Kenorland Options Hunter Project to Centerra Gold Inc
Kenorland Options Hunter Project to Centerra
Gold Inc
Vancouver, British Columbia--(Newsfile Corp. - January 24, 2022) -
Kenorland Minerals Ltd.
(TSXV:
KLD) (OTCQX: NWRCF) (FSE: 3WQ0) (
"Kenorland"
or
"the Company"
) is pleased to announce it
has entered into a property option agreement (the "
Option Agreement
") with a wholly owned subsidiary
of Centerra Gold Inc. ("
Centerra
") (TSX: CG) (NYSE: CGAU) pursuant to which Kenorland has agreed
to grant to Centerra the option to acquire up to a 70% interest in the Hunter property (the "
Project
"),
located within the southern Abitibi Greenstone Belt, in Quebec.
Zach Flood, CEO of Kenorland Minerals states, "We're looking forward to working with Centerra on the
Hunter Project and to kick-off another large-scale systematic greenfields exploration initiative in the
Abitibi Greenstone Belt.
We believe this prospective region is generally under-explored due to the
extensive glacial cover masking the bedrock geology and we look forward to advancing the project
towards discovery with our newest partner."
Option Agreement
Pursuant to the Option Agreement, Centerra can earn an initial 51% interest in the Project by incurring an
aggregate of $5,000,000 in mineral exploration expenditures on or before the fourth anniversary of the
Option Agreement (the "
First Option
").
Centerra can earn an additional 19% interest in the Project, for an aggregate 70% interest held (the
"
Second Option
"), by completing a technical report in respect of the Project that establishes a mineral
resource of at least one million ounces of AuEq prepared in accordance with the requirements of
National Instrument 43-101 of the Canadian Securities Administrators on or before the fourth anniversary
of the exercise of the First Option, provided that Centerra must provide notice of its intent to exercise the
Second Option within 90 days of the exercise of the First Option.
Following the earning of a 70% interest, Centerra and Kenorland will form a joint venture in respect of the
Project.
In the event a joint venture participant's interest is diluted to below 10%, it will exchange its joint
venture interest for a net smelter returns royalty of 2% on currently unencumbered claims and 1.5% on
claims currently encumbered by an existing royalty.
About the Hunter Project
In 2019, the Company acquired the Hunter Project through map staking after completing a
comprehensive compilation and review of historical exploration data covering the project area. The
property covers 18,177 hectares of mineral tenure over a felsic volcanic complex within the southern
Abitibi Greenstone Belt. These felsic-dominant volcanic complexes are highly prospective for syn-
volcanic, Au-VMS type systems such as the world-class Horne and LaRonde deposits. The property is
dominantly covered by glacial till and lake sediments, resulting in sparse bedrock exposure with very little
systematic exploration due to the challenges of exploring through thick glacial sedimentary cover. In early
2020 the company completed 5 sonic drill-for-till holes to confirm the presence of elevated gold
anomalism in the glacial till cover identified from historical data compilation. In August 2021, the
Company completed a property-wide airborne Versatile Time Domain Electromagnetic (VTEM)
geophysical survey 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.
Figure 1. Hunter Project Location
Figure 1.
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/6489/111280_ca275fd8d4b308fa_001full.jpg
.
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 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.
The Company also owns 100% of the advanced stage Tanacross porphyry Cu-Au-Mo
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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https://www.newsfilecorp.com/release/111280