Kenorland Reports 19.95 g/t Au over 19.25m at the Frotet Project, Quebec and Closes 4% NSR Royalty Transaction with Sumitomo

Kenorland Reports 19.95 g/t Au over 19.25m at

the Frotet Project, Quebec and Closes 4% NSR

Royalty Transaction with Sumitomo

Vancouver, British Columbia--(Newsfile Corp. - February 20, 2024) -

Kenorland Minerals Ltd.

(TSXV:

KLD) (OTCQX: KLDCF) (FSE: 3WQ0) ("

Kenorland

" or the "

Company

") is pleased to announce final

drill results from the 2023 fall drill program at the

Frotet Project

(the "

Project

"), located in northern

Quebec. The Company also announces that, further to its press release dated January 16, 2024, it has

completed the exchange with Sumitomo Metal Mining Canada Ltd. ("

Sumitomo

") of the Company's

20% participating interest in the Frotet Project for a 4.0% net smelter return royalty (the "

Frotet

Royalty

") on all minerals extracted from the Project. Assays from the 20 drill holes, totaling 11,918m of

drilling completed during the 2023 fall drill program, are reported herein.

Highlights include the following:

23RDD185:

19.25m at 19.95 g/t Au incl. 1.90m at 106.48 g/t Au at R6

23RDD177: 1.00 m at 174.54 g/t Au incl. 0.30m at 579.30 g/t Au at R1

23RDD193:

35.45m at 2.90 g/t Au incl. 1.70m at 15.52 g/t Au at R4

23RDD175: 17.65m at 4.59 g/t Au incl. 1.08m at 43.96 g/t Au at R5

23RDD177: 11.31m at 6.89 g/t Au incl. 2.12m at 26.37 g/t Au at R5

23RDD176: 10.70m at 5.67 g/t Au incl. 2.00m at 14.99 g/t Au at R5

23RDD182: 1.00m at 54.40 g/t Au at R2

23RDD187:

8.95m at 6.34 g/t Au incl. 1.45m at 20.27 g/t Au at R4

Figure 1. Plan map of Regnault drilling including highlights from this press release

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/6489/198363_e11549d9f4ebbb37_001full.jpg

Zach Flood, President and CEO of Kenorland Minerals, states,

"The latest results from the fall 2023

drill program continue to demonstrate the exceptional high-grade nature of the Regnault gold deposit.

It's an incredible gold system and we've been fortunate to take it from grassroots discovery to the

advanced stages of exploration today."

"In addition, we're delighted to announce the close of a transaction resulting in Kenorland now owning

a 4% NSR royalty on the project, received in exchange for our 20% minority interest in the prior joint

venture with Sumitomo Metal Mining. Sumitomo is a well-established, leading global mining and

materials company, and we look forward to continuing to work with them closely as we operate the

project over the upcoming year."

Discussion of Results

Much of the reported drilling was designed as broad step-outs and infill along known mineralised trends

throughout the Regnault deposit. Along the R5, R6, R7 and R8 structural corridors, significant step-out

results include 23RDD176 intersecting

10.70m at 5.67 g/t Au including 2.00m at 14.99 g/t Au

,

23RDD175 returning

17.65m at 4.59 g/t Au including 1.08m at 43.96 g/t Au

, and 23RDD177

returning

11.31m at 6.89 g/t Au including 2.12m at 26.37 g/t Au

. These holes successfully extended

R5 mineralisation to the west, to 450m vertical depth and remains open. Infill and step-out targets along

the eastern portions of the R1, R5, R6, R7 and R8 mineralised structures intersected additional high-

grade mineralisation including 23RDD192 with 2.20m at 17.45 g/t Au including 0.30m at 98.50 g/t Au, a

step-out at depth along R1. 23RDD185 intersected

19.25m at 19.95 g/t Au including 1.90m at 106.48

g/t Au

, infill along R6, located 70m to the west of hole 22RDD144 that returned 10.08m at 4.43 g/t Au

including 0.59m at 27.10 g/t Au (see press release dated November 14, 2022). Drilling within this area

has extended known mineralisation to greater than 775m vertical depth with 23RDD188 returning 3.40m

at 2.72 g/t Au including 0.50m at 12.20 g/t Au along the R8 vein set.

