Benton and Metals Creek Announce Approval of Property Acquisitions
Benton and Metals Creek secure TSXV approval to acquire Newfoundland mineral licences from G2B Gold using share payments and NSR terms.
Rhea-AI Summary
Benton Resources (BNTRF/BEX) and Metals Creek (MEK/MCREF) received TSX Venture Exchange approval for their joint acquisition from G2B Gold of interests in two mineral licences totaling 50 claim units in Newfoundland.
The Deer Lake Basin (20 units) and Parsons Pond (30 units) properties will be owned 50% by each company and are subject to a 2% net smelter royalty (NSR) in favour of G2B. Consideration consists of 120,000 common shares of Metals Creek and 82,500 common shares of Benton, plus the NSR, with a right for the companies to buy back 1% of the NSR at any time for $1 million.
Separately, Benton acquired a 100% interest in mineral licence 040650M (2 claim units) by issuing 17,500 Benton shares to G2B, also subject to a 2% NSR with a 1% buyback right for $1 million. This licence ties directly onto Benton's Dominion Copper-Gold-Zinc project in central Newfoundland.
Positive
- Joint acquisition completed of 50 claim units in Deer Lake Basin and Parsons Pond with 50/50 ownership structure
- Share-based consideration limited to 120,000 Metals Creek shares and 82,500 Benton shares for the joint property package
- NSR buyback option allows purchase of 1% of the royalty on the joint properties for $1 million
- Benton adds 100% interest in licence 040650M (2 claim units) via issuance of only 17,500 shares
- New Benton licence directly adjoins the Dominion Copper-Gold-Zinc project, potentially enhancing project scale and continuity
Negative
- 2% NSR burden on the joint properties in Deer Lake Basin and Parsons Pond in favour of G2B
- Dilution for existing shareholders from issuance of 120,000 Metals Creek shares and 100,000 total new Benton shares (82,500 + 17,500)
- 2% NSR on Benton's new 040650M licence, with only half (1%) potentially removable via a $1 million payment
AI-generated analysis. How Rhea-AI works. Not financial advice.
Thunder Bay, Ontario--(Newsfile Corp. - September 15, 2026) - Benton Resources Inc. (TSXV: BEX) ("Benton") and Metals Creek Resources Corp. (TSXV: MEK) (OTC Pink: MCREF) (FSE: M1C1) ("Metals Creek") (Benton and Metals Creek collectively referred to as the "Companies") are pleased to announce the receipt of TSX Venture Exchange approval for the previously announced (August 18, 2026 new release) joint acquisition from G2B Gold ("G2B") of an interest in 2 mineral licenses encompassing 50 claim units (the "Properties") in the Deer Lake Basin (20 units) and Parsons Pond (30 units) area, subject to
The Companies, which are non-arm's length, acquired
- the issuance to G2B of 120,000 common shares of Metals Creek and 82,500 common shares of Benton; and
- a
2% NSR on the Properties subject to the Companies having the right, at any time, to purchase one half of the NSR (i.e.1% ) by paying$1 million to G2B.
In addition, Benton has acquired, pursuant to a separate agreement with G2B, a
About Benton Resources Inc.
Benton Resources is a well-financed mineral exploration company listed on the TSX Venture Exchange under the symbol BEX. Benton has a diversified, highly prospective property portfolio and holds large equity positions in other mining companies that are advancing high-quality assets. Whenever possible, BEX retains net smelter return (NSR) royalties with potential long-term cash flow.
Benton will focused its efforts on advancing its Dominion Copper - Zinc - Gold project, Victoria West Gold Project, Stoney Caldera Copper - Gold Project and its various Hydrogen - Hellium projects on the west coast of Newfoundland.
On behalf of the Board of Directors of Benton Resources Inc.,
"Stephen Stares"
Stephen Stares, President
Parties interested in seeking more information about properties available for option can contact Mr. Stares at the number below.
For further information, please contact:
Stephen Stares, President & CEO
Phone:807-474-9020
Email: sstares@bentonresources.ca
Nick Konkin, Investor Relations
Phone: 416-567-9087
Email: nick@grovecorp.ca
Website: www.bentonresources.ca
Twitter: @BentonResources
Facebook: @BentonResourcesBEX
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
The information contained herein contains "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be "forward-looking statements."
Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: risks related to failure to obtain adequate financing on a timely basis and on acceptable terms; risks related to the outcome of legal proceedings; political and regulatory risks associated with mining and exploration; risks related to the maintenance of stock exchange listings; risks related to environmental regulation and liability; the potential for delays in exploration or development activities or the completion of feasibility studies; the uncertainty of profitability; risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; results of prefeasibility and feasibility studies, and the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; risks related to gold price and other commodity price fluctuations; and other risks and uncertainties related to the Company's prospects, properties and business detailed elsewhere in the Company's disclosure record. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from the Company's expectations or projections.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/314492
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What are the key terms of the net smelter royalty (NSR) granted to G2B Gold?
Both the jointly acquired Deer Lake Basin and Parsons Pond properties and Benton's separately acquired mineral licence 040650M carry a 2% net smelter royalty (NSR) in favour of G2B Gold. The companies have the right, at any time, to purchase one half of each NSR (i.e. 1%) by paying $1 million to G2B.
How do the new properties relate to Benton's existing Dominion Copper-Gold-Zinc project?
The separately acquired mineral licence 040650M, consisting of 2 claim units, is described as a strategic licence that ties directly onto Benton's Dominion Copper-Gold-Zinc project, located about 14 km south of Buchans and 13 km north of Equinox Gold's Valentine Gold mine in central Newfoundland.
Were any cash payments or finder’s fees involved in the joint acquisition from G2B Gold?
No finders' fees were paid for the joint acquisition from G2B Gold. The consideration consists solely of share issuances (120,000 Metals Creek shares and 82,500 Benton shares) and the granting of a 2% NSR on the joint properties, plus the NSR buyback option.
What did Benton issue to acquire the additional mineral licence 040650M?
Under a separate agreement with G2B Gold, Benton acquired a 100% interest in mineral licence 040650M by issuing 17,500 common shares of Benton. G2B retains a 2% NSR on this property, with Benton able to purchase 1% of that NSR at any time for $1 million.