Kenorland Minerals Announces Termination of Tanacross Project Earn-in Agreement with Antofagasta PLC and Highlights Exploration Upside at South Taurus

Rhea-AI Summary

Kenorland Minerals announces the termination of the earn-in option agreement with Antofagasta PLC, making Kenorland the 100% owner of the Tanacross Project in Alaska. The Company plans to focus on untested drill targets, particularly South Taurus, showing strong evidence of a concealed copper system. Exploration activities have highlighted significant geophysical anomalies and widespread soil anomalism, indicating potential mineralization. Kenorland is actively seeking partnership opportunities for future drill programs.

Vancouver, British Columbia--(Newsfile Corp. - March 28, 2024) - Kenorland Minerals Ltd. (TSXV: KLD) (OTCQX: KLDCF) (FSE: 3WQ0) ("Kenorland" or the "Company") announces that Antofagasta PLC ("Antofagasta") has terminated the Tanacross earn-in option to joint venture agreement dated July 19, 2022 (the "Option Agreement") and Kenorland remains the 100% owner of the Tanacross Project (the "Project"), located in Eastern Alaska, USA.

Zach Flood, President and CEO states, "We greatly appreciate the efforts made by Antofagasta to advance the Tanacross Project with us over the last two years. During that period, we have refined a number of new drill targets generated from additional geophysical and geochemical surveys, some of these targets remain completely untested. The drill program last summer was focused on East Taurus and West Taurus, which are the known mineralised porphyry centers where the majority of historical drilling has occurred. Kenorland's focus moving forward will be targets which remain completely untested, including South Taurus, which shows strong evidence for a concealed copper system."

Figure 1. Magnetics (left) and ZTEM conductivity with magnetic contours (right)

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South Taurus Exploration Target

The South Taurus target was initially identified from a property-wide audio-frequency magnetic technique (AFMAG) ZTEM survey flown in 2018. The survey highlighted a large-scale magnetic and highly conductive geophysical anomaly a few kilometres to the south of the known porphyry Cu-Au-Mo-Ag and Mo systems at East Taurus and West Taurus, respectively. In 2020, the Company completed a systematic soil geochemical grid covering South Taurus as well as East Taurus, West Taurus, and McCord Creek targets. The Company also completed a TITAN induced polarisation (IP) and magnetotellurics (MT) survey extending 5km across the South Taurus anomaly. This survey imaged a large and discrete near surface conductivity anomaly that also extends to the depth extent of the survey, over 5km below surface, which could represent a significant deep-rooted mineralising-fluid pathway through the earth's crust. The geochemical survey highlighted widespread soil anomalism over the anomaly including copper as well as a broad suite of elements indicative of a high level or distal porphyry environment. Surface bedrock geology within the target area has been mapped as non-magnetic quartz-mica-schist, which does not explain the large coincident magnetic and highly conductive anomalies imaged by the geophysical surveys. Alteration assemblages of quartz-garnet-epidote and amphibole-pyrrhotite have been noted, indicating reactive host rocks that may be concealing an unroofed mineralised center at depth. The South Taurus target is ready for drill-testing and Kenorland is actively exploring partnership opportunities for a future drill program.

Figure 2. Taurus geochemical anomalies (left) and MT conductivity over South Taurus (right)

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Exploration Completed Under the Agreement

As previously reported (see press releases dated April 26, 2023, and November 15, 2023), under the Option Agreement the Company completed surface geochemical and geophysical surveys consisting of 800 infill soil samples along with detailed IP and MT surveys covering the West Taurus-McCord Creek-East Taurus trend, as well as detailed extremely low frequency electromagnetics (ELF-EM) and ground gravity surveys over the South Taurus anomaly.