Figure 2. Cross section through the Regnault gold system

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/6489/198363_e11549d9f4ebbb37_002full.jpg

Broad step-outs along the R4 vein system extended high-grade mineralisation for a known strike length

of 300m and to 300m vertical depth. Significant results include 23RDD193 which intersected

35.45m at

2.90 g/t Au including 1.70m at 15.52 g/t Au

, a 70m step-out at depth below 20RDD004 which

returned 2.59m at 9.89 g/t Au including 1.49m at 15.26 g/t Au (see press release dated July 29, 2020).

Other significant results include 23RDD187 with

8.95m at 6.34 g/t Au including 1.45m at 20.27 g/t Au

,

which remains open at depth.

Infill drilling along the R2 and R3 mineralised structures continued to intersect narrow high-grade

mineralisation including 23RDD182 with

1.00m at 54.40 g/t Au

, located 50m to the west of hole

21RDD088 which returned 1.77m at 117.86 g/t Au (see press release dated March 28, 2022) within the

R2 vein system. Some of the highest grade mineralisation returned to date along the R3 structures were

obtained during the 2023 fall infill drill program including 23RDD181 with 0.35m at 134.30 g/t Au,

23RDD178 with 0.40m at 62.10 g/t Au, and 23RDD183 returning 2.30m at 7.85 g/t Au including 0.53m

at 30.50 g/t Au.

Two drill holes were designed to test the shallower portions of the Regnault diorite up dip from the 2023

winter discovery holes that intersected mineralisation down to 1,000m vertical depth including

23RDD172 which returned 2.56 g/t over 41.85m including 11.96 g/t Au over 4.45m (see press release

dated August 8, 2023). These large step-outs (200-300m) returned narrow, moderate grade

mineralisation within the R9, R10, and R11 shear zones including 23RDD174 which returned 3.70m at

2.14 g/t Au including 0.40m at 10.70 g/t Au, a 215m up dip step-out from 23RDD159 that returned

1.20m at 55.70 g/t Au (see press release dated May 31, 2023).

Figure 3. Core photo of R6 zone in hole 23RDD185: 19.25m at 19.95 g/t Au including 2.50m at 47.58

g/t Au and including 1.90m at 106.48 g/t Au

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/6489/198363_e11549d9f4ebbb37_003full.jpg

Kenorland Closes Exchange of 20% Joint Venture Interest in Frotet Project for 4.0% NSR

Royalty

Kenorland is also pleased to announce that, further to its press release dated January 16, 2024, it has

completed the exchange with Sumitomo of the Company's 20% participating interest in the Frotet

Project, located in Quebec, for a 4.0% net smelter return royalty (the "

Frotet Royalty

") on all minerals

extracted from the Project. As a result of the transaction, Sumitomo now owns 100% of the Project and

the joint venture agreement dated April 17, 2018 between the Company and Sumitomo is now

terminated.

As previously announced, the Frotet Royalty is subject to the following buy down rights in favour of

Sumitomo:

A 0.25% royalty interest may be purchased for a C$3,000,000 cash payment

to the

Company within five (5) years of the grant of the Frotet Royalty upon the closing of the transaction.

A 0.50% royalty interest may be purchased for a C$10,000,000 cash payment

to the

Company within ten (10) years of the grant of the Frotet Royalty upon the closing of the transaction,

provided Sumitomo has exercised the first buy down right.

In the event Sumitomo exercises the foregoing buy down rights, the Frotet Royalty would be reduced to

an

uncapped 3.25% net smelter return royalty

on all minerals extracted from the Project.

Kenorland will remain the operator of the Project for at least one year following the transaction to

facilitate a successful transition of operatorship to Sumitomo.

Exercise of Top-up Right with Sumitomo

The Company is also pleased to announce that further to its press release dated February 2, 2024, the

Company and Sumitomo, have completed the exercise of Sumitomo's 'top-up right' to retain its 10.1%

interest in the Company as granted within the investor rights agreement dated November 5, 2021.

An aggregate of 67,409 common shares were issued for aggregate consideration of $51,878. The

common shares issuable in the placement are subject to a statutory hold period in accordance with

applicable securities legislation and the rules and policies of the TSXV expiring on June 10, 2024.

As Sumitomo is the beneficial owner of more than 10% of Kenorland's outstanding shares, it is a

"related party" to the Company within the meaning of Multilateral Instrument 61-101-

Protection of

Minority Security Holders in Special Transaction

s ("MI 61-101"). As such, both transactions constituted

a "related party transaction" within the meaning of MI 61-101.

