Benton and Metals Creek Complete Hydrogen-Helium Soil Gas Sampling at Smoking Gun and Parson's Pond in Newfoundland, Acquire Additional Claims
Rhea-AI Summary
Benton Resources (OTC: BNTRF, TSXV: BEX) and Metals Creek entered a purchase agreement with G2B Gold to jointly acquire a 100% interest in two mineral licences totaling 30 claim units in Newfoundland’s Deer Lake Basin and Parson's Pond, split 50/50 and subject to a 2% net smelter royalty (NSR) in favour of G2B. Consideration comprises 120,000 Metals Creek shares and 82,500 Benton shares on closing, with an option to buy back 1% NSR for $1 million.
Benton also agreed separately to acquire mineral licence 040650M (4 claim units) tying onto its Dominion Copper-Gold-Zinc project by issuing 17,500 Benton shares, with a similar 2% NSR and 1% buyback right for $1 million. Both agreements require TSXV approval. The companies completed large-scale hydrogen-helium soil gas programs at Parson's Pond and the Smoking Gun project, collecting over 700 samples now at a Saskatchewan lab for analysis. Historical drilling in the area recorded anomalous helium up to 8,900 ppb and significant methane gas occurrences, supporting further hydrogen and helium exploration planning.
Positive
- 100% interest in 2 licences (30 claim units) jointly acquired with Metals Creek, expanding Newfoundland hydrogen-helium exposure
- Additional Benton-only licence (040650M, 4 units) secured adjacent to Dominion Copper-Gold-Zinc project via share-based deal
- Over 700 soil gas samples collected at Smoking Gun and Parson's Pond for hydrogen-helium analysis
- NSR buyback option allows Benton and partner to repurchase 1% of G2B’s 2% NSR for $1 million
Negative
- Equity dilution from issuing 82,500 Benton shares for joint acquisition and 17,500 shares for the separate licence
- Royalty burden of 2% NSR on acquired properties retained by G2B Gold
- Regulatory risk as both acquisition agreements remain subject to TSXV approval before closing
AI-generated analysis. How Rhea-AI works. Not financial advice.
Thunder Bay, Ontario--(Newsfile Corp. - August 18, 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 that they have entered into a purchase agreement (the "Purchase Agreement") with G2B Gold ("G2B"), an arms-length party, whereby the Companies will jointly acquire a
Purchase Agreement terms:
The Companies can acquire
the issuance to G2B of 120,000 common shares of Metals Creek and 82,500 common shares of Benton on the closing date which shall be five business days after the date the Companies receive regulatory approval for the Purchase Agreement;
a
2% NSR on the Properties shall be retained by G2B and the Companies will have the right, at any time, to purchase one half of the NSR (i.e.1% ) by collectively paying$1 million to G2B.
In addition, Benton has entered into a separate agreement with G2B to purchase a
Both agreements remain subject to TSXV approvals.
In addition, the Companies are pleased to announce the completion of two large-scale regional soil gas sampling programs at Parson's Pond and Smoking Gun Hydrogen-Helium projects. Rudy Willick of Rudiger ReChem and his team from Neuanlage, Saskatchewan have collected over 700 samples which have been sent back to his Saskatchewan laboratory for analysis. Results are expected in the next two weeks and will be reported once received and compiled. The Companies will plan an inaugural program to test favourable targets for hydrogen and helium.
Deer Lake Basin Property
The Smoking Gun Project contains the Mills No.1 drill hole in the Southwest, in addition to the Claybar No. 3 drill hole (Figure 1) to the NE. The Companies are excited about this new acquisition, as recent research from historical data has revealed highly anomalous helium with values up to 8,900 parts per billion (ppb) (see Table 1) in water collected from a historic drill hole (79-67). This hole is located approximately 11.8 km from a drill hole (Mills No. 1) that encountered high pressure gas that flowed for a minimum of 12 months in a basin prospective for uranium-thorium. In addition, several mentions of gas are noted in Claybar No. 3, located 32 km to the NE of drill hole 79-67. These 3 holes potentially indicates an expansive system with favorable geological conditions for the generation and entrapment of gas.
Ref: https://gis.gov.nl.ca/mods/ModsCard.asp?NMINOString?temp=n&NMINOString=012H/03/Btm002
Parson's Pond Property
At Parson's Pond, the Companies large land position covers a faverable large basin (see Figure 2) where research confirmed the presence of gas in several historical drill logs located 14.2 km apart, significant gas hits observed C1 methane gas levels reaching
(Ref. NALCOR ENERGY - OIL AND GAS INC FINAL WELL REPORT For Nalcor Energy et al SEAMUS #1 https://www.gov.nl.ca/em/files/publications-energy-nalcorseamusfwr.pdf and NALCOR ENERGY - OIL AND GAS INC FINAL WELL REPORT For Nalcor Energy et al Finnegan #1 https://www.gov.nl.ca/em/files/FinniganFWR.pdf ).
Figure 1: Smoking Gun Project Location Map
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3657/310222_2f2d456824fee9cf_002full.jpg
Figure 2: Parson's Pond Project Location Map
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3657/310222_2f2d456824fee9cf_003full.jpg
Survey Parameters
The geochemical survey program begins with the preparation of sample vials and replacing the septa in the probes. The vials are evacuated to an absolute pressure of 20 pascals so that a sample extracted by a syringe is not contaminated with residual ambient air. A cordless rotary drill is used to drive a hollow probe of stainless steel to an average depth of about 1 meter to avoid barometric pumping which can affect gas concentrations in soil. Once the probe is purged of ambient air, a 30cc sample is extracted and injected through the septum of a 12cc vial. Other operations at the sampling site are the recording of coordinates by GPS and recording of sample numbers on the box cover. To avoid Hydrogen Artefacts in analysis, Rudiger Re-Chem utilizes a proprietary probe as well as detailed field notes for soil-gas surveys. The samples are shipped to Rudiger Re-Chem's lab in Saskatoon for analysis by a state-of the art Gas Chromatographs.
Hydrogen and Helium Demand
Hydrogen and helium have seen a significant increase in demand, with more expected in the future. Hydrogen is used as a fuel and a chemical building block, it helps create fertilizer for food, refines the gasoline in your car, and is increasingly being used to power clean trucks and ships as well as fuel for rocket propulsion for the launching of satellites. Helium is the world's ultimate cooler; its super-cold properties are essential for keeping MRI machines running and making the computer chips found in your phone and laptop. AI-driven chip manufacturing is the primary growth engine for helium. Helium keeps our most advanced technology and medical equipment functioning.
In the neighboring province of Nova Scotia, companies such as Quebec Innovative Metals Corp are having success in the search for Natural Hydrogen. This success has generated further exploration in similar geological environments to that of the projects mentioned above.
Please note that the presence of gas or methane on these staked projects or gas discovered on adjacent properties does not guarantee the presence of hydrogen or helium. Further studies are required to validate their presence.
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: 647-249-9298 ext. 322
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/310222