Kenorland Announces 2021 Summer Exploration Program at the Chebistuan Project, Quebec
VANCOUVER, April 21, 2021 - Kenorland Minerals Ltd. (TSXV: KLD) (FSE: 3WQ0) ("Kenorland" or "the Company") is pleased to announce plans for surface exploration during the 2021 summer field season at the 161,025 hectare Chebistuan Project ("the Project"), located in the northern Abitibi greenstone belt of Quebec.
The 2021 follow-up surface work will include approximately 800 infill B-horizon soil samples (glacial till substrate) along with 220 C-horizon till samples which will be analyzed for gold grain counts. Sampling will be carried out within 15 areas of interest (AOIs), covering broad multi-element geochemical anomalies that the company identified from its property-wide regional till sampling program carried out in the fall of 2020. The company also plans to carry out additional first-pass regional till sampling (1240 B-horizon soil samples) covering an additional 35,000 hectares of ground staked in October 2020. The approximate budget for the planned surface program is C$400,000. The exploration will be funded by Newmont Corporation ("Newmont") under an Exploration Agreement with Venture Option ("Agreement"), described below, while Kenorland remains the operator of the project.
Figure 1. Chebistuan Project Geology, Sample Locations and Areas of Interest
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.
Figure 2. Chebistuan Project Location
The Project is currently under an Exploration Agreement with Venture Option with Newmont. 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.
Zach Flood, President and CEO of Kenorland states, "We're looking forward to getting back on the ground this summer at Chebistuan as we continue working with Newmont to advance this extensive greenfield exploration project. This property covers a vast amount of prospective geology, including over 100 kilometers of strike along a major deformation zone, most of which is concealed below glacial till and largely under-explored. In terms of exploration strategy, we're applying the same approach that we took in the Frotet-Evans greenstone belt, which led to the significant gold discovery made at Regnault in 2020."
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, Exploration
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.