Kenorland Minerals intersects 90.56 g/t Au over 5.72m at Regnault, Sumitomo Metal Mining completes earn-in to the Frotet Project
Kenorland Minerals intersects 90.56 g/t Au over 5.72m at Regnault,
Sumitomo Metal Mining completes earn-in to the Frotet Project
VANCOUVER, BC
,
May 26, 2021
/CNW/ -
Kenorland Minerals Ltd.
(TSXV: KLD) (FSE: 3WQ0) (
"Kenorland"
or
"the Company"
) is pleased to announce initial
drill results from the recently completed
8,591m
diamond drill program at the Regnault gold discovery within the
Frotet Project
(
"the Project"
), located in
northern Quebec. Assays from 15 of the 30 drill holes completed during the program, including 3,487 meters, are reported herein. Results from the remaining 15
holes will be reported once all assays have been received and compiled. The company also announces that
Sumitomo Metal Mining Canada Ltd.
(
"SMMCL"
) has fulfilled its requirement to earn-in to an 80% interest in the Frotet Project. As a result SMMCL and Kenorland will contribute to further exploration
expenditures on an 80:20 basis, respectively. Kenorland will continue as operator under the joint venture agreement.
Highlights from drilling include the following:
21RDD024: 5.72m at 90.56 g/t Au incl. 3.89m at 132.57 g/t Au
21RDD029B: 3.64m at 6.37 g/t Au incl.
0.32m at 60.80 g/t Au
21RDD031: 2.70m at 15.87 g/t Au incl.
1.08m at 38.27 g/t Au
21RDD037: 25.33m at 6.29 g/t Au incl.
0.51m at 48.90 g/t Au
and
incl
.
4.59m at 22.06 g/t Au
21RDD038:
9.20m
at 3.78 g/t Au incl.
2.80m at 9.81 g/t Au
Figure 1. Plan Map of Reported Drilling (CNW Group/Kenorland Minerals Ltd.)
Figure 2. Long Section – R1 Vein Corridor (CNW Group/Kenorland Minerals Ltd.)
21RDD037 – At 148m: 113.80 g/t Au; Strongly laminated quartz-carbonate vein containing pyrite mineralization (CNW Group/Kenorland Minerals Ltd.)
21RDD024 – At 84.52m: 238.80 g/t Au; Quartz-carbonate vein with pyrite and visible gold (circled in red) (CNW Group/Kenorland Minerals Ltd.)
Figure 3. Table of Results
Hole ID
From (m)
To (m)
Length (m)
Au (g/t)
Ag (g/t)
Residual Au (g/t)
21RDD024
47.39
57.64
10.25
0.74
0.61
0.40
Incl.
47.39
48.00
0.61
5.98
4.50
82.07
87.79
5.72
90.56
109.95
1.26
Incl.
82.47
86.36
3.89
132.57
161.01
21RDD025
88.37
93.95
5.58
1.02
1.84
129.80
137.45
7.65
1.34
2.00
0.72
Incl.
133.10
133.44
0.34
14.50
19.20
21RDD026
165.69
179.20
13.51
0.35
0.26
21RDD027
56.90
60.00
3.10
0.71
0.70
0.35
Incl.
57.24
57.54
0.30
4.08
3.40
21RDD028
9.18
10.00
0.82
3.26
2.05
21RDD029_B
178.75
182.39
3.64
6.37
6.64
1.12
Incl.
181.30
181.62
0.32
60.80
59.10
21RDD030
9.60
16.08
6.48
0.90
0.28
0.33
Incl.
9.60
10.21
0.61
6.37
1.80
78.40
84.90
6.50
0.64
0.68
88.37
91.36
2.99
5.75
4.51
3.85
Incl.
90.56
91.36
0.80
10.94
6.82
21RDD031
13.76
16.46
2.70
15.87
18.84
0.94
Incl.
15.08
16.16
1.08
38.27
46.07
21RDD031_A
13.70
16.44
2.74
4.36
3.01
2.16
Incl.
14.76
15.60
0.84
9.33
5.75
62.36
70.54
8.18
1.08
0.34
0.95
Incl.
64.31
64.61
0.30
4.53
0.80
173.06
187.61
14.55
0.89
1.01
21RDD032
93.19
96.38
3.19
1.47
0.42
0.91
Inlc.
96.00
96.38
0.38
5.65
2.00
153.90
158.77
4.87
3.80
3.29
0.34
Incl.
157.90
158.77
0.87
19.70
16.80
168.00
174.54
6.54
1.84
1.65
1.59
Incl.
169.00
170.00
1.00
3.21
2.60
21RDD033
258.83
267.64
8.81
1.93
1.09
1.33
Incl.
265.00
265.94
0.94
7.00
4.29
316.93
322.77
5.84
0.95
1.02
21RDD034
215.00
227.64
12.64
0.49
0.65
21RDD036
142.44
143.40
0.96
7.10
4.38
1.07
Incl.
142.74
143.08
0.34
18.10
11.10
21RDD037
132.00
157.33
25.33
6.29
7.59
1.64
Incl.
142.55
143.06
0.51
48.90
53.90
And Incl.
147.98
152.57
4.59
22.06
29.08
21RDD038
68.80
78.00
9.20
3.78
4.10
1.14
Incl.