2,541m of diamond drilling covering the West Taurus and East Taurus target areas. Two drill holes were completed at West Taurus as large step-outs to test for concealed mineralisation, targeting geophysical and geochemical anomalies. The holes encountered variably altered and mineralised intrusions, however, did not return any economically significant intervals. At East Taurus, another two holes were completed stepping out along strike on the east and west flanks of the target area. Drill hole 23ETD062, completed across the eastern extent of East Taurus returned 174.22m at 0.14% Cu, 0.02% Mo, 0.05 g/t Au including 40.10m at 0.19% Cu, 0.04% Mo, 0.09 g/t Au hanging wall to a late mineral granodiorite intrusion. The South Taurus target area, one of the Company's priority targets, remains untested along with the McCord Creek, Big Creek and East Denison targets.

About the Tanacross Project

Figure 3. Tanacross Project location and regional geology and mineral deposits

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The 100% owned Tanacross Project covers 46,173 hectares of prospective ground in the Yukon-Tanana Terrane, which hosts the Casino porphyry Cu-Au-Mo-Ag deposit and the Coffee & Pogo orogenic Au deposits. The Tanacross Project is located in eastern Alaska, 80km to the northeast of Tok, near the Yukon-Alaska border. The property can be accessed by fixed wing aircraft to one of three gravel airstrips located at the East Taurus, West Taurus and Bluff prospects or by a winter access road which connects to the Taylor Highway near the town of Tok. A 25-person semi-permanent camp is located next to the 600-meter airstrip at West Taurus.

Within the Project, widespread hydrothermal alteration and several notable occurrences of porphyry style mineralisation are associated with Late Cretaceous (67-72 Ma) intrusive centers including Bluff, East Dennison, McCord Creek, West Taurus and the advanced stage East Taurus porphyry Cu-Au-Mo-Ag system. The Bluff target hosts a large phyllic alteration system characterized by overprinting zones of quartz-sericite-pyrite, chlorite-sericite, silicification and tourmaline breccia pipes with rarely identified Kspar-biotite alteration. West Taurus is a molybdenum porphyry system characterized by quartz-chlorite-sericite-pyrite-magnetite with local K-feldspar alteration hosting quartz-molybdenum-chalcopyrite veining, that zones outward to widespread quartz-sericite-pyrite alteration. East Taurus has received the majority of historical exploration, a well mineralised multi-phase porphyry with a core of potassic alteration (Kspar-biotite-magnetite) and quartz-sulphide stockwork surrounded and overprinted by later quartz-sericite-pyrite±chlorite-illite alteration. Cu-Au-Mo-Ag mineralisation has been intersected by drilling over an 800m strike, varying from 100 to 200m in width with historical results summarized in Table 1.

Table 1: Historical drill assay results from the East Taurus target

Year	HOLE ID		From (m)	To (m)	Interval (m)	Au (ppm)	Cu (%)	Mo (%)	Ag (ppm)	CuEQ (%)
1971	71-DDH-06		42.67	111.25	68.58	NA	0.317	0.030	NA	0.490
1971	71-DDH-07		18.29	76.20	57.91	NA	0.252	0.018	NA	0.355
1975	75-DDH-01		36.58	276.76	240.18	NA	0.357	0.038	NA	0.574
1975	75-DDH-02		57.91	275.54	217.63	NA	0.220	0.019	NA	0.329
1979	79-DDH-ET-1		124.97	189.28	64.31	NA	0.176	0.015	1.09	0.272
1979	79-DDH-ET-2		8.23	289.56	281.33	0.435	0.220	0.042	1.97	0.839
1993	93-RC-05		3.05	92.96	89.91	0.172	0.304	NA	NA	0.447
1996	96-DDH-30		34.75	229.82	195.07	0.100	0.281	0.031	0.48	0.549
1996	96-DDH-31		45.72	424.28	378.56	0.069	0.154	0.022	0.80	0.347
1996	96-DDH-32		63.09	300.84	237.75	0.121	0.218	0.030	NA	0.493
	Incl.		191.11	299.01	107.90	0.190	0.305	0.045	NA	0.722
1996	96-DDH-33		228.30	334.37	106.07	0.043	0.086	0.014	0.15	0.205
1996	96-DDH-37		13.41	280.42	267.01	0.073	0.172	0.027	0.56	0.393
	Incl.		90.22	251.16	160.94	0.078	0.244	0.030	0.71	0.489
2008	08-DDH-40		7.92	43.28	35.36	0.330	0.186	0.038	2.44	0.700
	And		204.22	439.52	235.30	0.245	0.309	0.036	2.16	0.741
2008	08-DDH-41		57.91	171.91	114.00	0.108	0.160	0.017	0.44	0.353
2008	08-DDH-42		53.64	110.34	56.70	0.017	0.153	0.007	0.50	0.213
2019	19ETD049		219.50	320.00	100.50	0.067	0.082	0.011	1.00	0.211
2019	19ETD050		124.50	397.50	273.00	0.162	0.234	0.036	1.02	0.586
	Incl.		130.50	268.50	138.00	0.243	0.317	0.051	1.40	0.826
2019	19ETD051		12.50	381.50	369.00	0.122	0.112	0.016	1.25	0.319
2019	19ETD052		635.00	669.50	34.50	0.048	0.091	0.016	0.52	0.228
2023	23ETD062		84.88	259.10	174.22	0.054	0.139	0.022	0.62	0.315

