Kenorland Minerals Expands Exploration Portfolio in Northern Ontario
Kenorland Minerals Expands Exploration
Portfolio in Northern Ontario
Vancouver, British Columbia--(Newsfile Corp. - March 26, 2026) -
Kenorland Minerals Ltd.
(TSXV:
KLD) (OTCQX: KLDCF) (FSE: 3WQ0) ("
Kenorland
" or the "
Company
") is pleased to announce that it
has entered into purchase agreements (collectively, the
"Agreements"
) to acquire a 100% interest in (i)
10,200 hectares of additional mineral claims (the "
McVicar Agreement Area
") located within the Birch-
Uchi Subprovince of Ontario,
expanding the Company's 100%-owned Lang Lake Project; and (ii) 58,700
hectares of additional mineral claims (the "
Rottenfish Agreement Area
") located within the Muskrat
Dam greenstone belt in Ontario, expanding the Company's 100%-owned Muskrat Dam Project.
Figure 1. Geological map showing the locations of the Lang Lake Project within the Birch-Uchi
Subprovince and Muskrat Dam Project within the Muskrat Dam Greenstone Belt
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6489/289996_dc937db024ec59af_001full.jpg
About the Lang Lake Project
The consolidated Lang Lake Project is an 84,000-hectare, 100%-owned property located within the
Lang Lake greenstone belt of the Birch-Uchi Subprovince of the Archean Superior Craton. The Project
incorporates the McVicar Agreement Area (formerly the McVicar Project) and encompasses significant
strike lengths of folded iron formation within a well-endowed but underexplored geological belt, adjacent
to both orogenic- and intrusion-hosted gold showings. The property covers numerous known
occurrences within the McVicar Agreement Area and lies along strike from the combined 99,600 oz Au
Dorothy and Dobie deposits and the past-producing 635,000 oz Au Golden Patricia Mine.
Compilation and digitization of historical data have identified an approximately 2 km trend of anomalous
gold in bedrock, representing a priority target for follow-up. A broader, systematic exploration program
has been designed to further evaluate economic potential, with Phase 1 LiDAR surveys partially
completed and a Phase 2 program planned to include approximately 2,000 soil samples to advance
target generation across the property.
Figure 2. Geological map showing the McVicar Agreement Area in relation to the Lang Lake Project
and known mineral occurrences
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6489/289996_dc937db024ec59af_002full.jpg
About the Muskrat Dam Project
The consolidated Muskrat Dam Project is a 142,500-hectare, 100%-owned Kenorland property located
within the Muskrat Dam greenstone belt in the Archean Superior Craton. The project is underlain
predominantly by volcanic rocks along the boundary between the Island Lake and North Caribou
Subprovinces, and is located along strike from the Musselwhite Gold Mine. Historical exploration has
primarily focused on VMS and Ni-Cu potential; however, the project covers prospective volcano-
sedimentary sequences transected by major structures, highlighting broader potential for orogenic-style
gold mineralisation.
Compilation and digitization of historical data have identified multiple prospective target areas across
the project, supporting follow-up exploration. Within the Rottenfish Agreement Area, the Eldor Kippey
occurrence hosts historical grab samples with values up to 139.2 g/t Au, trench results exceeding 15 g/t
Au, and historical drill intercepts including 50.23 g/t Au over 0.4 m and 6.38 g/t Au over 2.4 m,
representing a priority target for immediate follow-up.
A broader, systematic exploration program has been designed to evaluate the project's economic
potential, with Phase 1 LiDAR surveys planned, followed by a Phase 2 program consisting of
approximately 4,400 soil samples to advance target generation across the property.
Figure 3. Geological map showing the Rottenfish Agreement Area in relation to the Muskrat Dam
Project and known mineral occurrences
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6489/289996_dc937db024ec59af_003full.jpg
Terms of the Agreements
McVicar Agreement Area
Under the terms of the McVicar Agreement, the Company has acquired a 100% interest in 10,200
hectares of mineral claims from arm's length parties. Consideration includes (i) a $100,000 cash
payment upon signing of the McVicar Agreement; (ii) $250,000 in common shares of the Company
("
Shares
"), subject to a six-month escrow; and (iii) a $1,000,000 milestone payment upon the
delineation of an NI 43-101 compliant mineral resource exceeding two million ounces of gold (or
equivalent).
In addition, the Company will grant a 1.0% net smelter return royalty on the acquired claims of which
0.5% may be repurchased by the Company at any time for a one-time cash payment of $1,000,000.
Rottenfish Agreement Area
Under the terms of the Rottenfish Agreement, the Company has acquired a 100% interest in 58,700
hectares of mineral claims from an arm's length party. Consideration for the claims is a $150,000 cash
payment upon signing of the Rottenfish Agreement and the grant of a 1.0% net smelter return royalty on
the acquired claims, of which 0.5% may be repurchased at any time for a one-time cash payment of
$1,000,000. In addition, milestone payments are due as follows; (i) a $100,000 payment upon
completion of the first field program on the property; (ii) a $150,000 payment upon completion of the first
drill hole; (iii) a $300,000 payment upon the delineation of an NI 43-101 compliant mineral resource of at
least one million ounces of gold (or equivalent); and (iv) a $500,000 payment upon a production decision
on the property.
Up to 75% of each milestone payment may be satisfied, at the Company's election, through the issuance
of Shares, subject to the approval of the TSX Venture Exchange.
Upon a production decision on claims comprising the Rottenfish Agreement Area, an additional one-
time cash payment of $1,000,000 will be payable.
All common shares of Kenorland issuable pursuant to the Agreements will have a deemed issuance
price equivalent to the market price of such Shares at the time of issuance. The Shares will also be
subject to a four-month and one day resale restriction from the date of their issuance. The Agreements
and the issuance of the Shares thereunder are subject to the approval of the TSX Venture Exchange.
The issuance of Shares under the Agreements will constitute a 'non-cash transaction' under each of the
investor rights agreement dated November 5, 2021 between the Company and Sumitomo Metal Mining
Canada Ltd. ("
Sumitomo
") and the investor rights agreement dated May 28, 2024 between the
Company and Centerra Gold Inc. ("
Centerra
") under which each of Sumitomo and Centerra will have a
participation right to acquire additional shares of the Company. The Company will provide a further
update if these participation rights are exercised.
Qualified Person
Janek Wozniewski, B.Sc., P.Geo. (EGBC #172781, APEGS #77522, EGMB #48045, PGO #3824,
APEGNB #8348), Vice President of Operations at Kenorland, a "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 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
Corporate Development & 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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