Benton Resources Inc. (TSX-Venture:BEX) was popping corks the day after New Year’s Day, with news it was throwing in its lot with giant Rio Tinto, selling to the larger company the right to earn a 100% interest in Benton's Baril Lake claims in Ontario.
The pact means Rio Tinto will pay Thunder Bay, Ontario-based Benton $200,000 over four years, and if Rio achieves commercial production at the project, will pay Benton an additional $1,000,000.
The Company considers the Baril Lake project to be a favorable setting to potentially host copper-nickel and platinum group metals. Drilling completed by Rio Tinto in 2017 on the Bark Lake project encountered mineralization of 0.31 copper and 0.72gpt (grams per tonne) Platinum + Palladium over 19.2 metres
Benton also trumpets that it will initiate an approximate 1,000-metre diamond drill program on the Panama Lake gold project located in Red Lake Mining district in early January.
Stocks in the company vaulted 0.5 cents, or 12.5%, to 4.5 cents, on volume of 243,000