Kenorland Minerals Announces Termination of Tanacross Project Earn-in Agreement with Antofagasta PLC and Highlights Exploration Upside at South Taurus
Kenorland Minerals Announces Termination of
Tanacross Project Earn-in Agreement with
Antofagasta PLC and Highlights Exploration
Upside at South Taurus
Vancouver, British Columbia--(Newsfile Corp. - March 28, 2024) -
Kenorland Minerals Ltd.
(
TSXV:
KLD
) (
OTCQX: KLDCF
) (
FSE: 3WQ0
) ("
Kenorland
" or the "
Company
") announces that Antofagasta
PLC ("
Antofagasta
") has terminated the Tanacross earn-in option to joint venture agreement dated July
19, 2022 (the
"Option Agreement
") and Kenorland remains the 100% owner of the Tanacross Project
(the "
Project
"), located in Eastern Alaska, USA.
Zach Flood, President and CEO states, "
We greatly appreciate the efforts made by Antofagasta to
advance the Tanacross Project with us over the last two years. During that period, we have refined a
number of new drill targets generated from additional geophysical and geochemical surveys, some of
these targets remain completely untested. The drill program last summer was focused on East Taurus
and West Taurus, which are the known mineralised porphyry centers where the majority of historical
drilling has occurred.
Kenorland's focus moving forward will be targets which remain completely
untested, including South Taurus, which shows strong evidence for a concealed copper system."
Figure 1. Magnetics (left) and ZTEM conductivity with magnetic contours (right)
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South Taurus Exploration Target
The South Taurus target was initially identified from a property-wide audio-frequency magnetic technique
(AFMAG) ZTEM survey flown in 2018.
The survey highlighted a large-scale magnetic and highly
conductive geophysical anomaly a few kilometres to the south of the known porphyry Cu-Au-Mo-Ag and
Mo systems at East Taurus and West Taurus, respectively. In 2020, the Company completed a
systematic soil geochemical grid covering South Taurus as well as East Taurus, West Taurus, and
McCord Creek targets. The Company also completed a TITAN induced polarisation (IP) and
magnetotellurics (MT) survey extending 5km across the South Taurus anomaly. This survey imaged a
large and discrete near surface conductivity anomaly that also extends to the depth extent of the survey,
over 5km below surface, which could represent a significant deep-rooted mineralising-fluid pathway
through the earth's crust. The geochemical survey highlighted widespread soil anomalism over the
anomaly including copper as well as a broad suite of elements indicative of a high level or distal porphyry
environment. Surface bedrock geology within the target area has been mapped as non-magnetic quartz-
mica-schist, which does not explain the large coincident magnetic and highly conductive anomalies
imaged by the geophysical surveys. Alteration assemblages of quartz-garnet-epidote and amphibole-
pyrrhotite have been noted, indicating reactive host rocks that may be concealing an unroofed
mineralised center at depth. The South Taurus target is ready for drill-testing and Kenorland is actively
exploring partnership opportunities for a future drill program.
Figure 2. Taurus geochemical anomalies (left) and MT conductivity over South Taurus (right)
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Exploration Completed Under the Agreement
As previously reported (see press releases dated April 26, 2023, and November 15, 2023), under the
Option Agreement the Company completed surface geochemical and geophysical surveys consisting of
800 infill soil samples along with detailed IP and MT surveys covering the West Taurus-McCord Creek-
East Taurus trend, as well as detailed extremely low frequency electromagnetics (ELF-EM) and ground
gravity surveys over the South Taurus anomaly.
2,541m of diamond drilling covering the West Taurus and East Taurus target areas. Two drill holes were
completed at West Taurus as large step-outs to test for concealed mineralisation, targeting geophysical
and geochemical anomalies. The holes encountered variably altered and mineralised intrusions,
however, did not return any economically significant intervals. At East Taurus, another two holes were
completed stepping out along strike on the east and west flanks of the target area. Drill hole 23ETD062,
completed across the eastern extent of East Taurus returned 174.22m at 0.14% Cu, 0.02% Mo, 0.05 g/t
Au including 40.10m at 0.19% Cu, 0.04% Mo, 0.09 g/t Au hanging wall to a late mineral granodiorite
intrusion. The South Taurus target area, one of the Company's priority targets, remains untested along
with the McCord Creek, Big Creek and East Denison targets.
About the Tanacross Project
Figure 3. Tanacross Project location and regional geology and mineral deposits
To view an enhanced version of this graphic, please visit:
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The 100% owned Tanacross Project covers 46,173 hectares of prospective ground in the Yukon-Tanana
Terrane, which hosts the Casino porphyry Cu-Au-Mo-Ag deposit and the Coffee & Pogo orogenic Au
deposits. The Tanacross Project is located in eastern Alaska, 80km to the northeast of Tok, near the
Yukon-Alaska border. The property can be accessed by fixed wing aircraft to one of three gravel airstrips
located at the East Taurus, West Taurus and Bluff prospects or by a winter access road which connects
to the Taylor Highway near the town of Tok. A 25-person semi-permanent camp is located next to the
600-meter airstrip at West Taurus.
