Kenorland Announces Ontario Junior Exploration Program Grant at the South Uchi Project
Kenorland Announces Ontario Junior
Exploration Program Grant at the South Uchi
Project
Vancouver, British Columbia--(Newsfile Corp. - March 19, 2024) -
Kenorland Minerals Ltd.
(TSXV:
KLD) (OTCQX: KLDCF) (FSE: 3WQ0) ("
Kenorland
" or the "
Company
") is pleased to announce that
the Company was approved for a $200,000 grant from the government of Ontario under the Ontario
Junior Exploration Program (
"OJEP"
) on July 17, 2023 and received the final tranche of funds on March
7, 2024.
The OJEP program is designed to promote early-stage exploration in Ontario, whereby companies can
receive up to $200,000 per project to cover 50% of eligible exploration costs.
Zach Flood, CEO and President, states,
"On behalf of Kenorland, I'd like to express our gratitude to the
government of Ontario for its support of early-stage exploration through the Ontario Junior Exploration
Program. The funds provided by OJEP will help Kenorland generate new drill targets at the South
Uchi Project, located in the prolific Red Lake District of northwestern Ontario."
"Early exploration projects taking place in Ontario by companies such as Kenorland Minerals Ltd. are
vital to tapping into the critical minerals potential in the north," said George Pirie, Minister of Mines.
"Through the Ontario Junior Exploration Program, our government is creating the conditions to ensure
the continued success of Ontario's mining industry, keeping our mines operating for generations to
come."
About the South Uchi Project
The South Uchi Project is a 100% owned project targeting gold, nickel-copper and lithium mineral
systems, located in the Confederation Assemblage volcanics within the Red Lake Mining District of
northwestern Ontario. The South Uchi Project is approximately 45 kilometers along strike to the east of
Kinross Gold's Great Bear Project. The Company recently announced a widespread 40km
2
gold-in-till
anomaly at the Papaonga target area with multi-element Ag-Te-W±As-Sb signatures, an area with
limited exploration and no historic drilling (see press release dated February 28, 2024). Multiple discrete
Ni-Cu+/-Co-Pt anomalies were identified, and multiple new pegmatite occurrences were identified and
sampled on the project, some of which note beryl, apatite and lepidolite.
Kenorland Completes Top-Up Right Exercise with Sumitomo
Kenorland is also pleased to announce that further to its press release dated March 8, 2024, the
Company and Sumitomo Metal Mining Canada Ltd. (
"Sumitomo"
), have completed the exercise of
Sumitomo's 'top-up right' to retain its 10.1% interest in the Company as granted within the investor rights
agreement dated November 5, 2021.
An aggregate of 24,075 common shares were issued for aggregate consideration of $16,852.50. The
common shares issuable in the placement are subject to a statutory hold period in accordance with
applicable securities legislation and the rules and policies of the TSXV expiring on July 13, 2024.
As Sumitomo is the beneficial owner of more than 10% of Kenorland's outstanding shares, it is a
"related party" to the Company within the meaning of Multilateral Instrument 61-101- Protection of
Minority Security Holders in Special Transactions (
"MI 61-101"
). As such, the transaction constituted a
"related party transaction" within the meaning of MI 61-101.
The Company has relied upon on exemptions from formal valuation and the minority shareholder
approval requirements of MI 61-101 found in sections 5.5(a) and 5.7(1)(a) of MI 61-101 as the fair
market value of either transaction does not constitute more than the 25% of the Company's market
capitalization.
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
.
On behalf of the Board of Directors,
Zach Flood
President, CEO & Director
For further information, please contact:
Alex Muir, CFA
Investor Relations Manager
Tel +1 604 568 6005
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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/202236