Kenorland Minerals Provides Corporate Update
Vancouver, British Columbia--(Newsfile Corp. - February 15, 2022) - Kenorland Minerals Ltd. (TSXV: KLD) (OTCQX: NWRCF) (FSE: 3WQ0) ("Kenorland" or "the Company") is pleased to provide an update on its ongoing exploration activities across North America as well as announce executive management changes and granting of incentive options.
Kenorland looks forward to a very active year of exploration in 2022 with multiple projects located in Quebec, Ontario, Manitoba and Alaska being advanced through the exploration pipeline. The Company is well funded to carry out its anticipated 2022 exploration activities having approximately CAD$8.2 million in working capital at the beginning of January 2022.
Figure 1. Kenorland Minerals North American Project Locations
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Eastern Canada Exploration Update
Frotet Project, Quebec (Joint Venture with Sumitomo Metal Mining Co., Ltd): At the Regnault gold discovery, a 10,000m diamond drill program is underway targeting step-outs along strike and down dip of the R1 and R2 trends as well as targeting additional gold bearing structures within the Regnault area (see press release dated January 12, 2022). The drill program represents the final phase of exploration within the fiscal 2021 budget set in March of last year. The Company expects to announce the fiscal 2022 jointly-funded exploration program and budget later in the first quarter. In addition, complete results from the remaining 7,968m of drilling, including 25 holes from the 17,792m drill program concluded in October 2021 are expected to the be received and reported during the first quarter.
Chicobi Project, Quebec (Optioned to Sumitomo Metal Mining Co., Ltd.): The Company recently completed detailed UAV magnetic, induced polarization (IP), and electromagnetic (EM) geophysical surveys at "Target B", a coherent multi-element geochemical glacial till anomaly, within the Chicobi Project (see press release dated October 6, 2021). The Company plans to carry out a 2,500m maiden diamond drill program beginning in March at Target B. This drill program will conclude the fiscal 2021 budget approved by SMMCL. The fiscal 2022 partner-funded exploration program and budget is anticipated to be announced later in the first quarter.
Chebistuan Project, Quebec (Optioned to Newmont Corporation): The Company recently completed a high resolution heli-magnetic survey and is currently carrying out an induced polarization (IP) survey at "Deux Orignaux", a coherent multielement geochemical glacial till anomaly identified last year following two phases of regional exploration, which covered the entire 161,025-hectare property (see press release dated October 20, 2021). The company is awaiting assays from the boulder prospecting and bulk (10kg) till sampling surveys carried out last fall within the same target area. The 2022 partner-funded exploration program and budget is expected to be announced later in the first quarter.
Hunter Project, Quebec (Optioned to Centerra Gold Inc.): The Hunter Project was recently optioned to Centerra Gold Inc. (TSX: CG and NYSE: CGAU) (see press release dated January 24, 2022). The 2022 partner-funded exploration program and budget are anticipated to be announced in the coming weeks.
South Uchi Project, Ontario (Optioned to Barrick Gold Corp.): In 2021, a property-wide regional till sampling program was completed including a total of 1,904 samples collected, covering the 65,657-hectare South Uchi Project in the Red Lake Mining district of Ontario. The company expects to announce the 2022 partner-funded exploration program and budget within the first or second quarter.
Alaska Exploration Update
Healy Project, Alaska (Joint Venture with Newmont Corporation): In 2021, the Company completed 5,200 meters of diamond drilling including 15 holes testing the Bronk, Thor and Spike target areas associated with an extensive gold system in the Goodpaster District of Alaska. In addition to the drill program, high-powered induced polarization (IP) and magnetotellurics (MT) geophysical surveys were completed transecting the three target areas. The company is awaiting final assays from the drill program concluded in September 2021 and expects to announce results within the first quarter.
The Company would also like to announce that it has completed its Phase 1 Earn-in minimum work expenditures of US$4m for which it has earned a 70% interest in the Healy Project. Joint funding has commenced whereby Kenorland and Newmont are participating on a pro-rata basis of 70% and 30%, respectively.
Tanacross Project, Alaska (100% owned): In 2021 the Company completed an extensive soil geochemical and mapping survey covering East Taurus, West Taurus, South Taurus and Big Creek prospects. A total of 1,870 soil samples were collected for which complete assays have recently been received. Detailed UAV magnetic surveys, consisting of over 600 line-kilometers were flown over the same target areas and IP and MT surveys were completed over the South Taurus target area. Results from these surveys along with the 2022 exploration program is anticipated to be announced in the near future once final compilation and targeting have been completed.
The company has recently applied for additional Mineral Exploration Licenses to add to its growing portfolio of early-stage exploration projects in the province of Manitoba, with a commodity focus on nickel and gold.
Executive Management Changes
The Company announces that it has appointed Francis MacDonald as President along with Scott Smits as Vice President of Exploration, and Janek Wozniewski as Vice President of Operations.
Mr. MacDonald is a co-founder of Kenorland and has been with the company since its formation in 2016 as Executive Vice President of Exploration. He is an exploration geologist who has spent much of his career with Newmont Corporation managing grassroots exploration projects in North America, West Africa, and East Africa.
Mr. Smits is a co-founder of Kenorland and has been with the company since 2016 as Chief Geologist. His most recent role prior to joining Kenorland was Senior Geologist within Newmont Corporation's Exploration Development Group conducting project generation and evaluations in North America.
Mr. Wozniewski joined the Company in 2019 as Exploration Manager and has been an integral part of the team managing Kenorland's exploration operations across North America. Prior to joining Kenorland, Mr. Wozniewski had been consulting to numerous resource and energy companies focusing on program planning and project management.
The Company announces that it has granted options to directors, officers, and employees to acquire a total of 1,375,000 common shares of the Company at the exercise price of $0.70 per share for a period of 5 years. The options vest 25% immediately followed by 25% every 6 months thereafter.
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. (TSXV: 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.
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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