Kenorland Minerals Announces Option of the Rupert Lithium Project to Li-FT Power Ltd.
Kenorland Minerals Announces Option of the Rupert Lithium
Project to Li-FT Power Ltd.
VANCOUVER, BC
,
July 28, 2021
/CNW/ -
Kenorland Minerals Ltd.
(TSXV: KLD)(FSE: 3WQ0) (
"Kenorland"
or
"the Company"
) is pleased
to announce it has entered into an option agreement (the "
Option Agreement
") with Li-FT Power Ltd. ("
Li-FT
"), a private
British Columbia
company pursuant to which Li-FT has been granted the sole and exclusive option (the "
Option
") to acquire a 100% interest in and to the Rupert
property (the "
Property
"), located near
James Bay, Quebec
.
In order to exercise the Option, Li-FT will make aggregate cash payments of
$200,000
and issue common shares representing 10% of the
issued and outstanding shares of Li-FT at the time of closing and from time to time until the shares of Li-FT are directly or indirectly listed on a
recognized stock exchange in
North America
,
Australia
or the
United Kingdom
. Upon the exercise of the option, Kenorland will be granted a 2%
net smelter return royalty on the Property. The parties will also enter into an operating agreement whereby Kenorland will be engaged by Li-FT
to operate the Property for an initial two year term.
Figure 1. Map of the Rupert Project
Map of the Rupert Project (CNW Group/Kenorland Minerals Ltd.)
About the Rupert Project
The Rupert Project covers approximately 155,533 hectares or 1,555 km
2
of mineral tenure in the
James Bay
region of
Quebec
, and is
composed of three separate areas: the Pontax Trend, the Moyenne Trend, and the Whabouchi Trend. The Whabouchi and Pontax trends
cover boundaries between the La Grande and
Nemiscau
geologic subprovinces, which are marked by Archean greenstone belts. The
Whabouchi Trend covers ~ 950 km
2
of the Lac des Montagnes greenstone belt which hosts the Whabouchi Li-pegmatite deposit (53.6 Mt at
1.45% Li
2
O total resources and reserves). The Pontax Trend covers ~350 km
2
of the Pontax greenstone belt which hosts several Li pegmatite
showings. The geology of the Pontax trend is similar to the Whabouchi Trend and has similar characteristics for Li prospectivity. The Moyenne
Trend covers an east-trending shear zone which has potential to host Li pegmatites.
Qualified Person
Mr.
Jan 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. (TSX.V 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 three 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, and
the Chebistuan Project is optioned to Newmont Corporation. The Company also owns 100% of the advanced stage Tanacross porphyry Cu-Au
project as well as an option to earn up to 70% from Newmont Corporation on the Healy Project, both located in
Alaska, USA
.
Further information can be found on the Company's website
www.kenorlandminerals.com
Kenorland Minerals Ltd.
Zach Flood
President and CEO
Tel: +1 604 363 1779
Kenorland Minerals Ltd.
Francis MacDonald
Executive Vice 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.
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CNW 08:25e 28-JUL-21