Kenorland and Auranova Announce Completion of Winter Drill Program at the South Uchi Project, Ontario
Kenorland and Auranova Announce
Completion of Winter Drill Program at the
South Uchi Project, Ontario
Vancouver, British Columbia--(Newsfile Corp. - May 6, 2025) - Kenorland Minerals Ltd
.
(TSXV: KLD)
(OTCQX: KLDCF) (FSE: 3WQ0) ("
Kenorland
" or the "
Company
") and Auranova Resources Inc.
("
Auranova
") are pleased to announce the completion of the 2025 Winter drill program at the South
Uchi Project (the "
Project
"), located in the Red Lake District of Ontario.
2025 Winter Drill Program
The maiden drill program consisted of 27 diamond drill holes totaling 14,363 metres, testing the
Papaonga target over an 8km by 3km area, within the large gold-in-till and heavy mineral concentrate
(HMC) gold grain anomalies, underlain by bedrock mineralisation consisting of quartz-sulphide veins
and disseminated sulphide (see press release dated September 11, 2024). Widely spaced drill fences,
roughly 500 metres to greater than 1 kilometre apart were designed to test interpreted structural
corridors concealed by deep overburden and Papaonga Lake. Complete assay results are expected to
be reported in late Q2 or early Q3 2025.
Figure 1. Plan map showing geology and drill hole locations in the Papaonga target area
To view an enhanced version of this graphic, please visit:
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Papaonga Target
This program marks the first-ever drilling at the Papaonga target, following four years of systematic
exploration. Prior to this work, no historical drilling or documented gold occurrences had been recorded
within the target area. Drilling targeted three principal areas: the sheared margin of the Papaonga
diorite, northeast-trending shear zones transecting folded clastic sedimentary rocks with interbedded
iron formation, and folded volcanic stratigraphy beneath Papaonga Lake cut by northeast to east-west
trending shear zones. Within the diorite, variably developed quartz stockwork to sheeted vein systems
were encountered, associated with silica-chlorite alteration, pyrite and trace chalcopyrite mineralisation.
The folded clastic sedimentary, iron formation, volcaniclastic and mafic volcanic stratigraphy contain
multi-stage veining including widespread early quartz-carbonate veins that are strongly folded and
boudinaged associated with pyrite and pyrrhotite mineralisation. Northeast to east-west trending
structural corridors, defined by shear zones with strong strain development, host early quartz-carbonate
and smoky quartz veins, which are deformed and crosscut by later-stage milky white quartz veins.
Alteration consists of moderate silica-sericite-biotite-chlorite assemblages, associated with sulphide
mineralisation including arsenopyrite, pyrrhotite, pyrite, and trace chalcopyrite, both within veins and
disseminated in the wall rock. Trace, localised visible gold was also observed in association with quartz
veining. The multiple vein and sulphide generations are indicative of the long-lived nature of fluid flow and
deformation across the Papaonga target area. Although mineralisation is present within the completed
holes, it does not necessarily indicate economically significant gold grades.
Next Steps
Following the completion of the 2025 Winter drill program at the Project, Kenorland will maintain the
camp and infrastructure at Papaonga for an additional three months in preparation for a potential
subsequent summer drill program.
Figure 2. Regional volcanic assemblages with significant gold deposits and South Uchi Project
location
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1
Kinross reports 2023 fourth-quarter and full-year results: (Date February 14, 2024) - Updated resource to the technical report titled Great Bear
Project Ontario, Canada prepared by Nicos Pfeiffer, P.Geo., John Sims, CPG, Yves Breau, P.Eng., Rick Greenwood, P.Geo., Agung Prawasono,
P.Eng., issued February 13, 2023
About South Uchi Project
The South Uchi Project was first identified and staked by Kenorland based on the under-explored
region's prospectivity to host significant gold mineralised systems. The Project covers a portion of
Confederation Assemblage volcanic rocks, as well as the boundary between the Uchi geological
subprovince to the north and the English River geological subprovince to the south. Multiple major east-
west striking deformation zones associated with the subprovince boundary transect the Project, resulting
in zones of strong shearing and folding of the supracrustal stratigraphy, which are favourable settings for
orogenic gold mineralisation. Prior to Kenorland staking the Project, records indicated little to no
systematic exploration had been completed, and the land package remained under-explored. The
majority of gold deposits in the Red Lake District (Red Lake, Madsen, Hasaga, and others) are located
on the northern margin of the Confederation Assemblage. However, recent discoveries such as the LP
Fault Zone on the Dixie Project by Great Bear Resources Ltd. (acquired by Kinross Gold and renamed
Great Bear Project) highlight the prospectivity of the entire Confederation Assemblage along the
southern margin of the Uchi subprovince.