In both cases, the Company has relied upon on exemptions from formal valuation and the minority

shareholder approval requirements of MI 61-101 found in sections 5.5(a) and 5.7(1)(a) of MI 61-101 as

the fair market value of either transaction does not constitute more than the 25% of the Company's

market capitalization. In addition, in relation to the Frotet Royalty, the Company relied upon the

exemptions found in 5.5(d) and 5.7(1)(c) of MI 61-101 as the transaction was a purchase or sale, in the

ordinary course of the Company's business under an agreement that was approved by the board of

directors, the existence of which was generally disclosed.

Table 1. Table of assay results from the 2023 fall drill program

HOLE ID

From (m)

To (m)

Interval (m)

†

Au (g/t)

Ag (g/t)

Residual Au (g/t)

‡

23RDD174

47.50

54.30

6.80

0.80

0.97

And

445.00

448.75

3.75

1.46

2.27

0.92

Incl.

447.00

447.65

0.65

4.03

7.20

And

719.85

723.50

3.65

1.78

2.04

1.53

Incl.

722.50

722.80

0.30

4.65

4.40

And

981.00

984.70

3.70

2.14

2.49

1.10

Incl.

982.00

982.40

0.40

10.70

14.10

And

1059.40

1069.25

9.85

1.35

1.40

1.21

Incl.

1062.80

1063.45

0.65

3.33

2.50

23RDD175

113.50

122.50

9.00

1.80

1.28

1.30

Incl.

114.50

115.50

1.00

5.78

5.10

And

374.70

382.50

7.80

1.54

1.36

1.13

Incl.

379.30

380.00

0.70

5.76

4.50

And

628.28

632.00

3.72

1.51

0.83

And

653.70

671.35

17.65

4.59

7.88

2.03

Incl.

669.52

670.60

1.08

43.96

103.15

378.80

383.50

4.70

1.12

1.38

23RDD176

And

555.00

565.70

10.70

5.67

7.98

3.52

Incl.

559.20

561.20

2.00

14.99

24.61

23RDD177

268.60

271.59

2.99

5.61

6.63

1.49

Incl.

269.04

269.52

0.48

27.20

31.40

And

281.00

282.00

1.00

174.54

262.92

1.07

Incl.

281.30

281.60

0.30

579.30

873.00

And

592.50

603.81

11.31

6.89

6.43

2.40

Incl.

593.44

595.56

2.12

26.37

24.05

And

623.42

627.00

3.58

1.89

3.09

1.08

Incl.

626.24

627.00

0.76

4.92

9.10

23RDD178

40.00

44.80

4.80

1.49

0.75

0.86

Incl.

40.00

40.30

0.30

10.90

5.10

And

265.50

268.20

2.70

3.60

8.76

0.87

Incl.

265.50

266.00

0.50

15.60

41.00

And

282.00

282.40

0.40

62.10

129.40

23RDD179

1024.30

1031.35

7.05

0.77

2.57

And

1119.00

1121.60

2.60

2.32

2.05

1.44

Incl.

1119.50

1120.00

0.50

5.98

4.90

And

1188.50

1189.80

1.30

4.62

2.86

23RDD180

40.70

41.67

0.97

8.49

11.11

And

218.10

221.30

3.20

5.31

5.86

1.75

Incl.

219.20

220.40

1.20

11.23

13.11

23RDD181

138.30

146.70

8.40

0.63

0.81

And

190.00

197.52

7.52

3.08

4.93

1.61

Incl.

194.80

195.25

0.45

26.30

48.80

And

282.60

282.95

0.35

134.30

153.40

23RDD182

17.20

18.20

1.00

54.40

8.20

And

32.85

35.45

2.60

9.91

10.08

2.56

Incl.

34.85

35.45

0.60

34.40

33.90

And

107.00

107.55

0.55

17.60

10.80

And

341.65

343.50

1.85

8.40

10.92

1.00

Incl.

341.65

342.00

0.35

40.10

51.30

23RDD183

49.80

53.80

4.00

4.00

6.98

2.13

Incl.

52.65

53.15

0.50

17.10

39.40

And

331.90

332.24

0.34

34.40

41.10

And

344.70

347.00

2.30

7.85

11.86

1.07

Incl.

345.55

346.08

0.53

30.50

46.10

23RDD184

284.75

286.25

1.50

4.24

4.11

1.08

Incl.

285.95

286.25

0.30

16.90

15.40

23RDD185

177.00

180.50

3.50

3.84

5.18

1.07

Incl.

