Kenorland Announces the Commencement of Drilling along with 2022 Exploration Budget at the Frotet Project
May 3, 2022
Vancouver, British Columbia, May 03, 2022 – Kenorland Minerals Ltd. (TSXV:KLD) (OTCQX:NWRCF) (FSE:3WQ0) (“Kenorland” or “the Company”) is pleased to announce the commencement of drilling in addition to the 2022 exploration budget at the Frotet Project, (“the Project”), located in northern Quebec and held under joint venture (“the Joint Venture”) with Sumitomo Metal Mining Canada Ltd. (“SMMCL”).
Fiscal 2022 Exploration Budget
A total exploration budget of C$12.5 million has been approved by the Joint Venture for continued exploration over the next twelve months. Work will include up to 40,000 meters of drilling carried out over two phases: a summer campaign from April to July of 2022, and a winter campaign from January to April of 2023.
Summer 2022 Drill Campaign Has Commenced
The 2022 Summer drill program has commenced and will include up to 14,500 meters of diamond drilling, of which approximately 12,000 meters will be allocated towards the Regnault discovery, and up to 2,500 meters will be designated for regional exploration. This program follows the recently completed 10,880 meter winter drill program (see press release dated March 28, 2022). The Company expects assays from the Winter 2022 program to be announced during the second quarter.
Figure 1. Plan map of Regnault drilling (reported, assays pending, and proposed)
Zach Flood, CEO of Kenorland Minerals states, “As we begin this next phase of exploration it is important to recognize that within two years, we have taken Regnault from a blind greenfields discovery to over 45,000 meters of drilling to date, confirming a gold system of exceptional quality and scale. Although we have made incredible progress, it is still early days as the discovery unfolds.”
Regnault Summer 2022 Drill Program
Approximately 60% of the proposed drilling will be allocated for step-out drilling along the R1, R5, and newly discovered veins (see press release dated March 28, 2022). Six drill holes are planned to significantly expand these vein systems towards the east at depth targeting plunges within the interpreted east dipping Regnault diorite. An additional 6 drill holes are designed for broad-spaced step-outs towards the west along the R5 and recently discovered veins. Up to 25% of the proposed program will be assigned towards step-outs along the other known vein systems including the R2, R3 and R4 Trends. The remaining 15% of the proposed drill program will be allocated for exploration of additional mineralised structures to the south of known vein systems within the Regnault discovery area.
To date a total of 45,086 meters have been drilled at Regnault since the initial discovery drill program in early 2020. The project is currently operated by Kenorland Minerals Ltd. and exploration is co-funded with joint venture partner, Sumitomo Metal Mining Canada Ltd.
Frotet Regional Summer 2022 Drill Program
Approximately 2,500 meters of diamond drilling is planned for a first pass drill program at the Company’s Cressida target, located within the northwestern portion of the 39,365 hectare property. The Cressida target is located directly along strike and within the main mineralised corridor hosting the former producing Troilus Gold Mine, currently being explored by Troilus Gold Corp. An ongoing ground induced polarization (IP) survey is expected to be completed mid-May to help refine drill targets. The Cressida target is located between and along strike of Troilus Gold’s Southwest Zone (2.5km to the northeast) and their recently discovered Beyan Gold Zone (3km to the southwest).
About the Frotet Project
The Frotet Project was first identified by Kenorland in 2017 after completing a regional prospectivity study over the Abitibi and Frotet-Evans Greenstone Belts of Quebec. The initial 55,921 ha property was acquired through map staking in March, 2017 and optioned to Sumitomo Metal Mining Canada Ltd. (“SMMCL”), a wholly owned subsidiary of Sumitomo Metal Mining Co., Ltd. in April, 2018. Two years of property-wide systematic till sampling led to a maiden drill program in 2020 which resulted in a significant grassroots discovery at the prospect now named Regnault. The project is currently under the Joint Venture agreement between SMMCL and Kenorland Minerals Ltd., with interests being held at 80% and 20% respectively. Under the Joint Venture, exploration is funded pro-rata and Kenorland is presently the operator of the project. Any party which does not contribute and is diluted below a 10% interest, converts its interest to an 2% uncapped net smelter royalty.
Figure 2. Map of Frotet Project showing regional till sampling geochemical results
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 four 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 Co., Ltd., the Chicobi Project is optioned to Sumitomo Metal Mining Co., Ltd., the Chebistuan Project is optioned to Newmont Corporation, and the Hunter Project is optioned to Centerra Gold Inc. In Ontario, the Company holds the South Uchi Project under an earn-in agreement with a wholly owned subsidiary of Barrick Gold Corporation. In Alaska, USA, the Company owns 100% of the advanced stage Tanacross porphyry Cu-Au-Mo project as well as a 70% interest in the Healy Project, held under joint venture with Newmont Corporation.
Further information can be found on the Company’s website www.kenorlandminerals.com
Kenorland Minerals Ltd.
Zach Flood
CEO, Director
Tel: +1 604 363 1779
zach@kenorlandminerals.com
Kenorland Minerals Ltd.
Francis MacDonald
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.