Within the Project, widespread hydrothermal alteration and several notable occurrences of porphyry style
mineralisation are associated with Late Cretaceous (67-72 Ma) intrusive centers including Bluff, East
Dennison, McCord Creek, West Taurus and the advanced stage East Taurus porphyry Cu-Au-Mo-Ag
system. The Bluff target hosts a large phyllic alteration system characterized by overprinting zones of
quartz-sericite-pyrite, chlorite-sericite, silicification and tourmaline breccia pipes with rarely identified
Kspar-biotite alteration. West Taurus is a molybdenum porphyry system characterized by quartz-chlorite-
sericite-pyrite-magnetite with local K-feldspar alteration hosting quartz-molybdenum-chalcopyrite veining,
that zones outward to widespread quartz-sericite-pyrite alteration. East Taurus has received the majority
of historical exploration, a well mineralised multi-phase porphyry with a core of potassic alteration
(Kspar-biotite-magnetite) and quartz-sulphide stockwork surrounded and overprinted by later quartz-
sericite-pyrite±chlorite-illite alteration. Cu-Au-Mo-Ag mineralisation has been intersected by drilling over
an 800m strike, varying from 100 to 200m in width with historical results summarized in Table 1.
Table 1: Historical drill assay results from the East Taurus target
Year
HOLE ID
From (m)
To (m)
Interval (m)
Au (ppm)
Cu (%)
Mo (%)
Ag (ppm)
CuEQ (%)
1971
71-DDH-06
42.67
111.25
68.58
NA
0.317
0.030
NA
0.490
1971
71-DDH-07
18.29
76.20
57.91
NA
0.252
0.018
NA
0.355
1975
75-DDH-01
36.58
276.76
240.18
NA
0.357
0.038
NA
0.574
1975
75-DDH-02
57.91
275.54
217.63
NA
0.220
0.019
NA
0.329
1979
79-DDH-ET-1
124.97
189.28
64.31
NA
0.176
0.015
1.09
0.272
1979
79-DDH-ET-2
8.23
289.56
281.33
0.435
0.220
0.042
1.97
0.839
1993
93-RC-05
3.05
92.96
89.91
0.172
0.304
NA
NA
0.447
1996
96-DDH-30
34.75
229.82
195.07
0.100
0.281
0.031
0.48
0.549
1996
96-DDH-31
45.72
424.28
378.56
0.069
0.154
0.022
0.80
0.347
1996
96-DDH-32
63.09
300.84
237.75
0.121
0.218
0.030
NA
0.493
Incl.
191.11
299.01
107.90
0.190
0.305
0.045
NA
0.722
1996
96-DDH-33
228.30
334.37
106.07
0.043
0.086
0.014
0.15
0.205
1996
96-DDH-37
13.41
280.42
267.01
0.073
0.172
0.027
0.56
0.393
Incl.
90.22
251.16
160.94
0.078
0.244
0.030
0.71
0.489
2008
08-DDH-40
7.92
43.28
35.36
0.330
0.186
0.038
2.44
0.700
And
204.22
439.52
235.30
0.245
0.309
0.036
2.16
0.741
2008
08-DDH-41
57.91
171.91
114.00
0.108
0.160
0.017
0.44
0.353
2008
08-DDH-42
53.64
110.34
56.70
0.017
0.153
0.007
0.50
0.213
2019
19ETD049
219.50
320.00
100.50
0.067
0.082
0.011
1.00
0.211
2019
19ETD050
124.50
397.50
273.00
0.162
0.234
0.036
1.02
0.586
Incl.
130.50
268.50
138.00
0.243
0.317
0.051
1.40
0.826
2019
19ETD051
12.50
381.50
369.00
0.122
0.112
0.016
1.25
0.319
2019
19ETD052
635.00
669.50
34.50
0.048
0.091
0.016
0.52
0.228
2023
23ETD062
84.88
259.10
174.22
0.054
0.139
0.022
0.62
0.315
* Drill assay results prior to 2019 are considered historical in nature and are not verified.
** CuEQ (%) was calculated based on the following: Au at $2000/oz, Cu at $3.50/lb, Mo at $20/lb and Ag at $23/oz.
QA/QC and Core Sampling Protocols
All drill core samples were collected under the supervision of Kenorland employees. Drill core was
transported from the drill platform to the logging facility where it was logged, photographed, and split by a
diamond saw prior to being sampled. Samples were then bagged, and blanks and certified reference
materials were inserted at regular intervals. Groups of samples were placed in large bags, sealed with
numbered tags in order to maintain a chain-of-custody, and transported from the project site to Bureau
Veritas Commodities ("BV") laboratory in Fairbanks, Alaska.
Sample preparation and analytical work for this drill program were carried out by BV. Samples were
prepared for analysis according to BV method PRP70-250: individual samples were crushed to 2mm
(10 mesh) and a 250g split was pulverized to 75μm (200 mesh) for analysis and then assayed for
copper and gold. Gold in samples were analyzed using BV method FA430 where a 30g split is analyzed
with fire assay by Pb collection and AAS finish. Multi-element geochemical analysis (59 elements) was
performed on all samples using BV method MA250 where a 0.25g split is by multi-acid digest with ICP-
MS finish. All results passed the QA/QC screening at the lab, all company inserted standards and blanks
returned results that were within acceptable limits.
Qualified Person
Mr. Janek Wozniewski, B.Sc., P.Geo. (EGBC #172781, APEGS #77522, EGMB #48045, PGO #3824),
"Qualified Person" under National Instrument 43-101, has reviewed and approved the scientific and
technical information in this press release.
About Kenorland Minerals Ltd.
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. 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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