Kenorland Minerals Provides Exploration Update
Kenorland Minerals Provides Exploration Update
VANCOUVER, BC
,
Sept. 8, 2021
/CNW/ -
Kenorland Minerals Ltd.
(TSXV: KLD) (OTCQX: NWRCF)
(FSE: 3WQ0) (
"Kenorland"
or
"the Company"
) is pleased to provide an update on its 2021 exploration
activities covering multiple projects located across
North America
.
Summary of 2021 Summer-Fall Exploration:
Frotet Project
,
Quebec
(Joint Venture with Sumitomo Metal Mining):
18,000m
diamond drill program
Healy Project
,
Alaska
(Optioned from Newmont Corporation):
5,000m
maiden diamond drill program
Tanacross Project
,
Alaska
(100% owned):
soil geochemistry, UAV magnetic, and IP surveys
Chicobi Project
,
Quebec
(Optioned to Sumitomo Metal Mining):
Geophysics (UAV magnetics, IP, EM)
Hunter Project
,
Quebec
(100% owned):
Property-wide airborne VTEM geophysical survey
Chebistuan Project
,
Quebec
(Optioned to Newmont Corporation):
Phase 2 soil geochemistry survey
South Uchi Project
,
Ontario
(100% owned):
LIDAR survey and regional till sampling (planned for fall)
Francis MacDonald
, Executive Vice President of Exploration, commented, "We are carrying out a significant
amount of exploration this year, which is shaping up to be our largest yet in terms of both sole-funded, and
partner-funded budgets. There is over
C$17 million
of exploration happening across our portfolio, with the
majority of that spend going towards drill programs at the Frotet Project, in
Quebec
, which is currently under
JV with Sumitomo Metal Mining, as well as the Healy Project, in
Alaska
, which we have optioned from
Newmont Corporation, with the balance advancing our 'pipeline' of greenfield projects, located in
Quebec
and
Ontario
. With over
C$11 million
of these expenditures funded through partners on projects which we
remain operator, Kenorland not only shares the risk of exploration but also generates significant revenue
through management fees and cash payments, which we estimate will be over
C$2 million
this year alone."
Figure 1. Kenorland Minerals North American Project Locations
Figure 1. Kenorland Minerals North American Project Locations (CNW Group/Kenorland Minerals Ltd.)
Zach Flood
, President and CEO states, "Our mission at Kenorland has always been to maximize shareholder
return through exploration success. We take a long-term approach with multiple grassroots projects being
advanced through the pipeline at all times. Some of our projects are sole funded, some are farmed out,
while other assets are sold entirely for equity and royalty interests, depending on how a project fits within
our risk profile. We believe that scale, creativity and flexibility are fundamental to building value and
optionality within an exploration portfolio. Any of these projects may result in a significant discovery, as we
have already witnessed at Frotet through the grassroots discovery of Regnault last year. With interest in
over 1 million acres of ground, all which has seen various stages of systematic exploration and being actively
explored, we are confident that our efforts will return significant gains to our shareholders."
2021 Exploration Update
Frotet Project,
Quebec
(80/20 Joint Venture with Sumitomo Metal Mining Canada Ltd.)
: The Company
has completed 9,889 meters of diamond drilling from the recently announced program consisting of up to
18,000 meters
(see press release date
July 14, 2021
)
allocated for infill and step-out drilling along the R1
and R2 gold-bearing structures as well as follow-up on additional zones of mineralization within the Regnault
trend. In addition to drilling at Regnault, till and soil geochemical surveys as well as prospecting campaigns
were completed on several regional areas of interest within the Frotet Project. This work has yielded a
number of robust geochemical anomalies which warrant follow-up exploration including detailed geophysics in
preparation for drill targeting. Drill testing of these regional target areas is tentatively planned for Q1 2022.
Healy Project,
Alaska
(Optioned from Newmont Corporation)
: The ongoing drill program at
Healy
(see
press release date
June 3, 2021
) has been extended to include over 5,000 meters of diamond drilling to
systematically test the Bronk, Thor and Spike target areas. The Company has also completed 5 line-
kilometers of high-powered induced polarization (IP) and magnetotellurics (MT) which transects the entire
Healy
gold system. A total of 4,821 meters has been drilled to date and complete assays from the drill
program are expected to be announced in Fall 2021.
