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
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 km2 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
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.
