Kenorland Minerals Provides Corporate Update
Kenorland Minerals Provides Corporate
Update
Vancouver, British Columbia--(Newsfile Corp. - February 15, 2022) -
Kenorland Minerals Ltd.
(
TSXV:
KLD
) (
OTCQX: NWRCF
) (
FSE: 3WQ0
)
(
"Kenorland"
or
"the Company"
) is pleased to provide an
update on its ongoing exploration activities across North America as well as announce executive
management changes and granting of incentive options.
Kenorland looks forward to a very active year of exploration in 2022 with multiple projects located in
Quebec, Ontario, Manitoba and Alaska being advanced through the exploration pipeline.
The Company
is well funded to carry out its anticipated 2022 exploration activities having approximately CAD$8.2
million in working capital at the beginning of January 2022.
Figure 1. Kenorland Minerals North American Project Locations
Figure 1.
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Eastern Canada Exploration Update
Frotet Project, Quebec (Joint Venture with Sumitomo Metal Mining Co., Ltd):
At the Regnault gold
discovery, a 10,000m diamond drill program is underway targeting step-outs along strike and down dip
of the R1 and R2 trends as well as targeting additional gold bearing structures within the Regnault area
(see press release dated January 12, 2022)
. The drill program represents the final phase of exploration
within the fiscal 2021 budget set in March of last year.
The Company expects to announce the fiscal
2022 jointly-funded exploration program and budget later in the first quarter.
In addition, complete results
from the remaining 7,968m of drilling, including 25 holes from the 17,792m drill program concluded in
October 2021 are expected to the be received and reported during the first quarter.
Chicobi Project, Quebec (Optioned to Sumitomo Metal Mining Co., Ltd.):
The Company recently
completed detailed UAV magnetic, induced polarization (IP), and electromagnetic (EM) geophysical
surveys at "Target B", a coherent multi-element geochemical glacial till anomaly, within the Chicobi
Project
(see press release dated October 6, 2021)
.
The Company plans to carry out a 2,500m maiden
diamond drill program beginning in March at Target B.
This drill program will conclude the fiscal 2021
budget approved by SMMCL.
The fiscal 2022 partner-funded exploration program and budget is
anticipated to be announced later in the first quarter.
Chebistuan Project, Quebec (Optioned to Newmont Corporation):
The Company recently
completed a high resolution heli-magnetic survey and is currently carrying out an induced polarization
(IP) survey at "Deux Orignaux", a coherent multielement geochemical glacial till anomaly identified last
year following two phases of regional exploration, which covered the entire 161,025-hectare property
(see press release dated October 20, 2021)
. The company is awaiting assays from the boulder
prospecting and bulk (10kg) till sampling surveys carried out last fall within the same target area. The
2022 partner-funded exploration program and budget is expected to be announced later in the first
quarter.
Hunter Project, Quebec (Optioned to Centerra Gold Inc.):
The Hunter Project was recently optioned
to Centerra Gold Inc. (TSX: CG and NYSE: CGAU)
(see press release dated January 24, 2022).
The
2022 partner-funded exploration program and budget are anticipated to be announced in the coming
weeks.
South Uchi Project, Ontario (Optioned to Barrick Gold Corp.):
In 2021, a property-wide regional till
sampling program was completed including a total of 1,904 samples collected, covering the 65,657-
hectare South Uchi Project in the Red Lake Mining district of Ontario.
The company expects to announce
the 2022 partner-funded exploration program and budget within the first or second quarter.
Alaska Exploration Update
Healy Project, Alaska (Joint Venture with Newmont Corporation):
In 2021, the Company
completed 5,200 meters of diamond drilling including 15 holes testing the Bronk, Thor and Spike target
areas associated with an extensive gold system in the Goodpaster District of Alaska.
In addition to the
drill program, high-powered induced polarization (IP) and magnetotellurics (MT) geophysical surveys
were completed transecting the three target areas.
The company is awaiting final assays from the drill
program concluded in September 2021 and expects to announce results within the first quarter.
The Company would also like to announce that it has completed its Phase 1 Earn-in minimum work
expenditures of US$4m for which it has earned a 70% interest in the Healy Project.
Joint funding has
commenced whereby Kenorland and Newmont are participating on a pro-rata basis of 70% and 30%,
respectively.
Tanacross Project, Alaska (100% owned)
: In 2021 the Company completed an extensive soil
geochemical and mapping survey covering East Taurus, West Taurus, South Taurus and Big Creek
prospects. A total of 1,870 soil samples were collected for which complete assays have recently been
received. Detailed UAV magnetic surveys, consisting of over 600 line-kilometers were flown over the
same target areas and IP and MT surveys were completed over the South Taurus target area.
Results
from these surveys along with the 2022 exploration program is anticipated to be announced in the near
future once final compilation and targeting have been completed.
Project Generation
The company has recently applied for additional Mineral Exploration Licenses to add to its growing
portfolio of early-stage exploration projects in the province of Manitoba, with a commodity focus on nickel
and gold.
Executive Management Changes
The Company announces that it has appointed Francis MacDonald as President along with Scott Smits
as Vice President of Exploration, and Janek Wozniewski as Vice President of Operations.
Mr. MacDonald is a co-founder of Kenorland and has been with the company since its formation in 2016
as Executive Vice President of Exploration.
He is an exploration geologist who has spent much of his
career with Newmont Corporation managing grassroots exploration projects in North America, West
Africa, and East Africa.
Mr. Smits is a co-founder of Kenorland and has been with the company since 2016 as Chief Geologist.
His most recent role prior to joining Kenorland was Senior Geologist within Newmont Corporation's
Exploration Development Group conducting project generation and evaluations in North America.
Mr. Wozniewski joined the Company in 2019 as Exploration Manager and has been an integral part of
the team managing Kenorland's exploration operations across North America. Prior to joining
Kenorland, Mr. Wozniewski had been consulting to numerous resource and energy companies focusing
on program planning and project management.
Options Grant
The Company announces that it has granted options to directors, officers, and employees to acquire a
total of 1,375,000 common shares of the Company at the exercise price of $0.70 per share for a period
of 5 years. The options vest 25% immediately followed by 25% every 6 months thereafter.
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 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 four 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 Metal Mining
Co., Ltd., the Chicobi Project
is optioned to Sumitomo Metal Mining Co., Ltd., the Chebistuan Project is optioned to Newmont
Corporation, and the Hunter Project is optioned to Centerra Gold Inc. 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, USA, the Company owns 100% of the advanced stage Tanacross porphyry Cu-
Au-Mo project as well as a 70% interest in the Healy Project, held under joint venture with Newmont
Corporation.
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.
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