Tanacross Project,
Alaska
(100% owned)
: The Company has completed an extensive soil geochemical
and mapping survey covering East Taurus, West Taurus, and South Taurus prospects as well as the Big
Creek target. A total of 1870 soil samples have been collected and sent for analysis. Detailed UAV
magnetics surveys, consisting of over 600 line-kilometers, was flown over the same target areas. The
Company has also completed 5 line-kilometers of high-powered IP and MT over the South Taurus target.
Due to delays of the geochemical and geophysical surveys, the previously announced drill program planned
at Tanacross has been put on hold until further notice, and the budget was reallocated to complete additional
drilling at the Healy Project.
Chicobi Project,
Quebec
(Optioned to Sumitomo Metal Mining Canada Ltd.)
: The Company has
received all assay and gold grain counts from the Phase 3 sonic drill-for-till geochemical program. A
coherent, multi-element (including gold) anomaly, 'Target B', was identified from multiple sonic drilling
campaigns which began with a property-wide regional survey in 2019. Detailed geophysical surveys are now
being planned to refine drill targets within the anomaly. These geophysical surveys, which include drone
magnetics, IP, and electromagnetics (EM), are planned for fall 2021. Initial diamond drill testing is tentatively
scheduled for Q1 2022.
Hunter Project,
Quebec
(100% owned)
: The Company has completed a property-wide airborne Versatile
Time Domain Electromagnetic (VTEM) geophysical survey covering the 18,177-hectare project aimed to
identify potential volcanogenic massive sulphide (VMS) targets for follow-up exploration. A total of 1,104
line-kilometers were flown at a spacing of
200m
.
Chebistuan Project,
Quebec
(Optioned to Newmont Corporation)
: The Company has completed the
Phase 2 geochemical survey following up on multiple anomalous areas of interest defined from the initial
regional program in 2020. A total of 2,121 soil samples were collected for geochemical analysis and 225 till
samples collected for gold grain analysis. A follow-up prospecting campaign is tentatively planned for the
Fall.
South Uchi Project,
Ontario
(100% owned)
: The Company has completed a LIDAR survey and surficial
geology map covering the 76,511-hectare project. This data has been used for planning a first pass till
geochemistry program scheduled for the Fall.
Other Equity and Royalty Interests
Rupert Project (LiFT Power Ltd - Private)
Kenorland recently optioned the Rupert Lithium Project, located
in
Quebec
, to LiFT Power in return for a 10% equity interest in the company upon listing and a 2% uncapped
NSR. A first-pass regional till sampling program has been completed covering ~1000 km
2
of the prospective
geologic sub-province boundary that hosts the Whabouchi lithium pegmatite deposit.
Napoleon Project (J2 Metals Inc. - Private) –
The Company recently vended the Napoleon Project, located
in
Alaska
to J2 Metals for a significant equity position and 2% uncapped NSR. J2 is currently carrying out a
3,000m
rotary air blast (RAB) drill program to test multiple gold-bearing structures.
Fox River Project (Superior Nickel Corp. - Private)
– The Company recently vended two mineral
exploration licenses covering prospective Ni sulphide targets in the Fox River Belt in
Manitoba
in return for a
significant equity position and 2% uncapped NSR, as well as an exploration commitment to complete
2,000m
of diamond drilling to test various Ni-sulphide targets within the belt.
Goldrange and Thibert Projects (Kingfisher Metals Ltd. - TSXV: KFR):
The Company holds a 2%
uncapped NSR on the Goldrange and Thibert Projects as well as a significant equity position in Kingfisher. A
5,000m
maiden diamond drill program is currently underway at Goldrange to test a large-scale gold-in-soil
anomaly related to a previously undrilled gold system.
Prospector Royalty Corp. (Private) –
The Company owns an approximate 40% stake in Prospector
Royalty Corp., a private royalty generation and acquisition company which recently received a
C$2 million
strategic investment from Gold Royalty Corp. (NYSE: GROY).
Koulou Gold Corp. (Private) –
The Company owns a 20% stake in Koulou Gold, a private
West Africa
-
focused gold exploration company.
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. (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 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 Canada Ltd. (SMMCL), the Chicobi Project is
optioned to SMMCL, and the Chebistuan Project 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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CNW 08:25e 08-SEP-21