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.
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 1st
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.
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.
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
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.