177.50

178.25

0.75

14.00

19.90

And

207.50

209.00

1.50

3.58

1.00

And

297.80

301.10

3.30

3.60

3.48

1.43

Incl.

297.80

298.40

0.60

13.40

12.60

And

313.80

318.15

4.35

1.69

1.81

1.48

Incl.

315.40

315.80

0.40

3.72

3.20

And

358.30

358.60

0.30

40.20

17.10

And

384.90

389.25

4.35

1.39

1.84

And

461.25

480.50

19.25

19.95

15.44

4.22

Incl.

463.40

465.90

2.50

47.58

42.04

And Incl.

478.30

480.20

1.90

106.48

61.99

And

590.80

598.50

7.70

4.84

5.43

2.71

Incl.

597.25

598.00

0.75

24.60

32.10

And

818.00

827.70

9.70

0.81

0.68

23RDD186

337.00

339.30

2.30

2.81

2.09

23RDD187

74.00

75.10

1.10

4.67

1.60

And

297.00

300.20

3.20

2.25

1.65

1.25

Incl.

297.00

297.44

0.44

8.51

5.30

And

371.50

380.45

8.95

6.34

8.09

3.65

Incl.

372.00

373.45

1.45

20.27

9.79

23RDD188

58.80

59.85

1.05

5.81

1.21

And

198.70

213.00

14.30

0.88

0.45

And

259.30

260.10

0.80

9.78

5.40

And

381.50

387.10

5.60

1.71

1.55

1.35

Incl.

386.50

387.10

0.60

4.64

2.70

And

402.00

414.00

12.00

1.81

1.92

1.31

Incl.

402.00

402.50

0.50

13.30

21.10

And

634.00

639.30

5.30

1.67

1.88

1.36

Incl.

638.80

639.30

0.50

4.58

4.10

And

854.40

864.00

9.60

1.06

1.49

0.74

Incl.

854.40

855.00

0.60

5.83

9.60

And

873.00

876.40

3.40

2.72

3.11

1.08

Incl.

874.40

874.90

0.50

12.20

15.00

23RDD189

254.50

256.00

1.50

3.68

0.60

And

314.70

318.00

3.30

1.67

0.54

0.79

Incl.

314.70

315.00

0.30

10.50

2.10

23RDD190

316.50

326.20

9.70

0.75

0.44

23RDD191

35.50

39.00

3.50

1.60

1.05

23RDD192

347.50

355.50

8.00

0.74

0.45

And

415.00

417.20

2.20

17.45

10.83

4.65

Incl.

415.80

416.10

0.30

98.50

42.10

And

644.00

645.00

1.00

7.32

9.06

And

662.30

663.80

1.50

9.41

10.87

1.32

Incl.

662.80

663.30

0.50

25.60

28.40

And

824.80

828.10

3.30

2.85

2.70

1.42

Incl.

827.30

828.10

0.80

7.32

6.52

23RDD193

173.65

176.40

2.75

10.99

5.17

2.41

Incl.

174.80

176.03

1.23

21.59

9.86

And

255.15

290.60

35.45

2.90

1.60

1.60

Incl.

270.50

272.20

1.70

15.52

6.43

And Incl.

281.80

282.50

0.70

33.80

16.00

And

298.25

301.45

3.20

1.84

0.79

And

325.00

332.50

7.50

1.24

0.80

And

335.50

341.40

5.90

0.91

0.77

†

Assay intervals reported are core lengths, true widths have not been determined

‡

Residual Au (g/t) represents the average grade of the drill hole interval excluding the highlighted internal interval

Table 2. Drill collar table of reported drill holes from the 2023 fall drill program

Hole ID

Easting

(NAD83)

Northing

(NAD83)

Elevation

(m)

Depth

(m)

Dip

Azimuth

23RDD174

519152

5620211

379

1149.00

-57

154

23RDD175

519232

5621016

377

735.00

-44

158

23RDD176

519232

5621016

377

771.00

-52

157

23RDD177

519191

5620916

376

852.00

-46

159

23RDD178

518654

5620002

378

342.00

-45

167

23RDD179

519553

5620158

380

1212.00

-63

161

23RDD180

518744

5619998

377

288.00

-44

170

23RDD181

518813

5620030

376

291.00

-45

164

23RDD182

518759

5620091

381

372.00

-45

167

23RDD183

518839

5620142

382

396.00

-45

162

23RDD184

518854

5620059

376

303.00

-44

158

23RDD185

519852

5621006

376

921.00

-61

162

23RDD186

519000

5620128

377

354.00

-54

154

23RDD187

520017

5621013

382

468.00

-47

330

23RDD188

519895

5621083

379

909.00

-63

159

23RDD189

520030

5621100

385

330.00

-47

335

23RDD190

520030

5621099

385

486.00

-64

338

23RDD191

519852

5621009

376

483.00

-47

324

23RDD192

519935

5621161

379

835.65

-63

161

23RDD193

519892

5621088

379

420.00

-50

320

About the Frotet Project

The Project covers 39,365 hectares of the Frotet-Evans greenstone belt within the Opatica geological

