Vancouver, British Columbia--(Newsfile Corp. - April 4, 2022) - Kenorland Minerals Ltd. (TSXV: KLD) (OTCQX: NWRCF) (FSE: 3WQ0) ("Kenorland" or "the Company") is pleased to announce the commencement of drilling at the Chicobi Project (the "Project"), located in the Abitibi greenstone belt of Quebec and held under an earn-in option to joint venture agreement with Sumitomo Metal Mining Canada Limited ("SMMCL"). This maiden diamond drill program will consist of approximately 2,000 meters over 4 holes, testing a coherent gold and multi-element till anomaly (Target B) of approximately 1.5km x 3km in extent. The drill program is scheduled to last approximately three weeks and will be completed near the middle of April.
Zach Flood, CEO of Kenorland states, "We're very excited to begin drilling at Chicobi with our partner SMMCL. Target B is a completely greenfields target generated from multiple campaigns of systematic geochemical sampling beneath extensive glacial cover in the central Abitibi. This environment is a challenge to explore however represents the frontier of exploration in one of the world's most productive mineral provinces."
Figure 1. Plan map of Chicobi Project and target area
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Advanced Exploration Targets
The target area lies within the Abitibi Clay Belt where glaciolacustrine clay deposits overly glacial till inhibiting traditional surficial geochemical exploration. Between 2019 and 2021 a multi-phase targeting strategy of three successive sonic drilling campaigns has targeted the glacial till dispersal signatures below the clays allowing for the systematic evaluation of the prospective Archaean bedrock geology. Several gold-in-till anomalies were identified across the property in fine fraction assays, heavy mineral concentrate (HMC) assays, and gold grain counts. (see press release dated October 6, 2021).
Target B returned a coherent gold-in-till anomaly coincident with elevated Cu, Ag, As and Sb values. Top of bedrock observations from the sonic drilling campaign combined with geophysical interpretations have indicated a major contact between sedimentary rocks including iron formation and sericite-chloritoid altered mafic volcanic rocks. Drone based aeromagnetic and ground based induced polarization (IP) and electromagnetic (EM) geophysical surveys performed at Target B in November and December of 2021 have identified areas of strong chargeability and conductivity coincident and adjacent to a prominent jog in strongly magnetic sedimentary stratigraphy. An initial drill test totalling 2,000m of drilling along one fence is currently underway to test the strongest of the geochemical anomalism. The fence is designed to cross all favourable stratigraphic horizons and elevated chargeability, magnetic and conductive geophysical responses.
Figure 2. Drill set-up at Target B
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About the Chicobi Project
The Chicobi Project covers 51,257 hectares and over 45 kilometers of strike along the Chicobi Deformation Zone (CDZ), a major, yet under-explored structural break transecting the Abitibi greenstone belt of Ontario and Quebec. Along the strike length of the Project, the CDZ is marked by the juxtaposition of a large sedimentary basin and volcanic packages, and "Timiskaming-type" late-basin polymictic conglomerates. The CDZ is analogous to the other major breaks that host world-class Au deposits of the Abitibi, such as the Cadillac-Larder Lake, Casa-Berardi, and Sunday Lake - Lower Detour deformation zones, and has the potential to host significant orogenic gold and VMS mineralisation.
The Chicobi Project is held under an earn-in option to joint venture agreement with Sumitomo Metal Mining Canada Limited (SMMCL) where SMMCL has an option to earn up to 51% interest by funding C$4.9 million in exploration expenditures. SMMCL then has the option to earn an additional 19% by funding an additional C$10 million in exploration expenditures within three years of the initial vesting period. Kenorland would then retain a 30% participating interest. If either party is diluted below 10% their interest would convert to a 2% uncapped NSR.
Figure 3. Location map of Chicobi Project
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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. (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
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.
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