Kenorland Minerals Reports Geochemical Results at the Chebistuan Project and Provides Exploration Update
Kenorland Minerals Reports Geochemical Results at the Chebistuan
Project and Provides Exploration Update
VANCOUVER, BC
,
Oct. 20, 2021
/CNW/ -
Kenorland Minerals Ltd.
(TSXV: KLD) (OTCQX: NWRCF) (FSE: 3WQ0) ("
Kenorland
" or "
the
Company
") is
pleased to report results from its recently completed Phase 2 follow-up geochemical survey at the Chebistuan Project (the
"Project"
), located in the northern
Abitibi greenstone belt of
Quebec
, and held under an exploration agreement with Newmont Corporation. The company further announces additional planned
exploration including detailed prospecting and geophysical surveys at one of the priority target areas within the Chebistuan Project.
Program Highlights
The Phase 2 geochemical survey followed up on multiple anomalous areas of interest defined by the initial regional program (Phase 1) in 2020. A total of 2,121
soil samples were collected for geochemical analysis and 225 till samples collected for gold grain analysis. The results of the Phase 1 and Phase 2 surveys have
outlined multiple gold and pathfinder element anomalies within the Deux Orignaux AOI (Figure 1), which will be further advanced with upcoming prospecting and
detailed geophysical surveys, including airborne magnetics, radiometrics and induced polarization (IP), in preparation for drill targeting.
Figure 1. Combined Phase 1 and 2 geochemical survey results showing soil (till substrate) Au ppb (CNW Group/Kenorland Minerals Ltd.)
Zach Flood
, President and CEO, states, "This is another step forward and a significant development in the systematic exploration of the Chebistuan Project,
one of the largest contiguous land packages in Quebec. We've effectively screened over 170,000 hectares of ground in just over a year and we now have
discrete target areas which will see detailed follow-up exploration, including prospecting and geophysical surveys this fall. We look forward to further
advancing these targets with support from Newmont Corporation."
Deux Orignaux AOI
Within the Deux Originaux AOI are several target areas spatially associated with the contact between a clastic sedimentary basin (Opemiska Group) and volcanic
rocks along a major structural bifurcation in the geometry of the greenstone belt. Multiple second-order structures at oblique angles to the 1
st
order basin-
bounding structure form "horse-tail splay" structural patterns through the AOI, which is prospective for orogenic gold deposits (Figure 2). A helicopter-borne
magnetic survey and an IP survey are planned over the Deux Originaux AOI, as well as follow-up prospecting, to further vector in towards drill targets.
Figure 2. Deux Orignaux AOI (CNW Group/Kenorland Minerals Ltd.)
QA/QC and Sampling Protocols
Soil samples were collected from the B-horizon of soil developed on a till substrate. Approximately 1 kilogram of material was collected from each sample site
and shipped to Bureau Veritas ("BV") in
Timmins, Ontario
for preparation. Samples were prepared for analysis according to BV method SS230; sieve individual
samples to 230 mesh (-63 microns). Samples were analysed at BV in
Vancouver, British Columbia
with BV method AQ252_EXT; 30 grams of material digested in
aqua regia with an ICP-MS finish.
About the Chebistuan Project
The Project consists of 3,000 claims (161,025 ha) owned 100% by Kenorland. The property covers approximately 100 kilometers of a major east-west trending
deformation zone which may represent the continuation of the Sunday Lake Deformation Zone, hosting major gold deposits such as Detour Lake (Kirkland Lake
Gold Ltd.) and Fenelon (Wallbridge Mining Company Ltd.). The
Chibougamau
and
Chapais
mining camps, which have produced over 6.5 Moz of gold and 1.6
billion pounds of copper historically, are located directly to the east of the Chebistuan property. The project is largely covered with glacial till and is accessed by a
large network of logging roads as well as helicopter.
Figure 3. Chebistuan Project Location (CNW Group/Kenorland Minerals Ltd.)
The Project is currently under an Exploration Agreement with Venture Option with Newmont Corporation. The Agreement provides an option for a two-phased
exploration earn-in over 3 years, where Newmont can earn a 51% interest in the Chebistuan Project through certain exploration expenditures and cash payments
to Kenorland. The initial phase of the agreement consists of a property- wide geochemical sampling program, target definition and testing. Newmont then has the
option to earn an additional 29% interest for a cumulative 80% interest (phase two earn-in) in the Chebistuan Project over 6 years by completing a 43-101
compliant pre-feasibility study on a minimum 1.5
Moz Au
resource as well as meeting certain cash payments to Kenorland. The parties may continue to explore
and develop the property through an 80% Newmont, 20% Kenorland joint venture or, in the case of a construction decision, Kenorland can elect for Newmont to
finance its portion of mine development cost. If Newmont elects not to continue with the phase two earn in, then ownership interest in the project will switch to
51% Kenorland and 49% Newmont.
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. In
Ontario
the
Company holds the South Uchi Project under an earn-in agreement with a wholly-owned subsidiary of Barrick Gold 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 20-OCT-21