Riley Exploration Permian, Inc. press release
Royal Roads And Benton Resources Increase Interest In Long Range Nickel Joint Venture, Newfoundland
NYSE - New York Stock Exchange · Oil · Natural Gas · Natural Gas Liquids · United States
May 8, 2009 (Baystreet.ca) --
Royal Roads Corp. (RRO-TSX-V) ("Royal Roads") and Benton Resources Corp. (BTC-TSX-V) (“Benton”) are pleased to announce that both companies have increased their respective interests in the Long Range Nickel joint venture in central Newfoundland to 50% as a result of the departure of Golden Dory Resources Ltd. who formerly held a 20% interest. Each of Royal Roads and Benton will increase its share of funding by $25,000 to maintain the previously budgeted program of $250,000 on this highly prospective nickel-copper project.
The Long Range project consist claims totaling 222 km2 in central Newfoundland and covers a 5 x 20 km gabbroic complex, recently recognized as being prospective for nickel-copper-sulphides. The 2009 program includes prospecting, ground geophysical surveys and diamond drilling designed to follow-up conductive anomalies identified by airborne geophysical surveys completed by Geotech Ltd. in 2008. Among the targets to be evaluated is a 600 metre long VTEM conductive anomaly described by Geotech Ltd. as “a relatively strong conductor consistent with massive sulphides”. This target has been selected for testing by diamond drilling late this summer and it is anticipated that additional drill targets may be developed from results of prospecting and ground geophysical surveys to be completed in advance of the drill program.
Approximately 30 conductive anomalies have been selected for ground follow-up, including anomalies identified near a recently discovered nickel-copper sulphide showing where prospecting identified gabbro containing disseminated, magmatic-textured, pentlandite, chalcopyrite and pyrrhotite. Assays from the showing yielded anomalous nickel and copper values of up to 0.28% Ni and 0.36% Cu. Based on these results, it is postulated that any potential nearby massive sulphide accumulation could host nickel and copper grades comparable to other magmatic nickel sulphide deposits in North America including Vale-Inco’s Voisey’s Bay mine in Labrador and Kennecott’s Eagle deposit in northern Michigan.
The property is located close to infrastructure including a 15 MW hydroelectric facility 25 km northeast of the claims. Power lines connecting the facility to the provincial grid cross the property. A paved highway also traverses the property and provides access to port facilities 50 km to the west. The area is considered receptive to mining, as it is located less than 65 km southwest of Buchans, one of the province’s longest established mining centers.
Royal Roads is the project operator and controls 50% interest in the property while Benton controls the remaining 50%. The property is subject to net smelter royalties of up to 2%, of which 1% can be purchased for $1 million. Portions of the property are also subject to underlying option agreements requiring cash payments and share issuances for the joint venture to earn a 100% interest.
Qualified Person
Paul Moore, M.Sc., P.Geo., (NL), Royal Road’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. Analyses referred to herein are from rock samples collected and submitted by prospectors holding underlying rights and royalties on the joint venture property. All assays were completed by Eastern Analytical Limited of Springdale, Newfoundland by the ICP (Inductively Coupled Plasma Optical Emission Spectroscopy) method (ICP-30) for Cu and Ni and Ore Grade Assay for Ni by the atomic absorption (AA) method. ICP analyses were completed using a 0.500 g sample digested in nitric and hydrochloric acid. Ore Grade Assays (Ni) were completed using a 0.200 g sample digested in nitric and hydrochloric acid.
About Royal Roads Royal Roads is a resource company based in Halifax, Nova Scotia, Canada and is focused on exploring and developing mineral properties in the famous historic Buchans mining camp in central Newfoundland, Canada. Royal Roads also controls several exploration properties outside of Buchans, including several under joint venture to Prominex Resource Corp. and Playfair Mining Ltd. Acadian Mining Corporation (ADA-TSX) owns 29.18% of Royal Roads. Acadian Mining is a Halifax based mining company that owns a zinc-lead mine at Gays River, Nova Scotia which is currently being placed on care and maintenance, and is exploring and developing gold, zinc-lead, and barite properties in Atlantic Canada. For additional information on Royal Roads’ properties and activities, please visit www.royalroadscorp.ca.
About Benton Resources Benton Resources is a mineral exploration company with an aggressive and experienced management team focused on base and precious metal exploration. Benton’s diverse property portfolio includes Canadian projects which are highly prospective for gold, uranium, platinum, palladium, nickel and copper. Benton currently has approximately $14 million in working capital and owns 34% interest in Coro Mining Corp as well as approximately 5% of Marathon PGM Corp. In addition, Benton has joint ventured several of their projects to major and junior companies. For additional information on Benton’s properties and activities, please visit www.bentonresources.ca.
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 Royal Roads 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.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Royal Roads Corp. Will Felderhof, President & CEO David Felderhof, Vice-President Ph: (902) 444-3637 Halifax, Nova Scotia www.royalroadscorp.ca
Benton Resources Corp. Stephen Stares, President & CEO Ph: (807) 475-7474 Thunder Bay, Ontario www.bentonresources.ca
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Earlier from Riley Exploration Permian, Inc.
- Royal Roads, Benton Resources & Golden Dory approve 2009 program for long range nickel joint venture, Newfoundland - Drill targets identified
- Investment Industry Regulatory Organization of Canada - Trade Resumption - Coro Mining Corp. - COP
- Investment Industry Regulatory Organization of Canada - Trade Resumption - Coro Mining Corp - COP