Kenorland Enters Definitive Agreement to Sell the Wheatcroft Project to Jayden Resources
Kenorland Enters Definitive Agreement to Sell
the Wheatcroft Project to Jayden Resources
Vancouver, British Columbia--(Newsfile Corp. - October 3, 2022) -
Kenorland Minerals Ltd.
(
TSXV:
KLD
) (
OTCQX: NWRCF
) (
FSE: 3WQ0
)
(
"Kenorland"
or
"the Company"
) is pleased to announce it
has entered into a definitive purchase agreement (the "
Purchase Agreement
") with Jayden Resources
Ltd. ("
Jayden
"), a British Columbia company pursuant to which Jayden will acquire a 100% interest in
and to the Wheatcroft Project (the "
Project
"), located within the Kisseynew Domain in northwestern
Manitoba.
As consideration for the Property, Jayden will issue to Kenorland 5,557,447 common shares of Jayden,
grant Kenorland a 3% net smelter royalty over all of the Project, and pay Kenorland $125,000 in cash at
closing.
Kenorland shall have the right to receive additional shares in the amount equal to 9.9% of the
common shares of Jayden following the closing of the sale until Jayden has raised an aggregate of not
less than $10,000,000 through future offerings. The parties expect to close the transaction contemplated
by the Purchase Agreement in Q4 2022.
About the Wheatcroft Project
Figure 1. Location Map of the Wheatcroft Project
To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/6489/139177_b2f725bac4ceb9f1_001full.jpg
The Wheatcroft project covers 97,501 hectares and 35km of strike length along the northern margin of
the Kisseynew Gneiss Belt (KGB) in Northern Manitoba. Gneissic arkose sediments of the Sickle Suite
overlie gneissic greywacke and mudstone of the Burntwood River Suite. Amphibolite grade volcanics
and conglomerates occur at the transition between the two units. The geological setting is similar to the
southern margin of the KGB where orogenic Au deposits such as Puffy Lake and Nokomis occur
(Sherridon district). The northern margin of the KGB remains under-explored and prospective for
orogenic Au style mineralisation.
Figure 2. Regional Till Geochemistry of the Wheatcroft Project
To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/6489/139177_b2f725bac4ceb9f1_002full.jpg
Historical drilling in the project area has focused on base metal style mineralisation in the transitional
volcanics. The Geological Survey of Canada conducted regional till geochemical surveys in the area
between 1983 and 1988. A significant coincident gold and arsenic in till anomaly was defined for >20km
down ice from the Wheatcroft Lake area. Arsenic anomalism in the clay fraction is widespread forming a
head at the transitional volcanics, while in the silt-clay fraction peak values of Au occur further south in the
gneissic sedimentary rocks. With the coarse spacing of the regional till geochemistry (1.5-2km), limited
follow-up of the Au potential at the transitional volcanics, and an absence of systematic work further
south, the project represents a strong opportunity for discovery with modern exploration methods.
2022 Fall Geochemical Survey
A property-wide till geochemical survey will be carried out during the fall of 2022.
Approximately 2,500 till
samples are planned to be collected for geochemical analysis at an approximate spacing of 200m x
800m covering the entire coincident arsenic and gold geochemical anomaly. Kenorland will be the
operator of the project.
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 Metal Mining Canada Ltd. (SMMCL), the
Chicobi Project is optioned to SMMCL, 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
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/139177