VANCOUVER, BC, April 21, 2021 /CNW/ - Kenorland Minerals
Ltd. (TSXV: KLD) (FSE: 3WQ0) ("Kenorland" or
"the Company") is pleased to announce plans for surface
exploration during the 2021 summer field season at the 161,025
hectare Chebistuan Project ("the Project"), located in the
northern Abitibi greenstone belt of Quebec.
The 2021 follow-up surface work will include approximately 800
infill B-horizon soil samples (glacial till substrate) along with
220 C-horizon till samples which will be analyzed for gold grain
counts. Sampling will be carried out within 15 areas of
interest (AOIs), covering broad multi-element geochemical anomalies
that the company identified from its property-wide regional till
sampling program carried out in the fall of 2020. The company
also plans to carry out additional first-pass regional till
sampling (1240 B-horizon soil
samples) covering an additional 35,000 hectares of ground staked in
October 2020. The approximate budget for the planned surface
program is C$400,000. The
exploration will be funded by Newmont Corporation ("Newmont") under
an Exploration Agreement with Venture Option ("Agreement"),
described below, while Kenorland remains the operator of the
project.
Figure 1. Chebistuan Project Geology, Sample Locations and
Areas of Interest
About the Chebistuan Project
The Project consists of 3,000 claims (161,025 ha) owned 100% by
Kenorland. The property covers approximately 100 kilometers of a
major east-west trending deformation zone which may represent the
continuation of the Sunday Lake Deformation Zone, hosting major
gold deposits such as Detour Lake (Kirkland Lake Gold Ltd.) and
Fenelon (Wallbridge Mining Company Ltd.). The Chibougamau and Chapais mining camps, which have produced over
6.5 Moz of gold and 1.6 billion pounds of copper historically, are
located directly to the east of the Chebistuan property. The
project is largely covered with glacial till and is accessed by a
large network of logging roads as well as helicopter.
Figure 2. Chebistuan Project Location
The Project is currently under an Exploration Agreement with
Venture Option with Newmont. The Agreement provides an option for a
two-phased exploration earn-in over 3 years, where Newmont can earn
a 51% interest in the Chebistuan Project through certain
exploration expenditures and cash payments to Kenorland. The
initial phase of the agreement consists of a property- wide
geochemical sampling program, target definition and
testing. Newmont then has the option to earn an additional
29% interest for a cumulative 80% interest (phase two earn-in) in
the Chebistuan Project over 6 years by completing a 43-101
compliant pre-feasibility study on a minimum 1.5 Moz Au resource as well as meeting certain cash
payments to Kenorland. The parties may continue to explore
and develop the property through an 80% Newmont, 20% Kenorland
joint venture or, in the case of a construction decision, Kenorland
can elect for Newmont to finance its portion of mine development
cost. If Newmont elects not to continue with the phase two
earn in, then ownership interest in the project will switch to 51%
Kenorland and 49% Newmont.
Zach Flood, President and CEO of
Kenorland states, "We're looking forward to getting back on the
ground this summer at Chebistuan as we continue working with
Newmont to advance this extensive greenfield exploration
project. This property covers a vast amount of prospective
geology, including over 100 kilometers of strike along a major
deformation zone, most of which is concealed below glacial till and
largely under-explored. In terms of exploration strategy, we're
applying the same approach that we took in the Frotet-Evans
greenstone belt, which led to the significant gold discovery made
at Regnault in 2020."
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 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.
Zach Flood
President and CEO
Tel: +1 604 363 1779
zach@kenorlandminerals.com
Kenorland Minerals Ltd.
Francis MacDonald
Executive Vice President, Exploration
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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SOURCE Kenorland Minerals Ltd.