Benton Resources Inc. and joint venture partner Metals Creek Resources Corp. have received TSX Venture Exchange approval to jointly acquire a 100 percent interest in two mineral licenses covering 50 claim units across the Deer Lake Basin and Parsons Pond areas in Newfoundland from G2B Gold.

Under the terms of the joint acquisition, Benton and Metals Creek each take a 50 percent ownership stake in the properties. Consideration for the transaction includes the issuance of 120,000 common shares of Metals Creek and 82,500 common shares of Benton to G2B Gold. G2B Gold retains a 2 percent net smelter royalty on the properties, with the companies holding the right to purchase half of the royalty for $1 million at any time. No finders' fees were paid for the transaction.

In a separate agreement with G2B Gold, Benton has individually acquired a 100 percent interest in an adjacent mineral license consisting of two claim units in exchange for 17,500 common shares of Benton. G2B Gold also retains a 2 percent net smelter royalty on this separate license, subject to Benton's right to buy back 1 percent for $1 million.

The separately acquired license ties directly onto Benton's Dominion Copper-Gold-Zinc project. That project sits approximately 14 kilometres south of Buchans and 13 kilometres north of Equinox Gold Corp's Valentine Gold mine in central Newfoundland, where regional exploration activity continues to advance across the district, including Canterra Minerals reported 144.0 metres of 0.75% copper equivalent at the Lundberg deposit.

Following preliminary soil gas sampling results announced earlier in September, Benton and Metals Creek plan to compile and evaluate the full dataset to design an inaugural drill program at the Smoking Gun and Parsons Pond projects.

Read the full announcement: Benton and Metals Creek Announce Approval of Property Acquisitions