 
* Drill assay results prior to 2019 are considered historical in nature and are not verified.
** CuEQ (%) was calculated based on the following: Au at $2000/oz, Cu at $3.50/lb, Mo at $20/lb and Ag at $23/oz.
 

QA/QC and Core Sampling Protocols

All drill core samples were collected under the supervision of Kenorland employees. Drill core was transported from the drill platform to the logging facility where it was logged, photographed, and split by a diamond saw prior to being sampled. Samples were then bagged, and blanks and certified reference materials were inserted at regular intervals. Groups of samples were placed in large bags, sealed with numbered tags in order to maintain a chain-of-custody, and transported from the project site to Bureau Veritas Commodities ("BV") laboratory in Fairbanks, Alaska.

Sample preparation and analytical work for this drill program were carried out by BV. Samples were prepared for analysis according to BV method PRP70-250: individual samples were crushed to 2mm (10 mesh) and a 250g split was pulverized to 75μm (200 mesh) for analysis and then assayed for copper and gold. Gold in samples were analyzed using BV method FA430 where a 30g split is analyzed with fire assay by Pb collection and AAS finish. Multi-element geochemical analysis (59 elements) was performed on all samples using BV method MA250 where a 0.25g split is by multi-acid digest with ICP-MS finish. All results passed the QA/QC screening at the lab, all company inserted standards and blanks returned results that were within acceptable limits.

Qualified Person

Mr. Janek Wozniewski, B.Sc., P.Geo. (EGBC #172781, APEGS #77522, EGMB #48045, PGO #3824), "Qualified Person" under National Instrument 43-101, has reviewed and approved the scientific and technical information in this press release.

About Kenorland Minerals Ltd.

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.

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FAQ

What is the status of the Tanacross Project after the termination of the earn-in option agreement with Antofagasta PLC?

Kenorland Minerals now owns 100% of the Tanacross Project in Alaska.

Which specific drill targets will Kenorland Minerals focus on moving forward?

Kenorland Minerals plans to focus on untested targets, including South Taurus, which shows strong evidence for a concealed copper system.

What geophysical anomalies were highlighted during the exploration activities at the Tanacross Project?

Exploration activities revealed large-scale magnetic and highly conductive geophysical anomalies, particularly at South Taurus.

What is the significance of the widespread soil anomalism detected during the exploration activities?

The widespread soil anomalism suggests the presence of copper and other elements indicative of potential mineralization at the Tanacross Project.

Is Kenorland Minerals actively seeking partnership opportunities for future drill programs?

Yes, Kenorland Minerals is actively exploring partnership opportunities for future drill programs at the Tanacross Project.