Kenorland Enters Definitive Agreement to Sell Lithium Projects to Targa Exploration
Kenorland Enters Definitive Agreement to Sell
Lithium Projects to Targa Exploration
Vancouver, British Columbia--(Newsfile Corp. - December 13, 2022) -
Kenorland Minerals Ltd.
(
TSXV: KLD
) (
OTCQX: KLDCF
) (
FSE: 3WQ0
)
("
Kenorland
"
or "
the Company
") is pleased to
announce it has entered into a definitive purchase agreement (the "
Purchase Agreement
") with Targa
Exploration Corp., a British Columbia company, ("
Targa
") (
CSE: TEX)
pursuant to which Targa will
acquire a 100% interest in and to 844 mining claims making up the Opinaca Lithium Project located
within the James Bay region of northern Quebec (the "
Opinaca Project
"), along with rights to two
mineral exploration license (MEL) applications which cover numerous lithium-bearing pegmatite
occurrences in eastern Manitoba (the "
Superior Project
" and together with the Opinaca Project, the
"
Projects
").
As consideration for the Projects, Targa will issue to Kenorland 4,377,375 common shares of Targa,
grant Kenorland a 3% net smelter royalty over the Projects and pay Kenorland $100,000 in cash at the
closing of the sale of the Projects (the "
Closing
"). Following the Closing, Kenorland shall be entitled to
receive 9.9% of the common shares or other equity securities issued by Targa in future financings until
Targa has raised an aggregate of not less than $5,000,000 pursuant to such financings. The parties
expect that the Closing will occur in January 2023.
About the Opinaca Project
Figure 1. Location Map of the Opinaca Project
To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/6489/147771_3589f14d8417b9f7_001full.jpg
The Opinaca Project covers 43,595 hectares and 40 kilometers of strike length within the Opinaca sub-
province in the James Bay region of northern Quebec. The project covers a discrete cluster of highly
anomalous and coincident regional lithium and cesium lake sediment geochemical anomalies which
potentially suggest the presence of Li-Cs-Ta pegmatite mineralisation.
There has been no recorded
historical exploration completed in the project area.
About the Superior Project
Figure 2. Location Map of the Superior Project MEL applications
To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/6489/147771_3589f14d8417b9f7_002full.jpg
The Superior Project includes two mineral exploration license (MEL) applications totalling 19,029
hectares, located in eastern Manitoba, which cover the Red Sucker Lake and Red Cross Lake lithium-
bearing pegmatite occurrences. At Red Cross Lake, the Eastern showing has been noted to contain a
pegmatite dyke swarm with 17 parallel dykes with individual width up to 4m wide within a 50 meter wide
corridor (Assessment Report 95009)*. Historical trenching and drill results have returned assays up to
1.25% Li2O and 2.86% Cs2O (Assessment Report 95009)*. Grab samples from the Western showing
have returned assays up to 2.97% Li2O (Jambor 1967)** At Red Sucker Lake, historical grab samples
at the SQ dyke returned assays of up to 3.4% Li2O (Chackowsky 1987)***.
At the Tin Bar showing,
historical grab samples returned up to 1.72% Li2O(Chackowsky 1987)***.
*
Manitoba Assessment Report 95009
** Jambor, J L; Potter, R R. 1967, Rubidium-bearing Dykes, Gods River area, Manitoba; Geological
Survey of Canada, Paper 67-15, 1967
*** Chackowsky, L.E. 1987, Mineralogy, geochemistry and petrology of pegmatitic granites and
pegmatites at Red Sucker Lake and Gods Lake, northeastern Manitoba; M. Sc. thesis, University of
Manitoba, 170 p.
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 and Chicobi Project are held under joint venture with Sumitomo, the Chebistuan
Project is optioned to Newmont Corporation and the Hunter Project is held under option to Centerra
Gold Inc. 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 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 and CEO, Director
Tel: +1 604 363 1779
Kenorland Minerals Ltd.
Scott Smits
Vice President of Exploration
Tel: +1 250 686 8135
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/147771