Kenorland Minerals Options the Tanacross Project to Antofagasta
Kenorland Minerals Options the Tanacross
Project to Antofagasta
Vancouver, British Columbia--(Newsfile Corp. - July 20, 2022) -
Kenorland Minerals Ltd.
(
TSXV:
KLD
) (
OTCQX: NWRCF
) (
FSE: 3WQ0
)
(
"Kenorland"
or
"the Company"
) is pleased to announce it
has signed an earn-in agreement (the
"Agreement
") with Antofagasta Minerals S.A. ("Antofagasta"), a
wholly-owned subsidiary of Antofagasta PLC (LSE: ANTO), on the Tanacross copper-gold project
("Tanacross" or the "Project"), located in eastern Alaska, USA (see Figure 1).
The Agreement grants
Antofagasta an option to acquire a 70% interest in the Project by spending US$30,000,000 on
exploration over 8 years and delivering a NI 43-101 compliant preliminary economic assessment report
(the "Report").
Zach Flood, CEO of Kenorland, commented, "We're very excited to be working with Antofagasta on the
Tanacross Project.
The property, which covers numerous mineralised systems and target areas,
warrants significant exploration to unlock the discovery potential that we believe exists.
We look forward
to getting back on the ground as soon as possible to begin work which will lead towards drill-target
definition."
Agreement Terms
Antofagasta can earn a 70% interest in Tanacross by making cash payments in an aggregate amount of
US$1,000,000 plus a success payment of US$4,000,000 upon exercise of the option and spending
US$30,000,000 on exploration over eight years, with a firm commitment to spend US$1,000,000 in year
one, and delivering the Report. During the option period, Antofagasta will fund all exploration and
Kenorland will be the initial operator.
Once Antofagasta has earned its 70% interest, Kenorland and Antofagasta will form a 30:70 joint
venture. If either party's interest in the joint venture falls below 10%, that party's interest will be converted
to a 2% NSR, one quarter of which can be purchased by the other party for US$2,000,000.
About the Tanacross Project
The Tanacross Project covers 45,000 hectares of Alaska state-owned land, approximately 70 kilometers
northeast of Tok, along the Alaska Highway. The project hosts a cluster of late Cretaceous (68-73Ma)
porphyry copper (+/- gold, molybdenum) occurrences including East Taurus, West Taurus, and Bluff.
This
age of mineralisation is similar to the giant Casino porphyry copper system (
Western Copper and
Gold Corp.
), which is located 140 kilometers to the south-east in Yukon Territory, Canada as well as the
Tetlin Au Skarn system (
Contango Ore Inc.
), located 70 kilometers to the south-west of the Tanacross
Project. The Project has seen a total of 17,076m of drilling in over 67 drill holes, since the initial
discovery of East Taurus in 1971 by Duval Corporation. Multiple drill campaigns have been carried out
by 9 different companies including the most recent drill program in 2019 when the property was held
under option to Freeport McMoRan. The best historical results from the project include drilling at East
Taurus, where 08DDH040 intersected 232.56m at 0.31 % Cu, 0.25 g/t Au, 0.036% Mo.
Figure 1. Location Map of the Tanacross Project
To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/6489/131226_acd7b3ddb42ff8ec_001full.jpg
Qualified Person
Janek 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. (TSXV: 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, the Chicobi Project is optioned to
Sumitomo, and the Chebistuan Project is optioned to Newmont Corporation. In Ontario, the Company
holds the South Uchi Project under an earn-in agreement with a wholly owned subsidiary of Barrick Gold
Corporation. In Alaska, the Company holds the advanced stage Tanacross porphyry Cu-Au-Mo project,
optioned to Antofagasta, as well as an option to earn up to 70% from Newmont Corporation on the Healy
Project.
Further information can be found on the Company's website
www.kenorlandminerals.com
Kenorland Minerals Ltd.
Zach Flood
CEO, Director
Tel: +1 604 363 1779
Kenorland Minerals Ltd.
Francis MacDonald
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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/131226