Kenorland Minerals Announces Termination of Joint Venture Exploration Agreement at the O'Sullivan Project, Quebec; Receives Notice of Exercise of Top-Up Right from Sumitomo and Centerra
Kenorland Minerals Announces Termination of
Joint Venture Exploration Agreement at the
O'Sullivan Project, Quebec; Receives Notice of
Exercise of Top-Up Right from Sumitomo and
Centerra
Vancouver, British Columbia--(Newsfile Corp. - April 20, 2026) -
Kenorland Minerals Ltd.
(TSXV:
KLD) (OTCQX: KLDCF) (FSE: 3WQ0) ("
Kenorland
" or the "
Company
") announces that Sumitomo
Metal Mining Canada Ltd. (
"Sumitomo
") has elected to withdraw from the Earn-in and Joint Venture
Exploration Agreement dated December 14, 2022 (
"JVEA"
), for the O'Sullivan Project (the "
Project
"),
located in Quebec. The termination of the JVEA is effective May 9, 2026 and Kenorland will retain 100%
ownership in the Project.
Figure 1. Location Map of the O'Sullivan Project
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*Effective May 9, 2026
About the O'Sullivan Project
The O'Sullivan Project covers 27,534 hectares of mineral tenure within the Abitibi greenstone belt along
the Casa Berardi Deformation Zone ("CBDZ"). The CBDZ is one of the primary structures that controls
orogenic gold mineralisation in the belt and hosts the active Casa Berardi mine that has produced over
2.0 million ounces of gold since 1988, with recent proven and probable reserves of 1.27 million ounces*.
Other major deposits along the CBDZ include the Douay gold deposit (2.52 million oz Au inferred and
511,000 oz Au indicated)** as well as the Nelligan gold deposit, having a 5.16 million oz Au inferred and
3.12 million oz gold indicated resource***. The O'Sullivan Project covers approximately 15 kilometres of
strike length along the southern margin of the CBDZ where the deformation zone intersects volcanic
rocks of the Stoughton-Roquemaure and Kidd-Munro assemblages.
The Project is located approximately 50 kilometres east of the city of Lebel-sur-Quévillon and 150
kilometres northeast of Val-d'Or, Quebec. Local infrastructure includes a power transmission line
transecting the property, a railway line approximately 5 kilometres to the north of the Project, and an
extensive network of logging roads throughout the property.
*Technical Report Summary on the Casa Berardi Mine, Northwestern Québec, Canada. Prepared for Hecla Mining Company, effective date December
31, 2023.
**Technical Report on the Douay and Joutel Projects Northwestern Québec, Canada. Prepared for Maple Gold Mines Ltd., effective date March 17,
2022.
***NI-43-101 Technical Report, Nelligan Gold Project, Québec. Prepared for IAMGOLD Corporation, effective date December 31, 2024.
The mineral resources and reserves discussed for properties along the CBDZ are not located on the
O'Sullivan Project. The Company has not verified this information and it is not being treated as
current mineral resources or reserves of the Company. The information is provided for geological
context only.
Qualified Person
Cédric Mayer, M.Sc., P.Geo. (OGQ #02385), Senior Project Geologist at Kenorland, a "Qualified
Person" under National Instrument 43-101, has reviewed and approved the scientific and technical
information in this press release.
Notice of Exercise of Top-up Right
Kenorland also announces that, further to the investor rights agreement dated November 5, 2021 (the
"
Sumitomo IRA
") between the Company and Sumitomo Metal Mining Canada Ltd. ("
Sumitomo
") and
the investor rights agreement dated May 28, 2024 (the "
Centerra IRA
") between the Company and
Centerra Gold Inc. ("
Centerra
"), each of Sumitomo and Centerra have issued to the Company notice of
their respective intentions to exercise their 'top-up right' as it relates to share issuances completed by
the Company in relation to the acquisition of the McVicar agreement area (see press release dated
March 26, 2026).
An aggregate of 26,596 common shares of the Company will be issued at a price of $2.35 per share for
aggregate consideration of $62,500.60, subject to the approval of the TSX Venture Exchange, of which
13,431 Shares will be issued to Sumitomo in order to retain its 10.1% interest in the Company and
13,165 Shares will be issued to Centerra in order to retain its 9.9% interest in the Company. A copy of
each the Sumitomo IRA and the Centerra IRA, as well as a three-way acknowledgement agreement
between the Company, Sumitomo and Centerra governing procedural matters relative to the exercise of
equity participation rights under the Sumitomo IRA and Centerra IRA is available on the Company's
SEDAR+ profile.
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, which contains an Inferred Mineral
Resource of 14.5 Mt at 5.47 g/t Au for 2.55 Moz of gold. 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.
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