69.40
72.20
2.80
9.81
9.74
Discussion of Results
The holes reported within this release were following up on mineralization encountered during the initial drill programs in early 2020 which resulted in the discovery
of the Regnault gold system (see press release date
July 29
, 2020). 14 of the reported 15 drill holes intersected notable mineralization, including 21RDD024,
which intersected
5.72m
at 90.56 g/t Au, as well as 21RDD037, a 250 meter step-out to the west of 21RDD024, which intersected
25.33m
at 6.29 g/t Au. The
gold mineralization is associated with shear zones transecting the multiphase Regnault intrusive complex, as well as along contacts between intrusive and volcanic
rocks. Disseminated pyrite associated with biotite-calcite ± silica alteration occurs as broad zones of weak disseminations within the intrusive rocks, to strong
mineralization (locally 3-10% pyrite, along with trace chalcopyrite-galena-molybdenite and occasional visible gold) within quartz-carbonate veins and alteration
halos related to shear zones. An additional 15 drill holes from this latest drill program, which focused on near to regional targets within the Regnault trend, will be
reported once all remaining assays have been received and compiled.
The company's understanding of the Regnault gold system, namely the orientation of mineralized structures has developed significantly throughout this latest round
of drilling. The R1 vein corridor which was intercepted on the initial discovery program (20RDD007: 29.08m at 8.49 g/t Au incl. 11.13m at 18.43 g/t Au) is now
defined as a shear hosted, laminated quartz-carbonate-pyrite vein system hosted within the intrusive complex, striking in a general east-west direction and dipping
steeply to the north. Step-outs from this program have delineated an approximate strike of 550 meters along the R1 structure, which remains open to the east,
west, and down dip. True widths along this structure are not currently well defined with the amount of drilling to completed to date. The upcoming summer drill
program, which will include up to 20,000 meters of drilling, will be designed to systematically infill and step-out further along this vein corridor, both horizontally and
vertically, as well as target additional gold-bearing structures throughout the Regnault trend.
Continued exploration drilling at Regnault since early 2020 has indicated a robust gold system hosting high-grade mineralization along multiple structures within a
growing footprint, which is now approximately two kilometers by 500 meters. The Company, along with its joint venture partner, Sumitomo Metal Mining, looks
forward to the continued advancement of this discovery through the upcoming 2021 summer drill program.
Zach Flood
, CEO of Kenorland Minerals, states, "
We are very excited by the latest drill results at Regnault. This discovery continues to deliver high-grade gold
intercepts, indicating the robust nature of the system. Most importantly, our understanding of the orientation of these gold-bearing structures has evolved
greatly throughout this latest round of drilling. Going forward, this will allow us to expand on known mineralization and target additional gold bearing structures
within the Regnault trend. We are very excited to ramp up our exploration efforts into the next phase beginning in July, which will include up to 20,000 meters
of additional diamond drilling."
Figure 4. Drill Collar Table
Hole ID
Easting (NAD83)
Northing (NAD83)
Elevation (m)
Depth (m)
Dip
Azimuth
21RDD024
519437
5620758
376
138
-52
122
21RDD025
519386
5620789
376
201
-49
122
21RDD026
519526
5621015
376
210
-45
339
21RDD027
519252
5620877
376
219
-50
302
21RDD028
519484
5620956
376
111
-45
302
21RDD029
519495
5620853
376
13.6
-45
140
21RDD029_A
519495.3
5620852.7
376
21
-45
140
21RDD029_B
519495.5
5620852.4
376
246
-45
140
21RDD030
519700
5620800
376
165
-48
128
21RDD031
519798
5621223
376
43.66
-52
310
21RDD031_A
519797.7
5621223.3
376
252
-52
310
21RDD032
519574
5620855
376
222
-47
142
21RDD033
519353
5620898
376
339
-45
122
21RDD034
519570
5620912
376
237
-45
302
21RDD035
519397
5620699
376
152
-45
122
21RDD036
519263
5620584
376
297
-48
122
21RDD037
519319
5620678
376
372
-45
295
21RDD038
519345
5620780
376
248
-45
142
Sumitomo Completes Earn-in, Joint Venture is Formed
Following completion of this recent drill program, Sumitomo Metal Mining has now exercised its option to acquire an 80% interest in the Project by completing an
additional
C$4 million
of expenditures within a one year period of acquiring its initial 65% interest in the Project. Going forward, the project will be held under Joint
Venture between Sumitomo Metal Mining Canada Ltd. (80%) and Kenorland Minerals Ltd. (20%). Exploration will be go funded on a pro-rata basis.
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 the Frotet Project
Kenorland The Frotet Project was first identified by Kenorland in 2017 after completing a regional prospectivity study over the Abitibi and Frotet-Evans
Greenstone Belts of
Quebec
. The initial 55,921 ha property was acquired through map staking in March, 2017 and optioned to Sumitomo Metal Mining Canada
Ltd. ("SMMCL"), a wholly owned subsidiary of Sumitomo Metal Mining Co., Ltd. in April, 2018. Two years of property-wide systematic till sampling led to a
maiden drill program in 2020 which resulted in a significant grassroots discovery at the prospect now named Regnault. The project is currently under Joint Venture
agreement between SMMCL and Kenorland Minerals Ltd., with interests being held at 80% and 20% respectively. Under the Joint Venture, exploration is funded
pro-rata. Any party which does not contribute and is diluted below a 10% interest, converts its interest to an 2% uncapped net smelter royalty.
Figure 5. Map of Frotet Project showing Regional Till Sampling Geochemical Results (CNW Group/Kenorland Minerals Ltd.)
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 where work is
being completed under an earn-in agreement from third parties. The Frotet and Chicobi Projects, which are both located in Quebec, Canada, are optioned to
Sumitomo Metal Mining Canada Ltd. and the Chebistuan Project, also located in Quebec, 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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