Vancouver, British Columbia--(Newsfile Corp. - May 10, 2023) - Kenorland Minerals Ltd. (TSXV: KLD) (OTCQX: KLDCF) (FSE: 3WQ0) ("Kenorland" or the "Company") is pleased to provide a summary of its 2023 activities, highlighting significant advancements in exploration across the majority of the Company's portfolio, as well as the addition of several new projects recently acquired through generative efforts.
The total planned exploration expenditures on properties in which Kenorland holds direct or royalty interests is anticipated to be approximately C$33 million, which includes approximately C$29 million in exploration financed by partners. With a significant project pipeline and a robust treasury of C$18 million, Kenorland is well positioned to achieve continued success. The Company remains committed to responsible exploration practices and looks forward to delivering positive results to its stakeholders in the coming year.
2023 Exploration Programs
Frotet Project, Quebec: The 2023 Winter drill program at the Regnault gold discovery has reached completion with a total of 13,360 meters over 15 drill holes. A combination of unseasonably warm weather delaying ice construction and slow drill production resulted in less meters being drilled than originally planned. Complete drill results are expected to be released towards the end of the second quarter or early in the third quarter. Looking forward, the 2023 Summer exploration program is scheduled to commence in July and will include up to 10,000m of diamond drilling along with various detailed geochemical surveys surrounding the Regnault area. The Frotet Project is currently held under joint venture with Sumitomo Metal Mining Canada Ltd.
Chebistuan Project, Quebec: A maiden diamond drill program was recently completed at the Deux Orignaux target area. This target area was defined by gold and pathfinder element anomalism in glacial overburden identified following multiple phases of systematic geochemical surveys, beginning with a regional program in 2021 covering the entire 159,690-hectare property. The maiden drill program included 2,170m of diamond drilling over seven holes testing across structural targets defined by detailed magnetic and induced polarization (IP) surveys completed last year. Results from the drill program are expected to be released towards the end of the second quarter. The Chebistuan Project is held under an earn-in agreement with Newmont Corporation.
O'Sullivan Project, Quebec: The Company recently completed detailed electromagnetic (EM), IP, and drone (UAV) magnetic surveys covering the Pusticamica North target area. The target area was delineated by coherent gold-in-till anomalism along the northern shore of Lac Pusticamica which coincides with strong deformation along a major felsic intrusive-volcanic contact. Summer 2023 planned exploration work includes a lake sediment geochemical survey, detailed mapping and a regional airborne versatile time domain electromagnetic (VTEM) survey. The geophysical and geochemical surveys, which cover a large portion of the target area beneath a lake, will assist in future drill targeting. The O'Sullivan Project is held under an earn-in agreement with Sumitomo Metal Mining Canada Ltd.
Chicobi Project, Quebec: Land access and permitting is well underway for the next phase of sonic drilling (drill-for-till geochemical sampling) along the Roch-Can trend. The Roch-Can trend is located along a major first order structure within the Chicobi Deformation Zone (CDZ) which transects the Abitibi greenstone belt. Limited historical drilling and previously completed sonic drill holes have identified an alteration corridor spanning 17 kilometers in strike length and broadly associated with Au-Zn-Ag anomalism within the bedrock and glacial overburden. The two phase (summer and winter) sonic drill-for-till program is planned to commence in the third quarter of this year. The Chicobi Project is currently held under joint venture with Sumitomo Metal Mining Canada Ltd.
Hunter Project, Quebec: Following an initial property-wide drill-for-till sonic program, completed in 2022, the Company is currently carrying out a detailed drone magnetic survey along with land access and permitting efforts in preparation for a follow-up detailed sonic drill program covering priority target areas identified from the initial regional program. The follow-up sonic drill program is expected to commence during the third quarter. The Hunter Project is currently held under an earn-in agreement with a subsidiary of Centerra Gold.
South Uchi Project, Ontario: Following the termination of the earn-in agreement with Barrick Gold Corp., planning for the next phase of exploration at the 100% owned South Uchi Project is well underway. Priority target areas for follow-up exploration include a significant large-scale and high-tenor coincident Ni-Cu-Co glacial till geochemical anomaly along with multiple discrete Li-Cs-Ta (LCT) geochemical targets. Future exploration will focus on the discovery of both nickel-copper sulphide systems as well as lithium bearing pegmatite systems.
Separation Rapids Project, Ontario: In 2022, the Company completed a regional till geochemical survey, focused on LCT pegmatite systems, covering a large portion of the 46,362-hectare property. Results from the 1,183 till samples collected identified three priority target areas defined by anomalous and coincident lithium and cesium in till. A detailed follow-up geochemical survey and prospecting, covering all three priority target areas, is planned for this summer. The Separation Rapids Project is currently held under an option agreement with Double O Seven Mining Ltd., a private B.C. corporation.
