Kenorland Minerals Ltd. and Sumitomo Metal Mining Canada Ltd. Announce Additional 2021 Exploration Budget
VANCOUVER, April 14, 2021 - Kenorland Minerals Ltd. (TSXV: KLD) (FSE: 3WQ0) ("Kenorland" or "the Company") and Sumitomo Metal Mining Canada Ltd. ("SMMCL") are pleased to announce plans for additional exploration on the Frotet Project, Quebec ("the Project").
Summer 2021 Exploration Budget
An additional C$6,600,000 exploration budget has been approved by the Frotet Management Committee for continued exploration during the summer months at the Frotet Project, located in northern Quebec. The majority of the budget will be allocated to diamond drilling at the Regnault discovery, in addition to surface exploration on other target areas within the 39,365 hectare property. Upon completion of the current drill program, it is anticipated that SMMCL will meet its expenditure requirements to earn an additional 15% interest (for a total of 80%) in the Project. The announced additional budget will be funded pro-rata, with Kenorland contributing 20% of the total exploration expenditures. Kenorland will remain operator of the joint venture throughout the next phase of exploration.
Regnault Exploration Update
The current 9,000m drill program is well underway with approximately 5742m completed to date, including 22 of the planned 32 drill holes. 4680m of core samples have been shipped to Bureau Veritas (BV) labs with the first batch of results expected around mid-May. Initial drilling was focussed on the "Discovery Area" following up on known mineralized structures identified in early 2020 during the discovery drill program. Current drilling is focussed along strike and to the south of the Discovery Area testing additional regional targets within the Regnault trend. The previously announced 3D induced polarization (IP) survey, covering the entire five-kilometer trend, has now been completed and the remaining drill targets for the current program have been finalized.
Zach Flood, President and CEO states, "We are very excited to continue our exploration efforts at the Frotet Project, and in particular Regnault, as we, along with our partners at Sumitomo Metal Mining develop our understanding of this significant gold discovery. We're encouraged enough by what we are seeing in the current drilling to commit to further substantial exploration this summer. With the first batches of samples now at the lab, we anticipate initial drill results to be announced in late May."
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 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 owned 65% SMMCL and 35% Kenorland. SMMCL has the option to earn an additional 15% (80% total) by funding an additional C$4 million before October 1st, 2021. Once a joint venture is formed, any party which is diluted below a 10% interest will convert their interest to a 2% uncapped net smelter royalty.
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 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.
President and CEO
Tel: +1 604 363 1779
Kenorland Minerals Ltd.
Executive Vice President, Exploration
Tel: +1 778 322 8705
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.