Vancouver, British Columbia, April 26, 2023 – Kenorland Minerals Ltd. (TSXV: KLD) (OTCQX: KLDCF) (FSE: 3WQ0) (“Kenorland” or the “Company”) is pleased to announce the 2023 exploration program and budget at the Tanacross Project (the “Project”), located in eastern Alaska and held under an earn-in agreement with Antofagasta Minerals S.A. (“Antofagasta”), a wholly-owned subsidiary of Antofagasta PLC (LSE: ANTO).
2023 Summer Drill Program and Budget
The summer drill program, operated by Kenorland, will include up to 4,500m of diamond drilling to test three primary target areas: East Taurus, West Taurus, and South Taurus. The approved 2023 budget for the drill program is approximately US$3.8 million and will be carried out from June through August.
This drill program follows the surface work completed last summer, including the collection of 800 infill soil samples along with detailed IP and MT surveys covering the West Taurus-McCord Creek-East Taurus trend, as well as detailed ELF (EM) and ground gravity surveys over the South Taurus anomaly.
Figure 1. Plan map of target areas and proposed drillhole locations
Agreement Terms with Antofagasta
Antofagasta can earn a 70% interest in Tanacross by making cash payments in an aggregate amount of US$1,000,000 plus a success payment of US$4,000,000 upon exercise of the option and spending of US$30,000,000 on exploration over eight years, with a firm commitment to spend US$1,000,000 in year one, and delivering a preliminary economic assessment supported by a technical report defined in NI 43-101. During the option period, Antofagasta will fund all exploration and Kenorland will be the initial operator.
Once Antofagasta has earned its 70% interest, Kenorland and Antofagasta will form a 30:70 joint venture. If either party’s interest in the joint venture falls below 10%, that party’s interest will be converted to a 2% NSR, one quarter of which can be purchased by the other party for US$2,000,000.
Figure 2. Location Map of the Tanacross Project
About the Tanacross Project
The Tanacross Project covers 45,000 hectares of Alaska state-owned land, approximately 70 kilometers northeast of Tok, along the Alaska Highway. The Project hosts a cluster of late Cretaceous (68-73Ma) porphyry copper (+/- gold, molybdenum) occurrences including East Taurus, West Taurus, and Bluff. This age of mineralisation is similar to the giant Casino porphyry copper system (Western Copper and Gold Corp., TSE: WRN), which is located 140 kilometers to the south-east in Yukon Territory, Canada as well as the Tetlin Au Skarn system (Contango Ore Inc., NYSE-A: CTGO), located 70 kilometers to the south-west of the Tanacross Project. The Project has seen a total of 17,076m of drilling in over 67 drill holes, since the initial discovery of East Taurus in 1971 by Duval Corporation. Multiple drill campaigns have been carried out by nine different companies including the most recent drill program in 2019 when the property was held under option to Freeport-McMoRan. The best historical results from the Project include drilling at East Taurus, where 08DDH040 intersected 232.56m at 0.31 % Cu, 0.25 g/t Au, 0.036% Mo.
Qualified Person
Janek Wozniewski, B. Sc., P. Geo., OGQ (#2239), “Qualified Person” under National Instrument 43-101, has reviewed and approved the scientific and technical information in this press release.
About Kenorland Minerals Ltd.
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 five projects in Quebec where work is being completed under joint venture and earn-in agreements from third parties. The Frotet Project and Chicobi Project are held under joint venture with Sumitomo, the O’Sullivan Project is optioned to Sumitomo, the Chebistuan Project is optioned to Newmont Corporation and the Hunter Project is held under option to Centerra Gold Inc. In Alaska, the Company holds the advanced stage Tanacross porphyry Cu-Au-Mo project, optioned to Antofagasta, 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
President, CEO and Director
Tel: +1 604 363 1779
zach@kenorlandminerals.com
Scott Smits
Vice President of Exploration
Tel: +1 250 686 8135
scott@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.
