VANCOUVER, BC, April 30, 2021 /CNW/ - Kenorland Minerals
Ltd. (TSXV: KLD) (FSE: 3WQ0) ("Kenorland" or
"the Company") is pleased to announce that is has acquired,
through staking, 65,657 hectares of mineral claims within the
Birch-Uchi Greenstone Belt, in the Red
Lake district of Northwestern
Ontario. In addition, Kenorland has entered into an option
agreement, dated April 29, 2021, (the
"Option Agreement") with a private Ontario company pursuant to which Kenorland
has been granted the sole and exclusive option (the
"Option") to acquire a 100% interest in the Curie Lake and
Root Lake West properties (the "Properties"). The staked and
optioned claims combine for a total of 76,511 hectares and are
referred to as Kenorland's South Uchi Project ("the
Project").
About the South Uchi Project
The Project covers a portion of Confederation Assemblage
volcanic rocks, as well as the boundary between the
volcanic-dominated Uchi subprovince to the north and the
sedimentary-dominated English River subprovince to the
south. Multiple major east-west striking shear zones
associated with the subprovince boundary transect the Project along
its 90km strike-length. Deformation associated with these
structures has resulted in zones of strong shearing, alteration and
complex folded geometries of the metavolcanic-clastic
metasedimentary-iron formation stratigraphy, which are favorable
settings for orogenic gold mineralization.
The majority of gold deposits in the Red Lake District (Red Lake, Madsen, Hasaga, and others) are located on the
northern margin of the Confederation Assemblage, however, the
recent discoveries such as the LP Fault on the Dixie Project by
Great Bear Resources Ltd. highlight the prospectivity of the entire
Confederation Assemblage along the southern margin of the Uchi
subprovince.
In addition to the gold prospectivity, the Project meets many of
the criteria for potential lithium pegmatite deposits, including
the presence of the large Alison
Lake batholith (a fertile peraluminous granite), which is
partly covered by the project. Numerous lithium pegmatite
occurrences are located in the region, including the McCombe
deposit (Ardiden Ltd.) located immediately to the east of the
Project.
"The South Uchi Project is an excellent addition to our
pipeline of greenfields exploration assets," said Zach Flood, President and CEO of Kenorland. "The
project meets all of the criteria we look for, including an
extensive amount of prospective geology concealed by glacial till,
vastly under-explored, and favourable access and
infrastructure. Our plan is to carry out a large-scale
systematic geochemical survey over the entire property this
summer. This approach has worked very well for us in
Quebec and we will apply a similar
methodology here in the Birch-Uchi belt."
Option Agreement
In order to exercise the Option, Kenorland will make aggregate
cash payments of $175,000 and issue
common shares with an aggregate value of $175,000 over a two-year period from the date of
the option agreement. Upon the exercise of the option, Kenorland
will also grant to the optionor a 2% net smelter return royalty on
the Property, of which ½ (1%) may be purchased by Kenorland at any
time for an aggregate payment of $1,000,000 which may be paid in cash or through
the issuance of common shares of Kenorland, at the discretion of
the optionor.
All common shares of Kenorland issuable pursuant to the Option
Agreement will have a deemed issuance price equivalent to the 20
day volume-weighted average trading price of Kenorland's shares,
for the period immediately prior to the date on which such common
shares are due, subject to a floor price of $0.70 per share. The shares will also be
subject to a four month and one day resale restriction from the
date of their issuance.
The Option Agreement remains subject to the approval of the TSX
Venture Exchange.
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 where
work is being completed under an earn-in agreement from third
parties. The Frotet and Chicobi Projects, which are both located in
Quebec, Canada, are optioned to
Sumitomo Metal Mining Canada Ltd. and the Chebistuan Project, also
located in Quebec, 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
zach@kenorlandminerals.com
Kenorland Minerals Ltd.
Francis
MacDonald
Executive Vice President
Tel: +1 778 322 8705
francis@kenorlandminerals.com
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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SOURCE Kenorland Minerals Ltd.