When Stephen Stares, CEO of Benton Resources, sat down for a comprehensive discussion, he made it clear: his goal is simple, but monumental—find significant mineral deposits, develop them, and eventually hand them off to a larger company for development, particularly at its flagship project, Great Burnt, where gold and copper are the main targets.

We’ve had tremendous interest, but we’ll raise funds only when the timing is right.

Stephen Stares, CEO Benton Resources

With 190 million shares outstanding and a market capitalization of roughly $15 million, Benton is a junior miner with a promising portfolio. However, like most junior miners, Benton’s financial situation is a juggling act. The company’s last financials, filed in March, show $2.5 million in current assets, with nearly half tied to flow-through money designated for exploration, and only $200,000 in cash. However, as of the interview, Benton had raised an additional $3.5 million and added millions in new shares and warrants.

The Great Burnt Project: Copper, Gold, and Exploration Upside

Benton’s flagship asset, the Great Burnt Project, is situated in central Newfoundland and spans multiple targets with six historically explored zones. With copper grades of up to 3.2% and a resource of 53 million pounds of copper, Great Burnt presents significant exploration upside. Stares emphasized that the project’s potential goes beyond what’s currently on the table: “This is probably one of the best projects I’ve ever seen.”

The Great Burnt Project isn’t just about copper. Benton is currently undertaking a 10,000 to 15,000-meter drill program aimed at defining both copper and gold mineralization. The VMS deposit also hosts potential for zinc, cobalt, and other metals, though copper and gold remain the focus.

“The historical drill holes are showing that we can increase grade and expand the mineralization at depth,” Stares said, pointing to the project’s potential for significant resource expansion. Recent trenching has revealed promising new zones, and a current deep drilling program is underway to test further down plunge from previous discoveries.

The Spin-Out: Lithium Exposure Through Sokoman

Beyond Great Burnt, Benton also holds a lithium spin-out, which is being developed through a $2 million financing from partner Piedmont Lithium. The spin-out will advance exploration on Benton’s lithium properties in Newfoundland, while Benton retains a 37.5% interest in the project and a 2% royalty. Stares described this project as another major focus for Benton moving forward, hinting at further developments in the near future.

Building on Success: Exploration Goals for 2024

With over 12,000 meters already drilled, Benton is aggressively moving forward. Stares noted the importance of leveraging historical data to refine exploration: “We’re drilling deeper, and we’re hitting better mineralization.”

In addition to copper and gold, Benton is also eyeing the potential for cobalt and nickel discoveries. The exploration program includes testing unexplored conductors and refining the geological understanding of the project area. “There’s something special halfway up the belt,” Stares hinted, referring to a significant, yet unexplored, geophysical anomaly.

Financing and Dilution: Managing the Numbers

With a tight financial situation and 200 million fully diluted shares, dilution remains a concern. Benton hasn’t executed a rollback since going public in 2005, and Stares is reluctant to do so, even as the share count climbs. “I think the value is there,” he said, underscoring his belief that Benton’s market cap should reflect the quality of its assets.

The company’s recent raise of $3.5 million in flow-through funds will help finance exploration through 2024, but further financing may be necessary. Stares is focused on managing these resources carefully, investing in the right targets to build value without excessive dilution: “We’ve had tremendous interest, but we’ll raise funds only when the timing is right.”

Outlook for Benton Resources

Looking forward, Stares sees Benton as well-positioned to deliver significant returns to shareholders, but he remains pragmatic about the timeline. “In 12 months, we will have a much better idea of the size of the system, and I believe there are still more zones to be found.” He also emphasized Benton’s strong relationships with the Newfoundland government and local communities, which he sees as crucial for advancing exploration efficiently.

“We’ve done a lot in a short period of time, and there’s much more to come. I believe we’re sitting on something very special.”

Benton Resources CEO Interview With Stephen Stares

This is a very brief summary of what was a lengthy interview. Don’t rely on this summary. Watch the full interview which is linked above.

Please note that this guest has not paid for the creation of this content. The Resource Talks interview rules are simple.
The companies, albeit paying or non-paying, get no questions upfront, no questions off the table, and no editing rights.

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