Tanacross Project, Alaska: The recently approved 2023 exploration budget and program includes 4,500m of diamond drilling scheduled to commence in June. Drilling will focus on three target areas; East Taurus, West Taurus, and South Taurus. This drill program follows the surface work completed last summer, including the collection of 800 infill soil samples along with detailed IP and MT surveys covering the West Taurus-McCord Creek-East Taurus trend, as well as detailed extremely low frequency electromagnetic surveying (ELF-EM) and ground gravity surveys over the South Taurus anomaly. The Tanacross Project is currently held under an earn-in agreement with Antofagasta Minerals S.A.
Healy Project, Alaska: The Company intends to carry out an ELF-EM survey covering the kilometer-scale Healy gold system during the summer in order to refine drill targets for future exploration. The Healy Project is currently held under joint venture with Newmont Corporation.
Recent Generative Activities
Muskayk Project, Manitoba: In November 2022, the Company staked 300 mining claims covering 39,522 hectares in the Rusty Lake Greenstone Belt (RLGB) of Manitoba. The RLGB hosts the 70Mt Ruttan VMS deposit with historical production of 1.5Mlbs of copper and 1.7Mlbs of zinc. The RLGB has seen very limited modern exploration and no significant large-scale geochemical surveys. Given the low exploration maturity and proven endowment, the Muskayk Project compliments the Company's existing exploration portfolio. Community engagement is currently underway along with planning for an initial regional geochemical survey.
South Thompson Project, Manitoba: The Company has applied for mineral exploration licences covering 383,704 hectares along the southern extension of the Thompson Nickel Belt (TNB), which is largely covered by Phanerozoic cover sequences. Compilation and digitization of historical exploration data, including 300 drillholes, has been completed. Evaluation and interpretation of historical geophysical surveys, including airborne magnetics and electromagnetic surveys are underway. Further integration and interrogation of these datasets will be used for targeting and planning follow-up exploration including diamond drilling.
Western Ontario Portfolio: The Company recently acquired, through map staking, three new project areas in western Ontario collectively covering 182,239 hectares (46,347 ha Flora Project and the 58,536 ha West Wabigoon Project in the Western Wabigoon sub-province, and the 77,356 ha Quetico Project spanning the Western Wabigoon, Quetico and Marmion sub-provinces). These projects all cover vast areas of prospective Archean greenstone belts with relatively low exploration maturity and are generally concealed by glacial overburden. Detailed compilation and digitization of historical exploration data is underway along with community engagement and planning for the initial phases of exploration.
Critical Minerals Portfolio: Over the last two years, the Company has assembled a portfolio of projects focused on critical minerals including REE and Niobium. The 41,951-hectare Omineca Project is located 350km north of the Wicheeda REE deposit in British Columbia. The 12,119-hectare Torrance Project is located in the Kapuskasing Structural Zone in eastern Ontario and covers an interpreted and untested alkaline ring complex, prospective for carbonatite related rare earth and niobium mineralisation. The 91,123-hectare Saguenay Project is located in the Saguenay region of Quebec near the Niobec and Crevier niobium deposits. Detailed compilation, digitization, and program planning is underway at each of these project areas.
Qualified Person
Janek Wozniewski, B. Sc., P. Geo., OGQ (#2239), "Qualified Person" under National Instrument 43-101, has reviewed and approved the scientific and technical information in this press release.
About Kenorland Minerals Ltd.
Kenorland Minerals Ltd. (TSXV: KLD) is a mineral exploration company incorporated under the laws of the Province of British Columbia and based in Vancouver, British Columbia, Canada. Kenorland's focus is early to advanced stage exploration in North America. The Company currently holds five projects in Quebec where work is being completed under joint venture and earn-in agreements from third parties. The Frotet Project and Chicobi Project are held under joint venture with Sumitomo, the O'Sullivan Project is optioned to Sumitomo, the Chebistuan Project is optioned to Newmont Corporation and the Hunter Project is held under option to Centerra Gold Inc. In Alaska, the Company holds the advanced stage Tanacross porphyry Cu-Au-Mo project, optioned to Antofagasta, as well as a 70% interest in the Healy Project, held under joint venture with Newmont Corporation.
Further information can be found on the Company's website www.kenorlandminerals.com.
Kenorland Minerals Ltd.
Zach Flood
President, CEO and Director
Tel: +1 604 363 1779
zach@kenorlandminerals.com
Scott Smits
Vice President of Exploration
Tel: +1 250 686 8135
scott@kenorlandminerals.com
Cautionary Statement Regarding Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information (together, "forward-looking statements") within the meaning of applicable securities laws. All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements can be identified by the use of terminology such as "plans", "expects', "estimates", "intends", "anticipates", "believes" or variations of such words, or statements that certain actions, events or results "may", "could", "would", "might", "will be taken", "occur" or "be achieved". Forward-looking statements involve risks, uncertainties and other factors disclosed under the heading "Risk Factors" and elsewhere in the Company's filings with Canadian securities regulators, that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Although the Company believes that the assumptions and factors used in preparing these forward-looking statements are reasonable based upon the information currently available to management as of the date hereof, actual results and developments may differ materially from those contemplated by these statements. Readers are therefore cautioned not to place undue reliance on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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