sub-province of Quebec. The property is adjacent to the past-producing Troilus Gold Corporation's Au-

Cu mine (9.23Moz Au indicated resource) and covers several major deformation zones associated with

known orogenic gold prospects, as well as stratigraphy hosting VMS deposits elsewhere in the belt.

Kenorland initially staked the Project in 2017 and then entered into a joint venture and earn-in agreement

with Sumitomo in 2018.

The Project hosts the Regnault gold system, a greenfields discovery made by Kenorland and Sumitomo

in 2020 following two years of systematic exploration. Since the initial discovery, Regnault has seen

extensive exploration, totaling 82,273 meters of drilling (193 drillholes).

On January 16, 2024, Kenorland announced that it had entered into a transaction to exchange its 20%

participating interest in the Frotet Joint Venture with Sumitomo Metal Mining, to a 4% NSR Royalty.

Kenorland will remain the operator of the Project for a minimum of one year from the closing of the

transaction.

On January 24, 2024, Kenorland announced a 17,600m winter drill program focusing on infill and step-

out targets along the R1, R5, R6 and R7 mineralised structures, as well as broad step-outs along the R4

structures in towards the north, and R9, R10, and R11 structures within the southern portions of the

deposit area.

The Project is located 100 kilometers to the north of Chibougamau, Quebec. Favorable infrastructure

exists in the Project area with an extensive forestry road network as well as the Route-du-Nord crossing

the southwestern portion of the property. A power transmission line also crosses through the property

which supplied power to the past producing Troilus mine.

Figure 4. Map of the Frotet Project and Royalty

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/6489/198363_e11549d9f4ebbb37_004full.jpg

*Technical Report and Mineral Resource Estimate on the Troilus Gold-Copper Project, Mineral Resources Effective Date: 02 October 2023

**The Frotet Royalty is subject to the following buy down rights in favour of Sumitomo:

A 0.25% royalty interest may be purchased for a C$3,000,000 cash payment to Kenorland within five (5) years of the grant of the Frotet Royalty

A 0.50% royalty interest may be purchased for a C$10,000,000 cash payment to Kenorland within ten (10) years of the grant of the Frotet Royalty

In the event Sumitomo exercises the foregoing buy down rights, the Frotet Royalty would be reduced to an uncapped 3.25% net smelter return royalty on

all minerals extracted from the Project

QA/QC and Core Sampling Protocols

All drill core samples were collected under the supervision of Kenorland employees. Drill core was

transported from the drill platform to the logging facility where it was logged, photographed, and split by

diamond saw prior to being sampled. Samples were then bagged, and blanks and certified reference

materials were inserted at regular intervals. Groups of samples were placed in large bags, sealed with

numbered tags in order to maintain a chain-of-custody, and transported from Chibougamau to Bureau

Veritas Commodities ("

BV

") laboratory in Timmins, Ontario.

Sample preparation and analytical work for this drill program were carried out by BV. Samples were

prepared for analysis according to BV method PRP70-250: individual samples were crushed to 2mm

(10 mesh) and a 250g split was pulverized to 75μm (200 mesh) for analysis and then assayed for gold.

Gold in samples were analyzed using BV method FA430 where a 30g split is analyzed with fire assay by

Pb collection and AAS finish. Over-limits gold samples were re-analyzed using BV method FA530

where a 30g split is analyzed with fire assay by Pb collection and gravimetric finish. Multi-element

geochemical analysis (45 elements) was performed on all samples using BV method MA200 where a

0.25g split is by multi-acid digest with ICP-MS/ES finish. All results passed the QA/QC screening at the

lab, all company inserted standards and blanks returned results that were within acceptable limits.

Qualified Person

Cédric Mayer, M.Sc., P.Geo. (OGQ #02385), "Qualified Person" under National Instrument 43-101, has

reviewed and approved the scientific and technical information in this press release.

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