and Labrador. Marathon's management plans to build on this focus through the advancement of its properties, focusing on resource development and by examining other strategic PGM and base metal opportunities within Canada.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION:
Except for statements of historical fact relating to the Company, certain information contained herein constitutes "forward-looking statements". Forward-looking statements are frequently characterized by words such as "plan," "expect," "project," "intend," "believe," "anticipate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These risks and uncertainties include but are not limited to those identified and reported in Management's Discussion and Analysis for the year ended December 31, 2007. Circumstances or management's estimates or opinions could change, and management disclaims any obligation to revise or update forward-looking statements, whether for new information, future events or otherwise. The reader is cautioned not to place undue reliance on forward-looking statements.
On Behalf of Marathon PGM: For more information, please "Phillip C. Walford" contact: Phillip C. Walford, P.Geo. David Leng, P.Geo: President, Chief Executive Officer Tel: +1.416.849.3432 Tel: +1.416.987.0711 Fax: +1.416.861.1925 gen@marathonpgm.com" dleng@marathonpgm.com
About Benton Resources Corp:
Benton Resources Corp. ("Benton" or the "Company") is a mineral exploration company listed on the TSX Venture Exchange under the symbol BTC. Benton's aggressive and experienced management team is focused on base and precious group metal exploration. The Company's diverse property portfolio includes Canadian projects which are highly prospective for gold, uranium, platinum, palladium, nickel and copper. Benton Management believes due to the current market conditions the Company is extremely undervalued. The Company currently has approximately $20 million in working capital and an extremely prospective property portfolio.
Reliance on Marathon PGM and Forward-Looking Statements
The information contained in this press release is a verbatim extract of the press release issued by Marathon PGM Corporation. Although Benton believes the information included in the press release to be generally reliable, the data has not been independently verified and Benton does not assume any liability for the accuracy or completeness of such information. Furthermore, as noted above in the verbatim extract, the press release may contain forward-looking information within the meaning of applicable securities laws. Such information includes the statements contained in the verbatim extract regarding Marathon PGM's exploration and drilling plans, plans to update the mineral resource and the estimation of mineral resources and are subject to risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. The risks include those that are set out above in the verbatim extract and those contained in public documents of Marathon PGM filed on SEDAR as well as the risks set out in Benton's public documents including its management information circular and quarterly and annual management's discussion and analysis. There is no assurance that the forward-looking information contained in the press release will prove to be accurate. Accordingly, readers should not place undue reliance on the forward-looking information.
All of the information contained in the press release is qualified by this cautionary statement.