Kenorland Announces the Commencement of Exploration and 2022 Budget at the Tanacross Project, Alaska
Kenorland Announces the Commencement of
Exploration and 2022 Budget at the Tanacross
Project, Alaska
Vancouver, British Columbia--(Newsfile Corp. - August 24, 2022) -
Kenorland Minerals Ltd.
(
TSXV:
KLD
) (
OTCQX: NWRCF
) (
FSE: 3WQ0
)
(
"Kenorland"
or
"the Company"
) is pleased to announce
the commencement of exploration activities in addition to the 2022 exploration budget at the Tanacross
Project ("
the Project
") located in eastern Alaska, USA, and held under earn-in agreement with
Antofagasta Minerals S.A. ("
Antofagasta
"), a wholly-owned subsidiary of Antofagasta PLC (
ANTO:
LSE
).
2022 Exploration Program and Budget
The 2022 field program includes various geophysical, geological, and geochemical surveys covering the
East Taurus, McCord Creek, West Taurus, and South Taurus target areas. A 42 line-kilometer induced
polarization (IP) and magneto-tellurics (MT) survey will be carried out over the East Taurus-McCord
Creek-West Taurus complex, along with detailed mapping and soil sampling. The complex hosts
numerous mineralised intrusions and alteration systems variably enriched in copper, gold, and
molybdenum.
At South Taurus, detailed ground gravity and extremely low frequency electro-magnetic (ELF) surveys
have been carried out, along with detailed soil sampling.
South Taurus is an untested coincident
magnetic and conductive feature associated with anomalous soil geochemistry.
The detailed surveys
carried out in 2022, combined with historical datasets will provide fundamental information for drill
targeting across multiple target areas.
Figure 1. Location of exploration surveys conducted at the Tanacross Project in 2022
To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/6489/134669_681904ef94e28a6f_001full.jpg
The total approved budget for the 2022 summer exploration program along with certain fixed costs in
2023, amounts to US$2,000,000. The exploration activities have commenced and are planned to carry
on through August and September. The Company will provide an update on results later in the year.
Zach Flood, CEO of Kenorland commented, "We are very excited to be back in Alaska, with
Antofagasta, advancing the Tanacross Project towards discovery. This comprehensive exploration
program will create a strong foundation for future drill targeting. We believe there's incredible potential in
this fertile and target rich environment."
About the Tanacross Project
The Tanacross Project covers 45,000 hectares of Alaska state-owned land, approximately 70 kilometers
northeast of Tok, along the Alaska Highway. The project hosts a cluster of late Cretaceous (68-73Ma)
porphyry copper (+/- gold, molybdenum) occurrences including East Taurus, West Taurus, and Bluff. This
age of mineralisation is similar to the giant Casino porphyry copper system (
Western Copper and
Gold Corp.
), which is located 140 kilometers to the south-east in Yukon Territory, Canada as well as the
Tetlin Au Skarn system (
Contango Ore Inc.
), located 70 kilometers to the south-west of the Tanacross
Project. The Project has seen a total of 17,076m of drilling in over 67 drill holes since the initial discovery
of East Taurus in 1971 by Duval Corporation. Multiple drill campaigns have been carried out by 9
different companies including the most recent drill program in 2019 when the property was held under
option to Freeport McMoRan. The best historical results from the project include drilling at East Taurus,
where 08DDH040 intersected 232.56m at 0.31 % Cu, 0.25 g/t Au, 0.036% Mo.
Figure 2. Location map of the Tanacross Project
To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/6489/134669_681904ef94e28a6f_002full.jpg
Project is currently held under an earn-in agreement with Antofagasta, whereby Antofagasta can earn a
70% interest in Tanacross by making cash payments in an aggregate amount of US$1,000,000 plus a
success payment of US$4,000,000 upon exercise of the option and spending US$30,000,000 on
exploration over eight years and delivering a NI 43-101 compliant preliminary economic assessment
report (
the "Report"
), with a firm commitment to spend US$1,000,000 in year one. During the option
period, Antofagasta will fund all exploration and Kenorland will be the initial operator.
Once Antofagasta has earned its 70% interest, Kenorland and Antofagasta will form a 30:70 joint
venture. If either party's interest in the joint venture falls below 10%, that party's interest will be converted
to a 2% NSR, one quarter of which can be purchased by the other party for US$2,000,000.
Qualified Person
Janek Wozniewski, B. Sc., P. Geo., OGQ (#2239) is the "Qualified Person" under National Instrument
43-101, has reviewed and approved the scientific and technical information in this press release.
About Kenorland Minerals
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 four projects in
Quebec where work is being completed under joint venture and earn-in agreement from third parties.
The Frotet Project is held under joint venture with Sumitomo, the Chicobi Project is optioned to
Sumitomo, the Chebistuan Project is optioned to Newmont Corporation, and the Hunter Project is
optioned to Centerra Gold. In Ontario, the Company holds the South Uchi Project under an earn-in
agreement with a wholly owned subsidiary of Barrick Gold Corporation. In Alaska, the Company holds
the advanced stage Tanacross porphyry Cu-Au-Mo project, optioned to Antofagasta, as well 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
CEO, Director
Tel: +1 604 363 1779
Kenorland Minerals Ltd.
Francis MacDonald
President
Tel: +1 778 322 8705
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/134669