Kenorland Announces Termination of Joint Venture Exploration Agreement at the Chicobi Project, Quebec

Rhea-AI Summary

Kenorland Minerals (TSXV: KLD) (OTCQX: KLDCF) announces that Sumitomo Metal Mining Canada has decided to withdraw from their Joint Venture Exploration Agreement at the Chicobi Project in Quebec. The agreement, which was established on February 15, 2019, will terminate on December 6, 2024. Following this termination, Sumitomo will transfer its participating interest to Kenorland, resulting in Kenorland obtaining 100% ownership of the Project.

Positive

• Kenorland gains 100% ownership of the Chicobi Project

Negative

• Loss of strategic partnership with Sumitomo Metal Mining Canada
• Loss of joint venture funding for project exploration

Vancouver, British Columbia--(Newsfile Corp. - November 18, 2024) - Kenorland Minerals Ltd. (TSXV: KLD) (OTCQX: KLDCF) (FSE: 3WQ0) ("Kenorland" or the "Company") announces that Sumitomo Metal Mining Canada Ltd. ("Sumitomo") has elected to withdraw from the Earn-in and Joint Venture Exploration Agreement dated February 15, 2019 ("JVEA"), for the Chicobi Project (the "Project"), located in Quebec. The termination of the JVEA is effective December 6, 2024 and Sumitomo will transfer its participating interest in the Project to Kenorland, resulting in Kenorland owning 100% of the Project.

About the Chicobi Project

Figure 1. Location Map of the Chicobi Project

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6489/230231_301877e824358b23_001full.jpg

*Effective December 6, 2024

The Chicobi Project covers 48,109 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 Company completed a phase of sonic overburden drilling, including 66 sonic drillholes in early February 2024. This program was a continuation to the 55 sonic drillholes completed in 2023, for a total of 121 infill sonic holes completed along the Roch-Can trend, an alteration corridor 17 kilometers in strike length along the major volcanic-clastic sedimentary basin contact within the Chicobi Deformation Zone. The trend is composed of strong sericite-carbonate-silica ± fuchsite-chloritoid alteration associated with a massive to semi-massive sulphide-quartz breccia zone within mafic volcanic-felsic volcanic-clastic sedimentary rock stratigraphy.

Qualified Person

Cédric Mayer, M.Sc., P.Geo. (OGQ #02385), "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 well-financed mineral exploration company focused on project generation and early-stage exploration in North America. Kenorland's exploration strategy is to advance greenfields projects through systematic, property-wide, phased exploration surveys financed primarily through exploration partnerships including option to joint venture agreements. Kenorland holds a 4% net smelter return royalty on the Frotet Project in Quebec which is owned by Sumitomo Metal Mining Canada Ltd. The Frotet Project hosts the Regnault gold system, a greenfields discovery made by Kenorland and Sumitomo Metal Mining Canada Ltd. in 2020. Kenorland is based in Vancouver, British Columbia, Canada.

Further information can be found on the Company's website www.kenorlandminerals.com

On behalf of the Board of Directors,

Zach Flood
President, CEO & Director

For further information, please contact:

Alex Muir, CFA
Investor Relations Manager
Tel +1 604 568 6005
info@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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/230231

FAQ

When will Sumitomo's withdrawal from Kenorland's Chicobi Project (KLDCF) become effective?

Sumitomo's withdrawal from the Chicobi Project will become effective on December 6, 2024.

What percentage of the Chicobi Project will Kenorland (KLDCF) own after Sumitomo's withdrawal?

After Sumitomo's withdrawal, Kenorland will own 100% of the Chicobi Project.

When was the original Joint Venture Exploration Agreement for the Chicobi Project (KLDCF) signed?

The Joint Venture Exploration Agreement was signed on February 15, 2019.