Kenorland announced on December 2, 2024, that it had entered into a definitive agreement with
Auranova, granting Auranova the right to earn up to a 70% interest in the Project. Pursuant to the
agreement, Auranova may earn an initial 51% interest in the Project by making cash payments totalling
$500,000 to Kenorland, completing a diamond drilling program with at least $8,000,000 in qualifying
expenditures or completing 15,000 metres of drilling within two years of receiving a drill permit, issuing
Kenorland 19.9% of Auranova's common shares, and maintaining Kenorland's 19.9% share position
until Auranova raises a minimum of $10,000,000 through share issuances, after which Kenorland's stake
will remain at 10% on a pro-rata basis through to the completion of a Preliminary Economic Assessment
(the "
PEA
"). Kenorland has received the $500,000 in cash payments and currently holds 9,242,267
common shares of Auranova. Further, Auranova may earn an additional 19% interest, for a total of 70%
interest in the Project, by incurring an additional $10,000,000 in qualifying expenditures on or before the
third anniversary of Auranova's election to proceed with the second option. Kenorland will also retain a
30% carried interest in the Project through to the completion of the PEA, at which point a joint venture will
be formed.
Kenorland also holds a 2% net smelter return royalty on the Project (see press release dated September
16, 2024).
Qualified Persons
Mr. Janek Wozniewski, B.Sc., P.Geo. (EGBC #172781, APEGS #77522, EGMB #48045, PGO #3824),
a "Qualified Person" under National Instrument 43-101 ("
NI 43-101
"), has reviewed and approved the
scientific and technical information in this press release.
William Yeomans, P.Geo., a "Qualified Person" under National Instrument 43-101, has also reviewed
and approved the scientific and technical information in this press release. Mr. Yeomans is a gold
exploration professional with over 40 years of experience in all stages of gold exploration throughout the
Americas, including the Superior Province throughout Quebec and Ontario. He gained extensive
exploration management experience across the entire Guiana Shield with BHP and has generated
projects which resulted with significant NI 43-101 gold resources. He has worked as a consultant to
IAMGOLD and Dundee Precious Metals Inc., identifying acquisition opportunities across Canada, the
USA and South America. He is currently the President of Yeomans Geological Inc. as well as 1127637
B.C. Ltd. and has many years of experience as a board member for several junior mining companies.
About Kenorland Minerals
Kenorland Minerals Ltd. (TSXV: KLD) is a well-financed mineral exploration company focused on project
generation and early-stage exploration in North America. Kenorland's exploration strategy is to advance
greenfields projects through systematic, property-wide, phased exploration surveys financed primarily
through exploration partnerships including option to joint venture agreements. Kenorland holds a 4% net
smelter return royalty on the Frotet Project in Quebec which is owned by Sumitomo Metal Mining Canada
Ltd. The Frotet Project hosts the Regnault gold system, a greenfields discovery made by Kenorland and
Sumitomo Metal Mining Canada Ltd. in 2020. Kenorland is based in Vancouver, British Columbia,
Canada.
Further information can be found on the Company's website
www.kenorlandminerals.com
.
About Auranova Resources
The Company is an unlisted reporting issuer in the Provinces of British Columbia, Alberta,
Saskatchewan and Manitoba. Its directors and major shareholders are Thomas Obradovich, Chris
Taylor, Timothy Young and William Rand.
Further information about Auranova can be found on
www.sedarplus.ca
.
On behalf of the Board of Directors of Kenorland Minerals Ltd.,
Zach Flood
President, CEO & Director
For further information, please contact:
Alex Muir, CFA
Corporate Development and Investor Relations Manager
Tel +1 604 568 6005
On behalf of the Board of Directors of Auranova Resources Inc.,
Thomas Obradovich
Chief Executive Officer
Tel +1 416 985 7140
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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